Sports Bicycle Market is Slated to Witness Tremendous Growth in Coming Years | by Accell Group, Diamondback Bicycles, Dorel Sports

New Jersey, United States - Analysis of Sports Bicycle Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast

The Sports Bicycle Market estimated at USD 59.33 billion in 2022, is anticipated to rise at a CAGR of 8.2% from 2022 to 2028. It is projected that the rise in the number of people choosing to bike as a leisure activity would drive market expansion. The market expansion is anticipated to be further aided by consumer preference for bicycles as a convenient method of exercise to ensure a healthy life free from obesity and other illnesses. Recently, dockless bicycle-sharing programs have become more and more well-liked. Users can use this technique to find nearby bicycles and electronically unlock them.

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Additionally, recent developments in GPS and mobile app development have led to dockless bicycle-sharing programs that are app-based. Furthermore, it is projected that the widespread use of such dockless bicycle-sharing systems will greatly increase demand for bicycles. To take advantage of market prospects, Chinese bike-sharing companies are rapidly investing in and growing their operations in European countries. This should accelerate the Sports Bicycle market expansion in the upcoming years.

People are considering using bicycles to commute for short distances in order to save time because of the increasing traffic congestion and lack of parking, especially in metropolitan areas. The infrastructure required to facilitate bicycle commuting is aggressively being built by many governments at the same time, which encourages people to choose bicycles. However, it is projected that the lack of the infrastructure required to support and promote bicycle commuting, particularly in developing nations like India, will impede the market's expansion. Similar to how expensive lightweight bicycles constructed of composite materials are, this is not good for the market's expansion.

Segment Analysis:

The inclination of the urban population for the adoption of folding bikes to address urban road congestion and the lack of parking spaces is the main factor driving the expansion. These may also fold up into a compact size for simpler portability, be carried inside buildings or on public transportation, and be stored while folded in confined spaces or on a car, boat, or aeroplane. Due to the fact that the majority of people in Europe and Asia live in apartments with little storage space, their demand is quickly rising in both of these regions. This is seen from the sales trends of these bikes' designs. Bike Friday produces folding bikes in Oregon, but it ships the majority of them to Asia. A considerable amount of sales were made to owners of RVs, boats, and even

The COVID-19 outbreak is undoubtedly predicted to aid the market expand in the upcoming years because numerous governments globally are actively promoting bicycles as one of the safest modes of transportation that enables people to keep social distance. Additionally, during the pandemic, governments in important nations like the U.K. and Italy are offering subsidies for the purchase of new bicycles. Therefore, the government's assistance in the form of programmes and subsidies, along with increased knowledge of the advantages bicycles offer, portend well for the Sports Bicycle market's expansion over the coming years.

Over 80% of all revenue in 2021 came from the conventional sector, and this dominance is anticipated to persist throughout the forecast period. The significant market share is ascribed to a number of factors, including the lower cost of maintenance and repair for traditional bicycles when compared to electric bicycles. Additionally, during the past few decades, cycling has emerged as a major sport and leisure activity, particularly among women, while still being a practical form of transportation. In terms of technology, traditional bicycles for women currently rule the market.

Given that electric bicycles are simple to use, the electric sector is anticipated to develop at the fastest rate throughout the projected period, with a CAGR of 10.2%. Comparing electric bicycles to their conventional counterparts, faster travel times can be guaranteed. Additionally, despite their smaller size, the most recent batteries used in electric bicycles can offer larger capacity and longer lives. The convenience of using electric bicycles is increased by such maintenance-free batteries. Customers should therefore favour them.

Regional Analysis:

Asia Pacific became the region's biggest Sports Bicycle market in China, Japan, and Singapore place a strong emphasis on building the infrastructure required to promote and support bicycle commuting. Asian towns like Tokyo, which are renowned for having the lowest accident rates, are said to be the best for urban bicycling. Additionally, Chinese bike-sharing businesses are rapidly expanding their operations in nations like Australia and India. As a result, it is anticipated that the demand for bicycles would increase in the years to come.

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Competitive Analysis:

Some prominent players in the global Sports Bicycle market include: Accell Group Atlas Cycles (Haryana) Ltd. Avon Cycles Ltd. Cervelo Dorel Industries Inc. Giant Bicycles Merida Industry Co., Ltd. Specialised Bicycle Components, Inc. SCOTT Sports SA Trek Bicycle Corporation

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