Bicycles do not require any external fuel for their functioning, which is their biggest advantage. Preservation of natural resources is the need of the hour as there are grave concerns over their depletion. In order to save oil and fuel, customers opt to cycle to closer distances.
The adoption of bicycles aids in the preservation of natural resources that power various modes of transport. Furthermore, consumers also save a significant amount of money when they use bicycles, as fuel prices have been skyrocketing in the last few years. Additionally, one does not need to hold a license to ride a bicycle, which makes these vehicles a health beneficial, cheaper, and sustainable option for everyone. These factors will boost the growth of the global bicycle market in the forecast period.
Bicycles – A Solution to Heavy Traffic Congestion and Urbanization
Traffic congestion is a brutal impact of urbanization, and is a major concern for commuters. As per TomTom’s traffic data, since 2008, traffic jams have increased by 13%, globally. In 2010, traffic congestion wasted 7 Billion gallons of fuel and delayed people worldwide for 9 Bn hours. By cycling, people could avoid massive traffic congestion and reach their destinations comparatively faster.
Traffic congestion in Europe has increased by a mere 2%, meanwhile in North America, traffic has increased by 17%. The reason behind this is that Europeans have started using bicycles as an effective means of transport, which in turn, has resulted in a massive decline in traffic jams. The European Government is also offering complete support regarding the use of bicycles to avoid the problems caused due to traffic congestion and is also urging residents to use bicycles over other fuel-driven vehicles for transportation. This is expected to create a positive impact on the bicycle market.
Growing Acceptance of Green Transportation
According to the World Health Organization (WHO), in 2012, air pollution contributed to deaths of around 3.7 Mn people under 60 years of age. Trucks and passenger vehicles are the main causes of air pollution since they produce tremendous amounts of nitrogen oxides, carbon monoxide, and other pollutants. Vehicles which are fuel-driven emit over half of nitrogen oxides and carbon monoxides, and approximately a quarter of the hydrocarbons of the total emission into the air.
Opportunities Abound in Latin America
Entrepreneurs in the countries of Latin America, such as Mexico, are investing in the augmentation of the electric bicycle market in the country. Low labor costs and favorable business conditions in the region are expected to attract numerous manufacturers in the coming future. Moreover, governments of countries in the region are making bilateral business relationships with numerous countries across the world, with emphasis on liberalizing trade through the formation of free trade agreements. This will create opportunities for augmentation of the electric bicycle market in Latin America over the forecast period.
Low Manufacturing Costs & High Investments Set the Right Tone
The electric bicycle market in Asia Pacific is driven by the expansion of manufacturing facilities and general growth of automotive, construction, and oil & gas industries in the Asian subcontinent. Low manufacturing costs in many countries of the Asia Pacific region will attract many new investors, which will further boost the growth of the electric bicycle motors market in this region.
The Indian government has taken many initiatives, such as ‘Make in India’ and ‘Startup India’, with an objective of boosting the manufacturing sector and increasing the purchasing power of the average Indian customer. Such initiatives would further increase demand and hence, spur the development of bicycles for benefiting investors. The Government aims to push its manufacturing sector to account for 25% of its GDP, which is much higher than the current 17%. All these factors are anticipated to drive the growth of the bicycle market in the Asia-Pacific region.
A comprehensive outlook of the bicycle market has led our analysts to determine that the market is growing at a significant rate. China is expected to dominate the global bicycle market by occupying a prominent market share during the forecast period. With a large production base in the region, local manufacturers are focusing on R&D and new product innovations to supply the most advanced technologies and maintain a competitive edge in the market. Europe and India bicycle markets are projected to be opportunistic markets in terms of value. On the basis of product type, the hybrid bicycle segment is expected to dominate the market throughout the forecast period. Growing application of bicycles in recreational and trekking activities across the globe will drive market growth. Technological innovations, along with mergers & acquisitions by prominent market participants, will also drive the bicycle market growth.
Bicycle Market - Scope of the Report
Persistence Market Research (PMR) recently published a study report on the global bicycle market. The report provides detailed valuation on the key market dynamics such as drivers, trends, opportunities, and restraints, along with detailed information about the bicycle market structure. This market research report presents exclusive facts and figures about how the bicycle market will grow over the forecast period.
Key indicators of market growth, such as value chain analysis and supply chain, compounded annual growth rate (CAGR), and year-on-year (Y-o-Y) growth of the market are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative development projections of the bicycle market over the forecast period.
The study is relevant for stakeholders in the bicycle market, as well as manufacturers, distributors, suppliers, and investors, as it can help them understand applicable strategies to grow in the bicycle market. Stakeholders, investors, industry experts, researchers, and journalists, as well as business researchers in the bicycle market can leverage the information and statistics presented in PMR’s research report.
The report includes facts & figures related to the macro as well as microeconomic factors that are impacting the growth of the bicycle market. The study also offers actionable insights based on the future trends in the bicycle market. Furthermore, regional players and new entrants in the bicycle market can also use the information presented in this report to make business decisions and gain momentum in the market.
Key Segments of the Bicycle Market
PMR’s study on the bicycle market is divided into five significant segments- product type, technology, price range, end user, and region. This report offers comprehensive data and information about important market dynamics and growth parameters related to these categories.
Key Questions Answered in PMR’s Bicycle Market Report
Bicycle Market: Research Methodology
In PMR’s research report, exclusive research methodology is utilized to conduct comprehensive research on the development of the bicycle market and reach conclusions on the future growth factors of the market. In this research methodology, secondary and primary research is utilized by assistant analysts to ensure precision and reliability of the conclusions.
Secondary resources are referred by analysts during the evaluation of the bicycle market study, which comprise of the facts and figures from World Bank, OEM websites, government websites, white papers, trade journals, and external and internal databases. Analysts have thoroughly interviewed several industry experts, such as sales supervisors, sales operation managers, product portfolio managers, senior managers, market intelligence managers, marketing/product managers, and production managers to provide insightful information.
Comprehensive information acquired from primary resources and secondary resources is validated from companies operating in the bicycle market to make PMR’s projection on growth prospects of the bicycle market more accurate and reliable.