DUBLIN 2, Ireland, 17-Oct-2018 — /EuropaWire/ — Investment in bicycle parking racks in Europe is surging at a brisk pace, with a new Fact.MR study valuing the Europe bicycle parking rack market at around US$ 850 million in 2018. According to the study, UK, France, Germany, Spain, and Italy are the most lucrative markets for bicycle parking racks manufacturers, however, sales in Nordics are likely to grow at the highest rate during the assessment period 2018-2028.
“Investment in bicycle parking racks is massively influenced by broader trends pertaining to sustainability and carbon consciousness. Bicycle production in Europe has witnessed a steady increase in the last decade, driven by growing consumer interest,” says Mr. Prateek Jain, co-author of the Fact.MR study on bicycle parking racks market. “Adoption of bicycles as a means of commute has necessitated safe and advanced parking infrastructure, and parking racks have emerged as a viable solution,” adds Mr. Jain.
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According to Fact.MR, bicycle parking rack manufacturers and vendors are focusing on integrating smart technologies to meet the evolving consumer demand. The growing emphasis on smart bicycle parking racks is likely to increase the adoption of digital security systems, such as security alarms and camera surveillance.
European consumers are also showing a marked preference for bicycle parking racks that not only reduce the possibility of theft, but also mitigate the chances of accidental damage. The Fact.MR study also reveals that bicyclists in Europe are looking for parking racks that enable locking up of the entire frame rather than the tire.
According to the study, the prospects of Europe bicycle parking racks market are likely to be influenced by future investments by SMEs. Sensing the steady shift toward use of bicycles for commute and running errands, small and medium retailers are investing in secure bicycle parking racks. Increasing awareness on the advantageous impact of bicycle parking racks to increased footfall and consequently, higher purchase, can catalyze the growth in this market.
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The Fact.MR study finds that the European market is dominated by traditional bicycle parking racks. “Penetration of digital parking racks is growing, however, they still account for less than 10% revenue share of the market. The high cost of digital parking racks remains an impediment to wider adoption – cost reduction through innovation can drive sales in this segment,” says Mr. Jain.
To offer readers a detailed analysis on the applications of bicycle parking racks, the Fact.MR study has segmented the market into public, private, and commercial. According to the study, investment through public segment is driving the Europe bicycle parking rack market, accounting for nearly 60% revenue share of the market. Institutions and industries across Europe are facilitating safe and secure parking to promote bicycling as a healthy, environmentally-friendly activity. Government initiatives on promoting a greener ecosystem have been a key driver for bicycle parking rack market in Europe – the future growth in this market is likely to be massively influenced by these initiatives and incentives.
The growth in bicycle parking racks market is also likely to be influenced by the growing ‘bike rental’ trend in Europe. Bike rental companies are aggressively expanding in Europe, through low-cost offerings. The marketing and promotional activities of these companies has led to an increase in the number of bicyclists, which has also created the need for effective parking solutions. The Fact.MR study opines that popularity of bike rental trend will rub off on the prospects of bicycle parking rack manufacturers in the near future.
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Fact.MR, a global research and advisory firm, tracks markets in Europe, Americas, and emerging regions. Fact.MR offers research services across the entire spectrum, with specific focus on automotive, healthcare, food & beverages, and industrial goods sectors in Europe. Headquartered in Dublin 2, Ireland, Fact.MR has delivered efficient research solutions to micro, SMEs, and large corporations in Europe and beyond.
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