A bicycle is a pedal-driven and single-track vehicle. It is an imperishable type of transport. Bicycles are environment-friendly. They are available at affordable prices and are healthy as well. It is a convenient mode of transport as compared to the petrol and diesel engines, which are the leading cause of environmental pollution. In certain regions, the bicycle is a primary means of transportation.
On the basis of design, the global bicycle market is segmented as racing bicycles, fixed gear bicycles, touring cycles, and cruisers. Fundamental changes have been implemented respectively to the design and application of the bicycle in order to meet the need of rising demand. They offer a well-liked form of leisure and have been modified for the use as children’s toys, military and police applications, courier services, and bicycle racing. The mountain bikes and hybrid bikes are dominating the market by serving the consumers who love to ride in terrain areas and also the working professionals who prefer taking a ride to a workplace for short distance. On the basis of various types, the bicycle market is further segmented as the adult bicycle, kids bicycle, and sports type. Based on the technology used, the global market is segmented as human pedaled bicycle and electric bicycle.
Owing to the consumer’s health consciousness and fit lifestyle, the global bicycle market is anticipated to witness high growth in the near future. The increasing craze of adventurous biking has boosted the demand for the mountain bikes. Due to population awareness globally, people are taking initiatives for using bicycles for their day-to-day routine. The key factors driving the growth of global bicycle market are its environment-friendly utilization, availability at affordable prices, congested roads, and less parking space. Conversely, rising requirement of vehicles that are driven by fuel has negatively impacted the growth of the bicycle market.
North America and Europe are expected to witness high growth owing to the setup of public bicycle rental programs and high demand in these countries. Asia Pacific is anticipated to be the largest market for bicycle North America and Europe. Germany is the largest market of bicycles in Europe, whereas, in Asia pacific, China has the largest market. India and Japan are also making their effective growth in the market.
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Major Market Players
Some of the leading companies dominating the global bicycle market include Atlas Cycles Ltd., Accell Group N.V., Bell Sports Corporation, Caloi Inc., Avon Cycles Ltd., Cannondale Bicycle Corporation, Campagnolo S.r.l, Currie Technologies Inc., Cycleurope AB, Hamilton Industries Ltd., Giant Bicycle Inc., and Derby Cycle Corporation. Other major players influencing the global market are Shimano Giant Manufacturing Co. Ltd., BSA, Fuji, La Sovereign, Hercules, Hero Cycles, Bianchi, Dorel Industries, and Merida Industry Co. Ltd.