The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Bicycle market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Bicycle
The report offers actionable and valuable market insights of Bicycle. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Bicycle Market across various industries and regions.
This newly published and insightful report sheds light on Market Insights of Bicycle, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Bicycle Market.
Fact.MR states the global sales of bicycles are expected to surpass US$ 130 Bn by registering a CAGR of 8% in the forecast period 2022-2032. The growing importance of a healthy lifestyle along with improving infrastructure is driving the sales of bicycles. In addition, initiatives by government to reduce CO2 emissions is playing a key role in the adoption of bicycles.
Historically, from 2017 to 2022, the global sales of bicycles exceeded US$ 60 Bn by the end of the aforementioned period, inclining at a CAGR of 7%. The onset of the COVID-19 pandemic disrupted the supply and demand chain for various end user industries. Moreover, restrictions on movements across various countries affected the sales of bicycles. Thus, the sales of the same dipped in the initial quarter of the pandemic. With the world gaining back normalcy, the sales of bicycles are expected to upsurge.
By product, road bicycles are expected to gain more than 45% market share for bicycle market.
By distribution channel, offline channels are expected to hold more than 50% market share for bicycle market.
Bicycle industry expected to register a CAGR of 12% in Europe.
Bicycle industry expected to possess nearly 33% market share throughout Asia Pacific.
Global bicycle market sales are expected to be valued at US$ 64 Bn by 2022-end
“Increasing health concerns amid prevalence of lifestyle disorders is prompting individuals to opt for sporting activities, which is widening growth prospects for bicycles to a major extent,” opines a Fact.MR analyst.
Prominent manufacturers are emphasizing on introducing newly designed bikes, strategic collaborations and initiation of different campaigns. In addition, there is also emphasis on incorporating sustainability in manufacturing practices, considering the need to reduce carbon footprint. Some notable developments are as follows:
In 2020, Accell Group launched “New Purpose: Cycling moves the world forward.” Also, the company’s plant in Herenveen that produces bicycles for the European market will transition to solar energy. This is expected to reduce 1,100 tonnes of CO2.
In June 2019, Trek Bicycle Corporation introduced the all-new Madone SLR 6 Disc Speed. The bicycle is integrated with removable aero bars and specially designed for riding in hilly areas with winding roads.
In January 2021, Giant Bicycles launched Trance X E+ bicycle. The bicycle is versatile and adaptable and helps the rider in wide range of terrains.
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Fact.MR, in its new report, offers an unbiased Market Analysis of Bicycle, Sales and Demand of Bicycle, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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