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Bicycle Market to Reach USD 147.24 Billion by 2027; Stoked by Increasing Government Focus on Development of Cycling Infrastructure

December 23, 2020 | Consumer Goods

The global bicycle market size is expected to reach USD 147.24 billion by 2027 backed by the growing focus by the governments across the globe to develop advanced cycling infrastructure to promote bicycles among the population. Fortune Business Insights published this information in its latest report, titled, “Bicycle Market Size, Share & COVID-19 Impact Analysis, By Type (Road, Mountain, Hybrid, and Others), Technology (Electric and Conventional), End-User (Men, Women, and Kids), and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 65.43 billion in 2019 and is likely to exhibit a CAGR of 6.1% between 2020 and 2027.


Europe’s Largest Bicycle Brand, my Boo, Enters the U.K. Market to Strengthen its Position


In February 2019, my Boo, the Germany-based social cycle brand, commenced distributing its high-quality bamboo bikes in the lucrative market of the United Kingdom. With over five years of strong foundation across large European countries such as Austria, Germany, and Switzerland, along with more than 100 local dealers, the company aims to build a strong U.K network.


Several companies like my Boo are focusing on exploring the uncharted regions to build a presence and introduce innovative bicycles that will bode well for the growth of the market.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/bicycle-market-104524


Increasing Government Focus on Building Advanced Cycling Infrastructure to Augment Growth


In May 2020, the U.K. government proposed a plan to invest about USD 2,000 million for the development of cycling and walking infrastructure across the U.K. Along with the U.K., government agencies of several countries are focusing on developing advanced and user-friendly cycling infrastructure that is expected to promote the adoption of innovative cycles globally. Additionally, the growing demand for mountain bikes from off-road enthusiasts is expected to contribute to the global bicycle market growth during the forecast period.


Key Players Focus on Acquiring Other Small Companies to Expand Their Product Portfolio & Boost Sales Revenue


The global market comprises small, medium, and large companies striving to maintain a stronghold during the forecast period. The larger companies are actively focusing on acquiring other small companies to expand their product portfolio and further improve sales across the globe. Additionally, the development of advanced electric bicycles by other key players is expected to boost market growth.


Industry Development:



  • January 2019 – Hero Cycles Limited, an India-based manufacturer of bicycle and related products, acquired a 48% stake in the Germany-based vehicle maker HNF NICOLAI. The company is expected to strengthen its position in the Indian e-bike market by utilizing NICOLAI’s production facilities.     


List of the Companies Profiled in the Global Market:



  • Hero Motocorp Ltd. (New Delhi, India)

  • Roth Distributing Co. Ltd. (Minnesota, U.S.)

  • Dorel Industries Inc. (Westmount, Canada)

  • Kona Bikes (Washington, U.S)

  • Chimera Investments LLC. (Cambiago, Italy)

  • Pon Holdings BV (Toronto, Canada)

  • Grimaldi Industri AB (Treviglio, Italy)

  • Orbea Corporation (Mallabia, Spain)

  • The Raleigh Bicycle Company (Eastwood, U.K.)

  • Accel Group N.V. (Heerenveen, Netherland)


Further Report Findings:



  • Asia-Pacific stood at USD 22.83 in 2019 and is expected to hold the highest position in the global market in the forthcoming years. This is attributable to the presence of major cycle manufacturers and large production facilities in the region. According to the data by the Ministry of Economy, Trade, and Industry (METI), in 2018, the overall production value in Japan reached over USD 579.61 million. This was up from USD 556.60 million in 2017.

  • The market in Europe is expected to showcase considerable growth owing to the positive government support in developing charging facilities to promote electric bicycle riding among the people in the region between 2020 and 2027.

  • The road segment, based on type, held a market share of about 35.38% in 2019 and is likely to gain momentum in the forthcoming years. This is ascribable to factors such as the increasing number of cycle commuters on the road across the globe.


Table of Segmentation














































 ATTRIBUTE



   DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion)



By Type




  • Road

  • Mountain

  • Hybrid

  • Others



By Technology




  • Electric

  • Conventional



By End-User




  • Men

  • Women

  • Kids



By Geography



North America (By Type, Technology, End-User, and by Country)



  • U.S. (By Type)

  • Canada (By Type)

  • Mexico (By Type)


Europe (By Type, Technology, End-User, and by Country)



  • Germany (By Type)

  • France (By Type)

  • Italy (By Type)

  • Spain (By Type)

  • The U.K. (By Type)

  • Rest of Europe (By Type)


Asia Pacific (By Type, Technology, End-User, and by Country)



  • China (By Type)

  • India (By Type)

  • Japan (By Type)

  • Australia (By Type)

  • Rest of Asia Pacific (By Type)


South America (By Type, Technology, End-User, and by Country)



  • Brazil (By Type)

  • Argentina (By Type)

  • Rest of South America (By Type)


The Middle East and Africa (By Type, Technology, End-User, and by Country)



  • South Africa (By Type)

  • UAE (By Type)

  • Rest of Middle East and Africa (By Type)


Global Bicycle Market
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  • 2016-2018
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