Global Bicycle Market to Witness Robust Expansion by 2028

The global bicycle market is anticipated to grow at a considerable CAGR during the forecast period (2022-2028). Growing participation in outdoor recreational activities is anticipated to drive the growth of the global bicycle market. For instance, as per the data published by Outdoor Industry Association in 2020, 50.7 of Americans participated in at least one outdoor activity in 2019, out of which 46.2% accounted for female participants. Also according to the Bureau of Economic Analysis, the outdoor recreation economy accounted for 1.8% of the total Gross Domestic Product of the nation in 2020. The industry segments such as biking, camping, and RVing experienced significant sales and unprecedented growth.

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The growing participation in cycling activities is anticipated to drive the growth of the global bicycle market. According to the data published by the Department of Transport in 2021, the average cycling stage increased by 23.0% between 2019 (17 stages per person) and 2020 (21 stages per person). The average number of cycling trips increased by 26.0% from 16 trips per person in 2019 to 20 in 2020. The average miles cycles per person increased by 62.0% between 2019 (54 miles per person) and 2020 (88 miles per person). Moreover, men made more than double the amount of cycle trips as women (28 trips per person compared to 13 trips per person). Furthermore, in England, 47.0% of people aged 5 and above owned or had access to a bicycle in 2020, an increase compared to the 3-year average of 42.0% for 2017-2019. Bicycle ownership remained prevalent amongst people under 17 years old. According to the data published by National Travel Attitudes Survey (NTAS), the most preferred reasons for cycling were related to safety and infrastructure including off-road and segregated cycle paths (55.0%), and safer roads (53.0%) and well-maintained road surfaces for cycling (49.0%). Thus, the increasing participation in cycling is anticipated to fuel the demand for the global bicycle market during the forecast period.

Looking toward the demand for bicycles, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in February 2022, Avon Newage Cycles Pvt Ltd launched Cambio Bikes. Cambio bikes are produced in new manufacturing set up with an investment of 100 crores. The Cambio has a range in 21-speed and 24-speed alloy, available in 26T, 27.5T, and 29T sizes. Such launches are anticipated to drive the growth of the global bicycle market during the forecast period.

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Market Coverage

The market number available for - 2021-2028
Base year- 2021
Forecast period- 2022-2028
Segment Covered-
By Type
By Distribution Channel
Regions Covered-
North America
Europe
Asia-Pacific
Rest of the World
Competitive Landscape- Trek Bicycle Corp., Dorel Industries Inc., and Accell Group among others

Key questions addressed by the report

What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How has COVID-19 impacted the market?
Deviation from the pre-COVID-19 forecast
Most affected region and segment
Who is the leader in the market?
How players are addressing challenges to sustain growth?
Where is the investment opportunity?

Global Bicycle Market Report by Segment

By Type

Road Bicycle
Hybrid Bicycle
All-Terrain Bicycle
E-Bicycle and
Others

By Distribution Channel

Offline Retail Stores
Online Retail Stores

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This release was published on openPR.