Date: Apr 2022
Bicycle Market worth USD 31,487.3 million by 2030
The Market Statsville Group (MSG) publishes the new report on the "Bicycle Market by Type (Cargo Electric Bike, Non-Cargo Electric Bike, Cargo Nonelectric Bike, and Non-Cargo Nonelectric Bike), by Sales Channel (Online Platforms and Physical Stores), by End-Users (Men, Women, and Kids), by Region – Global Share and Forecast to 2030".
The bicycle market size was valued at USD 21,639.4 million in 2021 and growing at a CAGR of 4.8% to reach USD 31,487.3 million by 2030. One of the major reasons for the increasing demand for bicycle is its low maintenance cost. Bicycles run on simple mechanisms and do not require resources such as fuels and expensive servicing. This makes bicycle a device with minimum maintenance. In addition, bicycle tool kits are available in the market at affordable rates, making repairing easy and inexpensive, thereby boosting the demand for bicycles.
Furthermore, governments of various countries are taking various initiatives to support the adoption of bicycles, which contribute toward the growth of the overall market. For instance, the government launched a Fix Your Bike Voucher Scheme in the UK. In this scheme, the applicant will receive a voucher up to £50 for bike repair. Moreover, the voucher can be used for the bike repair businesses that are registered under this scheme. Thus, all these factors collectively influenced customers to switch to cycling as a means of traveling, thereby augmenting the growth of the bicycle market.
Global Bicycle Market Segmentation
The bicycle market has been segmented into the type, sales channel, end-users, and region.
- By Type (Cargo Electric Bike, Non-Cargo Electric Bike, Cargo Nonelectric Bike, and Non-Cargo Nonelectric Bike)
- By Sales Channel (Online Platforms and Physical Stores)
- By End-Users (Men, Women, and Kids)
- By Region (North America, Europe, Asia Pacific, South America, and Middle East & Africa)
Physical Stores, is estimated to hold the largest market share, by sales channel
On the basis of sales channel, it is bifurcated into online platforms and physical stores. In 2021, the physical stores segment was the highest contributor to the market, with a market share of 64.5% in the global bicycle market. The physical stores are offline stores where customers visit the outlet for procuring goods or services. In addition, consumers prefer to analyze and evaluate the product before purchase, which boosting the sale of bicycle through physical store.
In the physical stores, professionals such as manager, retailer, and sales executives offer personal attention to customers, which helps them to explore and analyze the products. In addition, the professionals resolve queries related to the product immediately. The companies such as Decathlon provide product and services through interaction with professionals and test trials, which increase customer satisfaction by clearing queries immediately. Moreover, major sports brands such as Adidas, Nike, and Puma offer similar services in sports showrooms.
Europe accounts for the largest market share in the bicycle market
Based on the regions, the global bicycle market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, Europe accounted for the highest market share of 39.2% in the global bicycle market. Europe is one of the largest contributors to the bicycle market with Germany, UK, France, Italy, Spain, Russia, the Netherlands, Sweden, and the rest of Europe. In Europe, the demand for bicycles is increasing rapidly, owing to rise in health consciousness among individuals.
In Europe, customer demands for innovation to improve the experience with bicycles. As a result, manufacturers, especially electric bikes, focus on new product launches. Manufacturers are improvisation in internal cabling, SIM-built frame, and road style geometry in bikes. Furthermore, the use of bicycles is increasing in postal services and similar delivery services and commuting to office, which significantly contributes to market growth.
This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the bicycle market. It also consists of the profiles of leading companies such as Accell Group, Giant Bicycles, Merida Industries Co., Ltd., Olympus Bikes, Cervélo, Dorel Industries Inc., Specialized Bicycle Components, Inc., Trek Bicycle Corporation, Scott Sports SA, and Kona Bicycle Company. These market players have focused on acquisitions and expansion to gain a larger market share in the bicycle market.
Browse complete report: https://www.marketstatsville.com/bicycle-market
About Market Statsville Group
Market Statsville Group (MSG) is a business research and consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and intelligent business insights. MSG has experienced research analysts who are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact. Furthermore, Market Statsville Group already benefited more than 1,000 companies each year for their revenue planning. It helped them take their disruptions/innovations early to the market by providing them research ahead of the curve.
MSG has an entire repository of research reports on more than 1,000 niche industries, 3,000 high-growth potentials markets, 5,000 data sets, and more than 12,000 company profiles.
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