The global bicycle market is anticipated to witness substantial growth in coming years owing to increasing use of bicycles in trekking and other adventurous activities. Bicycle is a common mode of transport in rural areas across the world. Growing concerns regarding health among consumers attributed to rising air pollution is anticipated to increase adoption of bicycles in urban areas. Widespread use of four wheelers for transportation has resulted in increased air pollution due to release of harmful emissions. Shifting consumer preference for green mode of transportation can reduce air pollution and improve living conditions.
Increasing use of advanced bikes among participants in triathlon can propel demand for gear equipped cycles to enhance speed when required. Increasing adoption of cycling as an effective way to exercise and maintain body weight can also impel market growth. Rising cases of obesity in adults and youngsters are likely to propel need for regular exercise to burn extra fats and reduce weight. In addition, supportive government initiatives to promote use of cycles and development of required infrastructure can drive market in the coming years. Moreover, shortage of parking space and rising traffic congestion in metropolitan cities are likely to prompt consumers to use cycle for short distances and save time.
Lack of infrastructure required to support bicycle commutation in developing countries can hamper market growth. In addition, increasing use of composite materials to manufacture light weight vehicles is expected to increase the cost, which can, in turn obstruct market expansion. However, rising demand for trekking, recreational, sports, and adventure activities will create lucrative opportunities for the market.
The market can be segregated on the basis of product, technology, and end user. Key product types in the market include hybrid, mountain, and road. Conventional and electric are the leading technologies employed in the market. Major end users of bicycle include women, men, and kids.
Asia Pacific is a leading region in the market attributed to supportive initiatives by local governments and development of infrastructure required to support commutation through cycle in countries, such as Japan, Singapore, and China. Japan is a key contributor to regional market growth due to rising popularity of Tokyo as an ideal city for cycling. Additionally, less number of road accidents and growing preference for cycling among daily commuters to travel short distances are likely to stimulate growth in coming years. Moreover, manufacturing companies in China are likely to target Australia and India in order to expand their operations in the coming years, which could further augment market growth in future. For instance, Mobike, the Chinese bicycle sharing company, launched its operation in Pune, India. The company is also likely to expand its business in other cities of the country in the coming years. Commuters can rent bikes and make payments through company’s application.
Europe is likely to emerge highly lucrative in coming years owing to stringent government regulations pertaining to reduction of air pollution and carbon dioxide emissions. Increasing use of cycles in countries, such as Denmark, Hungary, Netherlands, France, and England, is also likely to impel regional market growth in future. In addition, continuous efforts by manufacturing companies to transform bicycles into smart bikes for safety purposes can drive the market in the region. For instance, Cyclotron Cycles introduced Cyclotron, the world’s first hubless smart bicycle, which is fully connected and loaded with advanced features controlled by an application named Cyclo. It is armed with two spokeless wheels and fully integrated brakes offering improved aerodynamics.
North America is likely to witness momentous growth in forthcoming years owing to rising demand for economical and convenient ways of transportation to navigate busy streets. United States is a key contributor to regional market growth owing to increasing use of bicycle to avoid vehicular traffic. In addition, easy availability of bikes on rent and online bike sales is expected to have a positive impact on market growth in the coming years.
Some of the leading companies operating in the bicycle market are Giant Bicycles, Accell Group, Merida, Hero Cycles, and Trek Bicycle Corporation.
Research Support Specialist, USA