The global bicycle market is a large and diverse industry that includes a wide range of products such as bicycles, e-bikes, cycling apparel, accessories, and components. The market is driven by a growing interest in health and fitness, as well as an increased awareness of the environmental benefits of cycling.
According to a PMR, the global bicycle market size was valued at USD 52.8 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.5% from 2021 to 2028. The report notes that the increasing popularity of e-bikes is one of the major factors driving market growth.
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The market is highly competitive, with a large number of players including established brands such as Trek, Specialized, Giant, and Cannondale, as well as new entrants offering innovative designs and technologies. The market is also highly fragmented, with a large number of small and medium-sized players operating in various regions around the world.
North America and Europe are the largest markets for bicycles, but the Asia Pacific region is expected to see the highest growth rate over the forecast period, driven by increasing urbanization, rising disposable incomes, and government initiatives to promote cycling.
Overall, the bicycle market is expected to continue to grow as consumers seek sustainable transportation options and pursue healthy lifestyles.