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Bicycle Market Analysis 

Bicycle Market is predicted to touch USD 80BN at a 6% CAGR forecast by 2027, reveals the latest Market Research Future’s (MRFR) forecast report.

 

Competitive Landscape 

 

List of the prominent players profiled in the global bicycle market report include.

  • NYCeWheels Inc.
  • Specialized Bicycle Components
  • Easy Motion USA
  • Tube Investments of India Limited
  • Hero Cycles Limited
  • I.V.E. Bianchi SpA
  • Derby Cycle
  • Trek Bicycle Corporation
  • Avon Cycles
  • Tianjin Fuji-ta Group Co. Ltd
  • Moustache Bikes
  • Merida
  • Accell Group
  • Giant Bicycles
  • Cannondale

The bicycle market is fragmented and competitive with the presence of several well-established domestic and international players. M&A, new product launches, partnerships, strategic alliances, and others are the key strategies encompassed by the key players to stay ahead in the competition. 

 

Industry Updates 

  • February 2021- A Boulder-based bicycling advocacy organization, PeopleForBikes has joined hands with a California non-profit, Outride, to expand the access of bicycles to youth and also increase diversity, equity, and health in bicycling. 

 

COVID-19 Analysis 

The ongoing COVID-19 crisis has indeed sparked a novel cycling trend worldwide. Individuals are opting for bicycles for covering short to medium distances owing to the concerns of health safety during this pandemic. People in urban areas are cycling to keep fit as they are unable to visit the gym due to the physical distancing norms. Towns and small cities are also choosing bicycles as an alternative mode of public transport and also maintain social distancing. This crisis is likely to bring in people some perceptional as well as behavioral changes. With a good number of people choosing bicycles, the practice of cycling has turned highly acceptable for a huge number of consumers that is likely to boost the demand for cycling safe infrastructure. Irrespective of the cycling trend being followed during the outbreak, this is sure to continue. It is likely to have a positive impact on the bicycle market revenue. 

 

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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.  Various factors are propelling the global bicycle market growth.

 

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.

 

Regional Analysis 

 

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 is predicted to have the second-largest share over the forecast period. Rising health consciousness, ongoing 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.

 

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Market Segmentation

 

The MRFR report highlights an inclusive segmental analysis of the global bicycle market 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.

Table of Content:

1 Executive Summary

2 Market Introduction

2.1 Definition 16

2.2 Scope Of The Study 16

2.3 List Of Assumptions 17

2.4 Market Structure 17

2.5 Macro Factor Indicators Analysis 18

3 Research Methodology

3.1 Research Process 20

3.2 Primary Research 21

3.3 Secondary Research 22

3.4 Market Size Estimation 22

3.5 Forecast Model 23

4 Market Dynamics

4.1 Introduction 25

4.2 Drivers 25

4.2.1 Government Initiatives And Stringent Emission Regulations 25

4.2.2 Increasing Crude Oil Prices 26

4.2.3 Increasing Popularity Of E-Bikes Among Tourists 26

4.2.4 Drivers Impact Analysis 27

4.3 Restraints 28

4.3.1 High Prices Of E-Bikes And Their Batteries 28

4.3.2 Underdeveloped Charging And Aftermarket Service Infrastructure 28

4.3.3 Restraints Impact Analysis 28

4.4 Opportunity 29

4.4.1 Government Initiatives For The Construction Of Cycle Lanes 29

4.5 Challenge 29

4.5.1 Limited Battery Capacity And Longer Charging Duration 29

Continued………

 

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