According to a new report published by UnivDatos Markets Insights, the Bicycle Market was valued at more than USD 65 billion in 2020 and is expected to grow at a CAGR of around 6% from 2022-2028. The analysis has been segmented into Type (Mountain Bikes, Hybrid Bikes, Road Bikes, Cargo Bikes and Others); Technology (Electric and Conventional); End-User (Men, Women, and Kids); Distribution Channel (Online and Offline); Region/Country.
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The bicycle market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the bicycle market. The bicycle market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the bicycle market at the global and regional levels.
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Market Overview
Global Bicycle Market is expected to grow at a significant rate of around 6% during the forecast period. A bicycle is a two-wheeled vehicle with handlebars for steering, a saddle-like seat, and is often propelled by pedals connected to the back wheel by a chain. Bicycles are frequently promoted by authorities as an ecologically friendly mode of transportation and are utilized as an efficient strategy to reduce pollution across the world. The factors such as growing disposable income and increased consumer expenditure on the bicycle sector, bikes are safe, simple to use, and require little maintenance are driving the growth of the market. The market players are expanding approach and operations to boost up the growth of the market. For instance, in November 2021, PIERER Mobility AG acquired FELT Bicycles. With this acquisition, PIERER has planned to expand its operations in the North American market for bicycles
Some of the major players operating in the market include Giant Bicycles, Trek Bicycle Corporation, Kalkhoff Werke, Brompton Bicycle Ltd, Avon Cycles Ltd., Kona Bikes, Accell Group, TII, Dorel Industries, and MERIDA BIKES
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COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The spread of the pandemic has made a negative impact on various markets. This market also witnessed an initial slowdown due to closed manufacturing facilities and a disrupted supply chain. Constraints on leisure options, public transport, and extensive social distancing guidelines influenced the populace to utilize cycling for commuting, transport, and leisure activities
The global bicycle market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on type, the market is segmented into mountain bikes, hybrid bikes, road bikes, cargo bikes and others. road bike category to witness higher CAGR during the forecast period. The factors such as lightweight and designed for swift riding on roads, quite affordable, requires less maintenance, used for commercial purpose like delivery are driving the growth of the market.
· Based on drive type, the market is categorized into electric and conventional. Among these, the electric to grow with higher CAGR during the forecast period. The declining battery prices and government initiatives to promote green mobility and the increasing number of tax benefits and subsidies on the purchase of e-bikes worldwide are driving the growth of the segment. For instance, the cost of lithium-ion batteries witnessed an 85% drop in the past decade.
· Based on drive type, the market is categorized into the market is categorized into online and offline. Among these, the online segment held a significant share of the market in 2020. The growing popularity of e-commerce in the majority of regions, offers and discounts provide by e-commerce sectors and convenience like home delivery are the major factors driving the growth of the market.
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Bicycle Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
Europe to held significant share of the market in 2020. Cycling is being promoted by governments in all European economies as an effective mobility solution that simultaneously solves environmental, traffic, and public health issues. Additionally, governments in Europe have been offering tax breaks and incentives for the purchase of new e-bikes, which is also expected to fuel industry expansion. The development of bike infrastructure has seen an increase in funding from European governments. All these factors are anticipated to fuel market growth in Europe in the next years.
The major players targeting the market include
· Giant Bicycles
· Trek Bicycle Corporation
· Kalkhoff Werke
· Brompton Bicycle Ltd
· Avon Cycles Ltd.
· Kona Bikes
· Accell Group
· TII
· Dorel Industries
· MERIDA BIKES
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Bicycle market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the bicycle market?
• Which factors are influencing the bicycle market over the forecast period?
• What are the global challenges, threats, and risks in the bicycle market?
• Which factors are propelling and restraining the bicycle market?
• What are the demanding global regions of the bicycle market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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