Persistence Market Research (PMR) delivers key insights on the global bicycle market in its latest report titled, “Global Market Study on Bicycles: Hybrid Product Type Segment Estimated to Hold Around 40% Market Share by 2024 End ”. The global bicycle market was valued at US$ 45.08 Bn in 2015 and is anticipated to reach US$ 62.39 Bn at the end of the forecast period in 2024 and Asia-pacific expected to be the most attractive regional segment in terms of market share and incremental opportunity through 2024.
Global bicycle market dynamics
A majority of nations of the world, especially in developed countries, are facing the health hazard of obesity. On the other hand, people are getting more aware about leading a healthy and more environment friendly lifestyle and these people are also gaining more insights about the hazards of being obese. It is here that the major advantage of using bicycles comes to the fore, as it is greatly beneficial for health and thus its use is gaining traction in such section of the population. In addition, there is no need of any fuel or supply source to drive bicycles and hence it is much more environmental friendly. This is also important in context of the fact that world is facing the problem of depletion of natural resources and using bicycles eases this pressure. Another major advantage of using bicycles is that people can avoid heavy traffic and don’t get bogged down by the increasing number of vehicles plying on the road and reach their destination faster.
Commutation by bicycles is ideal and suitable for shorter distances, as the human capacity to cycle is limited. The energy to be exerted for cycling for longer distance is comparatively higher, and thus it’s a very tiresome task. The average distance covered by an individual conducting a long-trip is between 40 to 60 miles (64 – 96 kilometers) each day. This in comparison with gasoline powered vehicles is completely minor to the average distance travelled per day.
Global bicycle market can be successful and flourish in the forecast period if the network of roads and communication is built and connected properly throughout the nations. This has been a chief challenge for the government authorities and the manufacturers to ply cycling tracks and create a good network for cycles. Developing economies are focusing on creating a bicycle-friendly world and create suitable and safe cycling tracks so that there are no accidents and injuries to the consumers and safety is assured.
Global bicycle market forecast
In 2016, the hybrid segment has been estimated to dominate the global market with 38.5% value share, followed by the road and mountain segments with shares of 25.2% and 24.2%, respectively. The hybrid segment is forecast to reach US$ 24.43 Bn by 2024 end, registering a CAGR of 4.0% over the forecast period. The road and hybrid segments are estimated to hold a collective share of 63.7% by 2016 end. In 2016, the conventional segment has been estimated to dominate the global market with 81.5% value share. In 2015, the men segment in the global market accounted for 44.7% share, followed by the kids and women applications segments accounting for 32.3% and 32.8% shares respectively. In 2016, the mid-range segment has been estimated to dominate the global market with 55.4% Value share, followed by the low range and premium segments with shares of 28.9% and 15.7%, respectively.
In 2016, the APAC is estimated to dominate the global market with 63.8% value share, followed by the Europe and North America regions with shares of 19.9% and 12.5%, respectively. China is estimated to hold the major share in the global bicycle market having the largest market for the bicycles. It is estimated that the number of E-bikes in China are more than E-cars. The Europe region is forecast to reach US$ 13.52 Bn by 2024 end, expanding at a CAGR of 4.9% over the forecast period. The North America and Europe are estimated to hold a collective share of 32.4% by 2016 end.
Global bicycle market competitive landscape
Some of the key market players that have been covered in the global bicycle market report are Zhonglu Co. Ltd., Atlas Cycles Ltd., Merida Industry Co. Ltd., Trek Bicycle Corporation, Giant Bicycle Inc., Accell Group, Tube Investment of India Limited, Derby Cycle, Samchuly Bicycle Co, Ltd., Avon Cycles Ltd., Tandem Group plc., and Dorel Industries Inc.