The Europe Bicycle Market would witness market growth of 7.5% CAGR during the forecast period (2021-2027).
People are spending more time at home, both at work and in their spare time. People are willing to invest more in family extracurricular activities. This factor is allowing people to invest more for themselves. Due to this, people would consider riding as a means in order to adjust to new recreational opportunities as they stay and work closer to home. People would display an increased emphasis on health, wealth preservation, security, wellbeing, and fitness as cycling activities grow more interesting and compelling.
Consumers are becoming increasingly interested in transportation, personal health, utility, and well-being as a result of the efforts of various market players. Consumers are also willing to pay more to meet their mobility, health, wellness, and exercise demands. Previously, a lot of people's disposable income was spent on things like clothes, travel, dining out, as well as entertainment. People who are unable to flee are eager to spend money on things that provide personal delight and involvement. These factors are more likely to rapidly expedite the demand for bicycles among consumers.
The increasing development of the bicycle industry across this region is due to favorable government support for the construction of paddle cycle charging infrastructure in countries including Norway, the United Kingdom, and Germany, which has resulted in an increase in demand for electric bikes in the region. For example, the UK government proposed spending approximately USD 2,000 million in May 2020 to expand cycling and walking infrastructure in the UK. Additionally, rising leisure and outdoor activities trends among the region's population are propelling the market forward.
Moreover, according to the United Kingdom Bicycle Association, bicycle sales climbed by 63 percent year over year between April and June 2020. Bike sales under GBP 1,000 were the best, however, GBP 1,000+ e-bikes also performed well with a sales gain of 150 percent. Moreover, government agencies in European countries touring and leisure cycling, promote road racing, track racing, as well as off-road racing events, such as Cycling Ireland. According to the Irish Sports Council, Sport Ireland's investment in Cycling Ireland surged from EUR 292.5 thousand in 2015 to EUR 440 thousand in 2019, encouraging consumers to participate in a variety of cycling activities across Ireland.
The Germany market dominated the Europe Bicycle Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $5,552.8 Million by 2027. The UK market is experiencing a CAGR of 6.6% during (2021 - 2027). Additionally, The France market would display a CAGR of 8.3% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Bicycle Market Size will Hit $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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