The Latin America, Middle East and Africa Bicycle Market would witness market growth of 9.0% CAGR during the forecast period (2021-2027).
Consumers can now ride, while, maintaining social distance, and satisfying their social interaction needs among like-minded individuals, family, and friends. Consumers are also demanding distinct and enhanced experiences while maintaining their physical and mental wellbeing. Cycling satisfies this requirement by offering a healthy and safe exercise to people. Due to this, consumers would place a high value on cycling along with its intellectual, emotional, mental, and physical benefits. Cycling is becoming safer, socially acceptable, convenient, a reliable mode of personal mobility, more people are being encouraged to utilize a bicycle as their day-to-day commute.
Over the long term, the market analyzed is likely to be driven by an expanding number of cycling events as well as favorable government and employer initiatives. Moreover, different regulatory bodies in numerous countries encourage road racing, touring, and leisure cycling, as well as track racing, off-road racing, and mountain cycling events. These factors would significantly shift consumers' interest toward cycling in order to participate in such events
The growing import volume for bikes in various countries such as Argentina and Columbia is driving the South American market. This is anticipated to boost the consumption rate of bicycles in the region. According to data provided by the Dutch Ministry of Foreign Affairs, 22.13 million bicycles were imported into Argentina in 2018, up from 17.09 million in 2017. To minimize air pollution from four-wheeler carbon emissions, Brazilian customers pick walking and bike paddling as their usual commuting options over cars. This would certainly increase demand for paddle cycles among these customers.
In addition, the growing popularity of folding electric paddle bikes among the general public is also a major factor that is encouraging manufacturers to manufacture new and advanced bicycles, while to bring enhancements in the prevailing technology. Meanwhile, demand for mountain and road bicycles is being fueled by an increase in bicycling competitions being held in nations across Africa, as well as the Middle East. Hence, the growth of the regional market is anticipated to spur during the forecast period.
The Brazil market dominated the LAMEA Bicycle Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $2,812.2 Million by 2027. The Argentina market is anticipated to grow at a CAGR of 9.5% during (2021 - 2027). Additionally, The UAE market would showcase a CAGR of 8.7% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Bicycle Market is Predict to reach $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.
By Technology
By End User
By Distribution Channel
By Product
By Country
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