DUBLIN, Jun 14, 2021--(BUSINESS WIRE)--The "Global Bicycle Market by Type, Sales Channel and End User: Global Opportunity Analysis and Industry Forecast 2021-2027" report has been added to ResearchAndMarkets.com's offering.
The global bicycle market was valued at $20,280.0 million in 2019, and is projected to reach $28,667.3 million by 2027, registering a CAGR of 4.8% from 2019 to 2027.
Presently, individuals are becoming increasingly concerned about their fitness and the importance of leading a healthy life. However, due to the outbreak of COVID-19, individuals avoid gathering in gyms. This, in turn, has promoted the use of bicycles as a tool for exercising. Thus, increase in popularity of sports and rise in fitness consciousness among consumers are the major driving forces of the global bicycle market. In countries such as Japan, the Netherlands, and Denmark, consumers prefer electric bicycles for regular activities such as travelling within a particular distance, shopping, and for load carriage. Furthermore, in metropolitan cities, increase in traffic congestion and limited parking spaces promote the usage of bicycles for commutation, which saves time. However, cycling in unfavorable weather conditions is unsafe, which limits the use of bicycles. In addition, low durability of batteries in electric bikes limits the growth of the market. On the contrary, technological advancements in bicycles such as anti-theft locks, fitness tracker, and aerodynamic body to promote fast riding are anticipated to offer remunerative opportunities for the expansion of the global market during the forecast period.
In European countries, the demand for dockless bicycle sharing system is increasing gradually. In the dockless bike sharing system, docking station are not required. Users can retrieve and return bicycles anywhere around the city. The dockless system is installed in the bikes itself that allows users to track bicycles nearby and unlock them through app or software. Furthermore, this system is easy to access, which makes it user-friendly.
The global bicycle market is segmented into type, sales channel, end user, and region. Depending on type, the market is categorized into cargo electric bike, non-cargo electric bike, cargo nonelectric bike, and non-cargo nonelectric bike. On the basis of sales channel, it is bifurcated into online platforms and physical stores. By end user, it is segregated into men, women, and kids. Region wise, it is analyzed across North America (U.S., Mexico, and Canada), 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).
The report provides a quantitative analysis of the current market trends, estimations, and dynamics of the market size from 2019 to 2027.
Porter's five forces analysis highlights the potency of buyers and supplier's tenable stakeholder's make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the size and segmentation assists to determine the prevailing market opportunities.
The major countries in each region are mapped according to their revenue contribution the industry.
The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the water tank industry.
COVID-19 and bicycle market growth
Low maintenance cost of bicycles
Health benefits associated with bicycles
Low demand for electric bikes in developing countries
Limited use of bicycle during unfavorable climate
Increase in adoption of outdoor sports
Technological advancements and manufacturing designs
Dorel Industries Inc.
Merida Industry Co., Ltd.
Scott Sports SA
Specialized Bicycle Components, Inc.
Trek Bicycle Corporation
Kona Bicycle Company
For more information about this report visit https://www.researchandmarkets.com/r/r9ga0s
View source version on businesswire.com: https://www.businesswire.com/news/home/20210614005574/en/
Laura Wood, Senior Press Manager
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