- Many factors are leading to increased adoption of bicycles, which is driving market growth.
- The use of bicycles suffer from some limitations, which may hamper market growth.
- The men segment, falling under demography segment, is anticipated to hold the largest market share.
Research Nester released a report titled “Global Bicycles Market: Global Demand Analysis & Opportunity Outlook 2027” which 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 is anticipated to grow at a CAGR of around 4.5% over the forecast period (2020-2027), owing to growing health and fitness related awareness among individuals which are encouraging the adoption of bicycles as an alternative environmental friendly alternative.
The increase in emission of harmful pollutants such as carbon-monoxide and other pollutants has led to an alarming increase in illnesses among individuals such as cancer and other respiratory and cardiovascular diseases affecting human lives. The usage of trucks have led to emission of carbon-monoxide and other pollutants. Respiratory and cardiac diseases, including cancer are some of the common illnesses that are on the rise, owing to high levels of pollution taking place in urban areas.
Moreover, traffic congestion due to the growing number of vehicles entering the market have led to higher consumption of fuel that has caused increasing expenditure for individuals coupled with poisonous gases being emitted in the air. All these factors have encouraged the individuals to adopt environment friendly vehicles such as bicycles for covering short distances without causing any pollution which is helping them to stay fit and healthy owing to physical exertion through bicycle movements.
However, the use of bicycles suffer from some limitations such as the time taken to travel unlike fuel based vehicles that can travel faster, inability to travel smoothly in extreme weather conditions especially during excessive heat and monsoon periods. Moreover, they are not suited for long distance travel on a regular basis and they are unsafe and can be easily stolen as compared to four wheeler vehicles due to their light weight.
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The global bicycles market is segmented into product type, demography, end user and distribution channel, out of which the men segment falling under demography segment is anticipated to hold the largest market share, owing to growing number of men preferring use of bicycles for short distance travel, as it is simple to use, free from noise pollution and helps in saving costs for individuals.
Additionally, introduction of bike sharing system has helped the individuals to adopt bicycles for covering short distance travel, owing to growing number of smartphone users who can unlock the bicycle using their app and ride on these bicycles for their short distance travel and cheaper mode of transport available to individuals, as compared to traditional fuel based vehicles.
This report also provides the existing competitive scenario of some of the key players of the bicycles market 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.