Lucintel Forecasts Bicycle Market to Reach $56.1 Billion by 2027

According to the recent study the bicycle market is projected to reach an estimated $56.1 billion by 2027 from $39.6 billion in 2021, at a CAGR of 6.0% from 2021 to 2027. Growth in this market is primarily driven by raising fuel prices, government programs to build bicycle paths and roads, increasing health concerns/fitness consciousness, growing environmental awareness, and increasing traffic congestion.
Browse 130 figures / charts and 72 tables in this 178 -page report to understand trends, opportunities and forecast in bicycle market by type (road bicycle, mountain bicycle, kids bicycle, e-bicycle, and other bicycles) and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“E-bicycle market is expected to remain the largest segment during the forecast period.”
Based on type, the bicycle market is segmented into road bicycle, mountain bicycle, kids bicycle, e-bicycle, and other bicycles. Lucintel forecasts that the e-bicycle market is expected to remain the largest segment due to the increasing demand for zero emission climates, government regulations, and safety standards for bicycling. Development of cycling infrastructure will have a larger impact on the electric bicycle market in emerging markets in the coming years.
“Europe will dominate the bicycle market in near future”
Europe is expected to remain the largest region and witness the highest growth over the forecast period due to government initiatives to promote sustainable transportation and a healthier lifestyle.
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Major players of bicycle market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Giant Manufacturing, Merida Industry Co. Ltd., Accell Group NV, Dorel Industry, Tube Investment of India Ltd., Ideal Bike Corporation, Hero Cycles Ltd are among the major bicycle providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/bicycle-market-report.aspx or helpdesk@lucintel.com
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