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Global bicycle market is expected to register a CAGR of 7.78%, during the forecast period of 2019-2024.
- Individuals all across the globe are increasingly becoming more aware of their fitness, which is eventually resulting in the growing demand for the bicycle as an alternative way of transport. Compared to conventional bicycles, currently, the overall demand for e-bicycles is evolving and is expected to become mainstream during the forecasted period.
- The ability of e-bicycles to manage the overall speeds more adequately, provides the rider with the comfortable drive on overpasses, mountain areas, and tough roads, thus paving the way to the sales of the e-bicycle market.
Scope of the Report
Global bicycle market offers a range of bicycles, including road bicycles, hybrid bicycles, all-terrain bicycles, e-bicycles, and others through offline and online retail stores. The study also covers the global level analysis of the major regions, North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
Key Market Trends
Consumer’s Inclination toward Healthy Lifestyle Coupled with Favorable Government Initiatives
In line with the athleisure trend, consumers are increasingly seeking for engaging themselves into various physical activities including bicycling. Additionally, the continued shift toward more active lifestyles is driving the demand for leisure activities, such as running and cycling across the world. Importance of sports activities, foremost for health reasons, the increasing influence of celebrity endorsement, and international sports events are encouraging the involvement of consumers in various cycling activities. Additionally, an increase in government initiatives in various countries, meant to improve participation rate, is playing a key role in driving the market in the last few years. For instance, in April 2017, the United Kingdom government has published its GBP 1.2 billion long-term plan to make cycling and walking the preferred choice for shorter journeys.
Increasing Demand for Bicycles from Asia-Pacific
Asia-Pacific is the fastest growing region in the global bicycle market. China, Japan, Australia, India, and South Korea are some of the top contributing countries in the region. Moreover, these countries have started hosting numerous cycling tournaments, which, in turn, will increase the popularity and demand for sports bicycles. For instance, the Asian Cycling Championships is an annual continental cycling championship for road bicycle racing and track cycling since 1963, exclusively for Asian cyclists selected by the national governing body. In addition, there’s a rise in women’s participation rate and government initiatives that are likely to boost the demand for bicycles in the region. Owing to such increased demand, bicycle companies in the market are launching innovative bicycles and accessories, which will lead to significant market growth during the forecast period.
Companies are differentiating their products in terms of design, functioning, weight, and size, in order to gain competitive advantage. The key companies are increasing their investments in research and development (R&D) and expanding their distribution channels to maintain their position in the market. Moreover, leading manufacturers in the market are focusing on leveraging opportunities posed by the emerging markets of Asia-Pacific, like Thailand and India, to expand their revenue base. Furthermore, companies are adopting competitive strategies by investing more to develop new-generation technologies for the production of bicycles, so as to develop a unique product portfolio. Additionally, companies are using digital and social media advertisements to make consumers aware of the new product launches in the market.
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