LONDON–(BUSINESS WIRE)–The global bicycle market size is expected to grow by USD 10.50 billion during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Regular physical activity often protects the body against diseases including heart disease, obesity, mental illness, cancer, diabetes, and arthritis. Riding a bicycle daily helps in keeping the body fit and reduces the risk of health issues associated with a sedentary lifestyle. Bicycles are also environmentally sustainable alternatives to cars and motorcycles as they do not contribute to carbon emissions. In addition, bicycles are less expensive compared to other vehicles such as cars or motorcycles that include high fuel as well as insurance and maintenance costs. Thus, several health, environmental, and economic benefits associated with bicycles are expected to drive the growth of bicycle market during the forecast period.
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As per Technavio, increase in demand for titanium-based bicycles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Bicycle Market: Increase in Demand for Titanium-based Bicycles
Titanium-based bicycles are gaining popularity among customers, particularly among professional riders. These bicycles weigh half and offer double strength when compared to conventional bicycles. High tensile strength, inherent flexibility, and low elastic modulus of titanium further allows the frames of bicycles to stay strong for a longer period. In addition, the stiffness of titanium bicycles makes them suitable for racing as they accelerate quickly and provide improved handling. Furthermore, the stiffness-to-weight ratio of titanium is higher than its counterparts. This further reduces the weight of titanium-based bicycles and helps the riders in moving uphill efficiently. Thus, the increase in demand for titanium-based bicycles, especially among professional riders, is anticipated to have a positive impact on the growth of the market during the forecast period.
“Growing government initiatives to promote cycling, increasing number of bicycle sports events, and rising popularity of bicycle rental services will boost the bicycle market during the forecast period,” says a senior analyst at Technavio.
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Global Bicycle Market: Segmentation Analysis
This market report segments the global bicycle market by distribution channel (offline and online), product (on-road and track bicycles, off-road bicycles, X-road and hybrid bicycles), end-user (adults and children), propulsion (manual bicycles and motor-assisted bicycles), and geography (APAC, Europe, North America, South America, and MEA)
APAC led the bicycle market share in 2019, followed by Europe, North America, South America, and MEA due to key factors including rising urbanization and traffic congestion coupled with the growing environmental concerns to reduce carbon emissions. Countries in APAC are promoting the use of bicycles as a no-carbon and non-motorized mode of transport. This will further drive regional market growth during the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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