This market research report segments the global bicycle market into the following products (on-road and track bikes, off-road bikes, and x-road and hybrid bikes), end-users (adults and children), and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the consumer’s shifting preference toward cycling as a sport, leisure, and cardio activity to be a key factor contributing to the growth of the global bicycle market:
Consumer’s shifting preference toward cycling as a sport, leisure, and cardio activity
Increased awareness about personal health and environmental benefits are the major factors that are increasing the popularity of cycling. Among the urban population, cycling is gaining significant interest. Urbanization leads to crowded cities which increases traffic jams. This is another factor that is driving the rapid adoption of cycling. High-end bicycles are also gaining increasing popularity, especially among sports enthusiasts due to their quality of the material used as well as the components that are of superior quality compared to mass bicycles.
According to a senior analyst at Technavio for outdoor gear, “Cycling is becoming a popular sports activity, similar to exercising in the gym, swimming, and hiking. Increasing participation in cycling marathons and triathlons and adventure sports activities like mountain biking is another factor driving the market. The growing interests among people in cycling encourage the key competitors to adopt the advances in technologies that will improve the cycling experience.”
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Global bicycle market segmentation
Of the three major products, the on-road and track bikes segment held the largest market share in 2017, accounting for nearly 47% of the market. The market share for this application is expected to increase by 2022. The fastest growing product is x-road and hybrid bikes, which will account for 27% of the total market share by 2022.
APAC was the leading region for the global bicycle market in 2017, accounting for a market share of 42%. By 2022, APAC is expected to witness a growth of nearly 2% whereas EMEA, and the Americas is expected to see a decline in market share.
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