The Asia Pacific Bicycle Market would witness market growth of 8.6% CAGR during the forecast period (2021-2027).
The awareness about the significance of a healthy lifestyle is constantly increasing in people. In addition, bicycling on a daily basis can help prevent diseases like obesity. As more individuals turn to bikes as a regular method of exercise, the market is expected to expand. Moreover, people are considering bicycle commutation over short distances in order to save time that can be caused due to the increasing traffic congestion and a lack of parking space, especially in urban cities. Simultaneously, several governments are implementing the infrastructure that is required to facilitate commuting through bicycles, hence encouraging people to use bicycles.
Bicycles can also be used for daily commuting as well as various other activities like exercise, sports, and trekking. In addition, consumers need automobiles that are safer, more comfortable, and ecologically friendly. This is expected to encourage the companies involved to create a variety of novel paddle cycle products. The growth of shared mobility companies has increased demand for these types of daily commute vehicles.
The presence of big production facilities in nations like China, Japan, and India accounts for the majority of the bicycle market of the region. The adoption rate of paddle cycles in Asia is likely to increase as a result of this factor. The different road cycling events organized by the multiple sports governing organizations in the region also contribute to the region's demand for paddle bikes. In addition, there is an increase in the number of fitness events taken place in the developing nations like India and China.
China, Japan, India, Australia, and South Korea are among the region's leading contributors. Moreover, these nations have begun to stage a slew of cycling competitions, which would boost the popularity as well as the demand for sports bicycles.
The China market dominated the Asia Pacific Bicycle Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $9,517.6 Million by 2027. The Japan market is poised to grow at a CAGR of 7.9% during (2021 - 2027). Additionally, The India market would experience a CAGR of 9.3% during (2021 - 2027).
Based on Technology, the market is segmented into Conventional and Electric. Based on End User, the market is segmented into Men, Women, and Kids. Based on Distribution Channel, the market is segmented into Offline, and Online. Based on Product, the market is segmented into Road, Mountain, Hybrid, Cargo, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Bicycle Market is Projected to reach USD 93.5 Billion by 2027, at a CAGR of 8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accell Group, Giant Manufacturing Co. Ltd., Cervélo (Pon Holdings BV), SCOTT Sports SA, Merida Industry Co., Ltd., and Specialized Bicycle Components, Inc.
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