LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global sports bicycle market to grow at a CAGR of close to 6% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global sports bicycle market for 2017-2021. The report also lists mountain bicycles, cyclo-cross bicycle, road racing, and track bicycle as the four major product segments.
“The sports bicycle market is segmented into two key end-user segments comprising of adults and kids, with the adults’ segment, dominating the market with 75% of the total share in 2016. Various governments are taking initiatives to encourage more adults to take up cycling by constructing special lanes for cyclists and having special routes and traffic lights. Cycling has become the third most popular sport in England, and people engaging in recreational cycling, road cycling, and mountain biking account for the increased demand for bicycles,” says Brijesh Kumar Choubey, a lead analyst at Technavio for retail goods and services research.
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Technavio consumer and retail analysts highlight the following three market drivers that are contributing to the growth of the global sports bicycle market:
- Increasing fuel prices
- Popularity of bicycle rental programs
- Premiumization of bicycles
Increasing fuel prices
The demand for sports bicycles has increased due to the significant increase and fluctuations in the price of fuel over the past few years. Sports bicycles are equipped with gears that help manage speeds better and make riding on mountain trails, overpasses, and rough roads easier. Many people in Europe now prefer to bike to work, especially with city governments constructing bike-friendly streets, thereby contributing to the growth of the global sports bicycle market.
Popularity of bicycle rental programs
Several cities around the world are capitalizing on the demand for bicycles and offering bicycle rental and sharing programs at low cost. In France, for instance, cities including Marseille, Bordeaux, Lyon, Toulouse, La Rochelle, Montpellier, Strasbourg, and Avignon offer bike-sharing programs. Seattle, Washington is the largest metropolitan city in the north-western US to have successfully adopted a bike rental system.
“The popularity of bicycle rental programs around the world is likely to aid in the growth of the market during the forecast period,” says Brijesh.
Premiumization of bicycles
The demand for premium bikes has increased recently. Premium bikes are those bikes that are built with aluminum, are lighter than the average cycles, have air-suspension, hydraulic brakes, wider knobby tires, suspension systems on both the front and rear wheels and many other features. These bikes are more sturdy and long-lasting than the normal bicycles. Off-road bikes or mountain bikes, designed for difficult terrain, are the most popular among cycling enthusiasts.
Premium bikes are available in various ranges depending on the material they are built from and the designs and the parts used. The average price for premium bikes is usually between USD 600-800. Some of the leading premium bicycle manufacturers are Cannondale, Firefox, Giant, Mongoose, and Tern.
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