Research Nester has released its report titled “Global Bicycles Market: Global Demand Analysis & Opportunity Outlook 2020-2027” that delivers detailed overview of the global bicycles market in terms of market segmentation by product type, demography, end user, distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global bicycles market comprises of four segments which are segmented by product type into mountain bikes, hybrid bikes, road bikes, e-bikes and others, by demography into men, women and kids, by end user into domestic and commercial and by distribution channel into online and offline channel. The market is predicted to grow at a CAGR of around 4.5% over the forecast period (2020-2027).
The growth of the global bicycles market is driven by various factors such as the use of bicycles for entertainment and leisure, absence of any form of pollutants that affect the environment and the benefit of healthy lifestyle that an individual can adopt, owing to physical movement and exertions that would help keep the individual fit and healthy, while at the same time prevent obesity or any form of ailments in an individual. Moreover, growing awareness among individuals globally on health and the consequences of keeping ill-health has led to increasing adoption of bicycles among the global population. The general population is looking for alternative modes of energy that can help curtail their spending on fuel, especially for travelling short-distances which is becoming expensive for individuals. Additionally, the rise in the number of vehicles globally have led to traffic congestion that has led to higher consumption of fuel which is adding to the pollution levels across the globe. All these factors are anticipated to drive the growth of the market over the forecast period.
The global bicycles market is segmented into five major regions comprising of North America, Latin America, Europe, Asia Pacific and Middle East & Africa. The market in Europe is estimated to register high market share, owing to the use of bicycles for recreational activities by individuals. Additionally, they are able to provide individuals with proper fitness in the form of exercises, owing to physical exertions applied by individuals while riding the bicycles. The market in Asia Pacific is estimated to grow at a rapid rate, owing to many governments providing necessary support and infrastructure and encouraging the general population to commute especially for short distances through bicycles.
However, the global bicycles market may suffer some limitations such as the longer time taken for travel for bicycles to reach a destination, difficulty faced in moving comfortably in excessive weather conditions such as monsoon or heat conditions, although the individual may be dressed in proper clothing and gear. Moreover, the bicycles can be easily stolen or lost as compared to four wheeler vehicles. All these factors could act as major restraints to the growth of the market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global bicycles market which includes company profiling of key companies such as Accell Group N.V. (AMS: ACCEL), Dorel Industries, Inc. (TSE: DII.B), Giant Manufacturing Co. Ltd. (TPE: 9921), Merida Industry Co. Ltd. (TPE: 9914), Trek Bicycle Corporation, Derby Cycle AG, Atlas Cycles (Haryana) Ltd. (NSE: ATLASCYCLE), Avon Cycles Ltd., Tube Investments of India Ltd. (NSE: TIINDIA) and Zhonglu Co. Ltd. (SHA: 600818). The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global bicycles market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.