India’s Big Bicycle Boom- Bicycle Market on a Fast Track
The Bicycle sector exists for decades and is one of the primary modes of personal transportation. It comprises bicycle manufacturers, part or accessories producers. And can also include retailers, distributors, bicycle event marketers, bicycle companies, and related service providers of the bicycle. With technological advancement, the bicycling trend is regaining its popularity due to health concerns and adventure sports. The increasing traffic congestion and parking space shortages, specifically in urban cities are inducing the public to opt for cycles. Simultaneously, different governments are actively rolling out the infrastructure required to encourage commute by bicycle.
Related Projects: – Bicycle Industry: Bicycle Spare Parts, Bicycle Components, and Bicycle Accessories
Further, bicycling also has emerged as a key sporting and leisure activity over the years. The primary market facilitators for the bicycle market are the growing use of cycles as leisure and a convenient exercising method towards a healthy lifestyle.
The professionally skilled team at NPCS, with a well-outlined plan, assures higher market returns. We provide all the vital information as per the project requisite.
Global Market Trends of the Bicycle Sector
The global bicycle market share accounted for 471 billion US dollars in the year 2017. It is estimated to climb at a compounded annual growth rate of 6.1 % from the year 2018 to 2025. As demonstrated below, the market segment for road bicycle contributed to the maximum market size in the year 2017. It is also estimated to grow rapidly by the year 2025.
The growth of the bicycle sector is attributable to the factors that include, it being the most basic vehicle without any sophistication can be used for racing, mountain, or other special purposes. The mountain bicycle product segment is also foreseen to grow considerably until the year 2025, as millennials prefer cycling as a leisure and adventure activity. As per the end-user segment, men tend to outnumber women in bicycle usage for commutation. The men segment contributed to the market share largely in the year 2017. It is estimated to grow at a CAGR of over 5 % by 2025 as the population of men riders tend to be more than women. Therefore, bicycle companies are continually upgrading the cycle system by making it less complex by installing effective gears and shock absorbents. The women segment is estimated to grow at a CAGR of over 4 %.
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Geographically, Asia Pacific exhibited market monopoly in the year 2017, and the revenue exceeded by 20%. The region is estimated to grow at a CAGR of more than 6% in the forecasted tenure. Countries such as Japan, China, and Singapore focus on rolling out the necessary information to fuel bicycle transportation. Some other Asian cities like Tokyo are recognized for lesser accident rates and are considered ideal for bicycling in the urban areas. The Chinese bicycle-sharing organizations are actively targeting nations such as India and Australia to broaden their operations. Consequently, the bicycle demand is foreseen to increase between 2018-25.
The European market contributed to the second-largest share globally. It is estimated to grow at a CAGR of over 5 %. Many European nations such as France, Belgium, Denmark, and Italy are actively changing the infrastructure to facilitate bicycle transportation and are contributing exponentially to the growth of the regional market. The leading brands in the bicycle competition are Dorel Industries, Merida, Giant Bicycle, Accell Group, and Trek Bicycles.
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Indian Bicycle Market Trends
India is one of the largest bicycle producers across the globe. The reason being increasing government policies, health awareness, and towering demand for kids bicycle in the Indian market during the tenure of 2011-25. According to the market research report by TechSci, the Indian bicycle market is rise at a CAGR of over 11% in the forecasted tenure of 2016-21, because of increasing population. Due to technological advancement, the bicycling trend reduced in India amongst the middle-and higher-income class. However, popularity has started to return due to increasing health concerns and adventure sports. The growing congestion, sustainability, and urbanization are the major drivers of the rising bicycle demand across India. The key players of the Indian bicycle market are Hero, Avon, Atlas, and TI cycles.
Related Project: – Bicycle Plant
The Covid-19 pandemic has also positively impacted the bicycle industry. Due to increasing concerns about air pollution and environment-related issues, people and the government have started becoming aware of the health of the planet. Thus, offering the bicycle market a prosperous future.
NPCS is one of the reliable brands in the corporate domain offering holistic technical consulting. Having evaluated the market of the ‘Bicycle Industry’ as a business venture, it would be a prospective investment!
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