The Bicycle Industry – Regional Segmentation
The Bicycle Industry has been gaining popularity for decades. It is no longer just a niche market; it is a global trend that has swept the world. The global bicycle market is slated to grow at a rapid pace. Its growth is driven by various factors, such as the increasing use of the bicycle for traveling, increasing government initiatives to boost participation rates, and increased awareness among consumers about health benefits of using bikes.
The growing popularity of cycling events and the influence of celebrities are expected to boost the sales of sports bicycles across the globe. Additionally, the inclination of the consumer toward electric bicycles is expected to boost their demand in the coming years.
Moreover, rising awareness about the environmental impacts of conventional and fossil fuel powered vehicles is also projected to drive the market. Moreover, several governments are enforcing strict emission standards in order to minimize the emissions of carbon dioxide and reduce global warming.
Another factor that is anticipated to drive the bicycle market is the increase in demand for folding bikes. These bicycles are ideal for traveling, especially in urban areas where parking spaces are scarce. Besides, they can be folded and stored in the small space of buildings, public transit systems, or aboard cars, boats, or planes.
In the past, bike makers focused on making bikes to be ridden by children, but today they are made for a wide range of people. They come in many sizes, shapes, and colors and are sold through online stores, physical retail stores, and specialized bike shops.
As a result of these changes in the bicycle market, the manufacturers are investing in new products to meet the growing needs of consumers. These products include E-bikes, children’s bikes, and higher valued sport and performance bicycles.
The bicycle market is a global market with regional segmentation. The region-wise analysis helps in determining the prevailing opportunities for growth and provides an overview of the competitive landscape.
Asia Pacific is the largest regional segment for the bicycle market with a share of over 40% in 2021. The region is primarily dominated by China, India, and Japan. The region is also expected to witness significant growth over the forecast period.
Europe is estimated to account for the second-largest share of the bicycle market in 2021. The region is primarily driven by the growing need to reduce carbon emissions and reduce pollution. Moreover, the region is also experiencing a rise in demand for e-bikes and other alternative means of transportation.
Lastly, North America is a major regional market for the bicycle industry with a share of over 20% in 2021. The region is primarily focused on providing consumers with efficient mobility solutions, as the majority of people in the region are active cyclists.
As the global economy continues to undergo major transformations, the global bicycle market is expected to experience strong growth over the next few years. The market is predicted to be worth USD 65,540.7 Million in 2023 and is projected to expand at a CAGR of 6.0% over the forecast period.