Newark, NJ, May 27, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global bicycle market is expected to grow from USD 55.23 billion in 2020 and to reach USD 89.37 billion by 2028, growing at a CAGR of 6.2% during the forecast period 2021-2028.
The bicycle market is witnessing significant growth form the past years. Bicycles are considered as the economical mode of transport. Cycling helps prevent pollution and it doesn’t have any impact on environment as it doesn’t consume fossil fuels. Bicycles are regarded as convenient mode of transportation as it is very economical, low cost of maintenance and repairs. The dock less sharing system facilitated the usage of bicycles to the users. Bicycles are considered as the most economical means of transportation. Bicycles encompass various functions from basic transportation to various adventurous activities, sports etc. The utility of bicycles varies depending upon the region, level of economic development and nationality.
The global bicycle market is expected to witness significant growth, owing to fluctuating fuel prices, increasing number of people preferring bicycle as a form of leisure, shortage of parking area, increase in organizing various bicycling events, growing environmental concerns, increasing health conscious and fitness among the consumers, continuous advancements in features of bicycle like automated speed control. Increasing traffic congestion compels the individuals to consider bicycles for short distances to save time, preference bicycle as a form of exercise to be free from obesity adds to the growth of market. It is clear that outbreak of covid has resulted a positive impact upon the market growth as governments started promoting the usage of bicycles as the safest medium of transportation which facilitates social distance among the public. The factors restraining the market growth are higher cost of e-vehicles, wide availability of substitute/alternative vehicles, rising demand for technologically advanced walking equipment’s like self- balancing scooter, slow production rate and lack of required infrastructure and charging facilities. Opportunities arise for players operating in global bicycle market. Innovative bicycles and accessories will provide market growth opportunities.
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Key players operating in global bicycle market include Hero Cycles Limited, Giant Manufacturing Co. Ltd., NYCe Wheels Inc., Avon Cycles Ltd, Easy Motion USA, Accell Group, Tube Investments of India Limited, Trek Bicycle Corporation, Merida Industry Co. Ltd, Derby Cycle, Moustache Bikes, Cannondale, Tianjin Fuji- ta Group Co. Ltd, Specialized Bicycle Components, I.V.E. Bianchi SpA, Dorel Industries Inc., Pon Holdings BV, Santa Cruz Bicycles LLC, Atlas Cycles Ltd, Cervelo, SCOTT Sports SA.
Road Bicycle segment dominated the market and held the largest market share of 42.09% in the year 2020
On the basis of product, the global bicycle market is segmented into mountain, hybrid and road bicycle. The road bicycle segment dominated the market and held the largest market share of 42.09% in the year 2020, owing to growing trend among customers for customized road bicycles for specific purposes. Also the basic vehicles do not need sophisticated accessories which resulted in increase of demand for road bicycle. After road bicycle, mountain bicycle segment holds the market share owing to consumer’s preference for mountain bicycling as a form of adventure and leisure.
Conventional segment dominated the market and held the largest market share of 85.32% in the year 2020
On the basis of technology, the global bicycle market is segmented into conventional segment and electrical segment. Conventional segment dominated the market and held the largest market share of 85.32% in the year 2020, owing to cost- effectiveness, less repairing and maintenance costs when compared to electrical bicycles and as it is regarded as the convenient mode of transport. Bicycling has also been viewed as the leading and leisure time activity.
Men segment dominated the market and held the largest market share of 48.53% in the year 2020
On the basis of end-use, the global bicycle market is segmented into men, women and kids. Men segment dominated the market and held the largest market share of 48.53% in the year 2020. This growth is attributed to the increased adoption of usage of bicycles by men when compared to that of women and kids. They prefer bicycles not only as a means of transportation but also as a form of leisure time and adventurous activities.
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Regional Segment of Bicycle Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global bicycle market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia- Pacific region held the largest market share of 34.45% in the year 2020 which is growing at a robust pace. The factors that help to hold the largest market share are favorable government schemes, rising per- capita income of the people, growing population, improved standard of living, rise in women’s participation rate. Also the demand and popularity for sports bicycle rises due to the several tournaments that are being hosted. The market in Europe is expected to witness significant growth, owing to rising health concerns, rising popularity of e- bike tourism, growing environmental concerns, on- going adventure sports trends, usage of bicycles for recreational activities.
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About the report:
The global bicycle market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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