Pune, India, April 15, 2019 (GLOBE NEWSWIRE) -- As per Market Research Future (MRFR)’s latest study, the popularity of bicycles has grown over the century, first, as a primary source of transportation that is economical to more recently, where the use of bicycles has gained prominence due to an amplified inclination towards fitness and being environment-friendly. The market is predicted to attain a 5.02 % CAGR in the forecast period from 2018 to 2023. The escalation in demand for energy-efficient vehicles has redirected the attention towards bicycles. Though bicycles are often thought of as an unpretentious form of transportation, the market for it has demonstrated significant resilience in terms of demand.

The rising concerns connected to global warming that are primarily driven by the escalated carbon emission levels globally have made a strong case for the growing penetration of cycles in various demographics. Moreover, government bodies and independent institutions dedicated to reducing the adverse effects of carbon emissions are endorsing alternatives such as bicycles to address climate change. As a result of this factor, the global bicycle market is expected to detect increased demand levels in the years to come. Furthermore, declining levels of fossil fuel that power contemporary automobiles are creating a favorable case for the adoption of cycles in transportation activities. The accelerated adoption of bicycles in certain nations globally as a primary transportation mode is expected to influence other nations to adopt similar measures to instate a bicycle economy in their country. Also, infrastructure development and an increased level of innovation in product offering of bicycles are expected to lay a favorable foundation for the growth of the bicycle market globally.

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Market Segmentation

The analysis of the segments in the bicycle market is carried out on the basis of application, type, and region. The segmentation of the bicycle market on the basis of type comprises of conventional bikes and E-bikes. By application, the bicycle market globally has been segmented into recreation, racing, and transportation tools. The regions included in the bicycle market globally are Europe, North America, Asia Pacific, the Middle East & Africa, and Latin America.

The Rising Predisposition For Fitness To Impel The Expansion Of The Bicycle Market Globally By 2023

The evaluation of the regions in the bicycle market globally has been segmented into Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America. As of 2017, the Asia Pacific region is responsible for the principal market share, established at a valuation of over USD 23,000 Mn. The region is also anticipated to display the greatest CAGR through the forecast period. China and India are dynamically concentrating on tackling the growing air pollution levels by encouraging eco-friendly transport solutions such as bicycles. The European region controls the second place and is anticipated to offer lucrative prospects to market competitors throughout the forecast period. The European region’s Bicycle Market is poised to earn USD 14,675.6 Mn by the conclusion of the forecast period by 2023. The North American region is expected to benefit from the presence of key players in the region. The bicycle market in the North American region is likely to develop at a CAGR of 4.15% over 2023.

Key Players

The significant contenders shaping the bicycle market globally are Derby Cycle, Giant Bicycles, Accell Group, Merida, Moustache Bikes, Specialized Bicycle Components, Tianjin Fuji-ta Group Co., Ltd, Trek Bicycle Corporation, F.I.V.E. Bianchi SpA, Hero Cycles Limited, Cannondale, Tube Investments of India Limited, Avon Cycles, Easy Motion USA, and NYCeWheels Inc.

Key Updates

Apr 2019 Xiaomi, a Chinese tech major has launched an advanced version of its electric bicycle in 2019 and is named it the HIMO C20. The newest e-bike by Xiaomi is being sold for $375. The bike has an air pump hidden in its seat tube along with an LED display that displays information like speed, battery capacity, distance and pedal assist level.

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Mar 2019 Amer, a Finnish sports group revealed recently an agreement to sell its French bicycle parts producer Mavic to a US private equity firm. Regent has agreed to enter into an exclusivity period with Amer, whose brands consist of Wilson tennis rackets and Louisville Slugger baseball bats, for the sale of its shares in Mavic. The deal regarding Mavic will not affect Amer’s current businesses as the cycling units were stated as discontinued processes for 2018. Amer Sports will now continue to concentrate on strategic priorities in soft-good transactions in China and the United States.

Related Reports

Electric Bicycle Market Research Report, by Type (Pedal Assist/ Pedelecs, Power on Demand, Pedal Assist with Power on Demand), Battery Type (Sealed Lead Acid, Li-Ion Battery), Motor Type (Hub Motor, Mid Drive Electric), Regions– Forecast till 2023.

https://www.marketresearchfuture.com/reports/electric-bicycles-market-4186

E-Bike Market Information- by type (pedal assist, throttle control and others), by battery (lithium ion, sealed lead-acid and other), by frame material (carbon fiber, carbon steel, aluminum, aluminum alloy and others), by consumer group (men, women and children), by design (foldable and non-foldable) and by Region - Forecast to 2022.

https://www.marketresearchfuture.com/reports/e-bike-market-1876

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