The Bicycle Market is anticipated to expand at a significant CAGR during the forecast period (2020-2027).
The factors driving the growth of Bicycle Market includes growing consumers inclination towards adopting healthy lifestyles, rising popularity of dockless bicycle-sharing systems and increasing number of bicycle events such as Tour de France and Ronde van Vlaanderen. Moreover, increasing traffic congestion in cities, rising Government expenditure to develop separate lane for cyclists and growing demand for electric bikes, are some of the additional factors augmenting the Global Bicycle Market. As per the report published by Reuters, the British Government is planning to invest around USD 472 million to build new cycle lanes in the UK, the number of miles cycled in the United Kingdom increased by 46% in 2020, which is expected to accelerate the Bicycle Market Size in the near future. In addition, the increasing oil prices, rising vehicular pollution, easy availability of environment friendly transports and technological innovation in the bicycles, are further propelling the Bicycle Market Growth.
However, the growth of Bicycle Market is hindered attributed to easy accessibility to public transportation such as Metro, Busses, and light rails.
The major players operating in the market are Raleigh America, Accell Group, Hero MotoCorp Ltd., Dorel Industries, Cervélo, Grimaldi Industries, Orbea S. Coop. N.I.F., Kona Bikes, Chimera Investment, Pon, among others.
Product Type – Segment Analysis
Based on product type, the road bicycle segment is anticipated to expand at a faster CAGR over the forecast period attributed to growing demand for customization in road bicycles and they don’t require any sophisticated accessories.
Technology – Segment Analysis
Based on technology, the electric technology segment is anticipated to capture the largest market share during the forecast period because electric bicycles are easy to operate, eco-friendly and saves time for the consumers
Distribution Channel – Segment Analysis
Based on distribution channel, the offline retail stores segment is expected to grow at a robust CAGR over the forecast period because consumers prefer personalized experience while shopping and offline retail stores also offers customization options.
Regional – Segment Analysis
Based on region, the Asia-Pacific region is projected to expand at remarkable CAGR over the forecast period. The increasing the traffic congestion, rapid urbanization, rising popularity of sports bikes and favorable Government policies to boost the production of bicycle, are some of the important factors propelling the Bicycle Market Share in Asia-Pacific.
Bicycle Market Segmentation
Global Bicycle Market by Technology
Global Bicycle Market by End-User
Global Bicycle Market by Distribution Channel
- Offline Retail Stores
- Online Retail Stores
Global Bicycle Market by Product Type
- Mountain Bicycle
- Hybrid Bicycle
- Road Bicycle
Global Bicycle Market by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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