Market Research Report
Europe Bicycle Market Growth, Trends, and Forecasts (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||906926|
|Published||Content info||85 Pages
Delivery time: 2-3 business days
|Europe Bicycle Market Growth, Trends, and Forecasts (2019 - 2024)|
|Published: July 1, 2019||Content info: 85 Pages||
Europe bicycle market is forecasted to grow at a CAGR of 6.12% during the forecast period (2019 - 2024).
Europe bicycle market is segmented by type, distribution channel, and geography. By type, the market is segmented as road bicycles, hybrid bicycles, all terrain bicycles, e-bicycles, and others. The other type of bicycles include two-seater bicycles and multi-seater bicycles. By distribution channel, the market is segmented as online and offline retail.
According to the Central Bureau of Statistics, in Netherlands, the total number of shops selling bicycles has been increasing since 2015, reflecting a growth in the bicycle market. A growing use of bicycles in trekking and recreational activities, coupled with an increasing number of cycling events, will increase the demand for sports bicycles over the forecasted period. At the same time, various organization and governments are aggressively deploying the infrastructure in the developed economies needed to support the switching of bicycles, thereby encouraging people to opt for bicycles. For instance, in April 2017, the United Kingdom government published its GBP 1.2 billion long-term plan to make cycling and walking the preferred choice for shorter journeys. Most of the time these national strategies and/or action plans set clear activities and precise goals for the development of cycling at the national level. Similarly, The Sweden Government has adopted 'A national cycling strategy for more and safer cycling, contributing to a sustainable society and a high quality of life throughout the country. The Government has invested a total of SEK 100 million in an additional cycling initiative in 2016-2017.
Due to the potential of promoting sustainable transportation, more attention has been focused on the e-bike market. Shifting people from cars to more sustainable and space-efficient modes of transport can help reduce many transportation and health challenges, including traffic congestion, air pollution, and physical inactivity. This is driving the e-bike market. Also, there is a growing interest to increase the attractiveness of cycling. Extended government support and implementation of strict rules in various geographies has pushed the sales of electric bikes. In metro cities, especially in North America and European countries, the concept of public charging infrastructure and rental service for e-bikes is on the rise. Increasing investments on the research and development by several market players to develop new high efficiency batteries and manufacture high performance vehicles has played a crucial role in fuelling the adoption of electric bikes.
Europe bicycle market is fragmented with presence of several global and regional players. Some of the key players include Trek Bicycle Corporation, Giant Bicycles, and Wilier Triestina S.p.A. The market is competetive with players competing for market share. In order to position themselves in a better position in the market, the players engage in strategies such as partnerships, expansions, product innovations, and mergers and acquisitions.