Bicycle Market to Penetrate Untapped Regions During 2021 to 2028: Grand View Research Inc.

Bicycle Market – Riding Growth in all its Glory

                   Nothing compares to the simple pleasure of riding a bike. – JFK

To some it is a means of commuting, to others it is a way to clear their head. To some it helps save environment, to others it helps them keep healthy. And then for some it is a sport, but for me, it is my lifestyle. Cycling has been with me, since my father bought me one when I was just 8 years old. That was the best day of my entire year. I showed it off to my friends, rode it with them to playgrounds, school and then, to college. Some people might say its unfortunate to ride a bike to college, to them I say, To each his own magic!

I used to love every second of it. And still do.

I am sure there are plenty of others like me, just as crazy about cycling as I am. And I am counting on some of them being, a market researcher, interested in the ups & downs of the bicycle market. This infographic blog post is for them. The infographic given below explains about the bicycle market growth drivers in a fun way for you to grasp and take something home with you. Sneak a peek!

To those, who reached till here, I would like to inform you that bicycle market size is anticipated to reach USD 92.49 billion by 2028, registering a CAGR of 7.0% till 2028, according to a new report by Grand View Research, Inc. In addition to this, some other market stats are provided below, for your better understanding.

Some cool market facts to understand –

• The global market is growing significantly as bike-sharing companies, particularly in Europe and Asia, are investing aggressively in expanding their operations
• The mountain bicycle segment is anticipated to expand at a CAGR exceeding 7% by 2028. Rising popularity in line with the increasing media coverage for mountain bicycle racing events and the establishment of new mountain biking circuits are expected to drive the growth
• Apart from being easy to use, electric bicycles can potentially shorten the journey time. Moreover, advances in battery technology have resulted in the advent of lighter rechargeable batteries that can support longer journeys. These factors are attributed to the growth of the electric bicycle segment
• The men segment is expected to expand significantly at a CAGR of over 7.2% by 2028 as men would continue to outnumber women and kids in terms of opting for a bicycle commute. The number of men opting for bicycle commutation was higher than that of women and kids in 2019
• Asia Pacific was the dominant regional market in 2020 with a revenue share exceeding 34%. Governments in Asian nations, particularly Japan, China, and Singapore, among others, are investing aggressively in establishing the infrastructure necessary to encourage and support bicycle commutation
• Leading market incumbents are Accell Group; Dorel Industries Inc.; Giant Bicycles; Merida Industry Co., Ltd.; and Trek Bicycle Corporation. They dominated the market in 2020 leveraging a continuous emphasis on expanding their market share through mergers and acquisitions

If you want to know more about the growing market of bicycles, please visit Grand View Research, Inc., and ask for a free sample of the report.