The size of the bicycle market will reach $ 147.24 billion by 2027;


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Pune, India, June 08, 2021 (GLOBE NEWSWIRE) – The world bicycle market size is likely to hit $ 147.24 billion by 2027, showing a CAGR of 6.1% over the forecast timescale. Bikes are commonly used for commuting, exercise, hiking and sports by a large population around the world. The bicycle is an ecological, safe and comfortable means of transport. Biking or paddling has several health benefits. Fortune Business Insights â„¢ presented this information in a report entitled “Bicycle market, 2020-2027 ». The market size was $ 97.20 billion in 2019.

The bicycle market is growing in popularity for several reasons. For example, the growing awareness among consumers of the health benefits offered by boating is driving the growth of the bicycle market.

Impact of COVID-19:

The global pandemic has plunged the growth of several industries and markets. However, the bicycle market is seeing an increase in sales due to the increasing need for exercise and health maintenance. An increase in demand for fitness related items during the pandemic has been observed. In addition, the closures have resulted in the shutdown of public transportation modes and as a result, the demand for bicycles has increased significantly.

While the market is affected by lockdown, social distancing standards and curfews, it is expected to return to pre-pandemic levels as countries gradually increase these restrictions.

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The major players presented in the global bicycle market are:

  • Kona Bikes (Washington, United States)
  • Hero Motocorp Ltd. (New Delhi, India)
  • Dorel Industries Inc. (Westmount, Canada)
  • Chimera Investments LLC (cambiago, Italy)
  • Pon Holdings BV (Toronto, Canada)
  • Grimaldi Industri AB (Treviglio, Italy)
  • Orbea Corporation (Mallabia, Spain)
  • The Raleigh Bicycle Company (Eastwood, United Kingdom)
  • Accel Group NV (Heerenveen, The Netherlands)

Segmentation:

Depending on the type, the market is segmented into mountain, road, hybrid, etc. On the basis of technology, the market is divided into conventional and electric. Based on the end user, the market is fragmenting into children, men and women. Geographically, the market is categorized as North America, Europe, Asia Pacific, Middle East, and Africa.

Report Coverage:

  • The report comprehensively discusses market estimates and forecasts.
  • The report provides revenue forecast by segment and region.
  • The report incorporates Porters’ five forces analysis for an accurate prediction.
  • The report studies the political, social, economic, technological and environmental factors driving the market growth across several regions.
  • The report contains the in-depth analysis of the various factors which are stimulating, restraining and creating the opportunities in the market.
  • The report facilitates a comprehensive assessment of key market players and their growth strategies.

Browse the detailed summary of the research report with the table of contents:

https://www.fortunebusinessinsights.com/bicycle-market-104524

Conductors and constraints-

Supportive government initiatives to facilitate growth

Increasing government initiatives to improve turnout is expected to play a critical role in the growth of the market. For example, in the city of Austin, the government of Texas, United States, worked with the Capital Metropolitan Transportation Authority to rehabilitate the Austin BCycle Bike Share program. The initiative also aims to install a new bicycle station in the city.

The launch of the e-bike is reforming the industry as e-bikes offer more control over speed and have anti-theft functions. Electric bikes require minimal effort and time, which is likely to act as a catalyst for market growth. The advent of several online booking platforms like Yulu, Uber Bike, Ola Bike, etc. is expected to propel the electric bicycle market.

Moreover, the growing population and their increasing tendency to adopt a healthy lifestyle are expected to increase the growth of the market.
However, the high cost of electric bikes and the widely available alternative modes of travel like trains, buses, cars, etc. are likely to hamper the growth of the market.

Regional insights:

Government initiatives to intensify the market in Europe

Asia-Pacific is expected to hold the largest share of the global bicycle market. Large production facilities present in countries like India, Japan and China are likely to increase the growth of the market. Apart from this, the growing population and several cycling events organized by the government and local bodies are expected to drive the growth of the market. For example, the 40e The Road Cycling Championship was hosted by the Asian Cycling Federation in Cyberjaya, Malaysia in March 2020.

Europe is expected to experience significant growth in the coming years. This growth is attributable to the increase in outdoor and recreational activities in the region. Government initiatives such as the development of charging facilities for paddle bikes in countries like Germany, Norway and the UK are expected to spur the growth of e-bikes in the region. Around $ 2,000 million was allocated by the UK government in May 2020 for the development of infrastructure for walking and cycling.

The growing adoption of e-bikes in countries like Canada and the United States is expected to help North America experience tremendous growth in the years to come. In addition, increasing consumer spending on outdoor and leisure activities is expected to drive the growth of the regional market. A large population in Brazil prefers to walk or cycle to reduce their carbon footprint. This should help South America to experience significant growth. In addition, the growing importance of folding electric bicycles has driven the growth of the market.

Competitive landscape:

Product innovations and acquisitions to fuel market growth

The bicycle market is very competitive and includes the main regional and global players. These players are focused on developing advanced electric bicycles for their consumers. In addition, they are striving to expand their business into global markets. For example, the Indian company Hero Cycles Limited acquired a 48% stake in HNF NICOLAI, a car manufacturer based in Germany. The acquisition will help Hero Cycles Limited enter international markets, primarily the European market.

Industry Developments:

  • July 2020: Van Der Wal was acquired by Beerens Groep NV, an automotive supplier based in Belgium.
  • June 2020: Charge Bikes has launched its latest state-of-the-art electric bike.

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