Portland, OR, June 28, 2021 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global bicycle market generated $20.28 billion in 2019, and is estimated to reach $28.66 billion by 2027, witnessing a CAGR of 4.8% from 2021 to 2027. The report provides an extensive analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Low maintenance cost of bicycles and ample health benefits drive the growth of the global bicycle market. However, low demand for electric bikes from developing nations and limited use of bicycle during unfavorable climate hinder the market growth. On the other hand, surge in adoption of outdoor sports and technological advancements present new opportunities in the coming years.
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- The demand for bicycles increased during the Covid-19 pandemic due to rise in health consciousness among consumers and preference for bicycles as economical means to exercise and travel short distances.
- The implementation of stringent regulations such as social distancing enforced people to avoid gathering in fitness centers and gyms. This, in turn, led to increased demand for bicycles as means to exercise and remain fit.