Bicycle Market Growing Popularity & Emerging Trends 2021 to 2023
Market Analysis
The global bicycle market will touch USD 63474.2million at a 5.02% CAGR between 2018- 2023, states the recent Market Research Future(MRFR) analysis. Bicycles are of two types e-bikes and conventional. Owing toits alluring features and benefits, it has wide applications in transporttools, recreation, and racing. Using bicycles have plenty of benefits overcars, such as less congestion and less traffic, less pollution, and less wearand tear. It also offers several health benefits such as management orprevention of disease, decreased levels of body fat, strengthened bones,improved coordination, and posture, decreased stress levels, improved jointmobility, increased flexibility and muscle strength, and increasedcardiovascular fitness.
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Various factors are propelling the global bicyclemarket growth. According to the recent MRFR report, such factors includegrowing adoption of cycling as a form of leisure, awareness about the healthbenefits of cycling, save time, limited parking space, growing trafficcongestions, growing incidences of chronic diseases like diabetes, obesity, andCVDs, growing penetration of e-bikes, rise in online platforms that offersdockless bicycle-sharing systems. Besides, the growing demand for hybridbicycles and e bicycles during the COVID-19 pandemic is also adding electric bicyclemarket growth.
Market Segmentation
The MRFR report highlights an inclusive segmentalanalysis of the global bicycle market based on application and type.
By type, the global bicycle market is segmented intoconventional bikes and e-bikes. Of these, conventional bikes will lead themarket over the forecast period. While the e-bikes segment is likely to grow ata 5.94% CAGR.
By application, the global bicycle market issegmented into transport tools, recreation, and racing. Of these, therecreation segment will dominate the market over the forecast period. It ispredicted to touch USD 36,832.4 million by 2023, while the transportation toolssegment is predicted to grow at 5.38% CAGR.
Regional Analysis
By region, the global bicycle market covers thegrowth opportunities and recent trends across Europe, North America, the AsiaPacific (APAC), & the Rest of the World (RoW). Of these, the APAC regionwill spearhead the market over the forecast period. It is likely to grow at a5.74% CAGR. Growing population, consolidation of key players, improved livingstandards, lowest accident rates, and growing per capita income are adding tothe global bicycle market growth in the region.
In Europe, the global bicycle market is predicted tohave the second-largest share over the forecast period. Rising healthconsciousness, ongoing trend of adventure sports, presence of ideal cities forbicycle commutation, organization of popular bicycling events, rolling out ofinfrastructure to encourage and support bicycle commutation, and growingpopularity of e-bike tourism are adding to the global bicycle market growth inthe region. Germany has the utmost share in the market.
In North America, the global bicycle market ispredicted to have healthy growth over the forecast period. It is likely to growat a 4.15% CAGR by 2023. Demand for e-bikes, increased urbanization, and desirefor alternative mobility is adding to the global bicycle market growth in theregion.
In the RoW, the global bicycle market is predictedto have sound growth over the forecast period. It is likely to grow at a 4.63%CAGR by 2023.
Competitive Dashboard
Key contenders profiled in the global bicycle marketreport include NYCeWheels Inc, Tianjin Fuji-ta Group Co., Ltd, Hero CyclesLimited, Avon Cycles, Specialized Bicycle Components, Trek Bicycle Corporation,Moustache Bikes, Easy Motion USA, F.I.V.E. Bianchi SpA, Merida, TubeInvestments of India Limited, Accell Group, Derby Cycle, Cannondale, and GiantBicycles.
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