Major factor driving growth of the global bicycle market is increasing awareness of health benefits of bicycles. In addition, rising smart-city approach and increasing government initiatives to promote cycling and increasing expenditure for infrastructural development of cycling network in various countries is further expected to fuel growth of the global bicycle market. Moreover, bicycle being most economical mode of transportation, turns out to be cost effective solution for large number of population, leading to increasing adoption of bicycles among middle class people in various developing countries such as India and China is expected to further support growth of the global bicycle market.
The global bicycle market is segmented on the basis of type and region.
The type segment of global bicycle market is segmented on the basis of road/standard bicycle, MTB/racing bicycle, kids bicycle, and e-bikes. The type segment is estimated to account for major share in the global bicycle market in terms of revenue.
On the basis of region, the global bicycle market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
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The market in Asia Pacific is expected to account for largest share in the global market in terms of revenue, owing to increasing adoption of bicycle from middle class people and presence of major players operating in countries in this region. The markets in North America and Europe is expected to account for significant revenue share in the global market. The market in Europe is projected to register lucrative CAGR in terms of revenue over the forecast period, owing to increasing government expenditure on infrastructure development of bicycle network.
Key player operating in the global bicycle market include Derby Cycle Corporation, shimano Giant Manufacturing Co. Ltd., Fuji Corporation, Cannondale Corp., Atlas Group, Accell Group N.V., BSA Limited, Hercules Cycles, Hero Cycles Limited, Dorel Industries Inc., and Merida Industry Co. Ltd.