LONDON--(BUSINESS WIRE)--The global bicycle market is expected to post a CAGR of close to 4% during the period 2018-2022, according to the latest market research report by Technavio. Request a free sample report
The increasing adoption of bicycles due to the rising fuel prices will be one of the major drivers in the global market. Fuel prices have increased significantly, which is expected to continue fluctuating, resulting in customers shifting their preferences to bicycles as an easy mode of commute. Additionally, with the continuous rise in fuel prices, the demand for battery-powered sports bicycles and mountain bicycles has increased. Gear bicycles are easier to ride through mountain areas, overpasses, and rough roads and with the addition of gears, managing speed has also become easier. Affluent customers do not mind buying high-end bicycles because those cycles offer a better riding experience and security features. Therefore, due to such factors, the market for bicycles is expected to showcase a positive outlook during the forecast period.
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As per Technavio, the technological advances in bicycles industry, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Bicycle Market: Technological Advances in Bicycles Industry
The technological advances in bicycles industry will be one of the critical trends in the global market. Major technological changes have been implemented in bicycle lights which help to increase the visibility range of the riders. 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 market growth during the forecast period. Moreover, the introduction of lasers in the front light helps in projecting 15 meters down the road, 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.
“Rising premiumization in the bicycle sector and the advent of recyclable bicycle frames are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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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), propulsion
(manual bicycle and motor-assisted bicycle), end-user (adults and children), distribution channel (specialty stores, sporting goods retailers, online channel, outdoor and toys specialty goods retailers, and others), and geographical regions (APAC, Americas, and EMEA).
The APAC region led the market share in 2017, followed by EMEA and Americas respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to the rising youth population, in India and China, with an interest in sports and exercise routines.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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