Pune, India, Jan. 31, 2022 (GLOBE NEWSWIRE) -- According to the report by Fortunr Business Insights, the global Bicycle market size to grow from USD 97.20 billion in 2020 to USD 147.24 billion in 2027 grow at a CAGR of 6.1% in the 2020-2027 period. This growth is ascribable to factors such as the increasing focus on developing eco-friendly cycles by the manufacturers and the rising incidence of obesity among the population that promotes bicycle riding globally.
A bicycle is either a human-powered or a motor-powered vehicle consisting of two wheels attached to a frame. They are a principal medium of transportation in several countries across the globe. Having undergone tremendous changes since its inception, the manufacturers are more focused on introducing safe and comfortable riding vehicles for the population globally.
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Increasing Prevalence of Obesity to Favor Growth
According to the World Health Organization (WHO), in 2019, about 38 million children under the age group of 5 were found to be suffering from obesity. The increasing incidence of obesity among the younger population is propelling the need to adopt a healthy lifestyle across the globe. With more focus on improving health and fitness, people globally turn towards recreational activities such as cycling, walking, and others that are likely to favor the demand for advanced bicycles. Furthermore, the manufacturers are keen on introducing sustainable cycle products to cater to the growing demand for eco-friendly cycles contributing to the global bicycle market growth in the forthcoming years.
Road Segment Held 35.38% Market Share in 2019
The road segment, based on type, is expected to gain momentum owing to the growing number of bicycle riding commuters that are preferring several types of cycles such as mountain bikes, electric bikes, and others for their daily cycling routine on roads.
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Asia-Pacific to Remain at Forefront; Presence of Large Production Facilities to Favor Growth
Among all the regions, Asia-Pacific is expected to remain dominant and hold the highest position in the global market during the forecast period. This dominance is attributable to the presence of large production facilities that enables the manufacturers to develop innovative bikes in the region between 2020 and 2027.
The market in Europe is expected to experience significant growth backed by favorable government initiatives to develop charging infrastructure for electric bicycles in the region between 2020 and 2027.
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List of the Companies Operating in the Market:
- Hero Motocorp Ltd. (New Delhi, India)
- Roth Distributing Co. Ltd. (Minnesota, U.S.)
- Dorel Industries Inc. (Westmount, Canada)
- Kona Bikes (Washington, U.S)
- Chimera Investments LLC. (Cambiago, Italy)
- Pon Holdings BV (Toronto, Canada)
- Grimaldi Industri AB (Treviglio, Italy)
- Orbea Corporation (Mallabia, Spain)
- The Raleigh Bicycle Company (Eastwood, U.K.)
- Accel Group N.V. (Heerenveen, Netherland)
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Global Bicycle Market Segmentation:
By Type:
- Road
- Mountain
- Hybrid
- Others
By Technology:
- Electric
- Conventional
By End-User:
- Men
- Women
- Kids
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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Table Of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Bicycle Market
5. Global Bicycle Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
Continued…
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