Global Bike Market to Grow by 38% up to 2024
NEW YORK, USA – According to a Persistence Market Research (PMR) report, the global market for bicycles is anticipated to expand by 37.5% over the period 2016-2024. In the eight years from 2015 to 2024 revenue growth is to get from US$ 45.08 billion to over US$ 62 billion by 2024. Asia Pacific is anticipated to be the most lucrative market for bicycles over the forecast period while e-bikes will be the leading segment of the market.
The Persistence Market Research report on the global bicycle market presents insights on technological advancements in the global bicycle market. The report provides updates on growth drivers, restraints, opportunities and various regional trends in the global bicycle market. The 223 page study provides market dynamics that are expected to influence current global bicycle sales and future prominence of the global bicycle market over the forecast period.
Usual reasons for growth
In the next eight years a compound annual growth rate (CAGR) of close to 4% is forecasted. What is expected to drive the bicycle market are, according to the PMR report, the usual factors like a more healthier lifestyle, environmental and mobility reasons as well as global warming and exhaustion of natural resources. The report however also points to the fact that the lack of cycling tracks and insufficient infrastructural networks for cycle commutation is expected to be a major impediment to the growth of global market for bicycles.
E-bikes to lead
On e-bikes the PMR study says, “By the end of 2016, hybrid bicycles are anticipated to be the leading segment of the market and is expected to account for over 38% share of the market in terms of value, followed by the road and mountain segments. The e-bike segment is foreseen to reflect a CAGR of 4%, to reach a market valuation of US$ 24.43 Billion by 2024.”
The PMR study continues, “On the basis of region, the market in Asia Pacific is anticipated to lead during the forecast period with over 63% share in terms of value. In Asia Pacific, China is anticipated to represent a healthy share of the market characterizing the massive bicycle market in the country. Asia Pacific is followed by Europe and North America, which are expected to collectively account for over 23% share of the market. By 2024, the market in Europe is anticipated to surpass US$ 13 billion, reflecting a CAGR of over 4% during the forecast period. Developing economies are actively promoting bicycle-friendly societies and are developing appropriate cycling tracks to avoid road mishaps.”