According to a report available on Radiant Insights, Inc.; the global bicycle market is expected to develop at a remarkable CAGR over the forecast period (2018 to 2022). Growing health awareness among consumers owing to rising cases of health disorders is anticipated to propel the growth of the market in near future. Bicycles support users in regular exercise and required fitness owing to their manual-driven feature.
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Growing inclination towards cycling as part of leisure and fitness activity is anticipated to impel growth of the market for bicycles in near future. Increasing adoption of bicycle as a regular mean of transportation owing to fitness consciousness is expected to fuel market growth. High demand for bicycles equipped with advanced features such as gears is likely to stimulate growth of the market in the forthcoming years. Growing popularity of mountain biking as a sport is also expected to foster development of the market. Increasing prices of fuels such as petrol and diesel coupled with congestion on roads due to four wheelers are predicted to spur market growth.
Growing requirement for environment-friendly products in consequence of rising air pollution is estimated to impel the global bicycle market. Considering the rising demand, most manufacturers are investing in R&D to design advanced and attractive bicycle models to attract newer consumer base. For instance, Trek Bicycle recently announced the launch of its products in India. The company is likely to offer 34 different models to Indian consumers across mountain, road, and hybrid categories. These bicycle models are expected to be available under premium and super premium segments. In addition, consumers can also choose from a wide range of cycling accessories, parts, merchandise, and riding gears under the brand name Bontrager.
However, increasing cost of manufacturing parts and high demand for fuel driven bikes are expected to hinder growth of the market for bicycles. In addition, unavailability of cycling tracks in most countries owing to saturation of road width can further obstruct market growth over the forecast period.
The worldwide bicycle market can be segregated on the basis of product type, application, and region. Based on product type, the market can be classified into racing, fixed gear, utility, mountain, touring, and cruiser. Based on application, the market can be divided into fitness, racing, transportation, stunts, and mountain biking.
Regional segmentation includes Americas, Europe Middle East and Africa (EMEA), and Asia Pacific (APAC). In Asia Pacific, the bicycle market is expected to witness significant growth over the forecast period on account of increasing adoption of bicycles by commuters. In addition, initiatives by local governments to reduce air and noise pollution due to increasing number of cars can further fuel growth of the regional market in near future.
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In Americas, the market is likely to generate maximum revenue over the forecast period due to growing adoption of advanced bicycles among travelers. In addition, rising engagement of individuals in outdoor recreational activities such as mountain biking and road racing can further spur growth of the bicycle market in the forthcoming years.
In EMEA, the market is likely to exhibit remarkable CAGR owing to growing demand for high-end bicycles among local consumers. Most consumers tend to invest in ultra-high-end and high-end bicycles regardless of economic uncertainty. In addition, new product launches in the coming years are expected to boost growth of the market for bicycles in this region.
Some of the leading companies offering advanced products in the global bicycle market are Hercules, Bianchi, Dorel Industries, Hero Cycles, and Atlas.
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