The Global Bicycle Market, By Product Type (Sports, Road, Mountain, and Hybrid(Sports+ Mountain)), By Technology (Electric and Conventional), By End User (Men, Women and Kids), By Price (Premium, Mid-Range and Low Range) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Global Forecast to 2027”, is expected to be valued at US$ 69,574.6 Million by 2027, exhibiting a CAGR of 3.7% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
A bicycle or bike is a human-powered or pedal-driven vehicle, with two wheels attached to a frame. Bicycles are used for various purposes including sports, daily commute, and adventure sports. There are different types of bicycles available in the market including mountain bikes, road bikes, sports bikes, and hybrid bikes. The global bicycle market focuses on North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The global Bicycle Market was accounted for US$ 51,770.6 Mn in terms of value and 151,764 Thousand Units in terms of volume in 2019 and is expected to grow at CAGR of 3.7% for the period 2020-2027.
Growing acceptance of environment protection and green transportation is expected to support growth of the global bicycle market during the forecast period
According to a report released by WHO, in 2012, air pollution caused deaths of around 3.7 million people under aged 60 years and below. Passenger vehicles and trucks are major contributors to air pollution since they produce a significant amount of carbon monoxide, carbon dioxide, and nitrogen oxide. India, where the automobile sector has a stronghold, started facing problems, mainly in New Delhi, the capital region, as air pollution has raised to an uncontrollable limit. Thus, these factors are expected to drive growth of the global bicycle market over the forecast period.
Bicycle Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 Pandemic have adversely affected the economies of various countries around the globe. According to the International Monetary fund Analysis, the global economy is expected to shrink down by 3% percent in the year 2020 compared to year 2019. Along with the decreasing GDP, the purchasing power of the people around the globe are also expected to decrease. As nationwide lockdown is imposed by the various countries such as India, Italy and Spain, people are mostly spending time at home. Owing to all above mentioned factors, the COVID-19 is expected to restrain the market growth during the forecast period.
Bolstering tourism industry can provide major business opportunities
Manufacturers have hope on the local administrations to implement concrete policies to make the global cities bicycle-friendly and to create a supportive infrastructure in the urban areas. Cycle tourism is acting as a catalyst in the promotion of bicycle industry. There has been a global increase in the construction of cycle tourism projects in various countries to generate a good source of revenue for the country.
Lack of adequate infrastructure is expected to hamper the global bicycle market growth over the forecast period
Although many developed countries proper cycle tracks, a number of emerging countries do not have adequate infrastructure for cyclists. In countries like India, Indonesia, and Brazil, where population is higher, there are very few dedicated cycling tracks built by the authorities. Hence, such factors are expected to hamper the global bicycle market growth over the forecast period.
Strong government support and rising health consciousness among consumers
North America is actively responding to sustainable trends namely exercise, a healthy lifestyle, and sustainable transportation. The fifty most popular cities in the U.S. have 8,600 miles of bicycle lanes altogether. There is also a rise in the rental and sharing services in big cities in North America, and California and New York are getting more support from the government authorities to use bicycles as an effective mode of transportation.
According to Dutch industry-associations, in 2015, around 54,000 e-bikes more were sold as compared to previous year with an impressive 24% growth which took the sales to around 276,000 E-bikes, excluding the speed ones. European markets such as Germany, Denmark, and the Netherlands have an appropriate cycling infrastructure, government laws, and regulations with the provision of subsidies for the adoption of E-bikes. Netherlands accounts for around 20% of the overall sales of the electric bicycles in the Europe. This is due to the fact that the higher elderly population accounting for around 18.2% of the total country’s population are opting e-bikes for the recreational activities.
Key players operating in the global bicycle market are Giant Bicycle Inc., Samchuly Bicycle Co., Ltd., Atlas Cycles Ltd., Tandem Group plc, Derby Cycle, Merida Industry Co. Ltd., Avon Cycles Ltd., Dorel Industries Inc., Trek Bicycle Corporation, Xiaomi, Accell Group, Zhonglu Co. Ltd., and Tube Investment of India Limited.