Attractive Features that Boost Market Growth
As per the Market Research Future report, there are numerous factors that are propelling the global bicycle market size. These include rising public bike-sharing programs, rising inclination of people towards a healthy lifestyle, the growing awareness regarding the multiple health benefits of bicycling such as cardiovascular fitness, muscle strength, and flexibility, improved joined mobility, decreased stress levels, better posture, and coordination, strengthened bones, and lowered body fat levels, and the rising popularity of e-bikes. Additional factors that are adding to the global bicycle market share include the emerging bicycle market trends like folding electric bicycles, infrastructure rollout via different governments to support the commutation of bicycles, shortage of parking space, increasing traffic congestions, and preference of cycles as a relaxing mode of exercise for a healthy life.
On the flip side, the underdeveloped aftermarket charging service infrastructure and slow rate of bicycle production may hinder the global bicycle market growth over the forecast period.
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The ongoing COVID-19 crisis has indeed sparked a novel cycling trend worldwide. Individuals are opting for bicycles for covering short to medium distances owing to the concerns of health safety during this pandemic. People in urban areas are cycling to keep fit as they are unable to visit the gym due to the physical distancing norms. Towns and small cities are also choosing bicycles as an alternative mode of public transport and also maintain social distancing. This crisis is likely to bring in people some perceptional as well as behavioral changes. With a good number of people choosing bicycles, the practice of cycling has turned highly acceptable for a huge number of consumers that is likely to boost the demand for cycling safe infrastructure. Irrespective of the cycling trend being followed during the outbreak, this is sure to continue. It is likely to have a positive impact on the bicycle market revenue.
The Market Research Future Report provides an inclusive analysis of the bicycle market based on application type.
By type, the market is segmented into e-bikes conventional bikes. The conventional bikes of the two will dominate the market in the forecast period. On the contrary, the e-bikes segment will develop at a healthy 5.94% CAGR by 2023.
By application, the market is segmented into recreation, racing, and transportation tools. The recreation segment among the three will spearhead the market in the forecast period. It will touch USD 7,376.2 million by 2023. On the contrary, the transportation tools segment will touch USD 16,133.8 million at a healthy 5.38% CAGR by 2023.
APAC to Remain Forerunner in Bicycle Market
By region, the global bicycle market covers growth opportunities and the latest trends across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, the Asia Pacific region will remain the forerunner in the market over the forecast period. It will develop at a healthy 5.74% CAGR by 2023. Bicycle-sharing companies targeting India and Australia to expand their operations, nations such as Japan, China, and Singapore rolling out essential infrastructure support, the presence of key players such as Hero Cycles Ltd as well as Avon Cycles, improved living standards, growing population, and increasing per capita income are adding to the global bicycle market value in the region.
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The bicycle market in Europe will possess the second-largest share in the forecast period. The rollout of infrastructure for encouraging and supporting bicycle commutation in Belgium, France, Denmark, and Italy, rising health consciousness, increasing environmental concerns regarding carbon dioxide emissions, rising urbanization, growing use of personal transportation, traffic congestion, popular bicycling events, and the presence of cities that are ideal for bicycle commutation are adding to the global bicycle market growth in the region. Additional factors adding market growth include rising use of bicycles for its convenience as a form of physical exercise which lets people remain fit, growing use of bicycles for recreational activities, the growing popularity of e-bike tourism, on-going trends of adventure sports, and rising health consciousness are also adding market growth.
The bicycle market in North America is predicted to have notable growth in the forecast period. It will develop at a 4.15% CAGR by 2023. The presence of several key players coupled with the growing use of e-bikes for leisure, daily commuting, and fitness activities are adding to the global bicycle market growth in the region.
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List of the prominent players profiled in the global bicycle market report include.
Specialized Bicycle Components
Easy Motion USA
Tube Investments of India Limited
Hero Cycles Limited
I.V.E. Bianchi SpA
Trek Bicycle Corporation
Tianjin Fuji-ta Group Co. Ltd
The bicycle market is fragmented and competitive with the presence of several well-established domestic and international players. MA, new product launches, partnerships, strategic alliances, and others are the key strategies encompassed by the key players to stay ahead in the competition.
February 2021- A Boulder-based bicycling advocacy organization, PeopleForBikes has joined hands with a California non-profit, Outride, to expand the access of bicycles to youth and also increase diversity, equity, and health in bicycling.
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