Bicycle Market Analysis:
The global bicycle market will touch USD 63474.2 million at a 5.02% CAGR between 2018- 2023, states the recent Market Research Future (MRFR) analysis. Bicycles are of two types e-bikes and conventional. Owing to its alluring features and benefits, it has wide applications in transport tools, recreation, and racing. Using bicycles have plenty of benefits over cars, such as less congestion and less traffic, less pollution, and less wear and tear. It also offers several health benefits such as management or prevention of disease, decreased levels of body fat, strengthened bones, improved coordination, and posture, decreased stress levels, improved joint mobility, increased flexibility and muscle strength, and increased cardiovascular fitness.
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Various factors are propelling the global bicycle market growth. According to the recent MRFR report, such factors include growing adoption of cycling as a form of leisure, awareness about the health benefits of cycling, save time, limited parking space, growing traffic congestions, growing incidences of chronic diseases like diabetes, obesity, and CVDs, growing penetration of e-bikes, rise in online platforms that offers dockless bicycle-sharing systems. Besides, the growing demand for hybrid bicycles and e bicycles during the COVID-19 pandemic is also adding electric bicycle market growth.
Bicycle Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global bicycle market size based on application and type.
By type, the global bicycle market is segmented into conventional bikes and e-bikes. Of these, conventional bikes will lead the market over the forecast period. While the e-bikes segment is likely to grow at a 5.94% CAGR.
By application, the global bicycle market is segmented into transport tools, recreation, and racing. Of these, the recreation segment will dominate the market over the forecast period. It is predicted to touch USD 36,832.4 million by 2023, while the transportation tools segment is predicted to grow at 5.38% CAGR.
By region, the global bicycle market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), the Rest of the World (RoW). Of these, the APAC region will spearhead the market over the forecast period. It is likely to grow at a 5.74% CAGR. Growing population, consolidation of key players, improved living standards, lowest accident rates, and growing per capita income are adding to the global bicycle market growth in the region.
In Europe, the global bicycle market share is predicted to have the second-largest share over the forecast period. Rising health consciousness, ongoing Bicycle Market trend of adventure sports, presence of ideal cities for bicycle commutation, organization of popular bicycling events, rolling out of infrastructure to encourage and support bicycle commutation, and growing popularity of e-bike tourism are adding to the global bicycle market growth in the region. Germany has the utmost share in the market.
In North America, the global bicycle market is predicted to have healthy growth over the forecast period. It is likely to grow at a 4.15% CAGR by 2023. Demand for e-bikes, increased urbanization, and desire for alternative mobility is adding to the global bicycle market growth in the region.
In the RoW, the global bicycle market is predicted to have sound growth over the forecast period. It is likely to grow at a 4.63% CAGR by 2023.
Key contenders profiled in the global bicycle market report include NYCeWheels Inc, Tianjin Fuji-ta Group Co., Ltd, Hero Cycles Limited, Avon Cycles, Specialized Bicycle Components, Trek Bicycle Corporation, Moustache Bikes, Easy Motion USA, F.I.V.E. Bianchi SpA, Merida, Tube Investments of India Limited, Accell Group, Derby Cycle, Cannondale, and Giant Bicycles.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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