In fiscal year 2023, the global bicycle parking racks market is expected to be worth US$ 3.68 billion, up from US$ 3.43 billion in fiscal year 2022. The market is expected to grow at a 7.2% CAGR from 2023 to 2033, reaching a value of US$ 7.37 billion by the end of 2033. The bicycle parking racks market refers to the industry that manufactures and sells racks or stands that are specifically designed to secure bicycles when they are parked. These racks are commonly used to provide safe and organised bicycle parking in public spaces such as parks, transportation hubs and commercial areas.
The global bicycle parking racks market is expected to expand significantly over the next few years, owing to rising urbanisation and the growing popularity of cycling as a mode of transportation. Rising environmental concerns and the need for environmentally sustainable transportation are also driving market growth.
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Governments and municipalities are also increasingly recognizing the importance of investing in bicycle infrastructure, including parking facilities, to encourage cycling and reduce traffic congestion. This is expected to drive further growth in the bicycle parking racks market
Key Takeaways from Market Study
- The global bicycle parking racks market is expected to grow significantly in the coming years due to increasing urbanization and the growing popularity of cycling as a mode of transportation.
- Rising concerns over environmental pollution and the need for sustainable transportation are also contributing to the growth of the market.
- These companies offer a variety of products, including wall-mounted racks, floor-mounted racks, and multi-level parking systems.
- Governments and municipalities are also recognizing the importance of investing in bicycle infrastructure, including parking facilities, to encourage cycling and reduce traffic congestion.
- The growth of the market is not limited to developed countries; emerging economies are also witnessing a rise in demand for bicycle parking racks.
- The need for secure and organized parking for bicycles is expected to drive the growth of the market in the future.
- Bikeep is the world’s leading manufacturer of intelligent commercial scooters as well as bike parking and charging stations. Bikeep parking racks, which greatly reduce bike theft in cities, let cyclists to confidently leave their bikes behind. Dock-based stations are perfect for short-term parking situations when speed and convenience are crucial but appropriate security for daytime parking cannot be compromised. Cycling lovers may easily unlock and lock their bicycles with only one touch at the station. Additionally, they provide customers with sophisticated bike lockers that let them keep their bicycles or other belongings for days, weeks or even a whole bitter winter. Every Bikeep smart locker comes with e-bike charging.
- Leda Compact bicycle racks are the most widely used bike racks globally and in Australia because to its accessibility and security. The CBR4SC makes sense for housing and safeguarding large numbers of bicycles since it doubles the amount that can be parked securely in a given location. The Compact Security Bicycle Rack is offered in flatpack form for simple DIY installation. Security rails and wheel supports may be quickly put together to make single-, double-, or angled units after they are fastened to the base rail.
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Prominent Players in The Global Market
- Bikeep Inc.
- Cycle-Works Ltd.
- Dero Bike Racks Inc.
- Falco BV Ltd.
- Forms and Surfaces Inc.
- Graber Manufacturing Inc.
- Ground Control Systems
- Leda Security Products Pty Ltd.
- Reliance Foundry Co. Ltd.
- Saris Cycling Group Inc.
Urban Bicycle Parking Systems Inc.
Original Source of the original story >> Bicycle Parking Racks Market on the Rise Amidst Growing Popularity of Cycling