The global bicycle market size is poised to grow by USD 10.5 billion during 2020-2024, progressing at a CAGR of almost 4% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Bicycle Market 2020-2024 (Graphic: Business Wire)
The health, environmental, and economic benefits of cycling will be a significant factor driving the growth of the bicycle market. Regular physical activity such as riding a bicycle can help in reducing the risk of various health issues, including cardiovascular diseases, obesity, mental illness, cancer, diabetes, and arthritis. Cycling also helps in reducing and controlling weight by building muscle and burning body fat. Bicycles are highly economical and do not involve fuel, insurance, and maintenance costs. Moreover, bicycles are environmentally sustainable and do not contribute to air pollution, noise pollution, and GCG emissions. These benefits of bicycles will boost its adoption among end-users and consequently fuel the growth of the market during the forecast period.
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The major bicycle market growth came from the on-road and track bicycles segment. On-road bicycles offer high comfort, which makes it ideal for traveling long distances while touring cities. Track bicycles are optimized for racing on outdoor tracks or velodromes. Hence, with the growth in cycling tourism and velodrome events, the demand for on-road and track bicycles will also grow during the forecast period. However, market growth in this segment will be slower than the growth of the market in the x-road and hybrid bicycles segment.
APAC was the largest market for bicycles in 2019, and the region will offer the maximum growth opportunities to market vendors during the forecast period. The increasing health consciousness, growing environmental concerns regarding CO2 emissions, rising urbanization and traffic congestion, and growing use for personal transportation will fuel the bicycle market growth in this region.
The global bicycle market is fragmented. Accell Group NV, Atlas Cycles (Haryana) Ltd., Derby Cycle Holding GmbH, Dorel Industries Inc., Giant Manufacturing Co. Ltd., GUANGDONG TANDEM INDUSTRIES Co. Ltd., Insera Sena. PT., Merida Industry Co. Ltd., Tandem Group Plc, and Trek Bicycle Corp. are some of the major market participants. To help clients improve their market position, this bicycle market forecast report provides a detailed analysis of the market leaders.
As the business impact of COVID-19 spreads, the global bicycle market 2020-2024 is expected to have Negative and Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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