NEW YORK, March 4, 2021 /PRNewswire/ -- The high-end bicycle market is expected to grow by USD 4.96 bn during 2020-2024, expanding at a CAGR of almost 6%. The report also throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios. - Get FREE Sample Report within MINUTES
High-End Bicycle Market: Growing disposable income to drive growth
The increasing disposable income makes it easier for consumers to select high-end goods, which enables manufacturers to concentrate on introducing new high-end cycling models on the market. In addition, the rising penetration of the Internet is also inducing vendors to sell their goods via online portals in the untapped market. The e-commerce market is growing at a fast pace, with the cost-effective business model followed by online retailers. For example, online store supply chain management is particularly cost-effective because it reduces the cost of marketing intermediaries, which in turn enables online retailers to sell bicycles at a cheaper price than traditional shops. The rapid growth in e-commerce would therefore have an impact on the growth of the global high-end bicycle industry during the projected period.
As per Technavio, the growing adoption of e-bikes will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
High-End Bicycle Market: Growing adoption of e-bikes
Market vendors are focused on finding ways to implement smart features into their current product set. Most e-bikes are fitted with smart assistance techniques that allow users to attach their smartphones with their bicycles. Argon 18 has also introduced a smart bike to measure muscle oxygenation and lactic acid levels with multiple aerodynamic sensors. These bicycles are also incorporated with ANT+ technology that communicates with a Bluetooth system and allows GPS monitoring. The industry is also witnessing the development of smart bike locks and specialized bicycle-attachable exercise systems. The demand for high-end bikes would grow further with the rising investment in the R&D of new technology.
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High-End Bicycle Market: Segmentation Analysis
This market research report segments the high-end bicycle market by Product (Hybrid bikes, Mountain bikes, Road bikes, Track bikes, and Others), Distribution Channel (Offline and Online), and Geography (North America, Europe, APAC, South America, and MEA).
The North America region led the high-end bicycle market in 2020, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North America region is expected to register the highest incremental growth due to factors such as availability of a large number of vendors and the growing disposable income.
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Some of the key topics covered in the report include:
Market positioning of vendors
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