Global Bicycle and Components Market Estimates Steady Growth in the Coming Years

Market Research Report Search Engine (MRRSE) recently announced the addition of a new research study to its comprehensive collection of research reports. The research report, titled “Global Market Study on Bicycle and Components: Electric Bikes to Witness Increasing Adoption in the Coming Years” offers a detailed analysis of the market, providing insights into the market dynamics that are expected to influence the overall market positively in the next few years. Furthermore, the product segmentation, drivers, barriers, key geographical segments, and the competitive scenario of the global Bicycle and Components market have been elaborated upon in the research report.

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Global Bicycle and Components Market: Specialty Stores to Remain Significant Through 2026

In recent years, the global bicycle and components market has been expanding at a healthy pace due to rising environmental concerns to curb pollution. As the demand for eco-friendly mode of transportation remains at an all-time high, demand for bicycles is likely to expand especially for short distances. In several countries, governments are encouraging adoption of bicycles to be used as a mode of transport to reach metro stations and bus stands.

Rising adoption of cycling as a fun and fitness activity is a key factor boosting the bicycle and components market. Cycling helps stimulate physical and mental health, and rising consumer acceptance that this activity fosters health and well-being is aiding the growth of this market. Cycling is increasingly being adopted as a recreation activity that individuals indulge into with friends and family. Health practitioners worldwide recommend cycling as an aerobic activity, and serves as preventive care against several diseases such as stroke, heart attack, some cancers, and depression. Cycling is considered to be an effective activity to reduce or maintain weight as a preventive against several lifestyle diseases. Owing to a number of positive factors, the global bicycle and components market is likely to clock a CAGR of 3.51% between 2017 and 2026.

Expansion of retail bicycle sector has also been a key factor bolstering the bicycle and components market. The emergence of specialty bicycle retailers, sporting goods stores, and mass merchants is expected to provide a significant boost to the growth of this market. The emergence of online sales as a significant retailing channel is anticipated to take the bicycle and components market to new heights. In addition, emergence of outdoor specialty stores that have enhanced visibility of bicycles among shoppers is likely to boost sales of bicycles globally.

Emergence of Public Bicycle Rental Services Boosts Growth

Apart from this, increasing public bicycle rental services is predicted to bolster the growth of bicycle and components market. Bike sharing programs serve to enhance mobility of individuals with an objective to promote cycling, reduce vehicular congestion, and curb environmental pollution. As per an analysis revealed by the Institute for Transportation and Development Policy, in 2014, bikes-share programs are in place in more than 600 cities worldwide.

Lastly, increasing number of cycling events globally are also boosting sales of bicycles and their components. Across the world, cycling events at international, national, and local level are on the rise. This is mainly because of increasing adoption of cycling as a profession and as a leisure activity. For example, in November 2016, the U.K. Cycling Events announced the start of the 2017 Brewin Dolphin Velo Series. This series comprises four road cycling events to be held in the country every year.

High Cost of Composite Materials Crimps Growth

On the flip side, high cost of composite materials that are compatible for newer lightweight bicycles is a bottleneck to the market’s growth. Slow production rate and recyclability concerns of composite materials are also slowing the growth of bicycle and components market. Furthermore, low cost versus benefit ratio accounts for reluctance among small manufacturers to make investments. As manufacturers are inclined to invest in supply chain, the growth of bicycle and components market is likely to impede.

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Nevertheless, rising disposable incomes and changing demographics in emerging economies such as China and India likely to boost demand for bicycle and its components. Bicycle manufacturers are investing in BRIC nations and emerging economies in APAC to serve the rising demand for bicycles in these countries. Manufacturers are anticipated to reap low-cost production benefits in these countries to transform them into key export-oriented production hubs.

Comprehensive Research Methodologies Lead to Valuable Market Insights

The making of the report involved employing standard research methodologies and proven assumptions. In-depth primary research phase involved identifying top industry players, industry connotations, distributors, and manufacturers. It also involved conducting extensive interviews with industry experts and opinion leaders to obtain valuable insights on growth trends. Following a meticulous research approach, the report presents both quantitative and qualitative insights about the industry.

The research involved in the making of the report is a multi-dimensional approach to evaluate the embryonic growth of key regional markets. The approach thus helps understand significant trends likely to come to the fore in the bicycle and components market over the forecast period. The analysis of revenue projections of the global bicycle and components market presented is another highlight of the report. The revenue estimations presented is (US$ Mn) is crucial to assess the level of opportunity that market stakeholders can look up to.

The report comprises a competitive dashboard of the bicycle and components market. It identifies key players in this market profiling each one of them for their distinguishing business attributes.

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