Bicycle Market:
Growth opportunities in the bicycle market look promising over the next six years. This is mainly due to their growing preference as a convenient mode of exercise to ensure a healthy life and the growing awareness about the importance of staying fit and having a healthy lifestyle.
Bicycle Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The substantial driver contributing to the growth of the global bicycle market includes the enlarging inclination towards them as a suitable form of exercise in order to assure a healthy life without obesity and other cardiovascular diseases. Also, the growing prevalence of dockless-bicycle sharing system that permits user to detect a close-by bicycle and unlock it electronically will further stimulate the market growth. The increasing consciousness in individuals concerned with a fit and healthy lifestyle is persuading them to choose bicycles. Additionally, the growing number of events which include Ronde van Vlaanderen and Tour De France is promoting the market size.
The fuelling traffic obstruction along with the insufficient parking space, primarily in urban areas, has raised the market demand to travel short distances to save time and money. Also, the increasing support by the government towards the construction of paddle cycle sharing facilities will propel the market demand, majorly across the local population. The City of Austin, and the government of Texas, IN 2020, entered into a partnership contract with Austin-based Capital Metropolitan Transportation Authority to introduce the “Austin BCycle” Bike share program, which focused on the launch of a new bike station in the city. However, the vast availability of substitutes for traveling across consumers will hinder the market growth.
Regional Drivers
On the basis of regional coverage, Asia-Pacific is projected to expand at a faster CAGR during the forecast period. This is majorly owing to the robust presence of large production facilities in countries like Japan, India, and China. As per the report published by the Ministry of Economic, Trade, and Industry (METI), bicycle production in Japan totaled USD 579.61 million for the year 2018, which was USD 556.60 million in 2017. Additionally, the evolution of road cycling events has propelled the market growth. The Asian Cycling Federation, in 2020, announced its 40th road cycling championship event in Malaysia. These factors together are expected to intensify awareness and raise the adoption of bicycles.
Bicycle Market’s leading Manufacturers:
- Cervélo
- Raleigh America
- Grimaldi Industries
- Chimera Investment
- Dorel Industries
- Accell Group
- Orbea S. Coop. N.I.F.
- Pon
- Kona Bikes
- Hero MotoCorp Ltd.
Bicycle Market Segmentation:
Segmentation by Technology:
- Electric
- Conventional
Segmentation by End-User:
- Men
- Women
- Kids
Segmentation by Distribution Channel:
- Offline Retail Stores
- Online Retail Stores
Segmentation by Product Type:
- Mountain Bicycle
- Hybrid Bicycle
- Road Bicycle
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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