The smart bike lock market is anticipated to achieve significant revenue share by 2023

April 21, 2020 - The smart bike lock market is anticipated to achieve significant revenue share by 2023. These intelligent lock uses low-power Bluetooth technology to replace the physical key. Intelligent device can lock and unlock the bike easily and can be operated using smartphones.

Growing awareness regarding the safety of bikes and a rising number of riders are anticipated to escalate overall business outlook in the forecast period. Besides, increasing interest of populace for biometric bike locks can be ascribed to the perceptible growth of cyclocross bikes as well as track bikes that need advanced locks on account of their premium prices. Because of this, the industry growth is envisioned to remain constant in the forecast period.

In-Depth research report on Smart Bike Lock market:   
https://www.radiantinsights.com/research/global-smart-bike-lock-market-research-report-2019-2023

Factors such as the high cost of intelligent bike lock and lack of awareness regarding the benefits of product will show a negative impact on overall industry growth. Its tamper and weather resistant property with hardened steel reinforcement will create new opportunities for product development across the globe.

The smart bike lock industry is categorized based on product type, applications, and region. Based on product type, the industry is categorized into phone unlock, key unlock, and Bluetooth unlock. Bluetooth unlock segment is anticipated to account for the largest industry revenue and continue its dominance over the forecast period. Rising demand for Bluetooth connectivity locks for remote control i.e. unlocking and sharing theft-attempt to a connected smartphone will escalate product demand in the forecast period.

Based on applications, the smart bike lock market is categorized into a bicycle. Rising demand for multi-modal transportation in smart cities will show a positive impact on overall segment growth. These bicycles are mainly used as a personal vehicle as well as on-demand transit mode.

Geographically, the smart bike lock industry is categorized into Middle East & Africa, North America, South America, Europe, and Asia Pacific. Globally, North America is anticipated to remain dominant over the forecast period. The high growth is attributable to continuous R&D activities to develop smart locks for bikes. In addition, rise in expenditure power of patrons in the region will propel product demand in the coming years. North America was followed by Europe and Asia Pacific.

Europe is expected to remain the second largest region with profitable industry revenue over the projected period. The region is anticipated to gain momentum owing to rising government initiatives concerning to the security and safety of automobile. Besides, Asia Pacific is projected to witness the fastest growth over the forecast period on account of rising number of individuals spending on buying smart bikes. Also, rapid urbanization in smart cities is promoting the need for smart bicycles, thus, it will boost product demand in the region.

Major players of the smart bike lock market are ilockit, Mobike, Mobilock, ofo, Ulock, Yunba, Mobiloc, Omni, Looplock, Longsing, Bitlock, Misheng, Lattis Ellipse, LINKA, and Noke. These players are continuously retaining their positions by entering strategic acquisitions and mergers and introducing new product folio. Further, it will help key manufacturers to maintain significant position over the projected period.

For instance, Lattis a secure, cost-efficient, and intelligent micro-mobility solution launched its Ellipse Smart Bike Locks in 2017. The Ellipse Locks comprise IoT features such as a solar-powered frame that automatically charges the battery, Bluetooth connectivity for pushing theft-attempt alerts and for remote unlocking and comprise accelerometer to monitor for sudden stops.

Smart bike lock can use of low-power Bluetooth technology to replace the physical key, can be based on the phone from the location of the bike to lock and unlock the bike. In the context of China-US trade war and global economic volatility and uncertainty, it will have a big influence on this market. Smart Bike Lock Report by Material, Application, and Geography - Global Forecast to 2023 is a professional and comprehensive research report on the world's major regional market conditions, focusing on the main regions (North America, Europe and Asia-Pacific) and the main countries (United States, Germany, United Kingdom, Japan, South Korea and China).

In this report, the global Smart Bike Lock market is valued at USD XX million in 2019 and is projected to reach USD XX million by the end of 2023, growing at a CAGR of XX% during the period 2019 to 2023.

The report firstly introduced the Smart Bike Lock basics: definitions, classifications, applications and market overview; product specifications; manufacturing processes; cost structures, raw materials and so on. Then it analyzed the world's main region market conditions, including the product price, profit, capacity, production, supply, demand and market growth rate and forecast etc. In the end, the report introduced new project SWOT analysis, investment feasibility analysis, and investment return analysis.

Download  request a free sample :
https://www.radiantinsights.com/research/global-smart-bike-lock-market-research-report-2019-2023/request-sample