The global bike market was worth USD 53.66 billion in 2021. It is projected to grow at a 9.2% compound annual rate of growth (CAGR) from 2023 to 2032.
Due to the COVID-19 virus restrictions, offline stores were forced to close around the world. This led to a decline in bicycle sales. People are trying to avoid public transport because they fear getting sick. This has led to a rise in bicycle demand. As consumers are more concerned about their health, bicycles are considered reliable and safe transportation.
The bicycle is an environmentally-friendly mode of transport. There are many models available, including electric, cargo, and mountain bikes. Road Soldiers and Easy Rider Bike Club are just a few prominent groups specializing in bicycle riding. The primary goal of the Cycling Club is to encourage clients to get on their bikes. To encourage people to ride their bikes, they organize many sporting events, entertainment and bike rallies. Bicycling is becoming more popular in North America and Europe.
Growing Demand:
The World Health Organization (WHO) estimates that around 38 million children five years old and younger were obese in 2019. It is imperative to have a healthy lifestyle because of the increasing obesity rate among children younger than five years old. Walking and exercise are becoming more popular to improve their fitness and health. Manufacturers are eager to create sustainable products to meet the growing demand for eco-friendly bikes. This will help to grow the global bicycle market over the next few years.
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Driving Factors:
The increasing popularity of cycling as a means to relax drives market growth in the Bicycle Market.
Restraining Factors:
The availability of aftermarket transport solutions will impede market growth.
Market growth is expected to be constrained by the availability of alternative transport options like scooters and mnc_cycles. Delays in delivery due to a pandemic-induced shortage of semiconductor chips will likely affect the market.
Market Key Trends:
A rise in the number of cycling events
Demand for general and sports bicycles will grow due to a growing user base in trekking and other recreational pursuits. The popularity of celebrities and media coverage is expected to accelerate market growth. Cycling Ireland is one of many European countries with governing bodies that promote road racing, touring leisure cycling, track racing, and other off-road events. According to the Irish Sports Council, investments by Sport Ireland in Cycling Ireland increased from EUR 289.1000 in 2015 to EUR 133.000 in 2019. This has increased interest in cycling and encouraged people to participate in different activities across Ireland. This event had two primary goals: to increase awareness and to encourage cycling in the area. The market also benefits from this awareness campaign. International sporting events such as the World Championships of Cycling help to grow the market.
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Recent development:
- Pon Bike purchased the Dutch electric cargo bike manufacturer Urban Arrow in 2021. Urban Arrow is a producer of electric cargo bikes in 20 countries.
- Trek Bicycle announced a partnership in 2020 with Bike Exchange. The online marketplace for bicycle and bike enthusiasts is called Bike Exchange. BikeExchange.com allowed North American Trek dealers to showcase and sell Trek products online.
Key Companies:
- Accell Group
- Atlas Cycles (Haryana) Ltd.
- Avon Cycles Ltd.
- Cervelo
- Dorel Industries Inc.
- Group of giants
- Merida Industry Co., Ltd.
- Specialized Bicycle Components, Inc.
- SCOTT Sports SA
- Pedego inc.
- Trek Bicycle Corporation
- Other key players
Segmentation:
By Product
- Mountain Bikes
- Hybrid Bicycle
- Road Bikes
- Cargo Bikes
- Other Products
Technology
- Electric
- Conventional
By End-User
- Men
- Women
- Children
Distribution Channel
- Online
- Offline
Key questions:
- What is the growth rate of the Bicycle Market?
- Which are the key players in the bike market?
- Which region holds the largest market share in the bike industry?
- What is the Market Dynamics for the Bicycle Market? What are the Opportunities and Challenges?
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