The demand for bicycles is expected to rise, owing to rising awareness of health. This is catered to the fact of the rising population of obese people coupled with an increase in the improper health conditions over the world. For instance: according to the International Agency for Research on Cancer (IARC) in 2018, there were approximately 17.0 million cancer cases and around 9.5 million deaths caused by cancer globally. And the number of cancer cases is expected to increase to 27.5 million by 2040 worldwide.
Therefore, increasing growth of the improper health conditions will propel the growth of the bicycles market, in the forecast period
According to a market report published by Bizwit Research & Consulting, LLP, Global Bicycle Market is valued approximately USD 59.31 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 7.65 % over the forecast period 2022-2028.
The global market for the bicycles is expected to boost over the forecast period due to rising awareness towards health benefits coupled with bicycles, growing general inclination towards outdoor sports whereas a varied number of strategic initiatives by the private players, and stringent government laws in addition to the environment is expected to create lucrative opportunity for the market growth in the forecast years. However, climate issues and alternatives are expected to restrict the market growth in the forthcoming period.
The future demand for the bicycles market is fuelled by an increase in the growing public inclination toward outdoor sports. millennial population, students, and kids are more inclined towards body fitness, gym, and healthcare. Therefore, outdoor sports are getting more popular as it provides comparatively more benefits and is free of cost. For instance: According to the Outdoor Industry Association in 2020, In America running, cycling, hiking, and other outdoor activities are getting more popular. It is found that half of America above 6 and more are participating in outdoor activities daily. In 2019, around 50.7 % of Americans participated in at least one outdoor activity. Further, in various countries across the globe, schools, and governments are promoting the adoption of cycling to enhance public health. It includes popular bicycle sports events such as UCI Road World Championships, Paris-Roubaix Tour de France, and Vuelta an España. With the popularity of these sports events people, athletes, and citizens get attracts to cycling.
Therefore, factors like these will propel the growth of the Bicycle Market in the forecast period.
Global Bicycle Market Size study, by Type (Cargo Electric Bike, Non-Cargo Electric bike, Cargo Nonelectric bike, Non-cargo Nonelectric bike), By Sales Channel (Online Platforms, Physical Stores), and by end User (Men, Women, Kids), and Regional Forecasts 2020-2027
The total market revenue is calculated based on revenue generated through the sales. However, revenue generated through repair, maintenance, and resales of Bicycles is excluded from the report.
Major companies covered under the report include Accell Group, Cervelo, Dorel Industries Inc., etc. Other famous regional players across various countries are also considered for revenue calculation.
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Bizwit Research & Consulting LLP