A
bicycle is a pedal-driven & single-track vehicle. It is an imperishable
sort of transport. It is environment-friendly. It is available at affordable
prices and is healthy as well. It is continue to be the primary means of
transportations for many regions in the world. There are many parts of a
bicycle such as gears, brakes, pedals, wheels and many more that support in the
movement of a bicycle. It can help persons to move from one place to another
without consuming fuel of any form for instance petrol, coal, diesel, and many
more that can cause pollution, thus saving precious natural resources.
According
to study, “Bicycle
Market By Type (e-bikes and conventional bikes), Application (racing,
transportation tools and recreation) and Region (North America, Europe and Asia
Pacific (APAC)) – Global Forecast 2023” the key companies operating in
the bicycle market are Accell Group, Moustache Bikes, Merida, Tianjin Fuji-ta
Group Co., Ltd., Trek Bicycle Corporation, Avon Cycles, Derby Cycle Corp., Hero
Cycles Limited, F.I.V.E. Bianchi SpA, Tube Investments of India Limited,
specialized Bicycle Components, Easy Motion USA, Cannondale Bicycle Corp.,
Atlas Cycles Ltd., Bell Sports Corp., Campagnolo S.r.l, Cycleurope AB, Currie
Technologies Inc., Hamilton Industries Ltd., NYCeWheels Inc., Caloi Inc., Giant
Bicycles Inc.. Key companies are launching innovative bicycles &
accessories, which will lead to a significant market growth.
Based
on type, bicycle market is segmented into road bicycles, all terrain bicycles,
hybrid bicycles, e-bicycles and others. Based on distribution channel, market
is segmented into specialty stores, online channel, sporting goods retailers,
outdoor & toys specialty goods retailers, and others. Based on technology,
market is segmented into conventional and electric. Based on design, market is
segmented into racing bicycles, touring cycles, fixed gear bicycles, and
cruisers. Based on price, market is segmented into low-range price, mid-range
price and premium. Based on gender type, market is segmented into men, women
and kids. The men segment holds major market share due to rise in number of men
opting to use bicycles for short distance trips, because of its easy use, cost
saving for individuals and absence of noise pollution. In addition, based on
application, market is segmented into recreation, racing and transportation
tools.
The
bicycle market is driven by rise in crude oil prices, followed by increase in
popularity of e-bikes among tourists, growth in use of bicycles for
entertainment & leisure purposes, and rise in government initiatives &
stringent emission regulations. However, underdeveloped charging &
aftermarket service infrastructure and high prices of e-bikes & their
batteries may impact the market. Moreover, growth in government initiatives for
the construction of cycle lanes is a key opportunity for market.
Based
on geography, the Asian-Pacific region dominates the bicycle market owing to
growth in popularity of sporting activities and surge in need for controlling
traffic congestion caused by urbanization in the region. The North-American and
European regions are projected to witness higher growth rate due to setup of
public bicycle rental programs and rise in demand of bicycles over the forecast
period. It is expected that the market will be reached at rapid pace on account
of rise in consumer’s health consciousness & fit lifestyle during the
forecast period.
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