Dublin, March 19, 2021 (GLOBE NEWSWIRE) -- The "Bicycles - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Cycling for Health & the Environment Gets a Big Thumbs-Up. Bicycle Sales to Reach U$82.3 Billion.
The global market for Bicycle is expected to reach US$ 82.3 billion by the year 2027, trailing a post COVID-19 CAGR of 6% over the analysis period 2020 through 2027.
An interesting fallout of the pandemic and the associated restrictions imposed by various countries is increased interest in cycling. People are avoiding public transit given the infection risk leading to a mini bicycle boom, enabling bike riding to emerge into an effective alternative to crowded public transit, while simultaneously allowing people to engage in physical exercise while conforming to social distancing guidelines.
While the pandemic impacted supply chains and coerced companies to temporarily shut down manufacturing facilities, the bicycle industry has enjoyed notable surge in sales, especially for mid-range bicycles. Riding a bike is emerging as one of the hottest trends owing to increasing focus of people to stay active and avoid public transport. Bicycle sales are further propelled by decision of various countries, mainly in Europe, to provide bike buyers with attractive subsidies. In addition, several cities are looking forward to new and extensive bike lanes. Customer optimism regarding bikes is also enabling manufacturers to enjoy immense gains.
The surge in demand for mid-range and entry-level bicycle models has outstripped inventory in Europe and the US. The situation is driving manufacturers to ramp up production and ensure maximum utilization of resources including workers for meeting demand. In addition, manufacturers of bikes and related components are reorganizing global supply chains for getting ready to further boost in demand.
The bicycle market in Europe has resurfaced dramatically after displaying a weak performance in the first quarter of 2020. The market witnessed a notable spike in sales following easing of COVID-19-related lockdowns and restrictions across countries. The bicycle market is receiving a major push from increasing spending from the middle-class population along with surge in sales of high-end products. The trend is particularly evident in countries like the UK, Germany, Spain and France. In contrast to other markets that have been adversely affected by reduced consumer spending, the bicycle market in the UK is exhibiting high degree of resilience.
Majority of people in the country are looking forward to maintain and even increase spending on bicycles in comparison to the pre-lockdown phase. The government allowed bicycle shops to remain open amid the COVID-19-related lockdown. In addition, the UK market is benefitting from various initiatives announced by the government and market participants. The government's 'Fix your Bike Voucher Scheme' is intended to allow stakeholders to register as bike repairer.
Moreover, the scheme enables people to secure a voucher toward the cost of bike repairing. On the other side, several companies have introduced volunteer program to help retailers with a spike in sales, mainly for repairs and services. These initiatives are anticipated to ensure prompt delivery of services and drive more customers to embrace the trend.
Hybrid bicycles are incredibly gaining popularity amongst different age groups owing to the many benefits the bicycle type offers in terms of usability, comfort and stability. Hybrid bicycles offer a very comfortable riding experience on a variety of road surfaces, while combining the characteristics of a mountain bike, touring bike and road bike. Growing inclination towards cycling as part of leisure-time activity will likely propel growth of the market for hybrid bikes. Looking to tap into this strong growth, bicycle companies are competing on a global scale to introduce new bike models. Companies are coming up with new hybrid variants incorporating gender-specific features.
Today, a handful of companies offer hybrid vehicles for kids, women and men. Manufacturers are also making strong attempts to meet or exceed riders' demand for increased levels of safety, control, balance and grip. Most of the city roads, motorways and highways across the globe are struggling to cope with the rapid growth in number of vehicles, resulting in traffic congestions. Traffic congestions most often leads to fuel wastage, increase in vehicular accidents, rise in carbon emissions, and loss of working hours, thereby proving to be a commuter's nightmare.
The need to curb such traffic congestions and vehicular pollution especially is driving many governments across the globe to design and implement sophisticated traffic control strategies. As traffic management emerges as a top agenda for urban road authorities, low pollution emitting transportation means such as bicycles are increasingly being included into the transportation mix. Bicycles, apart from their general functionality as a means for commuting, are gaining popularity and are making a comeback in many countries across the world due to their ability to effectively resolve environmental and traffic congestion issues associated with other transport systems like cars.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of Covid-19 and a Looming Global Recession
- Pandemic Makes Bicycles Sell Like Hot Cakes: Factors Driving Boom
- Weak Economic Environment Discourages Overall Market Sentiments
- Disruption in Public Transport Usage & Fitness Regime Patterns Drive Bicycle Mad Rush: Hammered Economy Fails to Discourage Market Prospects
- COVID-19 Impact on Key Regional Markets
- US Bicycle Market Pedals Fast to Reach High Terrains
- Europe Records Notable Jump in Bicycle Sales after Easing of COVID-19 Restrictions
- COVID-19 Pandemic Augurs Well for Indian Bicycle Industry despite Challenges
- An Introduction to Bicycle and its Components
- Bamboo Bicycles: Take a Ride on Your Imagination
- Bike Sharing Programs: Inculcating Interest in Cycling
- Bicycles: Biggest Innovations Ever
- Bicycles Market: A Prelude
- Global Bicycles Demand Growing at Healthy Pace
- Market Overview
- Bicycle Parts and Accessories: A Review
- Pricing of Bicycles
- Global Bicycle Market Rallies Ahead amid COVID-19 Crisis
- Spike in Bicycle Sale amid COVID-19 Leaves Supply Chain High & Dry Temporarily
- Hybrid Bicycles Gaining Ground
- Road Bicycles: Riding High on Technology Evolution
- Mountain Bike Segment Registers Rising Demand
- Growth Restraints
- Cycling in Developed and Developing Countries
- Production & Export Scenario
- Competitive Landscape
- Key Players in Bicycles Supply Chain
- Bicycles Market for New Players: Opportunities and Challenges
- Bicycle Components Market
- Leading Players in the Global Bicycle Components Market (2019): Percentage Value Breakdown of Sales for Shimano and Others
- Leading Players in the Global Road Bicycle Components Market (2019): Percentage Value Breakdown of Sales for Shimano, KMC, FSA and Others
- Leading Players in the Global Mountain Bicycle Components Market (2019): Percentage Value Breakdown of Sales for Shimano, SRAM, KMC, and Others
- Breakdown of Shimano's Bicycle Components Sales (in %) by Geographic Region (2019)
- Recent Market Activity
- Select Global Brands
2. FOCUS ON SELECT PLAYERS (Total 295 Featured):
- Accell Group N. V.
- Currie Technologies
- Raleigh Ltd.
- Winora Staiger GmbH
- Amer Sports Corporation
- Atlas Cycles (Haryana) Ltd.
- Avon Cycles Ltd.
- Campagnolo S.r.l
- Cycleurope AB
- Dorel Industries Inc.
- Cannondale Bicycle Corporation
- Pacific Cycle Group
- Schwinn Bicycles
- Fox Factory, Inc.
- Giant
- Hamilton Industries Pvt. Ltd.
- Hero Cycles Ltd.
- Huffy Corporation
- Merida Industry Co., Ltd.
- Montague Corp.
- M S Bhogal and Sons
- Santa Cruz Bicycles
- Shimano, Inc.
- Specialized Bicycle Components, Inc.
- SRAM LLC
- Tandem Group plc
- TI Cycles of India
- Trek Bicycle Corp.
3. MARKET TRENDS & DRIVERS
- Growing Focus on Traffic Congestion and Environment Issues Spur Demand
- Bicycling: A Potential Solution to Global Warming
- Reduction in CO2 Emissions and Energy Usage
- Rising Usage of Bikes in Urban Areas
- Demand for Electric Bicycles Gains Momentum
- Definition of E-Bicycles in Select Regions
- Oil Production Nearing Saturation: Stimulus for Electric-Bicycles
- 27.5 Inches: An Emerging Standard in Mountain Bikes Segment
- Wheels Become Stronger
- Endurance Bikes: Futuristic Trend with High Potential
- Carbon Technology: Permeating at Faster Rate
- Disc Brakes to Emerge as New Standard for Road Bikes
- Tubeless Tires Gain Steady Adoption Among Road Bikes
- Fat Tires and Rims in Vogue
- Folding Bicycles Witness Healthy Growth
- Initiatives Encourage Bicycle Riding
- Novel Sophisticated Features Improve Growth Prospects
- Rising Car Ownership Rates in Developing Countries Adversely Impact Market
- Metal Prices Pressure Manufacturers
- Transforming from Traditional Manufacturing to High-tech Industry
- Aggressive Promotions Spur Market Penetration
- Technological Advancements & Improvements
- Cyclist Safety First
- Navigation Convenience
- Bike Security
- Select Key Innovations-2019
- Innovations in Bicycles Segment in the Recent Past
- Innovative E-Bikes
- Gearing
- Electronic Shifting
- "Self-filling" Bottle
- Bicycle Seat for Elderly
- BSMART Technology
- Collision-warning Sensor
- Power Generating Bicycles
- Copenhagen Wheel
- Bike Trainer
- Innovative Products and Solutions
- Innovations in Bicycling Ecosystem
- Innovative Options for Bicycle Parking to Promote Biking
- Innovations that Address Disaster Management Plans
- Distribution Channels
- Spike in Online Sales
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
- GEOGRAPHIC MARKET ANALYSIS
IV. COMPETITION
- Total Companies Profiled: 158
For more information about this report visit https://www.researchandmarkets.com/r/pz9skl