Growing need for economic stability in parallel with changing climate are factors significantly impacting growth of the bicycles market globally. In addition, attributed to various health-related benefits of bicycles has further led to propelling growth of the bicycles market in the coming years. Moreover, bicycles can operate without consumption of oil and gas, which further enables in saving depleting resources.
The global bicycles market is expected to grow at 3.7% CAGR in the span of eight years. With surge in demand from users for trekking, recreational and commuting purposes, the hybrid bicycles will hold major market share in the global market in the coming years. Conventional bicycles will witness relatively high demand in various developing countries due to more population of labor and middle class in the coming years. Whereas, electric bicycles among other types of bicycles will exhibit a significant CAGR, and are likely to gain traction in the global market with integration of sports bikes and e-bikes with mountain. Women bicycle among other end users will grow at 4.3% CAGR in the span of next eight years. Premium among other price ranges will grow at 4.8% CAGR owing to surge in adoption of electric bicycles in the coming years.
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Various trends propelling growth of the global bicycles market include,
- Eco-friendly Commutation:
In sync with the budget affordability, customers in various countries prefer purchasing bicycles. Moreover, compelling need to commute to relatively long distances have propelled demand for bicycles over the years. In addition, striving to preserve natural resources, customers choose to commute on a bicycle. Furthermore, government in various countries have imposed strict regulations to ride bicycle on particular days in order to save environment from surging pollution in parallel with depleting resources. Additionally, majority of the government is increasingly providing bicycles for commuting between metro stations in New Delhi. Such initiatives taken by the government will further propel demand for bicycles in the coming years.
Women among other end users in the global bicycles market will witness 4.3% CAGR in the span of eight years. Whereas, premium ranged bicycles among other prices will grow at 4.8% CAGR owing to surge in adoption of electric bicycles in the global bicycles market in the coming years.
- Health-related Benefits:
Apart from the escape route from the roads loaded with traffic congestions to reach their destination relatively fast, health-related benefits further add to the list of factors fuelling demand for bicycles in the coming years. In addition, attributed to nature-friendly lifestyle is further gaining traction, which is a significant factor likely to drive growth of the global bicycles market in the coming years. Moreover, growing awareness regarding health-related issues and hazards due to obesity globally will further propel growth of the global bicycles market in the span of next eight years.
Conventional bicycles witness relatively high demand in various developing countries. Additionally, owing to relatively low disposable income and surging population of labor and middle class will fuel growth of the global bicycles market in the coming years.
- Regional Analysis:
Asia Pacific among other regions will retain dominance in the global bicycles market in the coming years. Additionally, Asia Pacific will account for 63% market share in 2015, which is attributed to upsurge in adoption of bicycles in countries such as China with established markets for e-bikes. Moreover, Europe will witness a relatively high CAGR, and will account for significant market share in the global bicycles market in the span of next eight years. Whereas, China accounts for 99% market share of the overall bicycles imported in North America bicycle market. Furthermore, North America and Europe accounted for major revenue share, and will grow at 3.9% and 4.9% in the coming years respectively.
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Overall, attributed to various technological changes such as enhanced quality and implementation of sophisticated tools for production is a significant factor fuelling demand for bicycles globally. Moreover, various developing countries are mainly focusing on bicycle –friendly tracks in order to avoid injuries and accidents to the consumers.