The bicycle market has witnessed consistent growth over the past decade, primarily fueled by two major factors– the growing inclination toward a healthier lifestyle and increasing focus on safeguarding the environment. Although transportation continues to remain the primary application of bicycles, bicycles have garnered considerable popularity as an environment-friendly alternative.
Advancements in technology coupled with the entry of an array of bicycles into the current market landscape are some of the leading factors projected to shape the growth of the bicycle market in the forthcoming decade. Current trends indicate a tectonic shift among consumers toward environment-friendly transportation alternatives, including electric bicycles and cars – a factor that is expected to contribute to the growth of the global bicycle market in the upcoming years.
At the back of these factors, along with growing awareness pertaining to environment protection and increasing focus toward the development of cycling infrastructure in the upcoming and existing urban cities, the global bicycle market is on course to attain a market value of US$ 82 Bn by the end of 2030.
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Technological advancements have played an imperative role in fueling the growth of the global bicycle market. At present, bicycles have hit a peak in terms of popularity, especially in the urban regions of both developed as well as developing countries. The number of self-identified bicyclists around the world has witnessed a drastic increase in the past few years, owing to the benefits of bicycling, growing adoption of environment-friendly transportation system alternatives, and availability of different types of bicycles.
The increasing popularity of bicycle rideshare programs, particularly in North America is another factor that is expected to propel the market for bicycles in the region, as these programs offer short-term public bike rentals via mobile applications. Rideshare programs have garnered considerable popularity, especially in cities with major traffic issues. Some of the major cities in the U.S. wherein bicycle rideshare programs continue to gain popularity include San Francisco, New York, and Washington D.C. Innovations in the biking technology are expected to play a key role in influencing the growth of the bicycle market in the upcoming years.
Moreover, the entry of electric bicycles is anticipated to be a major turning point in the bicycle market, as the demand for cost-efficient, comfortable, and environment-friendly transportation continues to grow.
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Bicycle Market: Competition Landscape
- BMC Switzerland AG
- Boardman Bikes Ltd
- Cannondale Bicycle Corporation (Cycling Sports Group, Inc.)
- Firefox Bikes
- Fuji Bike Worldwide
- Giant Bicycle
- SCOTT Sports SA
- Shimano Inc.
- Specialized Bicycle Components, Inc.
- Trek Bicycle Corporation
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