Biometric Bike Locks Market – Introduction
Bike locks have undergone a revival from spindly cables to smart locks that possess the competency to detect theft and collision. With the technological advancements venturing into the space of bike locks, biometric methods such as fingerprint and face recognition have gained traction in the recent years.
Rising awareness pertaining to the security of bikes and the growing numbers of bikers are expected to remain the primary drivers upholding the growth of the biometric bike locks market. A notable rise in the demand for biometric bike locks can be attributed to the quantitative growth of track bikes as well as cyclocross bikes, which requires high-end locks, owing to their premium prices. As a result of which, the growth of the biometric bike locks market is envisaged to remain sustained in the forthcoming years.
Biometric Bike Locks Market – Novel Developments
Significant players operating in the biometric bike locks market include Narrative Content Group, Grasp Locks, Skylock, Bitlock, Lattis, LINKA, Ulock, Looplock, Mobilock and Deeper UAB. The key players of the biometric bike locks market have been sustaining their positions by entering into strategic mergers and acquisitions and launching novel products. Below are some of the key developments by the market players:
- In 2018, Bio-key launched its product TouchLock Bike padlock line in the U.S. and announced its availability on Amazon. The bike lock solution underpins various biometric technology for the authentication of the user and unlocking the bike. The solution uses Bluetooth technology to unlock the bike with the help of fingerprint or facial recognition, while the upgraded product, TouchLock Bike Pro supports both the approaches.
- In 2017, Lattis launched Ellipse Smart Locks that connects to the phone and offers a keyless entry. In addition, the product possesses proficiency in offering crash alerts and theft detection. The smart bike lock is consist of an in-built solar panel that automatically charges the battery.
- Grasp Locks recently developed an upgraded product of Grasp 1.0 and named it as Grasp 2.0. The lock is uniquely developed for a single user, however, it has the capability to store multiple fingerprints that can be added to the database with the help of a smartphone.
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Biometric Bike Locks Market – Dynamics
Increasing Use of Smartphones to Hold Promising Growth Opportunities for the Biometric Bike Locks Market
Increase in the penetration of smartphones and tablets in the developed as well as developing economies is expected to influence the size of the biometric bike locks market in the coming years. The biometric bike locks are paired with the application present in the smartphone, which authorizes the rider and unlocks the bike. With the pervasive use of smartphones and tablets, there has been a meteoric rise in the demand for biometric bike locks to ensure the safety of the bikes. In addition, a notable rise in the disposable income of consumers has encouraged them to shift to premium products, which in turn is expected to influence the size of the biometric bike locks market.
North America to Remain an Affluent Region, on Account of its Technological Vigor
North America is expected to uphold the growth of the biometric bike locks market in the forthcoming years, on account of advancements in technology and concentration of significant players.
Manufacturers operating in the biometric bike locks have been devising innovation by employing technologies and sustaining their position in the market. In addition to this, sales of biometric bike locks are predicted to rise, on account of the economic strength of consumers in this region, which has influenced their spending capabilities. Europe is also expected to remain a profitable market for biometric locks with the mandates set by the government pertaining to the safety and security of automobile.
Biometric Bike Locks Market: Segmentation
The global Biometric Bike Locks market can be segmented as:
Segmentation of the biometric bike locks market on the basis of Bike Type:
- Mountain Bike
- Hybrid/Comfort Bike
- Road Bike
- Others (Touring Bikes, Adventure Road Bikes etc.)
Segmentation of the Biometric Bike Locks market on the basis of Lock Type:
- Cable Biometric Bike Lock
- U Biometric Bike Lock
Due to flexibility and low price, the U biometric bike lock sub-segment is projected to hold largest market share in the biometric bike locks market. The cable biometric bike lock sub-segment is expected to grow at more than 8% CAGR during the forecast period in the global biometric bike lock market.
The report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Historical Actual Market Size, 2013-2017
- Market Size & Forecast, 2018 to 2028
- Value Chain of the Market
- Market Current Trends/Issues/Challenges
- Competition & Companies Involved
- Market Drivers and Restraints
Regional analysis for the market includes the development of the Biometric Bike Locks market in the following regions:
- North America
- Latin America
- Rest of Latin America
- EU – 4 (Germany, France, Italy, Spain)
- BENELUX (Belgium, Netherlands, Luxemburg)
- NORDIC (Norway, Denmark, Iceland, Sweden)
- Eastern Europe (Poland, Ukraine, Czech Rep., etc.)
- Rest of Europe
- CIS & Russia
- Greater China
- South Korea
- ASEAN Countries
- Rest of APEJ
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
- Detailed overview of parent market
- Changing market dynamics of the industry
- In-depth market segmentation of Biometric Bike Locks market
- Recent industry trends and developments in Biometric Bike Locks market
- Competitive landscape of Biometric Bike Locks market
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising growth
- A neutral perspective towards market performance
- Must-have information for market players to sustain and enhance their market footprint