Published Date: 12-May-22
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According to a new report, published by KBV research, The Global Bicycle Market size is expected to reach $93.5 billion by 2027, rising at a market growth of 8.0% CAGR during the forecast period.
The Conventional segment acquired maximum in the Global Bicycle Market by Technology in 2020, thereby, achieving a market value of $71.9 billion by 2027. The rising growth of this segment can be attributed to a number of factors, including the lower cost of repair and maintenance of traditional bicycles in comparison to electric bicycles. Moreover, while bicycling has long been a handy form of transportation, it has recently emerged as a popular recreational and leisure activity, particularly among women. Therefore, the adoption of conventional bicycles is anticipated to increase in the coming years, which would accelerate the growth of this segment.
Women segment is showcasing a CAGR of 8.1% during (2021 - 2027). The growth of the segment is attributed to the advent of women-specific bicycles across the world. This rising number of women that are riding bicycles in order to maintain their fitness is also a key factor that is accelerating the growth of the segment.
The Offline segment is leading the Global Bicycle Market by Distribution Channel 2020, thereby, achieving a market value of $51.4 billion by 2027. Through offline purchasing channels, customers can access a large variety of bicycles, which makes it easier to compare products in order to find out the best-in-class bicycle. Because of the availability of test-drive alternatives, a huge number of consumers are preferring to purchase bicycles from offline channels. Offline businesses also provide personalized/customized purchasing options, allowing customers to select their own bicycle designs and colors.
The Mountain segment has shown a growth rate of 8.2% during (2021 - 2027). Mountain biking continues to be a popular leisure and adventure activity among consumers, particularly among millennials. Additionally, the number of women as well as children participating in sports is gradually increasing, which is increasing the demand for mountain bicycles. Further, the expansion of the segment is likely to be fueled by the emergence of the latest and modern mountain biking circuits, as well as increased media coverage of such events.
North America is the fastest growing region in the Global Bicycle Market by Region in 2020, and would achieve a market value of $25.2 billion by 2027. The Europe market is estimated to witness a CAGR of 7.5% during (2021 - 2027). Additionally, The Asia Pacific market would exhibit a CAGR of 8.6% during (2021 - 2027).
Full Report: https://www.kbvresearch.com/bicycle-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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