Selbyville, Delaware, Jan. 18, 2024 (GLOBE NEWSWIRE) --
The bicycle market valuation is projected to surpass USD 102.8 billion by 2032, as reported in a research study by Global Market Insights Inc.
A wider awareness surrounding environmental sustainability and health consciousness has been a pivotal catalyst for market growth. The global emphasis on reducing carbon footprints has prompted the adoption of eco-friendly transportation alternatives, where bicycles reign supreme. Additionally, urbanization and the resultant congestion in cities have further accentuated the appeal of bicycles as a convenient, cost-effective, and time-efficient mode of commuting.
As per the data by INRIX, in 2022, 58% of surveyed urban areas experienced escalated traffic delays in the past year, contrasting with 38% that observed a decline in delays. London maintained its status as the most congested area under analysis, registering a total of 156 hours of delay per driver, marking a 5% increase from the previous year.
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Moreover, technological advancements have revolutionized bicycle manufacturing, leading to the development of innovative and high-performance bikes. The integration of electric components, lightweight materials, and smart features has expanded the appeal of bicycles, attracting diverse consumer segments. Furthermore, government initiatives advocating for cycling infrastructure and promoting biking as a mode of transportation have lent considerable impetus to the market demand.
The bicycle market from the traditional bicycles segment will hold a notable revenue through 2032, due to their simplicity and reliability that resonate with a significant consumer base. Their affordability, coupled with ease of maintenance, make them an accessible and practical choice for individuals seeking cost-effective transportation options. Additionally, the enduring appeal of traditional biking experiences, encompassing exercise, recreation, and an eco-conscious mode of commuting, fuels the product demand as timeless two-wheelers.
The bicycle market from mountain usage segment is expected to record a significant growth between 2023 and 2032, owing to the burgeoning popularity of mountain biking. It caters to adventure enthusiasts and outdoor aficionados seeking rugged terrains and challenging trails. These bicycles are specifically engineered to withstand diverse landscapes, offering durability, superior handling, and specialized features tailored for off-road experiences. As more individuals seek adrenaline-fueled escapades and embrace outdoor pursuits, the demand for bicycles optimized for mountain usage continues to climb, propelling innovations.
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Europe bicycle market is experiencing robust growth and register decent revenues till 2032, propelled by the growing emphasis on sustainability and eco-friendly transportation solutions. The countries in the region have stringent environmental regulations and a heightened consciousness regarding carbon emissions. Moreover, supportive government initiatives promoting cycling infrastructure, coupled with increased urbanization, are fostering a favorable landscape for bicycles as a practical and efficient mode of commuting. The technological advancements, including the integration of electric components and innovative designs, are enhancing the appeal of bicycles across diverse consumer bases, contributing significantly to the industry expansion in Europe.
Major players involved in the bicycle market are Trek Bicycle Corporation, Cannondale, MERDIA BIKES, Specialized Bicycle Components, Inc., Tern Bicycles, Fuji Bikes, Scott Sports, Cube Bikes Colnago, Giant Manufacturing Co., Ltd. and GT Bikes.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Bicycle market 3600 synopsis, 2018 - 2032
2.2 Business trends
2.3 Regional trends
2.4 Type trends
2.5 Usage type trends
2.6 End-user trends
Chapter 3 Bicycle Market Insights
3.1 Impact of COVID-19
3.2 Impact of the Russia-Ukraine war
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.8.1 Partnership/Collaboration
3.8.2 Merger/Acquisition
3.8.3 Investment
3.8.4 Level of autonomy launch & innovation
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Increasing awareness of health and fitness
3.10.1.2 Growing environmental and sustainability awareness
3.10.1.3 Rising demand for cycling events and tourism
3.10.1.4 Increasing promotion of cycling as a sport
3.10.2 Industry pitfalls & challenges
3.10.2.1 Safety concerns
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
