The bicycle market has experienced steady growth in recent years. A bicycle is a pedal-driven human-powered vehicle with two wheels attached to a frame, one behind the other. Bicycles provide a low-cost, non-motorized and eco-friendly mode of transportation. They are used for both recreational and functional purposes like commuting to workplaces and schools. The growing awareness about environmental pollution and health benefits of cycling has propelled the demand for bicycles globally. Bicycles do not emit any greenhouse gases and are a sustainable alternative to motor vehicles in areas with less traffic congestion. They provide physical exercise to users and help promote an active lifestyle.
Key Takeaways
Key players operating in the bicycle market are Giant Bicycle Inc., Samchuly Bicycle Co., Ltd., Atlas Cycles Ltd., Tandem Group plc, Derby Cycle, Merida Industry Co. Ltd., Avon Cycles Ltd., Dorel Industries Inc., Trek Bicycle Corporation, Xiaomi, Accell Group, Zhonglu Co. Ltd., and Tube Investment of India Limited. These companies are investing heavily in research & development to introduce technologically advanced, lightweight yet durable bicycles.
The growing health awareness and rising pollution levels have prompted many consumers to opt for cycling as an eco-friendly mode of daily commute. The increasing sales of electric bicycles catering to users’ need for assisted pedaling further indicates strong demand growth prospects for bicycles globally.
Bicycle Market Trends are focusing on expanding their international presence. Companies are diversifying their product portfolio and customizing bicycle models according to the needs and regulations of different regional markets. The growing bicycle infrastructure including designated lanes, trails and parking spots in various cities is also encouraging global expansion of the bicycle market.
Market drivers
The increasing urbanization and traffic congestion levels in many cities have made cycling an appealing daily commuting option. The growing investments by governments worldwide towards developing dedicated bicycle tracks and lanes are aimed at promoting cycling as a sustainable transportation alternative. Moreover, rising health consciousness and fitness trends have propelled the sales of recreational and sports bicycles for exercise and leisure activities. The cost effectiveness of bicycles compared to fuel-powered vehicles is another key growth driver attracting first-time buyers.
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