Bicycle Market Top Key Players - Giant Manufacturing Co. Ltd (Taiwan), Merida Industry Co., Ltd. (Taiwan), Bridgestone Co. (Japan), Shimano, Inc. (Japan), Hero Cycles Ltd. (India), Atlas Cycles Ltd. (India), Avon Cycles Ltd. (India)
In terms of bicycle market segments, hybrid bikes are projected to grow the fastest globally owing to its multifunction use deeming it as the most preferable option among customers. Growth in the road bicycle segment which today accounts for nearly 25% share of the global bicycle market is also projected to grow in the forecast period.
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COVID-19 IMPACT ON BICYCLE MARKET
Covid-19 brought about a dramatic increase in bicycle sales in response to the pandemic. Heightened anxiety over public transportation and a surge in exercise has meant that more and more are choosing to use one of the most basic forms of mobility, leading to what can be called as a bicycle boom.
In the present global scenario with the outbreak of the COVID-19 pandemic, it is seen that people are getting more sensible about their health and environment. It can be observed that more individuals are making an effort towards improving their lifestyle choices, and this has created a steep trend of interest for the same.
The global bicycle market, already expanding before the pandemic, has received a shot in the arm by Covid-19. About 19% of American adults say they rode a bike for the first time in a year because of the pandemic. And a majority of those riders will continue riding after lockdown orders are lifted. And many of those reactivated riders have children, which means more cycling by more people.
BICYCLE MARKET DYNAMICS
Individuals all across the globe are increasingly becoming more aware of their fitness, which is eventually resulting in the growing demand for the bicycle as an alternative way of transport. Compared to conventional bicycles, currently, the overall demand for e-bicycles is evolving and is expected to become mainstream during the forecasted period.
The Global Bicycle market is expected to grow as more and more people are resorting to bicycling as a regular means of transportation. Events, such as Tour de France and Ronde van Vlaanderen, are further adding to the popularity of these vehicles. Meanwhile, a rise in bicycling events being organized in various countries from Asia, Africa, and the Middle East is fuelling the sales of the mountain as well as road bicycles.
BICYCLE MARKET SEGMENTATION
The bicycle market is segmented by
• Mountain Bicycles
• Hybrid Bicycles
• Road Bicycles
• Mid- Range
• Low Range
• Motor Assisted
BICYCLE MARKET COMPETITIVE LANDSCAPE
The Global bicycle market is highly fragmented and includes many international and regional players. To gain competitive advantage, the companies are investing in research and development (R&D) and differentiating their product using different design and functioning elements, and size and weight variations.
Moreover, leading manufacturers such as Accell Group, Trek Bicycle Corporation, Dorel Industries Inc. and Giant Manufacturing Co. Ltd. in the market are focusing on leveraging opportunities posed by the emerging markets of Asia-Pacific, like Thailand and India, and also to expand their revenue base all over the global market.
Giant Manufacturing Co. Ltd (Taiwan)
Merida Industry Co., Ltd. (Taiwan)
Bridgestone Co. (Japan)
Shimano, Inc. (Japan)
Hero Cycles Ltd. (India)
Atlas Cycles Ltd. (India)
Avon Cycles Ltd. (India)
Hamilton Industries Pvt. Ltd. (India)
Shanghai Forever Import & Export Co., Ltd. (China)
Shanghai Phoenix Imp. & Exp. Co., Ltd. (China)
Accell Group N. V. (The Netherlands)
Trek Bicycle Corp. (USA)
Cannondale Bicycle Corporation (USA)
Pacific Cycle Group (USA)
Schwinn Bicycles (USA)
Santa Cruz Bicycles (USA)
Specialized Bicycle Components, Inc. (USA)
Dorel Industries Inc. (Canada)
Wilier Triestina S.p.A (Italy)
I.V. Edoardo Bianchi S.p.A (Italy)
Tandem Group plc (UK)
Raleigh Ltd. (UK)
Winora Staiger GmbH (Germany)
Amer Sports Corporation (Finland)
Cycleurope AB (Sweden)
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