Increasing awareness about adoption of healthy lifestyle to drive global bicycle market
According to TechSci Research report, “Global Bicycle Market By Product Type (Mountain Bike, Hybrid/Commuter Bike, Road Bikes, Youth Bike, Touring Bikes, Electric Bikes & Others), By Technology (Conventional, Electric), By Price (Premium, Mid-Range, Low-Range), By End User (Men, Women, Kids), By Region, Forecast & Opportunities, 2025”, the global market for bicycles is expected to grow at a significant CAGR during the forecast period. The major driving factor for the market is the increasing awareness amongst the population about leading a healthy lifestyle. Individuals have initiated taking care of their physical health by shifting from cars and motorcycles to bicycles in order to carry out physical exercises and stay fit. A consistent inclination towards physically active lifestyle has, in a way, promoted sport activities like cycling, running, etc. all around the world. Therefore, the increasing in demand of such leisure activities has also led to the market growth globally. Furthermore, governments all around the world are taking initiatives to promote the use of bicycles by conducting international tournaments and improving the participation rate in them. This is also a major factor pushing the market towards growth. One such initiative is that the UK government incorporated a GBP long-term plan worth 1.2 billion to ensure that walking and cycling are chosen over other means of transport for short journeys.
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Global bicycle market is segmented based on product type, technology, price, end user, company and region. Based on product type, market is segmented into mountain bike, hybrid/commuter bike, road bikes, youth bike, touring bikes, electric bikes & others. Out of these, road bikes segment dominated the market in the year 2019 as it is the most basic mode of transport. It is easily available and requires no special features as in mountain bikes or touring bikes. Based on end user, market is trifurcated into men, women, and kids. Amongst these, men segment held the lion’s share in the market in 2019 as the number of men riding bicycles are larger than the number of women or kids riding bicycles.
Based on regional analysis, Asia-Pacific dominated the market in the year 2019 owing to emphasis on using bicycle in countries such as China, Singapore, Japan, etc., over any other means of transport.
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Some of the leading players in global bicycle market include Accell Group NV, Atlas Cycles Ltd., Derby Cycle Holding GmbH, Dorel Industries Inc., Giant Manufacturing Co. Ltd., GUANGDONG TANDEM INDUSTRIES Co. Ltd., Insera Sena. PT., Merida Industry Co. Ltd., Tandem Group Plc, Trek Bicycle Corp, and many others. Various new innovations are being made by the global players in order to stay highlighted in the market such as introducing shock absorbers and efficient gear systems in bicycles.
“Global bicycle market is anticipated to witness significant growth during the next five years as the rapid urbanization and technological advancements has changed the lifestyle of the people and pushed it towards a negative path. Thus, there is a soaring need of people to adopt healthy lifestyle, which is expected to drive the market during the forecast period. However, people have shown more inclination towards refurbished bicycles lately, which is expected to slow down the market growth.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Bicycle Market By Product Type (Mountain Bike, Hybrid/Commuter Bike, Road Bikes, Youth Bike, Touring Bikes, Electric Bikes & Others), By Technology (Conventional, Electric), By Price (Premium, Mid-Range, Low-Range), By End User (Men, Women, Kids), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of global bicycle market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global bicycle market.
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