BICYCLE MARKET ANALYSIS

Market Challenges And Opportunities

Global Bicycle Market- Driver

• Increasing Awareness Among Consumers Regarding Health Benefits Of Bicycle Is Expected To Drive Growth Of The Global Bicycle Market During The Forecast Period:Modern lifestyles and hectic schedules have forced people to work without ample exercise. With the increasing intake of junk food, health issues such as obesity are arising at a very early age. On the contrary, a healthy and more nature-friendly lifestyle is becoming more and more popular as people raise awareness about the hazards caused by obesity. Many studies have revealed that bicycling burns around 500–700 calories per hour. Various countries have started adopting bicycle riding as an effective way of burning fat and maintaining normal body mass. Even doctors advise the general public around the world to use bicycles as a must-have tool for living a healthy life, whether they are obese or not. Thus, these factors are expected to drive growth of the market in the near future.

• Significant Increase In Oil Prices And Rising Need To Prevent Natural Resources Are Expected To Propel The Global Bicycle Market Growth Over The Forecast Period:The major disadvantage offered by bicycles is that it does not require external fuel or a source of supply to drive. Since natural resources are limited and draining rapidly, adopting bicycles is crucial to avoiding depletion of resources. In order to save oil and fuel, customers tend to cycle the distances that are close enough for them. Furthermore, consumers are also saving a significant amount of money by not spending on fuel, and there is also no need for a driving license for cycling. Hence, these factors are expected to propel the global bicycle market’s growth over the forecast period.

Global Bicycle Market-Opportunity

• Constantly Increasing Demand for Cleaner and Faster Mode of Transportation Can Present Major Growth Opportunities:The pollution caused by the emissions from fuel-driven vehicles has increased significantly in recent years. On the contrary, it has presented a massive opportunity for green solution providers and manufacturers to capitalize on the market. The bicycle manufacturers can exploit these conditions as an opportunity to expand and increase their business. The eco-friendly mode of transport with bicycles as a medium has already gained popularity and is a prominent trend in European countries like Denmark, the Netherlands, and the U.K.

• High Growth of Tourism Industry Can Provide Lucrative Business Opportunities:The tourism industry has witnessed massive growth in numerous economies. Cycle tourism provides major opportunities for manufacturers to gain a competitive edge in the market. There has been a global increase in the construction of cycle tourism projects in various countries to generate a good source of revenue for the country. For instance, in Germany and France, the average annual turnover from cycling tourism is approximately 11 billion euros and the revenue is expected to increase in the near future due to increased infrastructural and extension activities going on in the cycling tracks and lanes.

Global Bicycle Market- Restraint

• Unsuitability for Longer Distances Is Expected To Restrain Growth Of The Global Bicycle Market During The Forecast Period:Commuting by bicycle is ideal and suitable for shorter distances, as the human capacity to cycle is limited. The energy to be exerted for cycling longer distances is comparatively higher, and thus it’s a very tiresome task. Moreover, the speed of bicycles is limited, whereas automobiles go faster, and destinations can be reached sooner. Thus, these factors are expected to restrain growth of the market during the forecast period.

• Lack of Dedicated Cycling Tracks Is Expected To Hinder The Global Bicycle Market Growth Over The Forecast Period:The major challenge inhibiting growth in the market is the lack of an ample number of dedicated cycling tracks. Emerging economies are laying emphasis on creating a bicycle-friendly world and safe cycling tracks so that there are no accidents or injuries to consumers and safety is assured. Moreover, in countries such as Brazil, India, and Indonesia, where the population is higher, there are very few dedicated cycling tracks built by authorities. Hence, these factors are expected to hinder the global bicycle market’s growth over the forecast period.