What is the best electric bicycle on the Bicycle Market ?

Bicycle Market Overview

As per the industry reports, the Bicycle Market is projected to be worth USD 154.43 billion by the end of 2030, registering a CAGR of 6% during the forecast period. The market was valued at USD 59.17 billion in 2021 as per the stats that have been circulated in the market during the ongoing period.

The strong bicycle market growth in the market is due to strong government backing followed by increased concerns over carbon dioxide emission.

The global urban consumers are using bicycles to keep fit as a way to avoid hitting the gym. Smaller cities and towns too have seen a huge rise in the demand for cycles for maintaining social distancing as well as its rise as an alternative to public transport.

The sudden outbreak of the COVID-19 crisis is expected to bring about behavioral and perceptional changes in the target people. With more people taking to different means of cycling, this practice has become highly acceptable for a larger degree of consumers/ this, in turn, is likely to bolster the rising degree of need for cycling following a safe infrastructure. Hence, despite this rising trend that is being ushered in via the pandemic, it is likely to propel and continue. This will positively impact the bicycle market growth.

There has been an increasing inclination of people for a healthy lifestyle that is likely to boost the market growth over the forecast period. Consumers are likely to seek to keep themselves engaged in different kinds of physical activities like bicycling. Besides, there has been a gradual shift towards an active lifestyle is boosting the need for leisure activities like cycling across the global market premises. The significance of sports activities, especially for various kinds of health reasons, followed by increasing sports events, and rising celebrity endorsements, are adding to the market growth.

Industry News

In January 2021, Louis Vuitton has launched its luxury bicycle line in association with another market player - Tamboite. The bicycle range will fuse exclusivity with the craftsmanship and offer luxury and will further, come in four attractive colors of yellow, black, blue, and red. It will be accessible for the people in two different models.

Regional Analysis

In the European region, the global bicycle market is likely to hold the second-largest share. The rising degree of health consciousness, on-going adventure sports trends, followed by other factors like the rising popularity of e-bike tourism, increasing use of bicycles by consumers for recreational activities, and a huge rise in the use for its convenience as a type of physical exercise that helps people to stay fit are adding to the global market growth. Besides, there has been a relevant presence of cities that is ideal for bicycle commutation, popular bicycling events, amongst other factors like traffic congestion, increasing use for personal transportation, rising urbanization, and growing environmental concerns about carbon dioxide emissions. Also, the increasing health consciousness and rollout of infrastructure to encourage and support bicycle commutation in major countries like Italy, France, Denmark, and Belgium are adding to the market demand.