Bicycle Market Size To Hit USD 92.49 Billion By 2028

 San Francisco, 19 July 2021: The Report Bicycle Market Size, Share & Trends Analysis Report By Product (Mountain, Hybrid, Road), By Technology (Electric, Conventional), By End User (Men, Women, Kids), By Region, And Segment Forecasts, 2021 - 2028

bicycle market size is anticipated to reach USD 92.49 billion by 2028, registering a CAGR of 7.0% till 2028, according to a new report by Grand View Research, Inc. In addition to this, some other market stats are provided below, for your better understanding.

Rising emphasis on the use of non-polluting vehicles for short-distance commutes by governments across the world is anticipated to positively influence market growth. The fact that bicycles do not emit any pollutants is projected to drive their demand in near future. Moreover, consumers are rapidly moving toward online distribution channels to buy a bicycle due to several key factors, including doorstep delivery and replacement and availability of a variety of products. Also, due to the outbreak of the COVID-19 pandemic, consumers are mainly focused on avoiding crowded places to prevent themselves from virus infections.

Access Research Report of Bicycle Market @ https://www.grandviewresearch.com/industry-analysis/bicycle-market

Some cool market facts to understand –

• The global market is growing significantlyas bike-sharing companies, particularly in Europe and Asia, are investing aggressively in expanding their operations
• The mountain bicycle segment is anticipated to expand at a CAGR exceeding 7% by 2028. Rising popularity in line with the increasing media coverage for mountain bicycle racing events and the establishment of new mountain biking circuits are expected to drive the growth
• Apart from being easy to use, electric bicycles can potentially shorten the journey time. Moreover, advances in battery technology have resulted in the advent of lighter rechargeable batteries that can support longer journeys. These factors are attributed to the growth of the electric bicycle segment
• The men segment is expected to expand significantly at a CAGR of over 7.2% by 2028 as men would continue to outnumber women and kids in terms of opting for a bicycle commute. The number of men opting for bicycle commutation was higher than that of women and kids in 2019
• Asia Pacific was the dominant regional market in 2020 with a revenue share exceeding 34%. Governments in Asian nations, particularly Japan, China, and Singapore, among others, are investing aggressively in establishing the infrastructure necessary to encourage and support bicycle commutation
• Leading market incumbents areAccell Group; Dorel Industries Inc.; Giant Bicycles; Merida Industry Co., Ltd.; and Trek Bicycle Corporation. They dominated the market in 2020 leveraging a continuous emphasis on expanding their market share through mergers and acquisitions

Access Press Release of Bicycle Market @ https://www.grandviewresearch.com/press-release/global-bicycle-market