Global Bicycle Market 2020-2027

Nowadays large numbers of people are opting for bicycling as a form of leisure and exercise. The major drivers that support the market growth are shifting concerns of people about healthy lifestyle, environment-friendliness, and recreation and leisure. Preference for bicycles to ensure a healthy life, free from obesity and other disorders is expected to boost the market. The popularity of dockless bicycle-sharing systems is also rising. Various sports events, such as Tour de France and Ronde van Vlaanderen, are fueling the popularity of bicycles. Men are likely to travel more than women through bicycles. For Instance: as per the data provided by the Department for Transport U.K., in 2019, on average, the U.K. men population made 25 cycling trips in a year as compared to 10 cycling trips by women population in the same year. Thus the sales of bicycles by men are likely to increase. Further, increasing investment in sports infrastructure through favorable government initiatives and participation in sports has led to the adoption of Bicycles across the forecast period. For Instance: in India events like mountain cycling events, cycling marathons, and other events are organized by the Cycling Federation of India. However, the lack of necessary infrastructure to support bicycle commutation in congested regions impedes the growth of the market over the forecast period of 2020-2027. Further, with the governments of U.S. & Italy providing subsidies on the purchase of new bicycles and growing awareness among the public of bicycle being safest medium to travel, the adoption & demand for bicycle is likely to increase.

Global Bicycle Market is valued approximately at USD 50.88 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 7% over the forecast period 2020-2027 and is estimated to reach USD 87.42 billion by 2027.

The regional analysis of the global Bicycle market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. Asia-pacific is the leading/significant region across the world in terms of market share owing to urban cycling, sports events, and health-conscious people. Whereas, Europe is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as environmental friendly awareness and less traffic on roads coupled with the well-established cycling infrastructure would create lucrative growth prospects for the Bicycle market across the Asia-Pacific region.

Major market players included in this report are Accell Group, Cervélo, Dorel Industries Inc, Giant Bicycle, Merida Industry Co Ltd, Olympus Bikes, Scott Sports SA, Specialized Bicycle Components Inc, Trek Bicycle Corporation, and Kona Bicycle Company.

The detailed segments and sub-segment of the market are explained below:
By Type: Cargo Electric bike, Non-Cargo Electric bike, Cargo Nonelectric bike, Non-cargo Nonelectric bike
By Sales Channel: Online Platforms, Physical Stores
By End-User: Men, Women, Kids

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Bizwit Research & Consulting LLP