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
Salient Features of the Report
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.
SEGMENTATION
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.
DRIVING FACTORS
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.
Browse Summary of This Research:
https://www.fortunebusinessinsights.com/bicycle-market-104524