Global Bicycles Market worth USD 62.39 Bn by 2024

The global bicycle market Valued at US$ 45.08 Bn in 2015, the global bicycles market will be primarily driven by massive sales in the most lucrative regional market i.e. Asia Pacific. Estimated to reach a value of US$ 62.39 Bn by the end of 2024, the global market for bicycles will expand at a CAGR of 3.7% over 2016-2024.

Increasing preponderance of obesity and growing fitness concern among the global population will remain the key factors sustaining the demand for bicycles on a global level. Increasing awareness about the health benefits of bicycling will continue to compel a sizeable consumer population to purchase bicycles in the near future. A majority of consumers are inclining toward leading an environment-friendly lifestyle, which is another factor boosting sales of bicycles across the globe. Soaring fuel prices is another key factor that will continue to result in growing preference for bicycles over automobiles.

Growing awareness about depleting natural resources and the global need to support a sustainable lifestyle especially in urban areas, will further bolster the market for bicycles over the next few years. People in developing, densely populated countries are increasingly choosing bicycles over bikes and cars in order to avoid heavy traffic conditions during their daily commute. This will play a vital role in directing an increasing population to purchase bicycles during the forecast period.

However, bicycles are often unsuitable for long-distance journeys, which highlights a long-term challenge to market growth. Moreover, poor road infrastructure and a network will also remain a major growth inhibitor for the bicycles market.

Read More: http://www.topnewspress.com/global-bicycles-market-worth-usd-62-39-bn-2024-end/874741/

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