Bicycle Market is growing at a considerable CAGR of 6.5% during the forecast period. Time-efficient for a short distance and economical is considered as the prime factors affecting and driving the market. The increasing preference of people for non-polluting vehicles along with a growing number of events associated with cycling is also estimated to be the key factors that are contributing significantly towards the growth of the market. However, unsuitable for traveling a long distance is the major factor constraint that is hindering the growth of the global bicycle market across the globe.
Moreover, emerging advanced bicycles along with rising government support is also enhancing the demand for bicycles that are creating opportunities in the market. New product launches in the market are likely to drive the growth of the global bicycle market. For instance, in February 2021, Giant Bicycles had introduced the XtC Advanced SL 29 that is a World Champion edition frameset considered to be super light and is having advanced SL-grade composite. These Bicycles support gaining stiffness-to-weight ratio provided to any Hardtail mountain bike with ultra-efficient pedaling power along with precise handling on the trail provided in it.
The global bicycle market is segmented based on product type, technology, and distribution channel. Based on product type, the market is segmented into mountain bicycle, hybrid bicycle, and road bicycle, and other. By technology, the market is segmented into electric and conventional. Further, based on distribution channel the market is segmented into online channel and offline channel.
Based on the product type, mountain bicycle holds a significant share in the market segment. The mountain bicycle offers more comfort so that its riders can conveniently continue opting for this bicycle as a form of leisure and adventure. Additionally, a large number of people entering sports are likely to boost the segment and the mountain bicycle reduces the risk of diseases and stress on joints which in turn is expected to further fuel segment growth.
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Bicycle Market Segmentation
By Product Type
- Mountain Bicycle
- Hybrid Bicycle
- Road Bicycle
- Other
By Technology
- Electric
- Conventional
By Distribution Channel
- Online Channel
- Offline Channel
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Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
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