As cited by the research report titled ‘Global Bicycle Market Size study, by Type (Cargo Electric bike, Non-Cargo Electric bike, Cargo Nonelectric bike and Non-cargo Nonelectric bike), Sales Channel (Online Platforms and Physical Stores), End-User (Men, Women and Kids) and Regional Forecasts 2020-2027’, available with Market Study Report, global bicycle market was remunerated at USD 50.88 billion in 2019 and is projected to grow with a CAGR of 7% over 2020-2027 to be appraised at USD 87.42 billion by the end of study duration.
 

Awareness regarding healthy lifestyle, increasing environment friendliness, and preference for exercise, leisure & recreational activities are primarily spurring the growth of global bicycle market. Additionally, inclination for bicycles for exercising to ensure a healthy life which is free from obesity and other similar disorders is another factor augmenting the market outlook.
 

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Furthermore, rising investments in sports infrastructure due to favorable government initiatives, increased participation in sports along with growing popularity of dockless bicycle sharing systems are bolstering the demand for bicycles.
 

For instance, in India, Cycling Federation of India periodically organize events like mountain cycling and cycling marathons. While, as per data of Department for Transport U.K., in 2019, on an average, men in the nation made 25 cycling trips as compared to that of 10 cycling trips by women in the same year.
 

However, lack of well-established infrastructure for bicycling due to ever-rising congestion is a major factor restraining the growth of bicycle market.
 

Based on type, worldwide bicycle industry is segmented into cargo electric bike, cargo non-electric bike, non-cargo electric bike, and non-cargo non-electric bike. Speaking of sales channel, the marketplace is divided into physical stores, and online platforms. Moving on to end user spectrum, the industry space is classified into kids, women and men.
 

Geographically, Asia Pacific, Europe, North America, and Latin America are the key contributors to worldwide bicycle industry valuation. Of these, Asia-Pacific is projected to be a major growth hub for the market over 2020-2027, owing to increasing health awareness, more sports events, and urban cycling trend.
 

Whereas, Europe is likely to witness lucrative growth trends over the forecast duration, on account of environmental cognizance, less traffic on roads, along with good cycling infrastructure.
 

Leading players in worldwide bicycle industry sphere include Kona Bicycle Company, Trek Bicycle Corporation, Specialized Bicycle Components Inc., Scott Sports SA, Olympus Bikes, Merida Industry Co. Ltd., Giant Manufacturing Co. Ltd., Dorel Industries Inc., Cervélo Cycles, and Accell Group N.V.