Dublin, April 08, 2022 (GLOBE NEWSWIRE) -- The "Bicycles - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Bicycles Market to Reach $78 Billion by 2026
Amid the COVID-19 crisis, the global market for Bicycles estimated at US$54.7 Billion in the year 2020, is projected to reach a revised size of US$78 Billion by 2026, growing at a CAGR of 6% over the analysis period.
Growing consumer inclination towards maintaining a healthy lifestyle, technological advancements, new product introductions, growing global health awareness, the environmental benefits of cycling, rising fuel/energy prices, and government initiatives are major factors bolstering demand in the market. Initiatives taken by governments in various countries in terms of establishing the necessary infrastructure, and growing number of cycling events is also propelling demand for various types of bicycles.
The popularity of electric bikes is increasing day-by-day, boosted by the launch of an array of electric bike styles and models. The pandemic is anticipated to bring a long-term change in consumer preference and considerably benefit the market in the coming years. The bicycle industry witnessed a notable surge in sales as people avoided using public transport due to risk of infection.
Hybrid Bicycles, one of the segments analyzed in the report, is projected to record a 7.6% CAGR and reach US$34.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Road Bicycles segment is readjusted to a revised 4.4% CAGR for the next 7-year period.
The U.S. Market is Estimated at $9.5 Billion in 2021, While China is Forecast to Reach $16.5 Billion by 2026
The Bicycles market in the U.S. is estimated at US$9.5 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$16.5 Billion by the year 2026 trailing a CAGR of 7.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4% and 4.4% respectively over the analysis period.
Within Europe, Germany is forecast to grow at approximately 4.6% CAGR. Cross-country bicycling is quite popular in the US and many new bike trails are being developed to cater to this segment. The popularity of mountain bikes also reflects this trend. While older users tend to use bicycles, especially electric powered bicycles as a means of local transportation, younger age group people utilize bicycles for recreation purposes such as cross-country biking.
Bicycles are the most affordable form of transportation and are hence popular in developing countries. Congestion, affordability, and easy maneuverability of bicycles make Japan a major market.
Mountain Bicycles Segment to Reach $11.9 Billion by 2026
A mountain bicycle or mountain bike, also referred to as MTB or all-terrain bicycle (ATB), is a bike designed for off-road cycling. Wheels employed in mountain bicycles are designed wide and knobby for shock absorption and good traction on uneven terrain.
The popularity of mountain bicycles can be attributed to two main factors. The first is, inclusion of mountain biking in Olympic Games since 1996. The second reason is promotion of mountain biking by the ski resort industry.
In the global Mountain Bicycles segment, USA, Canada, Japan, China and Europe will drive the 6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$6 Billion in the year 2020 will reach a projected size of US$9 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.4 Billion by the year 2026, while Latin America will expand at a 6.2% CAGR through the analysis period.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- 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
- Bicycles-Bill of Material
- 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
- Value Exports of Bicycles by Select Country (2019E)
- Competitive Landscape
- Key Players in Bicycles Supply Chain
- Bicycles Market for New Players: Opportunities and Challenges
- Bicycle Components Market
- Recent Market Activity
- Select Global Brands
2. FOCUS ON SELECT PLAYERS (Total 870 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
- 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. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/mii3xj
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