Technavio identifies the increasing demand for premium bicycles as one of the major factors driving the growth of the bicycle carbon frames market. The demand for premium bicycles is increasing across the world, especially in developing countries such as China and India. This can be attributed to the rising disposable incomes and growing affinity toward adventure cycling among enthusiasts.
The growing demand for premium bicycles is encouraging bicycle manufacturers to introduce advanced technologies and modern designs by using high-end materials such as carbon fiber to enhance comfort and durability. Thus, the rising demand for premium bicycles is expected to foster the growth of the bicycle carbon frames market during the forecast period.
In 2020, APAC accounted for about 42% of the global market share, and the region is expected to continue its dominance during the forecast period. The increasing youth population in India is one of the key factors driving the market growth. Also, the increasing popularity of various sports tournaments such as road bicycle racing and mountain bike racing in countries such as India, Sri Lanka, China, and Pakistan is contributing to the growth of the bicycle carbon frames market in APAC.
Similarly, based on the application, the market generated maximum revenue from the manual bicycles segment in 2020. The growth of the segment can be attributed to the affordable prices and easy-to-use functions of manual bicycles. In addition, the rising demand for lightweight and durable manual bicycles is supporting the growth of the segment.
Although the bicycle carbon frames market is expected to record a healthy growth during the forecast period, high costs associated with bicycle carbon frames and the risk of failure of bicycle carbon frames might reduce the growth opportunities for market participants. This report on the bicycle carbon frames market will help businesses become better equipped, make informed decisions, and develop effective strategies to improve their market positions.
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