Bicycle Market to Gain Lucrative Prospects Owing to Rise in Demand for Environment-friendly Transportation Options, Notes TMR Report

- Surge in adoption of bicycles in several urban areas and increase in number of bicycle rideshare programs globally are creating business prospects in the global bicycle market

- E-bicycles are emerging as one of the popular products in order to address the issue of rising fuel prices

ALBANY, N.Y., Feb. 25, 2022 /PRNewswire/ -- The global bicycle market is projected to register growth at a CAGR of 5.5% during the forecast period of 2020 to 2030, according to analysts at Transparency Market Research (TMR). Moreover, the market is prognosticated to gain a valuation of US$ 82 Bn by 2030.

Government authorities of several nations across the globe are taking initiatives to encourage people to increase the use of bicycles. For instance, many countries globally are advancing their bicycling infrastructure by creating dedicated bicycling lanes. In addition, development of new road signs for bicyclists, additional parking space for bicycles, traffic lights, and isolated biking lanes are some of the key initiatives that are promoting the use of bicycles. Moreover, governments are executing different pilot programs in many cities globally in order to study the impact of bicycle infrastructure and lanes on the traffics across the cities, according to TMR report on the global bicycle market.

Companies operating in the global bicycle market are increasing investments toward the development of technologically advanced products. Moreover, many enterprises are focusing on advancing the quality of their products by introducing new features, improving rider comfort, and advancing overall performance of bicycles. Such efforts are creating sales growth in the global bicycle market.

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Bicycle Market: Key Findings

• Demand for bicycles is being increasing across many cities from developing and developed nations around the world owing to rise in awareness about many advantages they offer. Furthermore, surge in the number of self-identified bicyclists globally and increase in availability of a wide range of bicycle types are creating revenue-generation opportunities in the global bicycle market.
• Electric bicycles are gaining immense popularity due to their ability of offer increased levels of comfort and cost-efficiency. Moreover, there has been rise in the sales of these products, as they are being increasingly seen as an environment-friendly option for transportation, notes TMR report on the global bicycle market.
• Players operating in the bicycle market are anticipated to observe rise in the demand for road and mountain bicycles, owing to surge in awareness pertaining to health advantages of these products such as improved muscle strength, flexibility, cardiovascular fitness, decreased stress levels, advanced joint mobility, improved coordination and posture, lowered body fat levels, and strengthened bones

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Bicycle Market: Growth Boosters

• Rise in inclination among people toward the use of environment-friendly transportation system options is driving the sales growth in the bicycle market
• Growing awareness about health benefits of using bicycles is propelling the bicycle market

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Bicycle Market: Regional Analysis

• Asia Pacific holds major share of the growth of the bicycle market, owing to rise in health awareness among regional population and increase in participation of this population base to maintain a healthy lifestyle. The Asia Pacific market is estimated to expand during the forecast period, owing to growing initiatives of regional governments to support the bicycle manufacturing plants.
• The bicycle market in North America is likely to observe promising business prospects in the upcoming years due to rise in demand for the product with increased understanding on importance of healthy lifestyle

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Bicycle Market: Key Players

Some of the key players profiled in the report are:

• Boardman Bikes Ltd
• BMC Switzerland AG
• Firefox Bikes
• Cannondale Bicycle Corporation (Cycling Sports Group, Inc.)
• Giant Bicycle
• Fuji Bike Worldwide
• Shimano Inc.
• SCOTT Sports SA
• Trek Bicycle Corporation
• Specialized Bicycle Components, Inc.

Bicycle Market Segmentation

Type

• Road Bicycle
• Mountain Bicycle
• Hybrid Bicycle
• Touring Bicycle
• Fitness Bicycle
• Cruiser Bicycle
• Cyclocross Bicycle
• Others

Size

• XXS
• XS
• S
• M
• L
• XL
• XXL

Technology

• Conventional
• Electric

Gear Type

• With Gear
• Without Gear

Suspension

• Front Suspension
• Full Suspension
• No Suspension

Price

• Low
• Medium
• High

End Use

• Men
• Women
• Kids

Distribution Channel

• Online
• o e-Commerce Websites
• o Company-owned Website
• Offline
• o Multi Brand Stores
• o Specialty Stores
• Others

Region

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

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