The global bicycle market is being fueled by rising urbanization, which is causing increased traffic congestion. As a result, people are increasingly using bicycles to avoid traffic and get to their destination faster than larger vehicles. Even doctors around the world advise the general public to use bicycles as a must-have tool for living a healthy life, whether they are obese or not. As a result, these factors are expected to drive market growth in the near future.
According to Coherent Market Insights, the global Bicycle Market was valued at US$ 51,770.6 Mn in terms of value and volume at 151,764 Thousand Units in 2019 and is expected to grow at a CAGR of 3.7 percent from 2020 to 2027.
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Source:
https://www.coherentmarketinsights.com/market-insight/bicycle-market-3910
