Global Bicycles Market Report 2021-2027

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Global Bicycles Market Report 2021-2027



The global market for Bicycle is expected to reach US$ 82.3 billion by the year 2027, trailing a post COVID-19 CAGR of 6% over the analysis period 2020 through 2027.To get more news about carbon fiber wheels, you can visit zpebicycle.com official website.

An interesting fallout of the pandemic and the associated restrictions imposed by various countries is increased interest in cycling. People are avoiding public transit given the infection risk leading to a mini bicycle boom, enabling bike riding to emerge into an effective alternative to crowded public transit, while simultaneously allowing people to engage in physical exercise while conforming to social distancing guidelines.

While the pandemic impacted supply chains and coerced companies to temporarily shut down manufacturing facilities, the bicycle industry has enjoyed notable surge in sales, especially for mid-range bicycles. Riding a bike is emerging as one of the hottest trends owing to increasing focus of people to stay active and avoid public transport. Bicycle sales are further propelled by decision of various countries, mainly in Europe, to provide bike buyers with attractive subsidies. In addition, several cities are looking forward to new and extensive bike lanes. Customer optimism regarding bikes is also enabling manufacturers to enjoy immense gains.

The surge in demand for mid-range and entry-level bicycle models has outstripped inventory in Europe and the US. The situation is driving manufacturers to ramp up production and ensure maximum utilization of resources including workers for meeting demand. In addition, manufacturers of bikes and related components are reorganizing global supply chains for getting ready to further boost in demand.

The bicycle market in Europe has resurfaced dramatically after displaying a weak performance in the first quarter of 2020. The market witnessed a notable spike in sales following easing of COVID-19-related lockdowns and restrictions across countries. The bicycle market is receiving a major push from increasing spending from the middle-class population along with surge in sales of high-end products. The trend is particularly evident in countries like the UK, Germany, Spain and France. In contrast to other markets that have been adversely affected by reduced consumer spending, the bicycle market in the UK is exhibiting high degree of resilience.

Majority of people in the country are looking forward to maintain and even increase spending on bicycles in comparison to the pre-lockdown phase. The government allowed bicycle shops to remain open amid the COVID-19-related lockdown. In addition, the UK market is benefitting from various initiatives announced by the government and market participants. The government's 'Fix your Bike Voucher Scheme' is intended to allow stakeholders to register as bike repairer.
Moreover, the scheme enables people to secure a voucher toward the cost of bike repairing. On the other side, several companies have introduced volunteer program to help retailers with a spike in sales, mainly for repairs and services. These initiatives are anticipated to ensure prompt delivery of services and drive more customers to embrace the trend.

Hybrid bicycles are incredibly gaining popularity amongst different age groups owing to the many benefits the bicycle type offers in terms of usability, comfort and stability. Hybrid bicycles offer a very comfortable riding experience on a variety of road surfaces, while combining the characteristics of a mountain bike, touring bike and road bike. Growing inclination towards cycling as part of leisure-time activity will likely propel growth of the market for hybrid bikes. Looking to tap into this strong growth, bicycle companies are competing on a global scale to introduce new bike models. Companies are coming up with new hybrid variants incorporating gender-specific features.