The size of the bicycle market will grow by a value of USD 127.83 billion at a

Pune, India, September 29, 2022 (GLOBE NEWSWIRE) — The world bike market grow at a CAGR of 6.5% and reach USD 127.83 billion during the forecast period of 2022-2029. The market was valued at USD 78.33 billion in 2021. The growth of the market is attributed to factors such as the increasing emphasis of the government on spending on the advancement of bicycle infrastructure that is estimated to boost the adoption of bicycles among the population.

Key industry development

April 2022: Hero International (HIT), a part of India’s Hero Motors Company (HMC), has stated that it is engaging a new assembly division at its Manchester production unit for electric bikes. The company will manufacture high-end IoT-enabled electric bikes and push bikes for users in the UK and EU. This new division is scheduled to be operational in August 2022 and will manufacture 50,000 bicycles in the next three years.

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Report Highlights:

Report Coverage Details
forecast period 2022-2029
Forecast period 2022 to 2029 CAGR 6.5%
2029 value projection $127.83 billion
base year 2021
Market size in 2022 $82.50 billion
Historical data for 2018-2020
Number of pages 192
Covered segments By type, by design, by end user, by technology
growth controllers Increased government focus on advancing cycling infrastructure to amplify growth
Asia Pacific will keep the lion’s share supported by growing adoption of bikes to work

Market Highlights:

Increased government focus on advancing cycling infrastructure to amplify growth

It is estimated that the government’s increasing emphasis on spending to improve cycling infrastructure will boost the adoption of bicycles among the population. Nearly all advanced economies are capitalizing heavily on the construction of new bicycle lanes and the implementation of numerous pedestrian and bicycle infrastructure projects. For example, in 2021, domestic establishments in Ireland declared an investment in emerging services for cyclists and walkers; the financing was approximately three times greater than the financial support allocated for urban transport.

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Consumer emphasis towards fitness during the COVID-19 pandemic to enhance market growth

The spread of the coronavirus infection has negatively affected numerous markets. This market also saw a preliminary slowdown due to the closure of production facilities and a disrupted supply chain. However, after an initial slowdown, the bicycle industry boomed during the second half of 2020, due to a sharp increase in demand for two-wheelers.

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Regional perspectives:

Asia Pacific will keep the lion’s share supported by growing adoption of bikes to work

Asia Pacific held the largest share of the global bicycle market and was worth $28.86 billion in 2021. It is anticipated to maintain its position throughout the forecast period. Cycling is one of the main means of transportation in developing Asian economies.

Europe is forecast to observe the fastest growth rate during the forecast period. COVID-19 coaxed the rise of cycling across European nations, fueling market growth in the region.

North America is also anticipated to see considerable market growth during the forecast period. Increasing sales of electric bicycles in the US is the main driver of market growth in the region.

Coverage Report:

The report presents a systematic study of the market segments and a comprehensive analysis of the market overview. The report offers a careful assessment of current market trends as well as future opportunities. In addition, it presents a comprehensive analysis of regional knowledge and how it helps in the growth of the bicycle market. The impacts of COVID-19 have been discussed in the report to help investors and business owners better understand the potential threats present in the market. The report takes a deeper look at the key players and their highlighted strategies to remain in the dominant position.

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Market segmentation:

Increasing trend of adventure sports related to cycling to stimulate the growth of the segment

Based on type, the market is segmented into road, mountain, hybrid, and others. The hybrid segment held the largest market share in 2021 and its dominance is anticipated to endure throughout the forecast period. A hybrid bike is fundamentally an amalgamation of a mountain bike and a road bike.

Increased urban road congestion to drive segment growth

Based on the design, the market is segmented into folding and regular. The regular bike segment had the largest market share in 2021. Regular bikes are the most widely used bike design around the world.

Increasing implementation of bicycles as a short-haul mode of travel for men to drive segment growth

Based on the end user, the market is segmented into men, women and children. The men’s segment held the leading market share in 2021 and is anticipated to maintain its position throughout the forecast period with the fastest growth rate.

Growing adoption of conventional sport bikes will drive segment growth

Based on technology, the market is segmented into electric and conventional. The conventional segment had the largest market share in 2021 and is likely to remain in its leading position throughout the forecast period. Conventional bicycles are the bicycles in general use throughout the world.

Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East and Africa.

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competitive landscape

Crucial Statements Related to Vital Players Business to Influence Market Dynamics

The fundamental corporations in the market often make crucial announcements about some business moves which, in turn, impact the market positively or negatively. Companies hire other companies, launch new products, enter into collaboration agreements, sign contracts with government organizations, etc.

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List of key players profiled in the report

  • Hero Cycles Ltd (India)
  • Merida Industry Co., Ltd. (Taiwan)
  • Orbea (Spain)
  • Trek Bicycle Corporation (USA)
  • Giant Bicycles (Taiwan)
  • Accell Group (Netherlands)
  • Mobility Holdings, Ltd. (Taiwan)
  • Derby Cycles (Germany)
  • Brompton Bicycles (UK)
  • Pon (Netherlands)
  • Kona Bicycles (USA)

Table of Contents:

  • Introduction
    • Scope of the investigation
    • Market segmentation
    • Research methodology
  • Executive Summary
  • market dynamics
    • market indicators
    • market restrictions
    • Market opportunity
  • Key ideas
    • Mergers, Acquisitions and Partnerships
    • Porter’s five forces analysis
    • PEST analysis
    • technological developments
    • Impact of COVID-19 on the bicycle market
    • personalization
  • Global Bicycle Market Analysis, Outlook and Forecast, 2018-2029
    • Key Findings/Summary
    • Market analysis, information and forecast: by type
    • Market Analysis, Outlook and Forecast – By Design
    • Market analysis, information and forecast by end user
    • Market Analysis, Outlook and Forecast – By Technology
    • Market Analysis, Outlook and Forecast – By Region
      • North America
      • Europe
      • Pacific Asia
      • South America
      • 5.6.5 Middle East and Africa (MEA)
  • North America Bicycle Market Analysis, Outlook and Forecast, 2018-2029
    • Key Findings/Summary
    • Market analysis, information and forecast: by type
    • Market Analysis, Outlook and Forecast – By Design
    • Market Analysis, Information and Forecast – By End User
    • Market Analysis, Outlook and Forecast – By Technology
    • Market analysis, information and forecast: by country

Continued…

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The size of the bicycle market will grow by a value of USD 127.83 billion at a Fortune Business Insights