Global Bicycle Market Europe dominate with shares of 19.9% | Page 2

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M a r k e t
P e r s i s t e n c e

Report Media Releases
Global Bicycle Market to Register a Value CAGR of 3.7%
during 2016 – 2024
Persistence Market Research (PMR) delivers key insights on the global bicycle market in its
latest report titled, “Global Market Study on Bicycles: Hybrid Product Type Segment Estimated to
Hold Around 40% Market Share by 2024 End ”.The global bicycle market was valued at US$
45.08 Bn in 2015 and is anticipated to reach US$ 62.39 Bn at the end of the forecast period in
2024 and Asia-pacific expected to be the most attractive regional segment in terms of market
share and incremental opportunity through 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.
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 bicyclefriendly world and create suitable and safe cycling tracks so that there are no accidents and
injuries to the consumers and safety is assured.
In 2016, the hybrid segment has been estimated to dominate the global market with 38.5% value
share, followed by the road and mountain segments with shares of 25.2% and 24.2%,
respectively. The hybrid segment is forecast to reach US$ 24.43 Bn by 2024 end, registering a
CAGR of 4.0% over the forecast period. The road and hybrid segments are estimated to hold a
collective share of 63.7% by 2016 end. In 2016, the conventional segment has been estimated
to dominate the global market with 81.5% value share. In 2015, the men segment in the global
market accounted for 44.7% share, followed by the kids and women applications segments
accounting for 32.3% and 32.8% shares respectively. In 2016, the mid-range segment has been
estimated to dominate the global market with 55.4% Value share, followed by the low range and
premium segments with shares of 28.9% and 15.7%, respectively.

Global Bicycle Market 2016-2024