Bicycle Market Size Reach US$ 80 Billion by 2027 | CAGR of 5.6%

SHERIDAN, WYOMING, UNITED STATES, November 14, 2022 /EINPresswire.com/ -- According to the latest report by IMARC Group, titled “Bicycle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global bicycle market size reached around US$ 58 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 80 Billion by 2027, exhibiting a CAGR of 5.6% during 2022-2027.

A bicycle is a two-wheeled, pedal-driven vehicle with brakes, drive chain, seat, carrier, and handlebar. It assists in reducing body fat levels and improving the posture and limb coordination of a rider. Besides this, it helps reduce anxiety and depression, prevent several diseases, and increase cardiovascular fitness, flexibility, muscle strength, and joint mobility. As a result, the bicycle represents one of the preferred modes of transportation for covering shorter distances.

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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Market Trends:

The rising prevalence of obesity, diabetes and other lifestyle diseases is resulting in the growing adoption of bicycles, especially among the millennial population. This represents one of the key factors catalyzing the demand for bicycles around the world. In addition, increasing traffic congestion and minimal availability of parking spaces are increasing the overall product sales. Furthermore, the emerging trend of dockless bicycle-sharing systems integrated with global positioning systems (GPS) is creating a favorable market outlook. Moreover, the introduction of electric bicycles is anticipated to drive the market.

Breakup by Type:

Road Bicycle
Mountain Bicycle
Hybrid Bicycle
Others

Breakup by Technology:

Electric
Conventional

Breakup by Price:

Premium
Mid-Range
Low-Range

Breakup by Distribution Channel:

Online Stores
Offline Stores

Breakup by End User:

Men
Women
Kids

Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Competitive Landscape with Key Player:

Accell Group N.V
Avon Cycles Ltd
Benno Bikes LLC
Cervélo (Pon Holdings B.V.)
Dorel Industries Inc
Giant Manufacturing Co. Ltd
Kona Bicycle Company
Merida Industry Co. Ltd
Olympus Bikes
SCOTT Sports SA (Youngone Corporation)
Specialized Bicycle Components Inc
Trek Bicycle Corporation (Roth Distributing Co. Inc.)

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

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