Bicycle Market 2020: Size Rising Growth & Share, Development Factors, Opportunity Analysis and Industry Forecast By 2027 | Leading Players: Trek Bicycle Corp., Accell Group, Merida Industries, Atlas Cycle Industries Ltd., Trail, Bianchi And Others
Bicycles persist in the global market from an era and have been one of the most accessible modes of transportation in the world but with the advancements in technology, bicycles not only remain the mode of transportation but are also used for recreational activities, sports, hiking, and others. Bicycles are made from steel, aluminum, titanium, carbon fiber, or amalgamation of these materials, providing the strength and frame to the cycle. They are mostly preferred and have a huge target market due to durability, size, and low cost. The use of bicycles as daily means of transportation has been encouraged in many countries and government initiatives have also been witnessed from recent times. They have been found efficient in terms of preventing certain diseases, maintaining fitness, and reducing pollution and environmental degradations caused due to carbon dioxide emissions. Cycling is prominent in the Netherlands, China, Norway, Sweden, Germany, Denmark, and Copenhagen, which forms the potential market for the bicycle industry. The bicycle target market has a huge opportunity as it designs bicycles for men, women, and kids.
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There is an increase in the use of bicycles across the world owing to rise in awareness among the population. Many government policies such as bicycle schemes, parking facilities, cycle lanes have increased and supported the use of bicycles, which in turn fuels the growth of the market. The increase in customer awareness, health consciousness, and importance of physical activities, environmental concerns, traffic hurdles, government policies, and worldwide sports events are the factors that drive the growth of the global bicycle market. However, varying prices and lack of advancement in the infrastructure of various developing countries hinder the market growth. Contrarily, investments in automation, environmental safety, events being organized, bulk demand educational institutes, and the requirement of new trends in models of bicycles present new pathways in the industry.
North America (U.S. and Canada), Europe (Germany, UK, France, Italy, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Malaysia, Thailand, Indonesia, and Rest of Asia-Pacific), LAMEA (Middle East, Brazil, Mexico, and Rest of LAMEA)
Trek Bicycle Corporation, Giant Manufacturing Co. Ltd., Accell Group, Dorel Industries Inc., Merida Industries, Derby Cycle AG, Guangdong Tandem Industries Co. Ltd., Atlas Cycle Industries Ltd., The Bicycle Escape, Track and Trail, Bianchi.
COVID-19 Scenario Analysis:
1. Lockdown Scenario
The lockdown scenario caused due to the COVID-19 pandemic has impacted the production, sales, and revenue of the bicycle market, mainly in Europe, South, and North America. The bicycle market has been facing loss, as the sales have been declined, and also the activities and events organized around the world have been postponed or stand to cancel. The post-COVID-19 situation will bring a phenomenal growth in the bicycle market as the gym and fitness centers are anticipated to be avoided by the people as well as the decrease in the use of public transportation will lead to preference shifts toward bicycles for burning calories and traveling respectively.
2. Production Hampered
3. Impaired Supply Chain
4. Regulatory Hurdles
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Innovation in Bicycle Models
The new models that have created a new dynamics in the market have been launched by leading market players. The key players have segmented the market and have introduced the bicycles according to the requirements of the customers. The trending models of hybrid bicycles, road bicycles, e-bicycles, all-terrain bicycles, mountain bikes, fitness bikes, cyclocross, and others have to lead to capturing more market.
The introduction of new and advanced technologies like dockless bicycle-sharing systems, GPS having the navigation features, keyless entry, sharing access to the bicycle, and tracking activities like the number of calories burnt are boon to the industry. The key players of this segment are merging with other companies like Strava, MyFitnessPal, Bit lock, and others for providing the applications connected to the bicycle with amazing features. The foldable e-bikes are becoming a trend in the market like Europe and are providing huge opportunities in other markets as well. These technologies are to be the future of urban mobility.
Incorporation of Technology in the Bicycle Market With the varying demand in the bicycle market, the manufacturers are lately focusing on the models, which can increase their market share. The key market players have insights about technological impact on the generation Z and how the latest trend in the market can be beneficial for them. The flexibility in the variants of the bicycles, safety consciousness, and the comfort requirement of the customers has been affecting the growth of the market positively.
The implementation of the devices in the bicycles create interest for exploration of the product in the minds of the consumer and makes some of the bicycle models as the luxurious product. The industry is also motivated to make its online presence apart from the offline stores by the use of an e-commerce platform to increase the market share.
Key Segments Covered:
• Mountain Bicycle
• Regular Bicycle
• Racing Bicycle
Key Benefits of the Report:
○ This study presents the analytical depiction of the global bicycle industry along with the current trends and future estimations to determine the imminent investment pockets.
○ The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global bicycle market share.
○ The current market is quantitatively analyzed from 2020 to 2027 to highlight the global bicycle market growth scenario.
○ Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
○ The report provides a detailed global bicycle market analysis based on competitive intensity and how the competition will take shape in the coming years.
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