Global Bicycle Market 2018-2022
Bicycles, also called as bikes, are a two-wheeler vehicle that is an eco-friendly and inexpensive way of commute. Manual pedal bicycles do not require any external fuel or supply source whereas electric-driven bicycles (with 250W motor) are assisted by electric power and have the option to be manually pedaled.
Technavio’s analysts forecast the global bicycle market to grow to USD 44.40 billion during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global bicycle market for 2018-2022. To calculate the market size, the report considers the scope includes the retail sales of manual, human-powered two wheeled pedal, bicycles and motor-assisted bicycles, with only electric bikes (e-bikes) that have maximum of 250W motors fitted-in it to exceed not more than 25 km per hour.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Bicycle Market 2018-2022
Technavio recognizes the following companies as the key players in the global bicycle market: Accell Group, Dorel Industries, Giant Bicycle, GUANGDONG TANDEM INDUSTRIES, ,Insera Sena, and MERIDA
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is technological advances in bicycles industry. There has been an immense evolution in the bicycle industry. The key competitors are launching innovative bicycles and accessories, which will lead to significant market growth. Technological developments have been witnessed in bicycle lights because these lights increase visibility range of the riders, enhancing safety.”
According to the report, one of the major drivers for this market is Consumer’s shifting preference toward cycling as a sport, leisure, and cardio activity. The major factors increasing the popularity of cycling are increased awareness about the personal health and environmental benefits it provides. Cycling has increasingly been gaining the urban populace’s interest. Urbanization is also playing an important role because cities are getting more crowded; therefore, increase in traffic jams is another factor resulting in the growth of cycling. High-end bicycles are also gaining increasing popularity among sports enthusiasts because of the quality of the material used as well as the components that are of superior quality compared to mass bicycles.
Further, the report states that one of the major factors hindering the growth of this market is Greater availability and increasing market of refurbished bicycles. Refurbished and used bicycles are increasingly sold through online and offline stores. The high cost associated with innovative featured bikes might drive the mass customers toward a refurbished bike. Multiple second-hand bike competitors provide a warranty to their customers. This adds to the demand of such bikes from customers, resulting in minimum profit margin for key competitors. eBay, craigslist, SecondhandBikes.com, OLX India, Quikr India are the major players who cater to the marketing and sales of used and refurbished bikes.
Accell Group, Dorel Industries, Giant Bicycle, GUANGDONG TANDEM INDUSTRIES, ,Insera Sena, and MERIDA
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