Green Transportation Initiatives and E-Bike Surge Fuel Industry Expansion
The global bicycle market, valued at US$42.4 billion in 2018, is set to experience a momentous transformation, projected to reach a staggering US$100.8 billion by 2026, boasting an impressive CAGR of 12.7% during the forecast period from 2021 to 2026. Several key findings and trends are shaping the landscape of this thriving industry.
Key Report Highlights
- Exceeding the US$100 Billion Mark: Global bicycle sales are expected to soar beyond the US$100 billion mark in 2026, reflecting the growing popularity of bicycles as a preferred mode of transportation and recreation worldwide.
- Environmental Concerns Drive Demand: Increasing concerns about the environmental footprint of conventional transportation methods are propelling the demand for bicycles as a sustainable and eco-friendly alternative.
- E-Bike Revolution: The surge in e-bikes, offering electric bicycle variants, is a significant driver of growth in the bicycle industry, catering to a wide range of consumers seeking efficient and versatile commuting options.
- Europes Prime Position: Europe, with its superior cycling infrastructure and supportive regulations, is at the forefront of the global bicycle market. Government legislation and subsidies for e-bike adoption contribute to its dominance.
- Asia Pacific Accelerates in Electric Bicycles: Asia Pacific is witnessing the rapid acceleration of electric bicycles, with increasing production facilities and low manufacturing costs attracting investors and boosting the regions bicycle market.
Market Analysis in Brief
The global bicycle market is experiencing a surge in demand, fueled by the growing preference for clean and green transportation options. E-bikes, electric bicycle variants, sports bicycles, road and mountain bikes, and hybrid bikes are expanding the market offerings. Governments and consumers alike are embracing bicycles as both a sustainable mobility solution and a healthier lifestyle choice. In fact, the World Health Organization has called for doubling bicycle usage by 2030, recognizing its potential as an equal mode of transport.
Growth Drivers
Healthier Lifestyle Choice: The increasing prevalence of chronic diseases and rising traffic congestion are driving individuals around the world to adopt bicycles for a healthier life. Governments are also taking steps to reduce carbon emissions from vehicles, leading to improved bicycle infrastructure.
Advancements in Material Science: Technological advancements in material science enable the production of ultra-lightweight bicycles, enhancing their performance and appeal to consumers seeking high-quality options.
Challenges
Unsupportive Regulations for E-Bikes: Diverse and sometimes unsupportive government regulations related to e-bikes can impact market demand. Changes in regulations, such as speed limits and motor power, can affect the sale of e-bikes.
Regional Growth Opportunities
Europe Leads in E-Bikes: European countries like Germany, Denmark, and the Netherlands have well-established cycling infrastructure and government incentives for e-bike adoption. These factors have contributed to a significant increase in e-bike sales in the region.
Asia Pacifics Manufacturing Potential: Asia Pacifics expansion of manufacturing facilities, particularly in the automotive, construction, and oil and gas industries, is driving the electric bicycle market. Low manufacturing costs in the region attract investors, bolstering the overall bicycle market.
Competition Landscape
The global bicycle market features a diverse mix of multinational companies, including Accell Group, Dorel Industries Inc., Giant Bicycles, Merida Industry Co., Ltd, and Trek Bicycle Corporation. These industry leaders face competition from regional players with strong influence. The markets focus is on interoperability integration, poised to become the next competitive trend.
Browse Global Bicycle Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021-2026 – [2023 UPDATE Available – Forecast 2023-2030*] (By Product Coverage, By Technology Coverage, By End-Use Coverage, By Distribution Coverage By Geography, By Company) : https://www.fairfieldmarketresearch.com/report/bicycle-market
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This press release first seen on Brilad
COMTEX_440946140/2840/2023-09-26T01:54:39
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Smart Herald journalist was involved in the writing and production of this article.