Global Bicycle Market Is Expected To Rise With A CAGR Of 7.0% By 2028 | Up Market Research

PUNE, India, Oct. 19, 2021 /PRNewswire/ -- According to a recent market study published by Up Market Research titled, "Global Bicycle Market by Product (Road, Mountain, Hybrid), by Technology (Electric, Conventional), by End User (Kids, Men, Women) and Region: Size, Share, Trends and Opportunity Analysis, 2018-2028", As per the study the market was worth USD 54.44 trillion. The market is expected to grow at 7.0% compound annual growth rate (CAGR), between 2021 and 2028. This is expected to be driven by a rise in bicycling as a leisure activity. Market expansion will be driven by the growing popularity of bicycles as a convenient way to exercise and prevent obesity.

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Key Market Players Profiled in the Report

• SCOTT Sports SA
• Atlas Cycles (Haryana) Ltd
• Merida Industry Co Ltd
• Accell Group
• Specialized Bicycle Components Inc
• Dorel Industries Inc
• Trek Bicycle Corporation
• Cervelo
• Avon Cycles Ltd
• Giant Bicycles

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This report also includes a complete analysis of industry players that cover their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.

Highlights on the segments of the Bicycle Market

Based on Product, the market is divided into Mountain, Hybrid, and Road. The 'Road bicycles' accounted for 41.1% of the total revenue in 2020, and will continue to dominate the forecast period. In the future, the segment will see a rise in customization of road bikes for specific purposes. The mountain bike segment is expected to expand significantly in the future, with consumers, especially millennials, continuing to choose mountain biking as a form both of adventure and leisure.

On the basis of Technology, the market is divided into Electric and Conventional. In 2020, 85.2% of the revenue came from the conventional segment. This market share is expected to continue over the forecast period. Many factors contribute to the high market share, including lower maintenance and repair costs for conventional bicycles compared with electric bikes. Electric bicycles will be the fastest-growing segment, growing at a CAGR exceeding 8% during the forecast period. They are simple to use and easy to maintain. The electric bicycles are also more efficient than their traditional counterparts and can travel faster.

Based on End User, the market is divided into Men, Women, and Kids. In 2020, the market share for men was 45.0%. This segment is expected to grow rapidly over the forecast period, as more men are riding bikes than kids and women. In the past, men have been more likely to use bicycles for commute than women. Bicycling has seen a surge in participation by women over the last few years. The women segment is expected to grow steadily. The forecast period will see it grow at a CAGR exceeding 6.8%.

On the basis of Regions, the market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific was the dominant segment with a revenue share of 33% and above in 2020. It is expected to grow at a CAGR exceeding 8.0% over the next years. Many countries, including Japan, China, and Singapore, are keen to develop the infrastructure needed to support and encourage bicycle commuting. Europe is forecast to experience significant growth during the forecast period. Some European cities are ideal for cycling commutes. Europe hosts some of the most popular cycling events such as Tour de France or Ronde van Vlaanderen. European countries, such as France, Belgium, Denmark and Italy are actively promoting bicycle commuting and contributing to the development of the regional market.

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Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Bicycle Market

Read 249 Pages Research Report with Detailed ToC on "Global Bicycle Market by Product (Road, Mountain, Hybrid), by Technology (Electric, Conventional), by End User (Kids, Men, Women) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028"

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Segments Covered in the Report

The global Bicycle market has been segmented based on

By Product

• Road
• Mountain
• Hybrid

By Technology

• Electric
• Conventional

By End User

• Kids
• Men
• Women

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

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• Global Junior Bikes MarketBy Types (Mountain Bikes, Road Bikes, and Others), End-users (Boys, Girls, and Others), Wheel Sizes (Less than 12 inch, 12 inch -14 inch, 14 inch - 16 inch, 16 inch -18 inch, 18 inch - 20 inch, 20 inch - 24 inch, and Others), and Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa)
• Global Electric Motorcycle Marketby Type (Electric Motorcycle, Electric Scooter), By Application (<14 yrs, 14-35 yrs, 36-60 yrs, >60 yrs) And By Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

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