Bicycle Market is Projected to Grow US$ 62,390 Million revenue by the end of 2024

Growing popularity of electric bicycles, coupled with a surging number of national as well as international cycling events, is likely to bring in lucrative opportunities to the stakeholders in global bicycle market. With a hastily soaring number of conscientious consumers, electric bicycle will represent an attractive segment throughout the assessment period, 2018-2026. China is expected to be the key contributor in electric bicycle demand and supply for upcoming years. Most of the key vendors are prioritizing new product launches, especially electric and adventure/mountain bicycles.

Opportunities Sprout in High-potential Latin American Market

Investments in electric bicycles are anticipated to tap a heap of opportunities that exists in the high-potential bicycle market in Latin America. Companies based in Latin America are extending their investments in a bid to expand the base of electric bicycle production. In addition, favorable business scenario and relatively cheaper labor cost within Latin America will possibly lure a considerable number of manufacturers in upcoming years. Governments of a majority of Latin American countries are strengthening their relationships with several other countries with an emphasized focus on liberalizing trade through the formation of free trade agreements. The electric bicycle market in this region is thus likely to encounter with multiple opportunities through 2026.

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Rental & Sharing Services Prompt at Lucrative Opportunities

Followed by production facility expansion, mergers and acquisitions are expected to remain the next winning strategy. With rising demand for sharing and rental services especially among European and North American riders, leading companies are striving to debut in rental and sharing sectors in near future. Furthermore, several global brands have already embraced cycling within their corporate premises for promoting ecofriendly transportation, which is foreseen to create a slew of opportunities for established and emerging players in the bicycle market.

China Spearheads Globally, with Myriad Low-cost Products in its Arsenal

China, being the most prominent hub for bicycle supply worldwide, has been contributing significantly in the global market growth over the past decade. Besides China, the market is likely to witness substantial growth of other export-oriented countries, including Germany, Taiwan, and Netherlands. Premium and mid-range bicycles are anticipated to witness higher traction within European and North American markets over the next decade.

On the flipside, the Chinese market provides an extensive range of low-cost products, which has enabled it to maintain the top position in terms of sales. China currently grabs a winning market value share of over 44%, followed by South East Asia Pacific and Europe

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Bicycle Sales Pedal Up, as Traffic Congestion Prevails

The report anticipates vigorous rise in traffic congestion with the highest (estimated) levels of traffic within Tier 1 and Tier 2 cities worldwide. Thailand, Indonesia, and Columbia top the list of the world’s most congested cities, wherein an average commuter spends more than 50 peak hours in traffic congestion. Moreover, recent statistical data reveals that the current cyclist rate in Japan is more than 55%, whereas that in Sweden, Norway, and Finland is over 60%. Germany and Denmark register an even higher cyclist rate of more than 75%; and Netherlands records a stellar cyclist rate of around 99%.

While this data directs straight to a progressing global paradigm shift towards sustainable, low-carbon economy, key bicycle manufacturers need to gear up to adapt to rapidly changing status quo.

Persistence Market Research predicts 1.4x growth in the global bicycle market for the next eight years. The US$ 55 Bn bicycle market will reportedly approach US$ 80 Bn by 2026 end, as indicated by the company’s recently published report. The overall growth is expected to remain moderate at an estimated CAGR of 4.2% over 2018-2026.

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