Rising traffic congestion is an unavoidable condition, particularly in large and growing metropolitan areas across the globe. Thus, increasing urbanization in emerging as well as developed economies, coupled with expansion of general fabrication activities and low manufacturing cost, has led to a surge in the demand for bicycles as a means of conveyance.
Continuously increasing demand for faster and cleaner modes of transportation and rising awareness of bicycle sharing systems are creating significant opportunities for the growth of the bicycle market across the globe. A study by PMR on the bicycle market concludes that, the market is anticipated to reach a valuation of around US$ 109 Bn by the end of 2030, expanding at a CAGR of nearly 6% over the forecast years (2020-2030).
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Key Takeaways of Bicycle Market Study
- China is one among the prominent markets for bicycles; sales are expected to increase in the region significantly over the forecast period, due to the adoption of bicycles in daily life and the growth in rental services of bicycles.
- New technology and advanced methodology have found increasing application in the manufacturing of hybrid and mountain bicycles.
- Increase in the number of cycle racing events in various countries such as China, India, etc., and other rapidly developing economies are leading to market growth.
- Cycle tourism is acting as a catalyst in the promotion of the bicycle market space. There has been a global upsurge in the creation of cycle tourism projects in various countries in order to obtain a good source of revenue for the country.
- East Asia is the largest producer of e-Bikes as well as the largest consumer of eco-friendly mode of transportation, owing to a decent network of roads, connected appropriately in almost all the countries of the region.
- There is increased use of bicycles for recreational activities, with major focus on bicycle touring, trekking, and mountain biking, among others. Innovations in materials used to build bicycles have led to lighter and robust bicycles, ensuring longer travel ranges and durability.
“Growing use and strong demand for electric bicycles is estimated to boost the growth of the global bicycle market in the coming years. Government investments on bicycle promotion projects and schemes are estimated to benefit market growth,” says a PMR analyst.
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The COVID-19 Impact
The flourishing bicycle market is witnessing a strong growth stall due to solid disruptions in the manufacturing and supply of bicycle and bicycle accessories amid the global COVID-19 outbreak. Social distancing norms and stay-at-home orders continue to impose restrictions on travel as well as outdoor exercising, which is directly hampering the value pool of the mobility industry, including the bicycle market. Electric bicycle sales are prominently limited owing to several supply chain challenges and manufacturing delays. Non-Chinese bicycle brands must now leverage these trying times as an opportunity to strengthen their global market positioning as Chinese brand alternatives. Agile bicycle manufacturing and digital supply chains will be the top trends adopted by leading bicycle companies in the post-COVID-19 era, as suggested by PMR’s analysis.
Bicycle Market: Competitive Landscape
The bicycle market is moderately consolidated. Tier one players hold around 15% share, whereas, tier two players hold the lion’s share in the global bicycle market. In developed regions such as North America and Europe, organized or tier-1 and tier-2 players hold prominent shares. Upgradation of operational bases and expansion of product portfolios in order to gain a competition advantage over tier-3 players has been the main strategy of key players in the global bicycle market.
Road, mountain, and electric bicycles are mostly preferred by various end users. With an increase in trekking and cycling activities, the kids bicycle segment is anticipated to expand at a high rate in the coming years. Bicycle use eliminates dependency on fueled vehicles, and this factor is expected to directly impact the growth of the global bicycle market. China, being the largest manufacturer of bicycles, and South Asia & Pacific, are expected to emerge as relatively attractive markets in terms of value and growth by the end of the forecast period of 2020 to 2030.
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About the Report
The research report analyzes the total sales of bicycles on the basis of volume (000’ units) and value (US$ Mn), with the market being bifurcated according to product, technology, price, end user, and region. The market is projected on the basis of factors such as GDP growth, government subsidies, and schemes, as well as growing urbanization. The scope of the research report includes new sales of bicycles, owing to the need of greener vehicles, increasing public bicycle rental programs, and rising health consciousness among consumers.
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