The global value of the bicycle market reached ~US$ 57 Bn in 2018, discloses the recent report on the bicycle market by Persistence Market Research. According to the research, the bicycle market is anticipated to grow at ~5% CAGR over the forecast period.
As per the study and detailed analysis, significant demand for electric bicycles owing to their various advantages is positively impacting the bicycle market over the forecast period.
Substantial demand for sports bicycles is boosting the growth of the bicycle market throughout the forecast period. The market value of the global bicycle market is estimated to be ~US$ 60 Bn by the end of 2019, and expected to reach ~US$ 97 Bn by the end of 2029.
Electric Bicycles Transforming Urban Mobility
According to PMR’s detailed study, prominent market players in the bicycle market are providing bicycles with unique properties, on the basis of product type such as sports, road, mountain, and hybrid. Electric bicycles have emerged as the most convenient substitute for local commute, and the future of the bicycle industry will be shaped by the electric segment owing to various advantages of e-bikes.
Manufacturers Cash In on the Popularity of Cycling Tourism
Manufacturers are expecting that local governments will implement specific rules to make cities bicycle-friendly by creating beneficial infrastructure in urban areas for bicycle riders. Cycling tourism has turned out to be a major breakthrough for the bicycle industry. There has been an upsurge in cycling tourism-related projects in several countries, which are turning out to be decent sources of revenue for the country.
In France and Germany, the average annual income from cycling tourism is nearly US$ 12 Bn, and the income is projected to increase in the coming years due to augmented infrastructural and extension activities in cycling lanes and tracks.
Mergers & Acquisitions by Prominent Market Players
Prominent global players in the bicycle manufacturing landscape are focusing on acquisitions, with the objective of adding new technologies to their product portfolio, improving economies of scale, and reducing operational costs. An emerging trend in the bicycle market is performance enhancement through utilization of new, lightweight, and more efficient frames for bicycles. For instance, in March 2018, Accell Group N.V. acquired Beeline Bikes, a U.S.-based mobile bike service company.
China to Hold Prominent Market Share
China has been a major catalyst in the growth of the bicycle market, as the region is a prominent supply hub for cycles across the globe. Further, Taiwan, the Netherlands, and Germany are among major exporters of bicycles. Europe, North America, and China are expected to witness increased uptake of mid-range and premium cycles over the forecast period. However, the market in South East Asia & Pacific is anticipated to show rewarding growth in the global bicycle market throughout the forecast period of 2019-2029. Presence of key market players in the region, as well as collaborations and merger & acquisition activities are major factors fueling the growth of the bicycle market in South East Asia & Pacific.
Bicycle Market: Vendor Insights
The report sheds light on the sustainable setup of the bicycle market and distinctive approaches of key market participants. Some of the key market players are Atlas Cycles Ltd., Giant Bicycles Inc., Trek Bicycle Corporation, Derby Cycle Holding GmbH, Avon Cycles Ltd., Accell Group N.V., Zhonglu Co., Ltd., Merida Industry Co., Ltd., Dorel Industries Inc., Tube Investments of India Limited, Tandem Group plc, Hamilton Industries Pvt. Ltd., Samchuly Bicycle Co., Ltd., Specialized Bicycle Components, and F.I.V.E. Bianchi S.p.A.
Significant players are focusing on product innovations to expand their customer base.
For instance, in 2018, Avon Cycles Ltd. partnered with the Cronus Sports Science & Technology Co. ltd., a French company to introduce French bicycles into the Indian market.
In May 2017, Zhonglu Co., Ltd. introduced new products, including 700C magic stone 7100, 26" FOX, Power Smart Bike, and Ubay into the market through China International Bicycle Exhibition.
This study represents key opportunities in the bicycle market and finds that the market would exhibit growth at a CAGR of ~5% over the forecast period. For in-depth information about the bicycle market, write to the analyst at email@example.com