Bicycles Market Size to Expand at 3.7% CAGR by 2024

A majority of nations of the world, especially in developed countries, are facing the health hazard of obesity. On the other hand, people are getting more aware about leading a healthy and more environment friendly lifestyle and these people are also gaining more insights about the hazards of being obese. It is here that the major advantage of using bicycles comes to the fore, as it is greatly beneficial for health and thus its use is gaining traction in such section of the population. In addition, there is no need of any fuel or supply source to drive bicycles and hence it is much more environmental friendly. This is also important in context of the fact that world is facing the problem of depletion of natural resources and using bicycles eases this pressure. Another major advantage of using bicycles is that people can avoid heavy traffic and don’t get bogged down by the increasing number of vehicles plying on the road and reach their destination faster.

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Commutation by bicycles is ideal and suitable for shorter distances, as the human capacity to cycle is limited. The energy to be exerted for cycling for longer distance is comparatively higher, and thus it’s a very tiresome task. The average distance covered by an individual conducting a long-trip is between 40 to 60 miles (64 – 96 kilometers) each day. This in comparison with gasoline powered vehicles is completely minor to the average distance travelled per day.

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Global bicycle market can be successful and flourish in the forecast period if the network of roads and communication is built and connected properly throughout the nations. This has been a chief challenge for the government authorities and the manufacturers to ply cycling tracks and create a good network for cycles. Developing economies are focusing on creating a bicycle-friendly world and create suitable and safe cycling tracks so that there are no accidents and injuries to the consumers and safety is assured.

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Some of the key market players that have been covered in the global bicycle market report are Zhonglu Co. Ltd., Atlas Cycles Ltd., Merida Industry Co. Ltd., Trek Bicycle Corporation, Giant Bicycle Inc., Accell Group, Tube Investment of India Limited, Derby Cycle, Samchuly Bicycle Co, Ltd., Avon Cycles Ltd., Tandem Group plc., and Dorel Industries Inc.