The global bicycle market size is expected to experience exponential growth by reaching USD 147.24 billion by 2027 while exhibiting a CAGR of 6.1% between 2020 and 2027. This growth is ascribable to factors such as the increasing focus on developing eco-friendly cycles by the manufacturers and the rising incidence of obesity among the population that promotes bicycle riding globally. This information is published by Fortune Business Insights in its latest report, titled, “Bicycle Market Size, Share & COVID-19 Impact Analysis, By Type (Road, Mountain, Hybrid, and Others), Technology (Electric and Conventional), End-User (Men, Women, and Kids), and Regional Forecast, 2020-2027.” The report further observes that the market stood at USD 65.43 billion in 2019
Increasing Focus on Maintaining Fitness Levels to Surge Bicycle Sales amid COVID-19
The growing awareness regarding the need to ensure the overall well-being of health leads people to adopt fitness regimes that include walking, gym, and cycling. This is expected to boost the sales of cycles owing to the rising demand for cycling as a recreational sport among the population. Additionally, the ensuing lockdown amid the COVID-19 has halted public transport services that is likely to propel the demand for cycles globally.
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A bicycle is either a human-powered or a motor-powered vehicle consisting of two wheels attached to a frame. They are a principal medium of transportation in several countries across the globe. Having undergone tremendous changes since its inception, the manufacturers are more focused on introducing safe and comfortable riding vehicles for the population globally.
What does the Report Include?
The market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate that will further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as Porter’s Five Forces analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
Increasing Prevalence of Obesity to Favor Growth
According to the World Health Organization (WHO), in 2019, about 38 million children under the age group of 5 were found to be suffering from obesity. The increasing incidence of obesity among the younger population is propelling the need to adopt a healthy lifestyle across the globe. With more focus on improving health and fitness, people globally turn towards recreational activities such as cycling, walking, and others that are likely to favor the demand for advanced bicycles. Furthermore, the manufacturers are keen on introducing sustainable cycle products to cater to the growing demand for eco-friendly cycles contributing to the global bicycle market growth in the forthcoming years.
Road Segment Held 35.38% Market Share in 2019
The road segment, based on type, is expected to gain momentum owing to the growing number of bicycle riding commuters that are preferring several types of cycles such as mountain bikes, electric bikes, and others for their daily cycling routine on roads.
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Asia-Pacific to Remain at Forefront; Presence of Large Production Facilities to Favor Growth
Among all the regions, Asia-Pacific is expected to remain dominant and hold the highest position in the global market during the forecast period. This dominance is attributable to the presence of large production facilities that enables the manufacturers to develop innovative bikes in the region between 2020 and 2027.
The market in Europe is expected to experience significant growth backed by favorable government initiatives to develop charging infrastructure for electric bicycles in the region between 2020 and 2027.
Partnerships by Major Companies to Brighten Their Market Prospects
The global bicycle market is consolidated by the presence of several companies that are focusing on maintaining their presence and further gaining a major chunk of share in terms of revenue. They are doing so by focusing on establishing a partnership with other companies to expand their cycle product portfolio and cater to the growing demand for advanced road bikes during the forecast period.
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- February 2020: Saris, an exercise & fitness related equipment maker, announced its partnership with the U.S. based indoor specialist, eSports cycling team. The partnership is aimed at expanding the cycling business under the sports cycle segment.
List of the Companies Profiled in the Global Market:
- Hero Motocorp Ltd. (New Delhi, India)
- Roth Distributing Co. Ltd. (Minnesota, U.S.)
- Dorel Industries Inc. (Westmount, Canada)
- Kona Bikes (Washington, U.S)
- Chimera Investments LLC. (Cambiago, Italy)
- Pon Holdings BV (Toronto, Canada)
- Grimaldi Industri AB (Treviglio, Italy)
- Orbea Corporation (Mallabia, Spain)
- The Raleigh Bicycle Company (Eastwood, U.K.)
- Accel Group N.V. (Heerenveen, Netherland)
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