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 worth USD 50.88 billion in 2019 and is projected to grow with a CAGR of 7% over 2020-2027 to accumulate USD 87.42 billion by the end of study duration.
 

Increasing environment friendliness among consumers, inclination towards exercise, leisure & recreational activities, and awareness regarding healthy lifestyle are the primary factors driving the growth of global bicycle market. In addition, preference for bicycles for exercising to assure an active life, free from obesity and other similar disorders is further enhancing the market progression.
 

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Moreover, growing investments in sports infrastructure due to favorable initiatives by the government, rising participation in sports coupled, with increasing popularity of dockless bicycle sharing systems are generating lucrative prospects for the market scenario.
 

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

On the downside, lack of standard cycling infrastructure due to growing congestion is a major factor hindering the growth of worldwide bicycle market.
 

Speaking of type, the industry is segmented into cargo electric bike, cargo non-electric bike, non-cargo electric bike, and non-cargo non-electric bike. On the basis of sales channel, the marketplace is divided into physical stores, and online platforms. While the end user spectrum comprises of kids, women, and men.
 

Considering the geographical analysis, bicycle industry dynamics spanning across North America, Latin America, Middle East & Africa, Europe, and Asia-Pacific are thoroughly encompassed in the report to enable readers to identify profitable prospects for investment.
 

Expert analysts cite that Asia-Pacific is likely to be a major growth hub for the market over 2020-2027, on account of growing health awareness, rising number of sports events, and increased urban cycling. Whereas, Europe is anticipated to witness lucrative growth trends over the forecast timeline, owing to environmental awareness, less road traffic, along with well-established cycling infrastructure.
 

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