The Global Market for Bicycles is Projected to Reach US$68 Billion by 2024

Push for Cycling as a Green Mode of Transport and Massive Increase in Popularity of e-Bikes Spur Growth in the Global 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$68 billion by 2024, driven by massive increase in popularity of e-bikes, rapidly growing bike sharing systems, rise in cycling for health and well-being, and realization of environmental benefits of this mode of transport.

Cycling essays a vital role in facilitating personnel mobility, an innate character of human beings, which is being achieved through public transportation, bicycles and automobiles. Growing consumer inclination towards maintaining a healthy lifestyle, technological advancements, new product introductions, the environmental benefits of cycling, and government initiatives are major factors fueling global demand for bicycles. Cycling as a form of recreation and exercise is gaining widespread popularity, thanks to the health benefits the leisure-time activity provides in terms of improving overall fitness and endurance. In countries such as China, India and other South East Asian countries, bicycle is the primary mode of transportation for millions of people. 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.

Emergence and rising demand for folding electric bicycles, and increasing focus on aesthetics and safety features of bicycles are some of the trends impacting the market. Innovations such as electronic shifting, disc brakes, and wide range of gearing considerably have changed the riding experience for riders. The market is also benefiting from technological and design advancements in bicycle frames, suspension, tires, and material innovations, among others. Hybrid bicycle, gaining popularity amongst different age groups owing to several benefits it offers in terms of usability, comfort and stability, represents the largest product segment in the global bicycles market. 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 6.7% over the analysis period. Growth in the region is underpinned by rising disposable income levels, especially in countries such as South Korea, Australia, India, and China. The sport is gaining rising attention from fitness and adventure enthusiasts and bikers in India, mainly due to changing lifestyles, and growing mountain biking tourism in the country.

Major players in the market include Accell Group N. V., Currie Technologies®, Raleigh Ltd., Winora Staiger GmbH, Amer Sports Corp., Atlas Cycles (Haryana) Ltd., Avon Cycles Ltd., 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., M S Bhogal and Sons, 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, TI Cycles of India, and Trek Bicycle Corp., 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, Other Bicycles (includes Comfort Bicycles, Cruiser Bicycles, and Tandem Bicycles among others), and Parts & Accessories.

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