Cycling Sales to Grow by 38% to 56 Billion euros in 2024
NEW YORK, USA – US market researcher Persistence forecasts that the global bike market is to grow by 38% up to 2024. By then cycling sales will amount to 56 billion euro; up big from the 40 billion it was in 2015. The market researcher concludes that e-bikes are to show an impressive annual growth rate up to 2024.
In a press release announcing its report on the development of the global bicycle market up to 2024 Persistence Market Research states “Bicycles play an important role in sustainable transportation by providing performance, price and environment benefits over gasoline based vehicles. Bicycles comprise of features like being eco-friendly, inexpensive and are a healthy mode of transportation. In 2015, the value of global bicycle market was worth USD 45.08 billion (€40.27 billion) and it is estimated to reach USD 62.39 billion (€55.72 billion) by 2024 registering 3.7% compound annual growth rate (CAGR) during the forecast period (2016 to 2024).”
Besides the obvious benefits of cycling like reducing environment hazards and beneficial for health the Persistence report also notes “Building network of communication and roads is a major necessity for global bicycle market to flourish. This has been a great challenge for manufacturers and government authorities to make cycling tracks and generate good cycle networks. Developing countries are concentrating on creation of bicycle-friendly world and safe & suitable cycling tracks for avoiding injuries and accidents and assure safety.”
Integration of e-bikes with sports and mountain bikes
Category-wise the market research concludes “Owing to increasing demand for hybrid bicycles for commuting, trekking and recreational purposes, this segment is estimated to hold major market share in the global bicycle market during the forecast period. Owing to integration of e-bikes with sports and mountain bikes, electric bicycles are expected to gain traction in the global bicycle market and witness an impressive CAGR during 2016 to 2024.”
The report further indicates that “Women bicycle segment is estimated to witness 4.8% CAGR during the forecast period”. It further points to Europe as expected to register the highest CAGR compared to Asia-Pacific, Africa, North and South America with 4.9% during the forecast period.