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Gear Bicycle Market Size to Hit $63.5 billion, Exhibiting a CAGR of 5.9% | Growth, Trends, Share, Industry Analysis

04-11-2024 01:34 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Allied Market Research

/ PR Agency: Allied Market Research
Gear Bicycle Market

Gear Bicycle Market

Surge in health awareness coupled with the low maintenance cost of bicycle, growth of innovative manufacturing designs and surge in outdoor sports drive the growth of the global ๐†๐ž๐š๐ซ ๐๐ข๐œ๐ฒ๐œ๐ฅ๐ž ๐Œ๐š๐ซ๐ค๐ž๐ญ. The global gear bicycle market size was valued at $37.3 billion in 2022, and is projected to reach $63.5 billion by 2032, growing at a CAGR of 5.9% from 2023 to 2032.

๐‘๐ž๐ช๐ฎ๐ž๐ฌ๐ญ ๐’๐š๐ฆ๐ฉ๐ฅ๐ž ๐๐š๐ ๐ž๐ฌ ๐๐จ๐ฐ: https://www.alliedmarketresearch.com/request-sample/A12256

Gear bicycle consist of toothed wheels connected by a chain, enhancing speed and facilitating the rider in overcoming resistance. The primary gear is affixed to the crank, a set of levers housing the pedals. The speed boost results from the tooth ratio between the front and rear gears. Each rotation of the pedals and crank propels the bike wheel forward. Presently, consumers find outdoor sports as an ideal medium of refreshment out of a busy schedule. In addition, associations and sports organizations are promoting bicycle events to encourage not only athletes but also regular cyclists.

Prime determinants of growth

The global gear bicycle market has experienced significant growth and transformation, driven by surge in outdoor sports, increase in health awareness, low maintenance cost of gear bicycles. A gear bicycle serves as an environmentally friendly means of transportation, offered in a different type, including electric bikes and mountain bikes.

๐“๐จ๐ฉ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐๐ฅ๐š๐ฒ๐ž๐ซ๐ฌ:

Key players covered in the gear bicycle market report include Stryder Cycle Private Limited, Accell Group N.V., Trek Bicycle Corporation, Kross Bikes, Colnago Ernesto & C. S.r.l., Giant Bicycles India, Firefox Bikes, Scott Sports SA, Specialized Bicycle Components, Inc., Merida Industry Co., Ltd.

๐๐ซ๐จ๐œ๐ฎ๐ซ๐ž ๐‚๐จ๐ฆ๐ฉ๐ฅ๐ž๐ญ๐ž ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก ๐‘๐ž๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ: https://www.alliedmarketresearch.com/gear-bicycle-market/purchase-options

By application, the adventure segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period with a CAGR of 6.2%, geared bicycle offers a solution for safe and comfortable rides. By adjusting the resistance levels to match the preferred pedaling pace, riders alleviate stress on their muscles and joints, owing to the flexibility provided by the multiple gears. However, the sports segment is projected to witness a CAGR of 5.6% from 2023 to 2032, owing to the ongoing trend towards increased competitive events and interest in leisure activities such as running and cycling globally.

There is a significant surge in the popularity of gear bicycle racing for diverse physical activities, which is contributing to a rising demand. The prominence of international sports events are motivating consumers to participate in various cycling activities. These sports events motive athletes and regular citizens to adopt cycling. This contributes toward the growth of the global market. Gear cycles are equipped with advanced braking systems, delivering superior stopping power. This feature facilitates easy navigation through busy roads and enables the person to avoid obstacles with increased efficiency.

There is a substantial rise in the demand for gear bicycle racing among individuals engaging in various physical activities. Furthermore, the ongoing trend towards increased competitive participation is fostering the demand for leisure pursuits like running and cycling globally. Additionally, the emphasis on sports for health benefits, the growing impact of celebrity endorsements, and the prevalence of international sports events are motivating consumers to actively participate in diverse cycling activities. As a result, these factors are anticipated to continue propelling the gear bicycle market throughout the forecast period.

๐‘๐ž๐ ๐ข๐จ๐ง๐š๐ฅ ๐€๐ง๐š๐ฅ๐ฒ๐ฌ๐ข๐ฌ:

By region, Asia-Pacific held the highest market share in terms of revenue in 2022 witnessing a CAGR of 6.2%, as some of the major associations in Asia-Pacific are the Cycling Federation of India and the Chinese Association. These associations not only promote sports and events but also influence customers for usage of bicycles. Furthermore, electric bicycles are gaining high traction in the region. All these bicycles are equipped with gears owing to the customers preference. However, the LAMEA region is expected to witness the highest CAGR of 8.3% from 2023 to 2032, owing to the leasing of bikes in LAMEA. Leasing bicycles is not only cost-efficient but also provides health benefits to users. Furthermore, increasing usage of bikes is resolving the issue of traffic congestion.

๐ˆ๐ง๐ญ๐ž๐ซ๐ž๐ฌ๐ญ๐ž๐ ๐ญ๐จ ๐๐ซ๐จ๐œ๐ฎ๐ซ๐ž ๐ญ๐ก๐ž ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก ๐‘๐ž๐ฉ๐จ๐ซ๐ญ? ๐ˆ๐ง๐ช๐ฎ๐ข๐ซ๐ž ๐๐ž๐Ÿ๐จ๐ซ๐ž ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/A12256

By sales channel, the online segment held the highest market share in 2022, and the highest CAGR of 6.4% is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, due to easy availability of products and the benefits such as information about the attributes of the products, time-saving feature, and the facility of home delivery provided by online platform. However, the offline segment is projected to witness a CAGR of 5.4% from 2023 to 2032, as the consumers prefer to analyze and evaluate the product before purchase. Moreover, specialty stores provide high service quality and detailed product specification and expert guidance to the consumers, which boosts the sale of these products.

๐Š๐„๐˜ ๐…๐ˆ๐๐ƒ๐ˆ๐๐†๐’ ๐Ž๐… ๐“๐‡๐„ ๐’๐“๐”๐ƒ๐˜

By Sales Channel, the Online segment is anticipated to exhibit significant growth in the gear bicycle market in the near future.

By Application, the Adventure segment is anticipated to exhibit significant growth in the market in the near future.

By End User, Men segment is anticipated to exhibit significant growth in the market in the near future.

By Region, LAMEA is anticipated to register the highest CAGR during the forecast period.

๐‚๐ก๐ž๐œ๐ค ๐จ๐ฎ๐ญ ๐ฆ๐จ๐ซ๐ž ๐ซ๐ž๐ฅ๐š๐ญ๐ž๐ ๐ฌ๐ญ๐ฎ๐๐ข๐ž๐ฌ ๐ฉ๐ฎ๐›๐ฅ๐ข๐ฌ๐ก๐ž๐ ๐›๐ฒ ๐€๐Œ๐‘ ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก:

Two-Wheeler Market - https://www.prnewswire.com/news-releases/two-wheeler-market-to-reach-260-60-billion-globally-by-2032-at-6-4-cagr-allied-market-research-302000089.html#:~:text=Two%2DWheeler%20Market%20to%20Reach,6.4%25%20CAGR%3A%20Allied%20Market%20Research

Bicycle Lights Market - https://www.globenewswire.com/en/news-release/2023/01/10/2586410/0/en/Bicycle-Lights-Market-Size-to-Generate-772-3-Million-by-2031-Allied-Market-Research.html

Ride on Bikes Market - https://www.prnewswire.com/news-releases/ride-on-bikes-market-to-reach-15-billion-globally-by-2031-at-7-4-cagr-allied-market-research-301757569.html

Electric Two-Wheeler Lithium-Ion Battery Management System Market - https://www.globenewswire.com/fr/news-release/2022/11/10/2553038/0/en/Electric-Two-Wheeler-Lithium-Ion-Battery-Management-System-Market-to-Reach-2-8-Billion-by-2031-Allied-Market-Research.html

๐‚๐จ๐ง๐ญ๐š๐œ๐ญ:

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๐€๐›๐จ๐ฎ๐ญ ๐”๐ฌ

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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