(MENAFN – iCrowdNewsWire) Jul 25, 2020
The global bicycle market is anticipated to garner a CAGR of 5.02% during the forecast period (2018-2023), Market Research Future (MRFR) unveils in a detailed report. There has been immense evolution in the bicycle industry. Technological advancements in the bicycle industry are considered an emerging trend in the market. Companies involved in the manufacturing of bicycles are launching innovative bicycles and accessories, which has significantly contributed to its growth.
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Market Potential and Pitfalls
The rising number of people opting for bicycle as a form of leisure is likely to augment the market growth. Bicycle is preferred as a convenient form of exercise to ensure a life free from obesity, a healthy life, and free from other disorders. This further encourages the market growth across the globe. Efforts undertaken by the governments across the world to reduce carbon footprints is predicted to push the market growth uphill. With governments focusing on the harmful effects on carbon emissions, the demand for bicycle has increased across the globe.
Elevating fuel prices and rising traffic congestion issue are foreseen to remain the major driving factors. The increasing acceptance of green transportation to minimize carbon footprint is likely to play a vital role in the growth of the bicycle market in the foreseeable future. A rising application base of bicycles in recreational activities and trekking, along with an increasing number of cycling events will uplift the demand for sports bicycles in the next couple of years.
Dockless bicycle sharing systems have been popular among consumers these days. With this system, users can easily locate a nearby bicycle and unlock it electronically. This system was incepted in Europe and is gradually gaining popularity in Asian countries like China and India. Recent advancements in GPS and mobile app have resulted in app-based dockless bicycle-sharing systems, thereby contributing to the bicycle market across the globe.
On the contrary, aftermarket service infrastructure and underdeveloped charging will remain an impediment to the market growth in the foreseeable future.
Global Bicycle Market: Segmental Analysis
The global bicycle market has been segmented on the basis of type and application.
By type, the bicycle market is segmented into conventional bike and e-bikes. Of these, conventional bikes acquire the major share in the global market and are expected to retain its position in the long run. On the other hand, e-bikes are likely to expand their market presence by hitting a CAGR of 5.94% during the review period.
By application, the bicycle market is segmented into recreation, racing, and transportation tools. Of these, the recreation segment is estimated to dominate the global market and is likely to surpass a valuation of USD 36,832.4 million by 2023.
Geographically, the bicycle market spans across Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa.
Considering the global scenario, Asia Pacific acquires the lion’s share, accounting for 48.7% share. The region is estimated to retain its dominance and emerge as the fastest expanding market by the end of 2023. The rising per capita income, ever-increasing population, and improving living standards of the population are some of the major factors likely to accelerate the market growth in the APAC. Consolidation of key players like Avon Cycles and Hero Cycles Ltd. are predicted to create growth opportunities for the market. Countries like Japan, China, and Singapore are emphasizing on rolling out the infrastructure required to support and encourage bicycle communication. Chinese bicycle companies are targeting nations like Australia and China to expand their operations, which is further likely to trigger the demand from the bicycle market.
Europe bags the second spot in the global bicycle market, and its expansion is predicted to be dictated by the ongoing trends of adventure sports. The region is estimated to surpass a valuation of USD 14,675.6 million by the end of 2023 and led by Germany. The soaring popularity of e-bike tourism is likely to steer the growth of the bicycle market in the long run. The demand for bicycle is skyrocketing in North America, mainly due to the existence of major market players in the region. The regional market is set to garner a CAGR of 4.15% by the end of 2023.
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