Bicycle Market: Europe to Register the Highest CAGR through 2024

(Newswire.net — June 29, 2017) New York City, New York — Increasing prevalence of obesity has fuelled demand for bicycles among customers and in various fitness institutions. Moreover, bicycles are environment friendly and do not need a supply source or fuel to ride, which adds to the list of factors propelling growth of the global bicycle market in the upcoming years. Persistence Market Research has recently compiled a report, which reveals that the global bicycle market will reflect a growth of 3.7% CAGR during the predicted period, 2016 – 2024.

A sample of this report is available upon request @ http://www.persistencemarketresearch.com/samples/3326

Factors Propelling Growth of the Global Market

Increasing preference for nature-friendly and healthy lifestyle is likely to impact growth of the global bicycle market in the upcoming years. Attributed to various benefits such as healthy mode of transportation and inexpensive features, bicycles are likely to witness an upsurge in demand during the predicted period. Moreover, there is no need for any supply source or external fuel to ride the bicycle. Further, preservation of natural resources and depletion of natural resources is a major challenge faced by various manufacturers. Such factors are likely to impact growth of the global bicycle market significantly during the predicted years. With the use of bicycles, customers could conveniently avoid traffic and reach their destination relatively fast. Such factors are likely to impact growth of the global market positively. In contrary to this, since bicycles do not operate on fuel or oil, they are mainly used for travelling to closer places, and travelling shorter distances.

Hybrid Cycles to Account for Major Market Share

Hybrid cycles among other products will account for major market share attributed to growing demand among consumers for trekking, recreational and commuting purposes. Growing labor and middle class population will rev up demand for conventional bicycles in the upcoming years. Due to cheaper prices, the conventional bicycles will witness relatively more demand in the developing countries during the predicted years. Electric bicycles among others will register significant CAGR through 2024, and are likely to gain traction throughout 2024. Bicycle for women among other end users will reflect a CAGR growth of 4.3% during the predicted years. Due to surge in adoption of electrical bicycles globally, bicycles sold on premium prices will witness 4.8% CAGR throughout 2024.

Europe to Witness Highest Growth

China will witness relatively high demand and consumption among other countries of APAC by the end of 2024. Europe among other regions will register relatively high CAGR, and will account for major market share during the predicted period. Government divisions and cycling infrastructure are some of the major factors fuelling growth of the bicycle market in Europe. China among other countries in APAC accounts for 99% share of the overall bicycles imported to North America. Due to surge in demand for bicycles in China with mature e-bike markets, the bicycle market in APAC accounted for over 63% of the global bicycle market in 2015. North America and Europe among other regions will account for major market share, and will register a CAGR growth of 3.9% and 4.9% respectively during the predicted years.

View Report Table of Contents, Figures, and Tables @ http://www.persistencemarketresearch.com/market-research/bicycle-market/toc

Market Players

Leading players operating in the global bicycle market include Atlas Cycles Ltd., Giant Bicycle Inc., Avon Cycles Ltd., Derby Cycle, Zhonglu Co. Ltd., Trek Bicycle Corporation, Accell Group, Tube Investment of India Limited, Merida Industry Co. Ltd., Dorel Industries Inc., Samchuly Bicycle Co, Ltd., and Tandem Group plc.