SAN FRANCISCO, May 20, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled «Bicycles – Global Market Trajectory & Analytics». The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 19; Released: January 2021
Executive Engagements: 5970
Companies: 870– Players covered include Accell Group N. V.; Currie Technologies®; Raleigh Ltd.; Winora Staiger GmbH; Amer Sports Corporation; Atlas Cycles (Haryana) Ltd.; Avon Cycles Ltd.; Campagnolo S.r.l; Cycleurope AB; Dorel Industries Inc.; Cannondale Bicycle Corporation; Pacific Cycle Group; Schwinn Bicycles; Fox Factory, Inc.; Giant; Hamilton Industries Pvt. Ltd.; Hero Cycles Ltd.; Huffy Corporation; Merida Industry Co., Ltd.; Montague Corp.; M S Bhogal and Sons; Santa Cruz Bicycles; Shimano, Inc.; Specialized Bicycle Components, Inc.; SRAM LLC; Tandem Group plc; TI Cycles of India; Trek Bicycle Corp. and Others.
Coverage: All major geographies and key segments
Segments: Product Segment (Hybrid Bicycles, Road Bicycles, Mountain Bicycles, Youth Bicycles, Other Bicycles, Parts & Accessories); End-Use (Transportation, Recreation, Racing, Physical Training, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Netherlands; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
Complimentary Project Preview – This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry
Global Bicycles Market to Reach $78 Billion by 2026
Growing consumer inclination towards maintaining a healthy lifestyle, technological advancements, new product introductions, growing global health awareness, the environmental benefits of cycling, rising fuel/energy prices, and government initiatives are major factors bolstering demand in the market. Initiatives taken by governments in various countries in terms of establishing the necessary infrastructure, and growing number of cycling events is also propelling demand for various types of bicycles. The popularity of electric bikes is increasing day-by-day, boosted by the launch of an array of electric bike styles and models. The pandemic is anticipated to bring a long-term change in consumer preference and considerably benefit the market in the coming years. The bicycle industry witnessed a notable surge in sales as people avoided using public transport due to risk of infection.
Amid the COVID-19 crisis, the global market for Bicycles estimated at US$54.7 Billion in the year 2020, is projected to reach a revised size of US$78 Billion by 2026, growing at a CAGR of 6% over the analysis period. Hybrid Bicycles, one of the segments analyzed in the report, is projected to record a 7.6% CAGR and reach US$34.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Road Bicycles segment is readjusted to a revised 4.4% CAGR for the next 7-year period.
The U.S. Market is Estimated at $9.5 Billion in 2021, While China is Forecast to Reach $16.5 Billion by 2026
The Bicycles market in the U.S. is estimated at US$9.5 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$16.5 Billion by the year 2026 trailing a CAGR of 7.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4% and 4.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.6% CAGR. Cross-country bicycling is quite popular in the US and many new bike trails are being developed to cater to this segment. The popularity of mountain bikes also reflects this trend. While older users tend to use bicycles, especially electric powered bicycles as a means of local transportation, younger age group people utilize bicycles for recreation purposes such as cross-country biking. Bicycles are the most affordable form of transportation and are hence popular in developing countries. Congestion, affordability, and easy maneuverability of bicycles make Japan a major market.
Mountain Bicycles Segment to Reach $11.9 Billion by 2026
A mountain bicycle or mountain bike, also referred to as MTB or all-terrain bicycle (ATB), is a bike designed for off-road cycling. Wheels employed in mountain bicycles are designed wide and knobby for shock absorption and good traction on uneven terrain. The popularity of mountain bicycles can be attributed to two main factors. The first is, inclusion of mountain biking in Olympic Games since 1996. The second reason is promotion of mountain biking by the ski resort industry. In the global Mountain Bicycles segment, USA, Canada, Japan, China and Europe will drive the 6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$6 Billion in the year 2020 will reach a projected size of US$9 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.4 Billion by the year 2026, while Latin America will expand at a 6.2% CAGR through the analysis period. More
Our MarketGlass™ Platform is a free full-stack knowledge center that is custom configurable to today’s busy business executive’s intelligence needs! This influencer driven interactive research platform is at the core of our primary research engagements and draws from unique perspectives of participating executives worldwide. Features include – enterprise-wide peer-to-peer collaborations; research program previews relevant to your company; 3.4 million domain expert profiles; competitive company profiles; interactive research modules; bespoke report generation; monitor market trends; competitive brands; create & publish blogs & podcasts using our primary and secondary content; track domain events worldwide; and much more. Client companies will have complete insider access to the project data stacks. Currently in use by 67,000+ domain experts worldwide.
About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world’s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
Get Full Report Details
Join Our Expert Panel
Connect With Us on LinkedIn
Follow Us on Twitter
Journalists & Media
View original content to download multimedia:http://www.prnewswire.com/news-releases/global-bicycles-market-to-reach-78-billion-by-2026-301296279.html
SOURCE Global Industry Analysts, Inc.