A new research study envisages US$ 4 billion opportunity to emerge in the bicycle parking rack market by 2028, with urban centers and Tier II cities at forefront of new installations/construction. The growth is largely on account of a resurgence in bicycling on account of growing awareness on environmental conservation and health & wellness. The Fact.MR study opines that ‘mainstreaming’ of bicycling as a means of commute has the potential to create sizeable opportunities for stakeholders.
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The bicycle parking racks market is influenced by a combination of macroeconomic and microeconomic factors impacting growth. Awareness initiatives at grassroots levels, such as drives across universities and colleges, along with growing focus on positioning bicycling as a recreational activity continue to influence the dynamics in the market.
Introduction of bike servicing joints nearby a bicycle parking rack is an emerging trend in the bicycle parking rack market facilitating instant servicing at the nearest parking rack. Bicycle racks provide additional parking spaces which can be leveraged by customers to patronize local businesses, which is a substantial factor fortifying growth of bicycle parking rack market. The advent of latest technologies for high-end security and safety of bicycles with scanner-based or passcode-based locking system is also grabbing headlines in the bicycle parking rack market. The manufacturers operating in bicycle parking rack market are going an extra mile in providing secure and hassle-free parking, vying to make it big in the bicycle parking rack market.
Traditional bicycle parking racks are anticipated to be the most dominant one in terms of revenue over the forecast timespan. This implies the wide-spread embracement of traditional bike parking racks as compared to its variants. In terms of application, bicycle parking racks meant for public applications are all set to have a promising revenue value by 2028 making it a lucrative segment in the bicycle parking rack market.
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A new practice prevailing in the bicycle parking rack market is manufacturing new bicycle parking racks using old bicycles. This rage is grabbing headlines by virtue of being in line with the concept of sustainability and recycling for waste management. The vendors operating in the bicycle parking rack market are looking forward to leverage on recycling, which is just not a trend anymore but has evolved being a pragmatic business practice. The idea of refurbishing old bicycles and converting them to parking racks is helping manufacturers to fuel business ramification. This practice also adds to the CSR value of company and also makes it eligible for governmental recognition and subsidies in the long run.
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