Bicycles make commutation suitable and ideal for short distances. Humans have limited capacity to cycle for long distances as the energy exerted is comparatively higher and a tiresome task. Bicycle plays an important role in sustainable transportation by providing performance, price and environment benefits over gasoline based vehicles. Bicycle comprises of features like being eco-friendly, inexpensive and healthy mode of transportation. In 2015, the value of global bicycle market is was worth US $45.08 billion and it is estimated to reach US $62.39 billion by 2024 end registering 3.7% CAGR during the forecast period (2016 to 2024) according to the report by Persistence Market Research (PMR).
Bicycles Reducing Environment Hazards and Beneficial for Health
Majority of people around the world, especially among developed countries, are facing health hazard of obesity. Day by day, people are becoming more aware on leading environment friendly and healthy lifestyle and gaining insights on hazards of obesity. At such point, bicycle plays an instrumental role as it is significantly beneficial for health and owing to this factor, Bicycles are gaining traction among such section of population. Absence of need for fuel supply for bicycles makes it more environment friendly as it helps in reducing the natural resource depletion. Another advantage of bicycle is that people don’t get blocked in heavy traffic and they can easily slide their way through to reach their destination in time and faster.
Building network of communication and roads is a major necessity for global bicycle market to flourish. This has been a great challenge for manufacturers and government authorities to make cycling tracks and generate good cycle networks. Developing countries are concentrating on creation of bicycle-friendly world and safe & suitable cycling tracks for avoiding injuries and accidents and assure safety.
Hybrid Bicycles to Hold Major Market Share During the Forecast Period
Based on product type, the global bicycle market is categorized into sports, mountain, hybrid and road. Owing to increasing demand for hybrid bicycles for commuting, trekking and recreational purposes, this segment is estimated to hold major market share in the global bicycle market during the forecast period.
Electric Bicycles to Gain Traction and Register Impressive CAGR During 2016 to 2024
Based on technology, the market is bifurcated into electric and conventional. Conventional bicycles are witnessing high demand in developing economies owing to factors such as greater number of labor & middle-class population and less disposable income. Owing to integration of E-bikes with sports and mountain bikes, electric bicycles are expected to gain traction in the global bicycle market and witness an impressive CAGR during 2016 to 2024.
Women Bicycle Segment Estimated to Witness 4.8% CAGR During the Forecast Period
Based on end-user, the market is categorized into kids, women and men. Owing to significant participation of women in bicycle market, women bicycle segment is estimated to witness 4.3% CAGR during the forecast period. Based on price, the market can be divide into low range, mid-range and premium. Owing to excessive adoption of electric bicycles around the world, the premium segment is estimated to register 4.8% CAGR during 2016 to 2024.
Europe Estimated to Register Highest CAGR During 2016 to 2024
Region-wise, the global bicycle market is categorized into North America, Europe, Middle East & Africa (MEA), Latin America and Asia Pacific (APAC). Owing to substantial demand of bicycles from China and other countries in Asia Pacific, this region dominated the market with more than 63% share of global bicycle market in 2015. Europe, on the other hand is estimated to account for significant market share in global bicycles market and expected to register highest CAGR during 2016 to 2024. In addition, North America and Europe are expected to collectively account for significant value share of global bicycles market and estimated to register CAGR of 3.9% and 4.9% respectively during the forecast period.
Key players in the global bicycle market include Giant Bicycle Inc., Derby Cycle, Trek Bicycle Corporation, Tube Investment of India Limited, Dorel Industries Inc., Tandem Group plc, Atlas Cycles Ltd., Avon Cycles Ltd., Zhonglu Co. Ltd., Accell Group, Merida Industry Co. Ltd., and Samchuly Bicycle Co. Ltd.
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