Posted By Coherent Market Insights
Posted on September 14, 2021
United States/WA: The global Bicycle market was valued at US$ 51,770.6 Mn in 2019 and is forecast to reach a value of US$ 69,574.6 Mn by 2027 at a CAGR of 3.7% between 2020 and 2027.
Report Pages:[130 Pages]
From the beginning and still today, bicycles have been and are employed for many uses. Bicycles are widely used for transportation, utility cycling, and bicycle commuting. It can be used as a work horse by general delivery services, messengers, mail carriers, etc. Around the world, bicycles are necessary to move people and goods to areas where there are few automobiles.
The bicycle industry is one of the fastest growing industries in the world and this is attributed to many factors such as increasing demand and higher production rates. Currently, the overall demand for electric bicycles is increasing and is expected to become mainstream in the coming future. Electric bicycles are among the most popular of all bicycles today. E-bicycles are known for their lightweight, compact, and affordable design. E-bikes also tend to have very high power output and can get up to thirty miles per hour.
Moreover, key players operating in the market are introducing a new range of electric bicycles. For instance, in September 2020, Hero Lectro introduced a new range of electric bicycles in India. Designed at the company’s Global Design Centre in Manchester, U.K., the new range of e-cycles comes in three categories such as Leisure, Fitness, and Commuter. The ability of electric bicycles to manage the overall speed more adequately, provides the rider with the comfortable drive on tough roads, mountain areas, and overpasses, propelling the market growth. Increasing awareness among people about fitness across the globe is also increasing the demand for bicycles as an alternative way of transport.
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Bicycle-sharing is a new transportation service that has rapidly emerged in recent years. A service in which bicycles are made available for shared use to individuals on a short term basis for a price or free. Moreover, many countries such as the United States, Germany, and China are introducing bike-sharing programs to promote the use of bicycles. These programs are also expected to drive growth of the bicycle market. Thus, many cities across the world are actively promoting the use of bicycles for transportation in cities.
The shortage of parking space and growing traffic congestions, particularly in metropolitan cities, is prompting people to consider bicycles for short distances across cities. As a result, many governments worldwide are taking steps to reduce traffic congestion. For instance, in May 2020, the United Kingdom announced a £2 billion (around US$ 2.6 billion) plan to boost cycling and walking both during and after the lockdown. However, the £2 billion is not new funding, it is part of the funding announced for cycling and buses in February 2020.
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