Brand Story
27 May 2023, 06:59 GMT+10
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
Competitive Landscape
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Prominent Players in The Global Market
Urban Bicycle Parking Systems Inc.
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