BicycleMarket Analysis:
The globalbicycle market will touch USD 63474.2 million at a 5.02% CAGR between 2018-2023, states the recent Market Research Future (MRFR) analysis. Bicycles are oftwo types e-bikes and conventional. Owing to its alluring features andbenefits, it has wide applications in transport tools, recreation, and racing.Using bicycles have plenty of benefits over cars, such as less congestion andless traffic, less pollution, and less wear and tear. It also offers severalhealth benefits such as management or prevention of disease, decreased levelsof body fat, strengthened bones, improved coordination, and posture, decreasedstress levels, improved joint mobility, increased flexibility and musclestrength, and increased cardiovascular fitness.
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Various factorsare propelling the global bicycle market growth. According to the recent MRFRreport, such factors include growing adoption of cycling as a form of leisure,awareness about the health benefits of cycling, save time, limited parking space,growing traffic congestions, growing incidences of chronic diseases likediabetes, obesity, and CVDs, growing penetration of e-bikes, rise in onlineplatforms that offers dockless bicycle-sharing systems. Besides, the growingdemand for hybrid bicycles and e bicycles during the COVID-19 pandemic is alsoadding electric bicyclemarket growth.
BicycleMarket Segmentation
The MRFR reporthighlights an inclusive segmental analysis of the global bicycle market basedon application and type.
By type, theglobal bicycle market is segmented into conventional bikes and e-bikes. Ofthese, conventional bikes will lead the market over the forecast period. Whilethe e-bikes segment is likely to grow at a 5.94% CAGR.
By application,the global bicycle market is segmented into transport tools, recreation, andracing. Of these, the recreation segment will dominate the market over theforecast period. It is predicted to touch USD 36,832.4 million by 2023, whilethe transportation tools segment is predicted to grow at 5.38% CAGR.
RegionalAnalysis
By region, theglobal bicycle market covers the growth opportunities and recent trends acrossEurope, North America, the Asia Pacific (APAC), & the Rest of the World(RoW). Of these, the APAC region will spearhead the market over the forecastperiod. It is likely to grow at a 5.74% CAGR. Growing population, consolidationof key players, improved living standards, lowest accident rates, and growing percapita income are adding to the global bicycle market growth in theregion.
In Europe, theglobal bicycle market is predicted to have the second-largest share over theforecast period. Rising health consciousness, ongoing BicycleMarket trend of adventure sports, presence of ideal cities for bicyclecommutation, 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 NorthAmerica, the global bicycle market is predicted to have healthy growth over theforecast period. It is likely to grow at a 4.15% CAGR by 2023. Demand fore-bikes, increased urbanization, and desire for alternative mobility is addingto the global bicycle market growth in the region.
In the RoW, theglobal bicycle market is predicted to have sound growth over the forecastperiod. It is likely to grow at a 4.63% CAGR by 2023.
CompetitiveDashboard
Key contendersprofiled in the global bicycle market report include NYCeWheels Inc, TianjinFuji-ta Group Co., Ltd, Hero Cycles Limited, Avon Cycles, Specialized BicycleComponents, Trek Bicycle Corporation, Moustache Bikes, Easy Motion USA,F.I.V.E. Bianchi SpA, Merida, Tube Investments of India Limited, Accell Group,Derby Cycle, Cannondale, and Giant Bicycles.
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