Bicycle Market Overview:
The bicycle market trends provides a full insight into the competition, including the market share and company profiles of the key worldwide rivals. The scope of the research covers a thorough investigation of the Bicycle Market, as well as the causes for variances in the industry's growth in different regions.
Estimated Increase in Revenue:
Bicycle Market is anticipated to reach US$ 94.25 Bn by 2029 from US$ 54.44 Bn in 2021 at a CAGR of 7.1% during a forecast period.
Bicycle Market Scope:
Following the completion of market engineering, which comprised market statistics calculations, estimations of market size, market projections, market breakdown, and data triangulation, major primary research was conducted to obtain information and verify and validate critical numbers. Top-down and bottom-up strategies, as well as several data triangulation procedures, were often used throughout the market engineering process to perform market estimating and forecasting for the overall market segments and sub-segments discussed in this research. In order to give vital information throughout the report, extensive qualitative and quantitative analysis is done on all data gathered throughout the market engineering process.
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Bicycle Market Dynamics:
Growing demand for both general and sports bicycles is anticipated due to increased use of bicycles in leisure and trekking activities as well as an increase in cycling contests. Market expansion is anticipated to be fueled by the rising significance of celebrity endorsements and increased media coverage of such events. Additionally, regulatory bodies in European nations support road racing, leisure and touring cycling, track racing, and off-road racing competitions like Cycling Ireland. The Irish Sports Council reports that Sport Ireland increased its support for Cycling Ireland from EUR 292,500 in 2017 to EUR 440 000 in 2021, enticing people to take part in a range of cycling events in Ireland.
Bicycle Market Segment Analysis:
By Type, the market was dominated by electric bikes in 2021. This is because electric motorcycles are becoming more and more popular in important nations like Japan, China, the United States, and the Netherlands. This is so that hauling heavy loads and travelling about are made easier by electric motorcycles. As a result, the postal service is converting to using electric bikes for transportation. Additionally, these bicycles help with punctual arrival at the destination, petrol cost savings, and weight reduction. The bicycle market in these nations is expanding as a result of this growth.
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Major Players:
Primary and secondary research is used to identify market leaders, and primary and secondary research are used to calculate market revenue. In-depth interviews with important thought leaders and industry professionals such as experienced front-line staff, CEOs, and marketing executives were conducted as part of the primary study. Primary research comprised in-depth interviews with key thought leaders and industry professionals such as experienced front-line staff, CEOs, and marketing executives, while secondary research included a review of the main manufacturers' annual and financial reports. Secondary data is used to determine percentage splits, market shares, growth rates, and worldwide market breakdowns, which are then cross-checked with primary data.
• Giant Bicycles Inc.
• Atlas Cycles Ltd
• Derby Cycle Holding GmbH
• Trek Bicycle Corporation
• Avon Cycles Ltd.
• Zhonglu Co., Ltd
• Accell Group N.V.
• Tube Investments of India Limited
• Dorel Industries Inc.
• Merida Industry Co., Ltd
• Tandem Group plc
Regional Analysis:
Individual market influencing components and changes in market regulations affecting the present and future market trends are also included in the regional overview of the Bicycle market analysis. Current and future trends are researched in order to assess the entire market potential and identify profitable patterns in order to get a stronger foothold. The geographical market assessment is based on the present environment and expected developments.
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COVID-19 Impact Analysis on Bicycle Market:
End-user industries where Bicycle are utilised saw a dip in growth from January 2020 to May 2020 in a number of countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India, due to a pause in operations. This resulted in a significant decrease in the revenues of businesses working in these industries and, as a result, in demand for Bicycle manufacturers, influencing the development of the Bicycle market in 2020. End-user business demand for Bicycle has declined significantly as a result of lockdowns and an increase in COVID-19 events worldwide.
Key Questions Answered in the Bicycle Market Report are:
- In 2021, which segment held the highest proportion of the Bicycle market?
- What is the Bicycle market's competitive landscape?
- What are the primary drivers assisting Bicycle market growth?
- Which region has the most market share in the Bicycle market?
- What will be the Bicycle market's CAGR throughout the projected period (2022-2029)?
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