According to the bicycle industry analysis, the bicycle market is segmented into type, sales channel, end user and region.
5933 NE WIN SIVERS DRIVE, PORTLAND, OR, USA, September 26, 2022 /EINPresswire.com/ — According to a new report, “Bike market By Type, Sales Channel, and End User: Global Opportunity Analysis and Industry Forecast 2021-2027″. The global bicycle market size was valued at USD 20,280.0 million in 2019. 8% from 2021 to 2027. The non-cargo e-bike segment was the largest contributor to the market, with $12,712.4 million in 2019, and is expected to reach $17,580.4 million by 2027, with a CAGR of 4.1% over the forecast period.
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Cycling sports are a constant trend in the market. Countries like the United States, Paris and China are among the leaders in the sport of cycling. With the increase in demand for bicycles, manufacturers are developing and elevating sports bicycles that are lightweight, with high-grip wheels, strong brakes, and aerodynamic design, thereby enhancing the cycling experience. In addition, sports bikes are also used in the mountains and off-road. This not only promotes bicycle sports, but also provides users with a thrilling and adventurous experience. These bicycle trends lead to an increase in the demand of the bicycle market.
According to bicycle market analysis, on the basis of type, the non-cargo electric bicycle market segment was the largest market contributor with 12,712.4 million in 2019, and is expected to reach 17,580, $4 million by 2027, at a CAGR of 4.1% during the forecast period for the bicycle market. This is attributed to advancements in bicycle technology such as the integration of long-lasting batteries and the design of bicycles with lightweight fiber body materials.
By sales channel, the physical store segment led the market in 2019, accounting for $17,628.1 million, and is expected to reach $20,164.4 million by 2027, at a CAGR of 1.7%. This is attributed to the fact that customers can easily procure the required products from physical stores. In addition, customers receive personal attention from the sales staff of these stores. In addition, queries and issues are resolved immediately in physical stores.
According to the end-user, the men’s segment showed the highest growth in 2019, generating revenues of $8,990.5 million, and is expected to reach $12,301.8 million by 2027, registering a CAGR of 4.0%. This is attributed to the increase in men’s interest in sports and hobbies. Also, in cycling events, male athletes witnessed more fans than women and children.
Major players in the bicycle industry have relied on strategies such as product launches and business expansion to expand their presence in the global market and stay relevant. Major Bicycle Market players profiled in the report are Accell Group, Cervélo, Dorel Industries Inc., Giant Bicycles, Merida Industries Co., Ltd., Olympus Bikes, Scott Sports SA, Specialized Bicycle Components, Inc., Trek Bicycle Corporation . , and Kona Bicycle Company.
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Covid-19 pandemic is vitally impacting the growth of the global Bicycle Market and has altered several market scenarios. Lockdowns in various countries and bans on international travel have disrupted the supply chain and revenue chain. The report includes an in-depth analysis of the Covid-19 pandemic on the growth of the global Bicycle market.
Main benefits for stakeholders:
○ The report provides quantitative analysis of current market trends, estimates and market size dynamics from 2019 to 2027 to identify existing opportunities.
○ Porter’s Five Forces analysis highlights the ability of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.
○ Market player positioning segment facilitates benchmarking and provides a clear understanding of the current position of market players in the Bicycle industry.
○ In-depth analysis and bicycle market segments and market size help determine the bicycle market opportunity.
○ Major countries in each region are mapped according to their market revenue contribution.
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○ The sports training market is expected to reach $18.85 billion by 2031
○ The sports events market is expected to reach $609.07 billion by 2031
○ Smart sports equipment market size valued at $12.0 billion by 2026
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