The Global Market for Bicycles is Projected to Reach US$65.4 Billion by 2022

Growing Concerns for the Environment & the Ensuing Increase in Bicycling Spurs Growth in the Bicycles Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Bicycles market. The global market for Bicycles is projected to reach US$65.4 billion by 2022, driven by the growing ardour for environmentalism and the resulting rise in adoption of cycling by self-proclaimed environmentalists; and rise in cycling for health and well-being.

Mobility is the innate character of human beings and is being achieved through public transportation, bicycles and automobiles. In the wake of environment conservation, bicycles and public transportation systems are gaining preference across the globe. Factors such as health benefits, convenience, and affordability make cycling a good option for urban transportation, which aids in reducing energy usage and CO2 emissions across the globe. Cycling has the potential to have a major positive impact on the future of the world, saving trillions of dollars in the next few decades and substantially improving the quality of life for global urbanized population. For addressing the growing risk of climate change across the globe, suitable actions are being taken at the national and International levels, and countries are making specific commitments regarding cycling, especially infrastructure investment and mode sharing targets. The market is also benefiting from technological and design advancements in bicycle frames, suspension, tires, wireless gear shifting, and material innovations, among others.

Development in the bicycle industry is also driven by the increasing emphasis on health resulting in the rapid adoption of cycling as a popular mode of exercise on par with aerobics and yoga. In countries such as China, India and other South East Asian countries, bicycle is the primary mode of transportation for millions of people. Japan is also one of the major markets as traffic congestion, affordability, and easy maneuverability make bicycles popular in this country. In Europe, while older users tend to use bicycles, especially electric powered bicycles as a means of local transportation, younger people utilize bicycles for recreation purposes such as cross-country biking and endurance cycling. Governments across the world are investing in bicycle promotion projects and policies. Australia, Germany and the Netherlands have government-sponsored network of bicycle paths and trails. Availability of discounted bikes under ‘cycle-to-work’ schemes in the UK stands out as an example that exemplifies the important role played by the government in boosting cycle sales. In Japan, corporates offer higher allowances for bicycle commuting employees than automobile commuters. In the United States, federal funds are generously earmarked for the development of bicycle-friendly infrastructure. Bike sharing, a latest urban development, allows people to rent a bicycle owned publicly from a bike sharing station, make use of the bike by paying rent for per time usage, and return the bike to any station that is operated under the same system, thereby facilitating point-to-point trips.

As stated by the new market research report on Bicycles, Asia-Pacific represents the largest and the fastest growing market, waxing at a CAGR of 7% over the analysis period. Accounting for over two-third of the world bicycle production, China has emerged as the manufacturing hub for various types of bicycles, including e-bikes. Apart from being the leading producer, China is also the dominant exporter of bicycles, with Europe, North America and Asia being the key destinations. Expanding middle class population, growing disposable incomes & popularity of cycling, traffic congestion, improving bicycle infrastructure, and government policies favoring cycling are few factors fuelling growth in Asia.

Major players covered in the report include Accell Group, Winora Staiger GmbH, Raleigh UK Ltd., Currie Technologies, Amer Sports Corp., Atlas Cycles (Haryana) Ltd., Avon Cycles Ltd., Bhogal Group, Campagnolo S.r.l, Cycleurope AB, Dorel Industries Inc., Cannondale Bicycle Corp., Pacific Cycle Group, Schwinn Bicycles, Fox Factory Inc., Giant, Hamilton Industries Pvt. Ltd., Hero Cycles Ltd., Huffy Corp., Merida Industry Co., Ltd., Montague Corp., Santa Cruz Bicycles, Shanghai Forever Import & Export Co., Ltd., Shanghai Phoenix Imp. & Exp. Co., Ltd., Shimano, Inc., Specialized Bicycle Components, Inc., SRAM LLC, Tandem Group plc, Trek Bicycle Corp., and TI Cycles of India, among others.

The research report titled "Bicycles: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of trends, issues, and strategic industry activities of major companies worldwide. The report provides market estimates and projections in US dollars for geographic markets such as the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, the Netherlands, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East and Latin American (Brazil and Rest of Latin America) markets. The report also analyzes the global and regional markets for bicycles by product segments such as Mountain Bicycles, Road Bicycles, Hybrid Bicycles, Youth Bicycles, Others Bicycles (includes Comfort Bicycles, Cruiser Bicycles, and Tandem Bicycles among others), and Parts & Accessories. 

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