Bicycle Market Is Expected To Reach A Valuation Of US$ 138 Billion By 2032

Bicycle sales in the world reached a market value of US$ 60 billion in 2021, with a positive CAGR of 8% predicted to reach a market value of US$ 138 billion between 2022 and 2032.Improvements in infrastructure across numerous nations, as well as bicycle customisation, are favorably affecting bicycle demand. Cycling competitions in Europe are also offering significant commercial prospects for bicycle makers.

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According to Fact.MR, the worldwide bicycle industry will approach US$ 60 billion by the end of 2021. During the specified time period, the market grew at a CAGR of 7%. This growing demand is due to a greater emphasis on maintaining good personal health and fitness in the face of escalating sedentary lifestyle difficulties.

Bicycle sales plummeted dramatically during the COVID-19 pandemic, particularly in the first wave in 2020. The imposition of national lockdowns limited people's movement, locking them indoors. As a result, outdoor athletic activities such as cycling have declined. This sluggishness was eventually countered by the relaxation of limitations as the incidence subsided.

Competitive Landscape:
Leading manufacturers are stressing the introduction of freshly designed motorcycles, strategic alliances, and the launch of various campaigns. Furthermore, given the need to minimize carbon footprint, there is an emphasis on incorporating sustainability into production methods. The following are some noteworthy developments:

In 2020, the Accell Group will launch "New Purpose: Cycling Moves the World Forward." In addition, the company's facility in Herenveen, which manufactures bicycles for the European market, will switch to solar energy. This is projected to cut CO2 emissions by 1,100 tonnes.

Trek Bicycle Corporation debuted the all-new Madone SLR 6 Disc Speed in June 2019. The bike has retractable aero bars and is specifically suited for cycling in mountainous places with curving roads.

Key Players:
• Accell Group
• Atlas Cycles
• Avon Cycles Ltd.
• Cervelo
• Dorel Industries Inc.
• Giant Bicycles
• Merida Industry Co.
• Specialized Bicycle Components
• SCOTT Sports SA
• Trek Bicycle Corporation

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Regional Analysis:

Asia Pacific countries such as China, Singapore, and Japan are focused on healthy living through enhancing their infrastructure. Most individuals in the region are investing in their health and hence prefer to travel by bicycle to work and other errands.

Furthermore, the region's government is working to reduce CO2 emissions. As a result, the usage of bicycles has increased. Furthermore, the rising preference for bicycles as a result of the development of smart cities is fueling the rise of bicycles. As a result, Asia Pacific is estimated to account for more than 33% of the global bicycle market.

Manufacturer marketing initiatives for bicycles are a major driver for a rise in bicycle usage in Europe. Furthermore, despite Europe being one of the most affected regions by the epidemic, demand for bicycles has surged due to the growing significance of fitness.

Cycling competitions in countries such as France and Germany are also increasing demand for bicycles in the area. Furthermore, the region's government is constructing infrastructure that is ideal for cycling and walking for shorter distances. As a result, Europe is predicted to grow at a startling double-digit CAGR of 12% throughout the projection period.

Key Segments of Industry:
• By Product
o Mountain Bikes
o Road Bikes
o Cargo Bikes
o Hybrid Bikes
o Other Bicycles
• By Technology
o Electric Bicycles
o Conventional Bicycles
• By End User
o Bicycles for Men
o Bicycles for Women
o Bicycles for Kids
• By Distribution Channel
o Online Bicycle Sales
o Offline Bicycle Sales

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This release was published on openPR.