Pune, India, June 08, 2021 (GLOBE NEWSWIRE) -- The global bicycle market size is likely to hit USD 147.24 billion by 2027, exhibiting a CAGR of 6.1% during the forecast timescale. Bicycles are commonly used for commuting, exercising, hiking, and sports by a wide population across the globe. Bicycles are an eco-friendly, safe, and comfortable mode of conveyance. Riding a bicycle or paddling possesses several health benefits. Fortune Business Insights™ has presented this information in a report titled, “Bicycle Market, 2020-2027”. The market size stood at USD 97.20 billion in 2019.
The bicycle market is gaining immense popularity due to several reasons. For instance, the growing awareness amongst consumers regarding the health benefits proposed by paddling is prominently driving the bicycle market growth.
COVID-19 Impact:
The global pandemic has plunged the growth of several industries and markets. However, the bicycle market witnesses an uptick in sales due to the rising need for exercise and health maintenance. An upsurge in demand across fitness-related items during the pandemic has been observed. Furthermore, the lockdowns have led to a halt in public transport modes, and thus, the demand for bicycles has increased significantly.
Though the market is affected by lockdown, social distancing norms, and curfews, it is expected to return to pre-pandemic levels as nations gradually increase those restrictions.
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Top Players Profiled in the Global Bicycle Market are:
- Kona Bikes (Washington, U.S.)
- Hero Motocorp Ltd. (New Delhi, India)
- Dorel Industries Inc. (Westmount, Canada)
- Chimera Investments LLC (cambiago, Italy)
- Pon Holdings BV (Toronto, Canada)
- Grimaldi Industri AB (Treviglio, Italy)
- Orbea Corporation (Mallabia, Spain)
- The Raleigh Bicycle Company (Eastwood, U.K.)
- Accel Group N.V. (Heerenveen, Netherland)
Segmentation:
Based on type, the market segments into mountain, road, hybrid, etc. Based on technology, the market bifurcates into conventional and electric. Based on end-user, the market fragments into kids, men, and women. Geographically, the market is classified into North America, Europe, Asia Pacific, and the Middle East & Africa.
Report Coverage:
- The report comprehensively addresses the market estimates and forecasts.
- The report provides segment and regional revenue forecasts.
- The report incorporates Porters’ five Forces Analysis for a precise prediction.
- The report studies the political, social, economic, technological, and environmental factors promoting the market's growth in several regions.
- The report contains an in-depth analysis of the different factors driving, restraining, and creating opportunities in the market.
- The report facilitates an exhaustive evaluation of the key market players and their growth strategies.
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Drivers & Restraints-
Favorable Government Initiatives to Facilitate Growth
Increasing government initiatives to improve the participation rate is expected to play a vital role in market growth. For instance, in the City of Austin, the Government of Texas, U.S. collaborated with the Capital Metropolitan Transportation Authority to rehabilitate the Austin BCycle Bike Share Program. The initiative also aims to install a new bike station in the city.
The launch of the electric bicycle is reforming the industry as electric bikes provide more control over speed and feature anti-theft functions. Electric bikes require minimum effort and time, which is likely to act as a catalyst to market growth. The advent of several online booking platforms like Yulu, Uber Bike, Ola Bike, etc., is expected to propel the market for electric bikes.
Additionally, the growing population and their growing inclination towards a healthy lifestyle are anticipated to augment the market growth.
However, the high cost of electric bikes and the vastly available substitute traveling modes like trains, buses, autos, etc., are likely to impede the market growth.
Regional Insights:
Government Initiatives to Intensify Market in Europe
Asia Pacific is expected to hold the largest slice of the global bicycle market share. Large production facilities present in countries like India, Japan, and China are likely to augment the market growth. Apart from this, the growing population and several cycling events hosted by the government and local bodies are anticipated to drive the market growth. For instance, the 40th road cycling championship was organized by the Asia Cycling Federation at Cyberjaya, Malaysia, in March 2020.
Europe is anticipated to observe significant growth in the approaching years. The growth is attributable to the rising outdoor and recreational activities in the region. Government initiatives like the development of charging facilities for paddle cycles in countries like Germany, Norway, and the U.K. are expected to drive the growth of electric bikes in the region. Approximately USD 2,000 million were allocated by the U.K. Government in May 2020 for developing walking and cycling infrastructural facilities.
The growing adoption of e-bikes in countries like Canada and the U.S. is expected to help North America witness considerable growth in the forthcoming years. Additionally, the growing consumer expenditure on outdoor and recreational activities is likely to drive regional market growth. A vast population in Brazil prefers walking or bike paddling to reduce their carbon footprint. This is likely to help South America witness significant growth. Additionally, the rising prominence of foldable electric bikes has spurred market growth.
Competitive Landscape:
Product Innovations and Acquisitions to Fuel Market Growth
The bicycle market is highly competitive and comprises major regional and global players. These players are focusing on developing advanced electric bikes for their consumers. Also, they are striving to expand their business across global markets. For instance, India-based Hero Cycles Limited acquired a 48% equity in HNF NICOLAI, a Germany-based vehicle manufacturer. The acquisition will help Hero Cycles Limited to penetrate international markets, primarily the European market.
Industry Developments:
- July 2020: Van Der Wal was acquired by Beerens Groep NV, an automotive supplier company based in Belgium.
- June 2020: Charge Bikes launched their latest technology-laden electric bike.
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