Biometric Bike Locks Market Shares, Strategies and Forecast Worldwide, 2018 to 2028

Biometric Bike Locks Market: Market Overview

Security has always been a concern for human beings. Today’s bike owners focus on theft prevention technologies and methods to enhance vehicle security and thus, the demand for biometric bike locks is growing rapidly. Increasing security awareness about bikes is further driving the growth of the biometric bike locks market. Moreover, continuously growing demand for enhanced security and identification systems for triathlon/time trial bikes has led to increasing adoption of biometric bike locks. Furthermore, the advent of innovative locking mechanisms systems for bikes is projected to further drive the growth of the biometric bike locks market globally. In addition, increase in demand for sports bikes in developing nations is another key growth factor for the biometric bike locks market. 

Biometric bike locks serves as highly secure identification and personal verification systems for bikes. The quantitative growth of cyclocross bikes & track bikes is fuelling the growth of biometric bike locks market. In addition, the exponential growth being witnessed in demand for security systems is anticipated to drive the growth of the biometric bike locks market as well. In parallel, rising face and fingerprint recognition technologies are key driving factors in the biometric bike locks market.

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Biometric Bike Locks Market: Drivers and Challenges

The meteoric rise in demand for smartphones and tablets is one of the primary factors fuelling the growth of Biometric Bike Locks market. Also, rise in demand for biometric authentication systems for bikes is creating potential growth opportunities for biometric bike locks market. The primary application of a biometric bike locks is to provide accessibility to an authorized individual and prevent unwanted thefts. Growing population and expansion of digital infrastructure have been key factors and have helped create lucrative opportunities in the biometric bike locks market.

Apart from this, increasing biometric applications on smartphones is creating potential growth opportunities for biometric bike locks market. Furthermore, the growing trend of device-embedded biometric authentication systems is another major factor driving the growth of biometric bike locks market.

However, issues, such as lack of digital development in developing countries, might act as restraining factors for the biometric bike locks market. Moreover, the high integration cost of a biometric bike locks is one of the challenges for the growth of biometric bike locks market.

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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
Others
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.

Biometric Bike Locks Market: Competition Landscape

Key Players

Some of the major players in the global biometric bike locks market are Narrative Content Group, Grasp Locks, Skylock, Bitlock, Lattis, LINKA, Ulock, Looplock, Mobilock and Deeper UAB

Biometric Bike Locks Market: Regional Overview

On the basis of geography, North America is expected to dominate the biometric bike locks market due to the presence of various biometric bike locks providers and high adoption of biometric bike locks. In North America, the demand for mountain bikes has risen gradually and people are becoming very health conscious and purchasing bikes for their daily use. These are some of the key supporting factors of biometric bike locks market in the region.  Asia Pacific and Europe are also expected to create potential growth opportunities for the biometric bike locks market owing to the increasing adoption of smartphones and tablets in the region. In addition to this, the unorganized market for biometric bike locks in China, Japan and India is creating a competitive environment for global biometric bike locks manufacturers. Moreover, the demand for biometric bike locks has risen dramatically in the past few years in the Middle East & Africa and Latin American regions due to rise in adoption of digital technologies and growth in the smartphone and tablet market.

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