A key factor driving the growth of the market is the growing adoption of bicycles due to increasing fuel prices. Currently, bicycles are being launched with multiple features such as gears, which help in managing speeds better and make them easier to ride through mountain areas, overpasses, and rough roads. Moreover, many affluent customers do not mind buying high-end bicycles because those cycles produce better riding and security features. Therefore, due to such factors, the market for bicycles is expected to showcase a positive outlook during the forecast period.
As per Technavio, the technological advances in the bicycles industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global bicycle market 2018-2022 research report also analyzes other important trends and market drivers that will affect market growth over 2018-2022.
Global Bicycle Market: Technological Advances in Bicycles Industry
At present, bicycle companies in the market are launching innovative bicycles and accessories, which will lead to a significant market growth. Technological developments have been witnessed in bicycle lights because these lights increase the visibility range of the riders, enhancing safety. For instance, some of the vendors in the market have launched handlebars with built-in LED headlights that can be fitted to any bicycle. Such innovative use of LED in handles and pedals are some of the features that are expected to drive the market during the forecast period. Moreover, the introduction of laser in front light helps in projecting 15 meters down the road to alert the cyclists, thereby increasing safety. The laser light is preferred over normal lights as it provides 300 lumens of brightness. Thus, such advances are expected to boost market growth during the forecast period.
“The on-road and track bikes segment accounted for the largest share, exhibiting almost 0.21% increase in market share. While the off-road bikes segment is expected to display a slight decline in market share, the x-road and hybrid bikes segment is anticipated to exhibit the highest increase in market share over the next five years,” says a senior analyst at Technavio.
Global Bicycle Market: Segmentation Analysis
This market research report segments the global bicycle market by product (on-road and track bikes, off-road bikes, and x-road and hybrid bikes), end-user (adults and children), distribution channel (specialty stores, sporting goods retailers, online channel, outdoor and toys specialty goods retailers, and others), and propulsion (manual and motor-assisted). The bicycle market research report further presents in-depth insights into the growth prospects of the market across the Americas, APAC, and EMEA.
The APAC region led the market in 2017, followed by EMEA, and the Americas respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth due to the growing popularity of sporting activities in the region.
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