Cycle Renting and Sharing Programs at Low Costs Will Drive the Global Sports Bicycle Market Until 2020, Says Technavio

LONDON--()--According to the latest market research report by Technavio, the global sports bicycle market is expected to reach USD 69.77 billion in revenue by 2020.

In this report, Technavio covers the present scenario and growth prospects of the global sports bicycle market for 2016-2020. To calculate the market size, the report considers the volume consumed and the revenue generated from the retail sales of sports bicycles that include, mountain bicycles, cyclo-cross bicycles, road racing bicycles, and track bicycles.

“A number of cities worldwide offer bike renting and sharing programs at low costs. In France, for instance, cities including Marseille, Bordeaux, Lyon, Toulouse, La Rochelle, Montpellier, Strasbourg, and Avignon offer bike-sharing programs. In a similar move, Seattle, the largest metropolitan city in north-western US started a successful bike rental system. Easy accessibility of sports bicycles is thus driving the popularity of short-term bicycle rental programs. It is expected to increase the number of biking enthusiasts globally and surge the demand for sports bicycles during the forecast period,” said Brijesh Kumar Choubey, one of Technavio’s lead industry analysts for general retail goods and services.

“In 2014, approximately 600 cities worldwide offered bike sharing programs, compared to 535 cities in 2013. Such programs around the world will likely aid in the growth of the market during the forecast period,” added Brijesh.

Global sports bicycle market by region 2015

North America

       

35.51%

Europe

       

26.26%

Asia Pacific

       

22.50%

ROW

       

15.73%

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North America: largest region for the global sports bicycle market

The market size of the sports bicycle market in North America was valued at USD 11.24 billion in 2015. It is estimated that close to 35.3% of the North American adult population were categorized as obese in 2014. To tackle this problem, many people in the region are taking up sports activities like cycling for its health benefits. In addition, rising interest in recreational activities such as mountain bicycling and road racing is also expected to positively impact market growth over the next five years.

Another key trend in the market is the initiative undertaken by organizations in the US, such as the League of American Bicyclists, the Bicycle Federation of America, and other bicycling groups that organize cycling events across the US. These organizations are actively involved in the construction of cycle-friendly roads with help from local governments. As a result, most states and many cities in the US now have bicycle coordinators in their departments of transportation. In 2014, the US Department of Transportation and the Federal Highway Administration conducted programs to facilitate bicycling. Traffic policies and roadway designs in the country have also gradually become more conducive for cycling which in turn is encouraging citizens to actively use bicycles.

Europe: second largest region for the global sports bicycle market

Initiatives by WHO (the World Health Organization) to encourage participation in physical activities and initiatives by governments of European countries to promote the benefits of cycling as a sport are some of the factors that have led to a rise in demand for sports bicycles in Europe.

In addition, most countries in the region are also encourage the use of eco-friendly and energy-efficient modes of transportation to reduce carbon footprints and preserve the environment. The mountain bicycles segment emerged as the most important category among sports bicycle sold in France and it accounted for nearly 29% of the country's total bicycle market share in 2014. Similarly, the top selling sports bicycles in Italy are trekking and city bikes with a share of 32%, followed by mountain bicycles with a share of 31%. Market trends indicate a surge in the popularity of biking sports in other parts of Europe will significantly drive the market over the next four years.

Sports bicycle market in APAC

In 2014, India's market for premium sports bicycles grew, which has encouraged many new vendors to venture into the country. Approximately 25,000 units of sports bicycles were sold in the country in 2013, and the number reached 32,000 units in 2014. With the expected entry of new players in the market, competition will likely grow over the next five years. Some of the popular sports bicycle brands in India are Hero, Hercules, BSA, Atlas, and Firefox.

In China, bicycle clubs are building pavilions for riders who do not have time for mountain biking and long road cycling. Annual cycling events such as Cycle Asia Singapore allow sports bicycle manufacturers to market their products. Similar Cycle Asia events conducted in Malaysia, the Philippines, and Australia, are open to all age groups, and allow participants to build their network of cycling groups. With the soaring popularity of these events, sale of sports bicycles in the region will significantly rise during the forecast period.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com

Release Summary

According to the latest market research report by Technavio, the global sports bicycle market is expected to reach USD 69.77 billion in revenue by 2020.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com