Global Bicycle Market
Global Bicycle Market was valued US$47.5 Bn in 2017 and is estimated to reach US$90.5 Bn by 2026 at a CAGR of 8.3%.
Global bicycle market is segmented by product, by technology, by the end user, and by region. Based on the product bicycle market is classified as a road, mountain and hybrid. Technology is split into electric and conventional. An end user is divided into men, women, and kids. Region wise the market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Technological advances in bicycles industry is an appealing trend in the bicycle market. Drivers of the bicycle market are buyer shifting preference toward cycling as a sport, leisure, and cardio activity. Greater availability and growing market of refurbished bicycles are the challenges of the market. Rising government support encouraging adoption of bicycles and rapid development of dedicated cycling infrastructure in developed as well as developing economies will reportedly push the sales of bicycles in upcoming years. Increasing the application base of bicycles in trekking and recreational activities, coupled with a soaring number of cycling events will specifically uplift the demand for sports bicycles in near future.
Based on the End-user, Men have historically outnumbered women in utilize of bicycles for commutation. The men segment is dominating the market share in 2017 and is expected to expand at a CAGR of over 5% over the forecast period as the number of men riding bicycles continues to be larger than the number of women and kids. Moreover, bicycle makers are simultaneously simplifying the cycling mechanism and installing efficient gear systems and shock absorbers.
On the basis of product, Road bicycle segment dominating market share in 2017 and is expected to emerge as the fastest-growing segment over the forecast period. Growth can be attributed to the actually that these are the most basic vehicles, which do not need any sophisticated accessories, such as those needed by racing, mountain, or other special-purpose bicycles.
In terms of region, Asia Pacific emerged as the largest share segment in 2017 with a revenue share exceeding 20%. Asia Pacific is anticipated to expand at the fastest CAGR of over 6% over the forecast period. Nations are China, Japan, and Singapore, among others, emphasize on rolling out the infrastructure necessary to encourage and support bicycle commutation.
Key players operating on the market are, Giant Bicycles, Hero Cycles, TI Cycles, Trek, Shanghai Phonex, Atlas, Flying Pigeon, Merida, Xidesheng Bicycle, OMYO, Emmelle, Avon Cycles, Tianjin Battle, Cannondale, Libahuang, Specialized, Trinx Bikes, DAHON, Cycoo, Bridgestone Cycle, Laux (Tianjin), Samchuly Bicycle, Cube, Pacific Cycles, Derby Cycle, Grimaldi Industri, Gazelle, KHS, Forever, Scott Sports, Fuji Bikes, Pashley Cycles, Accell Group, Huffy, LOOKC.
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