Bicycle Market to Cross Revenues of US$ 109.5 Bn Between 2022 and 2032

Bicycle Market 2022

The global bicycle market is estimated to be worth close to US$ 59.9 Bn in 2021, and is predicted to expand at a steady CAGR of 5.8% to top a Revenue of US$ 109.5 Bn by 2032. This growth can be attributed to the increasing popularity of cycling as a mode of transportation, as well as the rising awareness of the health benefits of cycling. Some of the key players in the global bicycle market include Shimano, Giant Manufacturing, Trek Bicycle Corporation, and Specialized Bicycle Components.

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Bicycling is favored by a majority of health-conscious individuals as well as a recreational sport. Bicycles are not only good at combating obesity and digestive issues but are also cost-efficient. These advantages have been recognized by developing economies who have been promoting bicycling on a war footing.

Electric bicycles' growing popularity combined with increase in the number of national and international cycling events is expected to present lucrative prospects to bicycle stakeholders. Electric bicycles will be an appealing segment during the evaluation period of 2022-2032 due to rapidly rising number of conscientious consumers.

Over the coming years, China is likely to be a major contributor to electric bicycle demand and supply. Majority of major bicycle manufacturers are focusing on new model launches, particularly electric and mountain bicycles.

Key Companies- 

• Giant Bicycles Inc.
• Atlas Cycles Ltd
• Derby Cycle Holding GmbH
• Trek Bicycle Corporation
• Avon Cycles Ltd.
• Zhonglu Co., Ltd
• Accell Group N.V.
• Tube Investments of India Limited
• Dorel Industries Inc.
• Merida Industry Co., Ltd
• Tandem Group plc
• Samchuly Bicycle Co., Ltd
• F.I.V.E. Bianchi S.p.A
• Specialized Bicycle Components
• Hamilton Industries Pvt. Ltd
• Tianjin FUJITA Group Co. Ltd
• Ming Cycle Industrial Co. Ltd
• Tianjin Flying Pigeon Cycle Manufacture Co., Ltd
• Royal Gazelle NV

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Key Takeaways from Market Study

• At a CAGR of 8.4%, electric bicycles is estimated to be the fastest-growing segment under bicycle type from 2022 to 2032.
• Conventional bicycles are expected to hold the highest share of 73.1% under the technology segment in terms of value in 2022.
• By price, mid-range bicycles are predicted to enjoy a market share of nearly 41% by 2032.
• By end user, men are projected to be major consumers with a market share of more than 45% in 2022.
• By region, East is predicted to hold the highest share in the global market accounting for more than 39% by 2032.
• China is projected to register the highest absolute $ opportunity of more than US$ 14 Bn from 2022 to 2032.

"The pandemic has sparked a surge in bicycle sales and worked as a political impetus for cycling initiatives, effectively changing the bicycle market's growth curve" says a Persistence Market Research analyst.

Market Landscape

The global bicycle market is highly fragmented, with numerous international and regional companies. Key firms such as Trek Bicycle Corporation, Accell Group, and Giant Manufacturing Co. Ltd. dominate the market. The biggest players in this sector are diversifying into the production of e-bikes, thereby expanding their regional footprint. Businesses are also taking advantage of improved online distribution channels.

Conclusion

Bicycles are becoming more popular around the world as people become more concerned about the environment and want to stay fit. Cycling is increasingly becoming a leisure and recreational activity. This is also contributing to the global bicycle market's rapid expansion.

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Key Questions Answered in This Report -

• Which is the largest regional market for Bicycle?
• What are the upcoming trends of Bicycle Market in the world?
• What are the key driving factors for the growth of the Bicycle Market?
• What are the top players operating in the Bicycle Market?
• What are the key regions in the global Bicycle market?
• Who are the key players/companies in the global Bicycle market?

Request you to Read More-

Motorcycle Market - https://www.persistencemarketresearch.com/market-research/motorcycle-market.asp

Electric Bikes Market - https://www.persistencemarketresearch.com/market-research/electric-bikes-market.asp

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