There has been an increasing effort toward pushing significance of cycling over the past decade. Fairfield Market Research in its new upcoming study suggests that increasing awareness about the health and economic benefits of cycling through organisation of cycling tournaments, events, and bicycle rallies is driving global bicycle market worldwide. Bicycles have rapidly become a part of recreational events, trekking activities, and fundraising drives, thereby encouraging adoption of bicycles.
The report provides complete growth forecast of global bicycle market over the course of 2021 – 2026, projecting an impressive 12.7% CAGR. The market valuation is likely to exceed US$100 Bn toward the end of forecast period. Growing buzz around e-bikes, and soaring production rate of ultra-lightweight bicycle models are expected to give a collective push to performance of bicycle market. Racing, mountain, and sports bicycles, as well as newer material launches in recent times will also play a vital role in the market build-up.
To Read Complete Report: https://www.fairfieldmarketresearch.com/report/bicycle-market
Europe Remains in the Bandwagon
Europe continues to be at the forefront of bicycle adoption, majorly driven by favourable government initiatives in terms of proactive efforts for promoting bicycle touring as a dependable, healthy, and cost-efficient solution to routine mobility. Key European countries frequently witness a number of cycling events, including road and track racing, leisure cycling, and off-road racing. The potential of European market is further upheld by growing celebrity endorsements, consistently broadening media coverage in favour of bicycle adoption, and supportive cycling infrastructure. A heavy setback in bicycle sales in Europe rapidly regained momentum, says the report. Ascending popularity of e-bikes will remain a crucial factor accelerating bicycle market in Europe.
Bicycle Sales Set for Steadfast Growth in Asia Pacific
While bicycle market has been steadily expanding in Asia Pacific owing to the growing awareness about the overall advantages of bicycle over conventional modes of mobility, the key factor that contributes to its surging potential is the cheaper labour, and exceptionally desirable manufacturing costs. China will continue to be the strongest contender in the region, followed by Japan, India, South Korea, and Australia. Increasing interest of investors, and manufacturers of bicycles and bicycle accessories is expected to shape the Asia Pacific bicycle market according to the report. The market here is also likely to benefit from proliferating sales of e-bikes, and sports bicycles.
Key Players in Global Bicycle Market
Accell Group, Giant Manufacturing Co. Ltd., Dorel Industries Inc., Pon Holdings BV, and Trek Bicycle Corporation are some of the leading companies participating in global bicycle market space. The report sheds light on the strategic, and financial insights of some of the major players in market, which includes several international, as well as regional brands that collectively make it a fragmented competition landscape.
Bicycle Market Press Release: https://www.fairfieldmarketresearch.com/press-release/global-bicycle-market
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