Market Insight: The global bicycle industry is expected to reach $34.9 billion by 2022
Lucintel has announced the launch of a market research report entitled “Growth Opportunities in the Global Bicycle Industry.”, This market report for Bicycle industry identifies and predicts future opportunities for growth in the global Bicycle industry for various segments and for the various regions of North America, Europe, Asia Pacific, and the Rest of the World. It also identifies growth opportunities for e-bikes, road, mountain terrain bike (MTB), and kids’ bicycles. According to our market report, the global bicycle market is expected to reach an estimated $34.9 billion by 2022 and is forecast to grow at a CAGR of 2.7% from 2017 to 2022. Some of the dominant players in the global bicycle market are Giant Manufacturing Co. Ltd., Accell Group N.V, Merida Industries Co. Ltd., and Dorel Industries Inc. are among the major suppliers of bicycles.
In the global bicycle market, road, mountain, kids, e-bikes, and other bicycles are some of the major segments. On the basis of its comprehensive research, Lucintel forecasts that the mountain bicycle segment is expected to remain the largest segment by value due to increasing demand for these bicycles for leisure purposes. and demand for kids bicycle is likely to experience the highest growth in the forecast period as parents are encouraging children to take up physical activities such as bicycling.
The major drivers of growth for this market are increasing fitness consciousness among people, increasing environmental concerns, increasing traffic congestion, and government programs to promote cycling.
Asia Pacific is expected to remain the largest region during forecast period supported by huge population and increasing usage of bicycle as a sustainable mode of transportation. Europe is expected to witness the highest growth over the forecast period driven by growing popularity of e-bicycles as an environmental friendly means of transportation and government initiatives to promote sustainable transportation.
Emerging trends, which have a direct impact on the dynamics of the industry, include increasing use of folding electric bicycles and increasing the demand for bicycles by improving safety features and appearance.
To read more about this report, click below:
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