A bicycle is a pedal-driven & single-track vehicle. It is an imperishable sort of transport. It is environment-friendly. It is available at affordable prices and is healthy as well. It is continue to be the primary means of transportations for many regions in the world. There are many parts of a bicycle such as gears, brakes, pedals, wheels and many more that support in the movement of a bicycle. It can help persons to move from one place to another without consuming fuel of any form for instance petrol, coal, diesel, and many more that can cause pollution, thus saving precious natural resources.
According to study, “Bicycle Market By Type (e-bikes and conventional bikes), Application (racing, transportation tools and recreation) and Region (North America, Europe and Asia Pacific (APAC)) – Global Forecast 2023” the key companies operating in the bicycle market are Accell Group, Moustache Bikes, Merida, Tianjin Fuji-ta Group Co., Ltd., Trek Bicycle Corporation, Avon Cycles, Derby Cycle Corp., Hero Cycles Limited, F.I.V.E. Bianchi SpA, Tube Investments of India Limited, specialized Bicycle Components, Easy Motion USA, Cannondale Bicycle Corp., Atlas Cycles Ltd., Bell Sports Corp., Campagnolo S.r.l, Cycleurope AB, Currie Technologies Inc., Hamilton Industries Ltd., NYCeWheels Inc., Caloi Inc., Giant Bicycles Inc.. Key companies are launching innovative bicycles & accessories, which will lead to a significant market growth.
Based on type, bicycle market is segmented into road bicycles, all terrain bicycles, hybrid bicycles, e-bicycles and others. Based on distribution channel, market is segmented into specialty stores, online channel, sporting goods retailers, outdoor & toys specialty goods retailers, and others. Based on technology, market is segmented into conventional and electric. Based on design, market is segmented into racing bicycles, touring cycles, fixed gear bicycles, and cruisers. Based on price, market is segmented into low-range price, mid-range price and premium. Based on gender type, market is segmented into men, women and kids. The men segment holds major market share due to rise in number of men opting to use bicycles for short distance trips, because of its easy use, cost saving for individuals and absence of noise pollution. In addition, based on application, market is segmented into recreation, racing and transportation tools.
The bicycle market is driven by rise in crude oil prices, followed by increase in popularity of e-bikes among tourists, growth in use of bicycles for entertainment & leisure purposes, and rise in government initiatives & stringent emission regulations. However, underdeveloped charging & aftermarket service infrastructure and high prices of e-bikes & their batteries may impact the market. Moreover, growth in government initiatives for the construction of cycle lanes is a key opportunity for market.
Based on geography, the Asian-Pacific region dominates the bicycle market owing to growth in popularity of sporting activities and surge in need for controlling traffic congestion caused by urbanization in the region. The North-American and European regions are projected to witness higher growth rate due to setup of public bicycle rental programs and rise in demand of bicycles over the forecast period. It is expected that the market will be reached at rapid pace on account of rise in consumer’s health consciousness & fit lifestyle during the forecast period.
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Ankur Gupta, Head Marketing & Communications