The latest data released by Persistence Market Research (PMR) reveals that the global market for bicycle raked in more than US$ 45 Billion 2015 and set to reach US$ 62.39 Billion over 2024. Amongst regions, Asia-Pacific will continue exhibits lucrative market opportunities for bicycle companies during the assessment period.
Increasing prevalence of obesity across the globe and the awareness about health benefits of cycling is identified as a major factor fueling the demand for bicycles in several parts of the world. Moreover, being an eco-friendly transit system bicycle are being promoted by governments in various countries. Also, zero dependency on fuel or any form of electric energy is one of its greatest features that has been driving people to purchase bicycles. This factor is also highlighted in context to the world’s growing concern over depletion of natural resources, therefore, use of bicycle might ease this pressure to some extent. Another major advantage of bicycles is that they do not require too much space and can easily avoid heavy traffic, this, in turn, can also reduce the global vehicle perc. Shot distance commutations are most suitable using bicycles as people cannot cycle for extensively long durations.
As a matter of fact gasoline powered vehicles are far more comfortable and less tiring when it comes to long distance commutation. On the other hand, lack of bicycle tracks in many of the developing countries are limiting their use and has been identified as a major restraining factor of the bicycle market. Some of the key emerging counties are actively focusing on bicycle-friendly road networks and contrast safe and feasible cycling tracks, which can ease traffic congestions.
Over the recent past demand for hybrid bicycles has been significantly high. The segment accounted for over 38% value share in 2016. By the end of forecast period, the particular segment is expected to cross a market valuation of US$ 24 Billion, expanding at 4% CAGR.
In 2015, the cycles for men accounted for a relatively higher sales with 44% share of the market. On the basis of price, the mid-range segment is anticipated to dominate the market in terms of value throughout the forecast period.
By region, the market in APAC is anticipated to hold the top position, accounting for over 63% value share, followed by the markets in Europe and North America respectively. In Asia, China particularly represents a massive market for bicycles the number of E-bikes in the country is anticipated to higher than E-cars.
Some of the leading companies in the global market for bicycle include Merida Industry Co. Ltd., Atlas Cycles Ltd., Giant Bicycle Inc., Tube Investment of India Limited, Samchuly Bicycle Co, Ltd., Tandem Group plc., Zhonglu Co. Ltd., Trek Bicycle Corporation, Accell Group, Derby Cycle, Avon Cycles Ltd., and Dorel Industries Inc.
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