- Growing awareness regarding health benefits of cycling is set to drive notable growth in the market over the forecast period
- Government efforts towards minimization of use of conventional vehicles and fuel is contributing to this growth
- Asia Pacific region is set to hold a prominent share of the market
ALBANY, N.Y., Sept. 2, 2020 /PRNewswire/ -- Over the forecast period of 2020 to 2030, the global bicycle market is set to grow at a healthy compound annual growth rate of 5.5 %, taking the market worth up to a hefty valuation of USD 82 billion by the end of the stated period.
As per TMR, "A number of factors are supporting growth in this market. Some of these are growing focus on health, improvement in technology, and increasing fuel prices. Governments across a number of nations are trying to bring down their carbon footprint, thereby supporting cycling initiatives."
Increasing fuel prices is contributing notably to growth in global bicycle market over the forecast period
Number of countries are trying to reduce carbon footprint and lower the incidence of obesity, other chronic diseases such as CVD and this is set to be a notable growth factor
Governments in these countries are supporting initiatives that lead to these goals in a big way
Number of events related to cycling are on a rise and so is the number of participants in them and this is leading to growth in the market
Technological advancement is paving way for higher demand in the global bicycle market
Explore 231 pages of expansive research, cutting-edge insights, and detailed projections. Analyze and discover the latest developments in the Bicycle Market (Type: Road Bicycle, Mountain Bicycle, Hybrid Bicycle, Touring Bicycle, Fitness Bicycle, Cruiser Bicycle, Cyclocross Bicycle, and Others; Size: XXS, XS, S, M, L, XL, and XXL; Technology: Conventional and Electric; Gear Type: Without Gear and With Gear; Suspension: Front Suspension, Full Suspension, and No Suspension; Price: Low, Medium, and High; End Use: Men, Women, and Kids; and Distribution Channel: Online and Offline) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030 at https://www.transparencymarketresearch.com/bicycle-market.html
Regional Analysis of Global Bicycle Market:
Asia Pacific (APAC) holds a notable share of the market owing to favorable regulations and growing awareness among people regarding fitness
North America is anticipated to account for a prominent share too over the forecast period owing to high adoption rate
Analyze global bicycle market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Competitive Analysis of Global Bicycle Market:
The global bicycle market is marked by a notable degree of competitiveness. It is a natural outcome of presence of a decent number of strong players in the market landscape. Some of these strong players in the market are BMC Switzerland AG, Boardman Bikes Ltd, Cannondale Bicycle Corporation (Cycling Sports Group, Inc.), Firefox Bikes, Fuji Bike Worldwide, Giant Bicycle, SCOTT Sports SA, Shimano Inc., Specialized Bicycle Components, Inc., and Trek Bicycle Corporation. Of the mix of organic and inorganic strategies that players often deploy to stay ahead of the curve, measures such as expansion of geographic reach via key alliances, better marketing initiatives, and new product launches are quite prominent. High product visibility is key to enlarge consumer base.
In its report on the market, Transparency Market Research has provided a deep dive into these growth strategies opted by different market players. Financials and product information (market share, new launches, etc.) is also enumerated in great detail.
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