Portland, OR, June 28, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global bicycle market generated $20.28 billion in 2019, and is estimated to reach $28.66 billion by 2027, witnessing a CAGR of 4.8% from 2021 to 2027. The report provides an extensive analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Low maintenance cost of bicycles and ample health benefits drive the growth of the global bicycle market. However, low demand for electric bikes from developing nations and limited use of bicycle during unfavorable climate hinder the market growth. On the other hand, surge in adoption of outdoor sports and technological advancements present new opportunities in the coming years.
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Covid-19 Scenario:
- The demand for bicycles increased during the Covid-19 pandemic due to rise in health consciousness among consumers and preference for bicycles as economical means to exercise and travel short distances.
- The implementation of stringent regulations such as social distancing enforced people to avoid gathering in fitness centers and gyms. This, in turn, led to increased demand for bicycles as means to exercise and remain fit.
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The report offers detailed segmentation of the global bicycle market based on type, sales channel, end user, and region.
Based on type, the non-cargo non-electric bike segment held the largest share in 2019, contributing to more than three-fifths of the total share, and is expected to maintain its lead position during the forecast period. However, the non-cargo electric bike segment is estimated to witness the highest CAGR of 6.6% from 2021 to 2027.
Based on sales channel, the physical stores segment held the highest market share in 2019, accounting for nearly two-thirds of the global bicycle market, and is expected to maintain its leadership status during the forecast period. However, the online platforms segment is projected to witness the highest CAGR of 5.8% from 2021 to 2027.
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Based on region, Europe accounted for the highest share in 2019, holding around two-fifths of the total market share, and is projected to maintain its dominant share in terms of revenue by 2027. On the other hand, Asia-Pacific is expected to manifest the largest CAGR of 6.7% during the forecast period.
Leading players of the global bicycle market analyzed in the report include Accell Group, Cervélo, Dorel Industries Inc., Giant Bicycles, Merida Industries Co., Ltd., Olympus Bikes, Scott Sports SA, Specialized Bicycle Components, Inc., Trek Bicycle Corporation, and Kona Bicycle Company.
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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.
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