APAC to Spearhead Bicycle Market | Report by Product Type, by Application, by End User, by Vendor Type - Global Forecast to 2023
Market Analysis
The global bicycle
market will touch USD 63474.2 million at a 5.02% CAGR between 2018- 2023,
states the recent Market Research Future (MRFR) analysis. Bicycles are of two
types e-bikes and conventional. Owing to its alluring features and benefits, it
has wide applications in transport tools, recreation, and racing. Using
bicycles have plenty of benefits over cars, such as less congestion and less
traffic, less pollution, and less wear and tear. It also offers several health
benefits such as management or prevention of disease, decreased levels of body
fat, strengthened bones, improved coordination, and posture, decreased stress
levels, improved joint mobility, increased flexibility and muscle strength, and
increased cardiovascular fitness.
Various factors are
propelling the global bicycle market growth. According to the recent MRFR
report, such factors include growing adoption of cycling as a form of leisure,
awareness about the health benefits of cycling, save time, limited parking
space, growing traffic congestions, growing incidences of chronic diseases like
diabetes, obesity, and CVDs, growing penetration of e-bikes, rise in online
platforms that offers dockless bicycle-sharing systems. Besides, the growing
demand for hybrid bicycles and e bicycles during the COVID-19 pandemic is also
adding electric bicycle market growth.
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Market Segmentation
The MRFR report
highlights an inclusive segmental analysis of the global bicycle market based
on application and type.
By type, the global
bicycle market is segmented into conventional bikes and e-bikes. Of these, conventional
bikes will lead the market over the forecast period. While the e-bikes segment
is likely to grow at a 5.94% CAGR.
By application, the
global bicycle market is segmented into transport tools, recreation, and
racing. Of these, the recreation segment will dominate the market over the
forecast period. It is predicted to touch USD 36,832.4 million by 2023, while
the transportation tools segment is predicted to grow at 5.38% CAGR.
By region, the global
bicycle market covers the growth opportunities and recent trends across Europe,
North America, the Asia Pacific (APAC), & the Rest of the World (RoW). Of
these, the APAC region will spearhead the market over the forecast period. It
is likely to grow at a 5.74% CAGR. Growing population, consolidation of key
players, improved living standards, lowest accident rates, and growing per
capita income are adding to the global bicycle market growth in the
region.
In Europe, the global
bicycle market is predicted to have the second-largest share over the forecast
period. Rising health consciousness, ongoing trend of adventure sports,
presence of ideal cities for bicycle commutation, organization of popular
bicycling events, rolling out of infrastructure to encourage and support
bicycle commutation, and growing popularity of e-bike tourism are adding to the
global bicycle market growth in the region. Germany has the utmost share in the
market.
In North America, the
global bicycle market is predicted to have healthy growth over the forecast
period. It is likely to grow at a 4.15% CAGR by 2023. Demand for e-bikes,
increased urbanization, and desire for alternative mobility is adding to the
global bicycle market growth in the region.
In the RoW, the global
bicycle market is predicted to have sound growth over the forecast period. It
is likely to grow at a 4.63% CAGR by 2023.
Competitive Dashboard
Key contenders profiled
in the global bicycle market report include NYCeWheels Inc, Tianjin Fuji-ta
Group Co., Ltd, Hero Cycles Limited, Avon Cycles, Specialized Bicycle
Components, Trek Bicycle Corporation, Moustache Bikes, Easy Motion USA,
F.I.V.E. Bianchi SpA, Merida, Tube Investments of India Limited, Accell Group,
Derby Cycle, Cannondale, and Giant Bicycles.
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Key Questions
Addressed by the Report
- What was the historic market size?
- Which segmentation (Product/
Capacity) is driving market?
- What will be the growth rate?
- How are the key players in this
market?
- What are the strategies adopted by
key players?
TABLE OF
CONTENTS
1 EXECUTIVE
SUMMARY
2 SCOPE OF
THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET
LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN
ANALYSIS
4 MARKET
DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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