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The increase in global bicycle market rises as customers prefer bicycles as a form of leisure increase. Maintaining an active and healthy lifestyle, and a life free from numerous ailments, bicycles are considered to be a handy method of exercise that is in great demand among consumers.
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Expansion in the demand for bicycles is rising globally as a result of a boost in public awareness of the health benefits of cycling. Dockless bicycle-sharing programs are gaining popularity at a significant pace among the general public, which is anticipated to support the expansion of the world bicycle market.
Key Takeaways from the Bicycle Market Report:
The bicycle market experienced steady growth between 2018 and 2022, with road bicycles comprising the majority of sales at 70% in terms of product segment. Men constituted the primary end-user demographic, holding a significant 75% market share. Conventional technology dominated, capturing 80% of the market. North America and Europe maintained strong footholds, with North America projected to hold a market share of 42.8% and Europe expected to increase to 38.4% by the end of the forecast period.
Market Competition:
Key players can create and advertise new, better goods at high price points to obtain a continuous competitive edge in the bicycle market. Additionally, a few significant bicycle market players are increasing their bicycle market share by choosing techniques including mergers and acquisitions, partnerships, and collaborations.
Leading Key Players:
Accell Group, Atlas Cycles (Haryana) Ltd., Avon Cycles Ltd., Cervelo, Dorel Industries Inc., Giant Bicycles, Merida Industry Co., Ltd., Specialized Bicycle Components, Inc., SCOTT Sports SA, Trek Bicycle Corporation
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