According to a new report published by Allied Market Research, titled, “Bicycle Market by Type, Sales Channel, and End User: Opportunity Analysis and Industry Forecast, 2021–2027,” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.
The global bicycle market size was valued at $20,280.0 million in 2019. Furthermore, the bicycle market growth is projected to reach $28,667.3 million by 2027, registering a CAGR of 4.8% from 2021 to 2027. The non-cargo electric bike segment was the highest contributor to the market, with $12,712.4 million in 2019, and is estimated to reach $17,580.4 million by 2027, at a CAGR of 4.1% during the forecast period.
Bicycle sports is an ongoing trend in the market. Countries such as the U.S., Paris, and China are some of the leaders in bicycle sports. With surge in demand for bicycles, manufacturers are developing and elevating sports bikes that are light in weight, wheels with strong grip, strong breaks, and aerodynamic design, thus enhancing the cycling experience. In addition, sports bicycles are used in mountain riding and off-road riding as well. This not only promotes bike sports but also provides users with a thrill and adventurous experience. These bicycle trends leads to the rise in bicycle market demand.
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Presently, rapid increase has been witnessed in rental bicycle services. From a business perspective, this idea is an innovative way for profit earning, as investment in this business is minimal in comparison to other rental motored vehicles. Furthermore, the maintenance of the bicycles is affordable, which motivates the new service provides to invest in this business. Moreover, from the customer’s point of view, tourists are benefitted the most, as rental bikes are affordable and easily available.
Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Sweden, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, Malaysia, Indonesia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Key Market Players Profiled In The Report:
• Accell Group
• Cervélo
• Dorel Industries Inc.
• Giant Bicycles
• Merida Industries Co. Ltd.
• Olympus Bikes
• Scott Sports SA
• Specialized Bicycle Components Inc.
• Trek Bicycle Corporation
• Kona Bicycle Company.
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Key Benefits For Stakeholders
â—‹ The report provides a quantitative analysis of the current market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.
â—‹ In-depth analysis and the bicycle market segments and the market size assist to determine the prevailing the bicycle market opportunity.
â—‹ Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
Source: Allied Market Research