The global sales of bicycles garnered a market value of US$ 60 Bn in 2021 and is expected to register a positive CAGR of 8% by accumulating a market value of US$ 138 Bn through the assessment period 2022-2032.
Improvement in infrastructure across several countries along with customization of bicycles is positively influencing the demand for bicycles. Furthermore, cycling tournaments in Europe are creating lucrative business opportunities for bicycle manufacturers.
Impact of COVID 19 on the market
The onset of the coronavirus positively affected the bicycle industry. On one hand, the supply chain was disrupted by the order of lockdown. Manufacturers faced various problems, including obtaining raw materials and components required for production, attracting workers from quarantine and transporting final products to markets.
On the other hand, people were increasingly seen turning to cycles to maintain fitness during the lockdown. Furthermore, after the onset of the pandemic, many cities were seen rapidly adapting their infrastructure to provide more space for bicycles, e-bikes and e-scooters.
People are increasingly realizing that switching to eco-friendly transportation can support a healthier environment and lead to better air quality, thereby reducing harmful vehicle emissions. The demand for the bicycle market is anticipated to pick up further after the lifting of lockdown in many countries.
Global Bicycles Market: Segmentation
Global stringing machines market can be segmented by Product, Technology, End User & Distribution Channel.
Based on Product, global Bicycle market can be segmented as follows:
· Mountain Bikes
· Road Bikes
· Cargo Bikes
· Hybrid Bikes
· Other Bicycles
Based on Technology, global Bicycle market can be segmented as follows:
· Electric Bicycles
· Conventional Bicycles
Based on End User, global Bicycle market can be segmented as follows:
· Bicycles for Men
· Bicycles for Women
· Bicycles for Kids
Based on Distribution Channel, global Bicycle market can be segmented as follows:
· Online Bicycle Sales
· Offline Bicycle Sales
Essential Takeaways from this Market Report:
· By product, road bicycles are expected to gain more than 45% market share for bicycle market.
· By distribution channel, offline channels are expected to hold more than 50% market share for bicycle market.
· Bicycle industry expected to register a CAGR of 12% in Europe.
· Bicycle industry expected to possess nearly 33% market share throughout Asia Pacific.
· Global bicycle market sales are expected to be valued at US$ 64 Bn by 2022-end
For more information, this report visit here https://www.factmr.com/report/bicycle-market
SOURCE Fact.MR
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