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Bicycle Market Analysis | Coherent Market Insights


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Title: Bicycle Market Analysis | Coherent Market Insights

  • Coherent Market InsightsMarket Research and
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  • Bicycle Market, By Product Type (Sports, Road,
    Mountain, and Hybrid(Sports Mountain)), By
    Technology (Electric and Conventional), By End
    User (Men, Women and Kids), By Price (Premium,
    Mid-Range and Low Range) and by Region (North
    America, Latin America, Europe, Asia Pacific,
    Middle East and Africa) - Size, Share, Outlook,
    and Opportunity Analysis, 2020 - 2027

  • The global Bicycle Market was valued at US
    51,770.6 Mn in 2019 and is forecast to reach a
    value of US 69,574.6 Mn by 2027 at a CAGR of
    3.7 between 2020 and 2027.

Market Drivers
  • Increasing awareness among consumers regarding
    health benefits of bicycle is expected to drive
    growth of the global bicycle market during the
    forecast period
  • Modern lifestyle and hectic schedules have
    forced people to work without ample exercise.
    With increasing intake of junk food, health
    issues such as obesity are arising at a very
    early age. According to the World Health
    Organization (WHO), in 2014, 114 nations
    including Europe, Middle East, and the Americas
    were having over half of the adult population
    obese. On the contrary, a healthy and more
    nature-friendly lifestyle is becoming more and
    more popular with raising awareness about the
    hazards caused by obesity. Many studies have
    revealed that bicycling burns around 500 700
    calories per hour. Various countries have started
    adopting bicycle riding as an effective way of
    burning fat and maintaining normal body mass.
    Even Doctors advise the general public around the
    world to use bicycles as a must-have tool for
    living a healthy life, whether they are obese or
    not. Thus, these factors are expected to drive
    growth of the market in the near future.

  • Significant increase in oil prices and rising
    need to prevent natural resources are expected to
    propel the global bicycle market growth over the
    forecast period
  • The major disadvantage offered by bicycles is
    that it does not require external fuel or source
    of supply to drive. Since the natural resources
    are limited and draining rapidly, adopting
    bicycles is crucial to avoid depletion of
    resources. In order to save oil and fuel,
    customers more often tend to cycle to the
    distances which are close enough for them.
    Furthermore, consumers are also saving a
    significant amount of money by not expending on
    fuel, and also there is no need for a driving
    license for cycling. Hence, these factors are
    expected to propel the global bicycle market
    growth over the forecast period.

  • Asia Pacific held dominant position in the
    global Bicycle market in 2019, accounting
    for 63.2 share in terms of value, followed by
    Europe, North America, Middle East and Africa and
    Latin America respectively
  • Figure 1 Global Bicycle Market Share () in
    terms of Value, By Region, 2019

Bicycle Market - Impact of Coronavirus (Covid-19)
  • Many countries around the globe such as India,
    Spain and Italy have imposed nationwide lockdown.
    For Instance, India have imposed lockdown from 25
    March to 1 June till the further notice. In India
    all the social gathering events such as bicycle
    racing events are prohibited during the lockdown
  • Moreover, there is also shortage of manpower at
    the bicycle manufacturing facilities due to the
    lockdown. The demand of bicycle is also expected
    to decrease in the year 2020 due to the
    nationwide lockdown. In some areas of India,
    roaming on the streets without any prior
    permission is prohibited. Owing to all these
    factors, COVID-19 is expected to be a challenge
    for the market growth during the year 2020.

Market Dynamics- Restraint
  • Unsuitability for longer distances is expected to
    restrain growth of the global bicycle market
    during the forecast period
  • 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 distances is comparatively
    higher, and thus its a very tiresome task.
    Moreover, the speed of bicycles is limited,
    whereas automobiles go faster and destination can
    be reached sooner. Thus, these factors are
    expected to restrain growth of the market during
    the forecast period.
  • Lack of dedicated cycling tracks is expected to
    hinder the global bicycle market growth over the
    forecast period
  • The major challenging inhibiting growth of the
    market is the lack of an ample number of
    dedicated cycling tracks. Emerging economies are
    laying emphasis on creating a bicycle-friendly
    world and safe cycling tracks so that there are
    no accidents and injuries to the consumers and
    safety is assured. Moreover, in countries such as
    Brazil, India, and Indonesia, where population is
    higher, there are very few dedicated cycling
    tracks built by authorities. Hence, these factors
    are expected to hinder the global bicycle market
    growth over the forecast period.

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Market Opportunities
  • Constantly increasing demand for cleaner and
    faster mode of transportation can present major
    growth opportunities
  • The pollution caused due to the emission from
    fuel-driven vehicles has increased significantly
    in the recent past. On the contrary, it has
    presented a massive opportunity for green
    solution providers and manufacturers to
    capitalize on the market. The bicycle
    manufacturers can exploit these conditions as an
    opportunity to expand and increase their
    business. The eco-friendly mode of transport with
    bicycle as a medium has already gained popularity
    and is a prominent trend in European countries
    like Denmark, Netherlands, and the U.K.
  • High growth of tourism industry can provide
    lucrative business opportunities
  • Tourism industry has witnessed massive growth in
    numerous economies. Cycle tourism provides major
    opportunities for manufacturers to gain a
    competitive edge in the market. There has been
    global increase in the construction of cycle
    tourism projects in various countries to generate
    a good source of revenue for the country. For
    instance, in Germany and France, the average
    annual turnover from the cycling tourism is
    approximately 11 billion Euros and the revenue is
    expected to increase in the near future due to
    increased infrastructural and extension
    activities going on in the cycling tracks and

  • Figure 2 Global Bicycle Market Value (US Mn),
    2016 2027

Market Trends
  • Advent of bicycles in corporate sector to endorse
    eco-friendly transportation
  • In developed regions such as Europe and North
    America, many corporate offices have started
    using bicycles and electric vehicles as a mode of
    transport inside their campuses and is mandatory
    that every employee should follow this, in order
    to enhance air quality and minimize pollution
    index inside the campuses. The U.S. Green
    Building Council (UGBC) is supporting corporate
    offices to be leader in energy and environment
    design or LEED.
  • Improved material science has facilitated the
    manufacturing of ultra-lightweight bicycles
  • Advancements in material science have allowed
    manufacturers to fabricate ultra-lightweight
    bicycles. The new technology and advanced
    methodology used for the manufacturing of such
    bicycles has found increasing application in the
    manufacturing of sports and mountain bicycles.
    For instance, in June 2016, Canyon Bicycles GmbH
    launched Canyon Ultimate CF SLX, which has the
    lightest frame and is one of the strongest too in
    racing bicycle category.

Competitive Section
  • Key players operating in the global bicycle
    market are Giant Bicycle Inc., Samchuly Bicycle
    Co., Ltd., Atlas Cycles Ltd., Tandem Group plc,
    Derby Cycle, Merida Industry Co. Ltd., Avon
    Cycles Ltd., Dorel Industries Inc., Trek Bicycle
    Corporation, Xiaomi, Accell Group, Zhonglu Co.
    Ltd., and Tube Investment of India Limited.

Key Developments
  • Key companies in the market are involved in
    capacity and business expansion, in order to
    enhance the market presence. For instance, in
    April 2020, Avon Cycles Ltd. inaugurated two
    showrooms in Ludhiana, India.
  • Major market players are focused on product
    launches, in order to expand product portfolio.
    For instance, in March 2018, Trek Bicycle
    Corporation launched a collection of road,
    hybrid, and mountain bicycles in the Indian

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