Bicycle Market Size, Share and Trend Analysis Report by Product, Technology, End User, Region and Segment, 2021
Bicycle Market Size, Share and Trend Analysis Report by Product (Mountain, Hybrid, Road), by Technology (Electric, Conventional), by End User (Men, Women, Kids), by Region and by segment, 2021-2028
New York, April 27, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Bicycle Market Size, Share and Trend Analysis Report by Product, Technology, End User, Region and by segment, 2021 – 2028 “- https://www.reportlinker.com/p06064474/?utm_source=GNW
Growth and trends in the bicycle market
The global bicycle market size is expected to reach USD 92.49 billion by 2028, registering a CAGR of 7.0% during the forecast period. Growing adoption of cycling as a form of recreation and awareness of the health benefits associated with cycling are the factors likely to drive the market growth. Bicycles are preferred for short distance journeys as they save considerable time compared to other vehicles. Additionally, limited parking spaces and increasing traffic jams make people reconsider cycling as a primary option for commuting.
The growing emphasis on the use of non-polluting vehicles for short-haul journeys by governments around the world is expected to positively influence the growth of the market and the fact that bicycles emit zero pollutants are expected to boost their demand. in a close future.
Additionally, consumers are quickly turning to online distribution channels to purchase a bicycle due to several key factors including door-to-door delivery and replacement and availability of a variety of products. Additionally, due to the outbreak of the COVID-19 pandemic, consumers are primarily focusing on avoiding crowded places to protect themselves from viral infections.
Road biking is expected to become the fastest growing segment during the forecast period. These are the most basic bikes that consumers prefer because of their ease of use.
These cycles do not require any sophisticated equipment required by mountain and hybrid bikes, which should bode well for demand growth during the forecast period.
Additionally, dockless bike sharing systems are expected to gain attention in the coming years, as they allow users to electronically locate and unlock a nearby bike for rent. Originally produced in Europe, these systems are increasingly accepted, particularly in Asian countries, including India and China.
Highlights of the Bicycle Market Report
• The global market is experiencing significant growth as bike share companies, especially in Europe and Asia, actively invest in expanding their businesses
• The mountain biking segment is expected to grow at a CAGR above 7% during the forecast period. Growing popularity due to increasing media coverage of mountain bike racing events and the creation of new mountain bike circuits are expected to drive growth.
• In addition to being easy to use, e-bikes can potentially shorten commute times. Additionally, advances in battery technology have led to the advent of lighter rechargeable batteries that can withstand longer trips. These factors are attributed to the growth of the e-bike segment
• The male segment is expected to grow significantly at a CAGR of over 7.2% over the forecast period as males would continue to outnumber females and children in terms of is to opt for a bike ride. The number of men opting for bicycle switching was higher than that of women and children in 2019
• Asia-Pacific was the dominant regional market in 2020 with a sales share of over 34%. Governments of Asian countries, especially Japan, China and Singapore, among others, are actively investing in putting in place the necessary infrastructure to encourage and support bicycle switching.
• The main historical operators in the market are Accell Group; Dorel Industries Inc .; Giant bikes; Merida Industry Co., Ltd .; and Trek Bicycle Corporation. They dominated the market in 2020 with a continuous focus on expanding their market share through mergers and acquisitions.
Read the full report: https://www.reportlinker.com/p06064474/?utm_source=GNW
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