Bicycle And Components Market 2022
According to a recent market research analysis by Persistence Market Research, the global sales of bicycles and their components exceeded 1.4 billion units in 2018. During the forecast period, 2019 to 2029, the global market for bicycles and bicycle parts is anticipated to grow at a robust 6% CAGR.
The demand for bicycle and components is primarily influenced by increasing crude oil prices and rising awareness among consumers regarding health issues due to air pollution. Depletion of oil reserves across the globe will remain among the key factors necessitating adoption of sustainable transportation means, thereby fueling the growth of bicycle and components market. As a viable transportation alternative, bicycles are gaining traction among all age groups, which would shape the long-term growth of bicycle and components market.
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Eco-friendly Transportation Garnering Acceptance through Promotional Activities
In regions such as Europe and North America, corporate offices have been utilizing electric vehicles and bicycles as means ing the Useon across all tof transportation inside their campuses. It has become mandatory for every employee to follow this in order to improve the air quality and decrease the pollution index inside the company premises.
For instance, The U.S. Green Building Council (UGBC) has encouraged all multinational companies to be LEED (Leader in Energy and Environment Design) certified. The main intention behind this is to promote bicycling, transportation effectiveness, and also to improve public health by inspiring practical and recreational physical activities. This is projected to positively surge the demand for bicycle and components over the foreseen year.
As per PMR study, prominent players in the bicycle and components market are focusing on introducing lightweight bicycle and components, coupled with better performance characteristics in all terrains. Moreover, due to the increasing focus on electric mobility by consumers, electric bicycles are gaining traction. Prominent manufacturers are focusing on introducing such models in order to attract new customers and give a necessary boost to their revenue stream.
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Increasing Public Bicycle Rental Programs and Government Initiatives
Bike-sharing programs offer an active mobility option to individuals with an objective to increase cycling, reduce congestion, and minimize environmental pollution. Also, bicycles available on rent save users’ investments needed to purchase their own bicycles. In addition, users who make a habit of using rental bicycles can be potential buyers in the future to commute over shorter distances.
For instance, the Indian government is planning to implement various policies such as ‘Startup India’ and ‘Make in India’, with an objective of enhancing the manufacturing sector and also improving the per capita income of the average Indian consumers. Such policy would further upsurge the development of the bicycle and components market, in addition to benefiting stakeholders. All these factors are anticipated to drive the growth of the bicycle and components market in the Asia Pacific region such as India.
Bicycle and Components Market Competition Analysis
PMR market research report also highlights significant insights of the competitive scenario in the bicycle and components market and numerous strategies of protuberant market participants. Some key participants are Shimano, Inc., Inc., VELO, Brooks England SRL, Specialized Bicycle Components, Inc., and Accell Group N.V., among others.
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