Bicycle Market
Bicycle Market Analysis by Product (Mountain Bikes, Road Bikes, Cargo Bikes, Hybrid Bikes), by Technology (Electric Bicycles, Conventional Bicycles), by End User, by Distribution Channel & Region - Global Forecast 2022 to 2032
Analysis of Bicycle market covering 30+ countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Bicycle Market Growth Outlook for 2022 to 2032
The global sales of bicycles garnered a market value of US$ 60 Billionin 2021 and is expected to register a positive CAGR of 8% by accumulating a market value of US$ 138 Bn through the assessment period 2022 to 2032.
Improvement in infrastructure across various countries along with customization of bicycles is positively influencing the demand for bicycles. Furthermore, cycling tournaments in Europe are creating lucrative business opportunities for bicycle manufacturers.
| Report Attributes | Details |
|---|---|
| Market Value in 2021 | US$ 60 Billion |
| Market Size in 2022 | US$ 64 Billion |
| Anticipated Market Value in 2032 | US$ 138 Bn |
| Global Growth Rate (2022 to 2032) | 8% CAGR |
| Market Share of Asia Pacific | 33% |
| Key Companies Profiled | Accell Group; Atlas Cycles; Avon Cycles Ltd.; Cervelo; Dorel Industries Inc.; Giant Bicycles; Merida Industry Co.; Specialized Bicycle Components; SCOTT Sports SA; Trek Bicycle Corproation |
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Demand Analysis of Bicycle from 2015 to 2021 Vs Market Projections for 2022 to 2032
As per Fact.MR’s report, from 2015 to 2021, the global sales of bicycle market exceeded US$ 60 Bn by the end of 2021. The market surged at a CAGR of 7% across the said historical period. Increasing emphasis on maintaining good personal health and fitness amid rising sedentary lifestyle problems has led to this increased demand.
During the COVID-19 pandemic, bicycle sales dropped significantly, especially in the first wave in 2020. Imposition of nationwide lockdowns restricted the movement of people, confining them indoors. This led to a decline in outdoor sporting activities such as cycling. Eventually, this sluggishness was offset, thanks to the easing of restrictions once the incidence receded.
Manufacturers of bicycles are focusing on customizing bicycles to improve their efficiency for adventurous sports. In addition, increasing inclination from women and children is also boosting the sales of bicycles. Thus, the sales of bicycles are expected to grow 2x throughout the 2022 to 2032 forecast period.
How is Demand for Healthy Lifestyle Spurring Growth for Bicycles?
Numerous health benefits associated with cycling have influenced people to not only take cycling as a hobby but also as an investment for staying healthy. Sedentary lifestyle owing to changing work nature has increased obesity, heart related problems and diabetes in people across various age groups. Moreover, changing preferences for exercising has motivated people to cycle. This, in turn, has increased the demand for bicycles.
Furthermore, cycling has also become a community building activity for various people. In addition, improving infrastructure, creation of smart cities along with initiatives by the governments to make people healthier are driving the sales of bicycles. Increasing population is another key reason that has made people environment conscious. Thus, people are rapidly adopting the usage of bicycles.
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How is Traffic Congestion Driving Sales of Bicycles?
Rapid urbanization has led to traffic congestions in various cities. This, in turn, is increasing the time taken to commute for people. As cycling takes lesser space, people are preferring to travel by bicycle for shorter distances and to offices. Moreover, the inadequacy of place is creating problems for parking vehicles. This, in turn is boosting the demand for bicycles.
Furthermore, initiatives by the government are uplifting the fitness motto across countries. In addition, integration of technological advancement has helped cities to come up with dockless bicycle-sharing system. This, in turn, is accelerating the growth of the bicycle market. Moreover, initiatives such as “Clean City, Green City” is adding to the sales of bicycles.
Country-wise Analysis
Smart Cities Spurring Growth of Bicycles in Asia Pacific?
Countries in Asia Pacific such as China, Singapore and Japan are focusing on healthy living by improving the infrastructure of the countries. Most people from the region are investing into becoming healthy and thus are preferring to commute by cycle for office and for other chores.
Moreover, the government from the region is focusing on reducing the CO2 emission. This, in turn, has propelled the use of bicycles. Furthermore, growing inclination towards using bicycles owing to creation of smart cities is spurring the growth for bicycles. Thus, Asia Pacific is expected to hold more than 33% market share for bicycles.
Cycling Tournaments Propelling Demand for Bicycles in Europe?
Marketing campaigns for bicycles by manufacturers is a key reason for an increase in the adoption of bicycles in Europe. Moreover, in spite of Europe being one of the worst hit regions by the pandemic, the demand for bicycles has increased owing to the increasing importance of fitness.
Furthermore, cycling events in countries like France and Germany is accelerating the demand for bicycles in the region. In addition, the government of the region is also rolling out infrastructure that is suitable for cycling and walking for shorter journeys. Thus, Europe is expected to register a staggering double-digit CAGR of 12% in the forecast period.
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Category-Wise Insights
Simple Mechanization Creating Lucrative Opportunities for Bicycles?
Road bicycles have gained immense popularity in all age groups as they are the easiest bicycles to ride. The simple mechanization of these bicycles has created a strong business opportunity for bicycle manufacturers. Moreover, road bicycles do not require accessories as they are not used for trekking.
This, in turn, reduces the price of road bicycles and is more affordable. In addition, women, kids and elderly have also shown a growing inclination towards buying road bicycles as they have easy mechanization to operate. Thus, road bicycles are expected to hold more than 45% market share for bicycles.
Test Rides Increasing Purchase of Bicycles from Offline Stores?
Offline stores provide real-time access to bicycles. This provides customers to take test rides on bicycles. Thus, the preference for purchasing bicycles from offline stores has increased.
Moreover, a growing inclination towards customizing bicycles for reasons such as trekking and adventurous sports is upsurging the sales of buying bicycles from offline stores.
Instant purchase of buying the product is favouring the sales of bicycles from offline stores too. Thus, offline stores are expected to hold more than 50% market share for bicycles.
Competitive Landscape
Prominent manufacturers are emphasizing on introducing newly designed bikes, strategic collaborations and initiation of different campaigns. In addition, there is also emphasis on incorporating sustainability in manufacturing practices, considering the need to reduce carbon footprint. Some notable developments are as follows:
- In 2020, Accell Group launched “New Purpose: Cycling moves the world forward.” Also, the company’s plant in Herenveen that produces bicycles for the European market will transition to solar energy. This is expected to reduce 1,100 tonnes of CO2.
- In June 2019, Trek Bicycle Corporation introduced the all-new Madone SLR 6 Disc Speed. The bicycle is integrated with removable aero bars and specially designed for riding in hilly areas with winding roads.
Key Segments Covered in the Bicycle Market Industry Report
-
By Product :
- Mountain Bikes
- Road Bikes
- Cargo Bikes
- Hybrid Bikes
- Other Bicycles
-
By Technology :
- Electric Bicycles
- Conventional Bicycles
-
By End User :
- Bicycles for Men
- Bicycles for Women
- Bicycles for Kids
-
By Distribution Channel :
- Online Bicycle Sales
- Offline Bicycle Sales
Table of Content
- 1. Executive Summary
- 2. Market Overview
- 3. Market Risks and Trends Assessment
- 4. Market Background
- 5. Key Success Factors
- 6. Global Market Demand Analysis 2015 to 2021 and Forecast, 2022 to 2032
- 7. Global Market Value Analysis 2015 to 2021 and Forecast, 2022 to 2032
- 8. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Product
- 8.1. Mountain Bikes
- 8.2. Hybrid Bikes
- 8.3. Road Bikes
- 8.4. Cargo Bikes
- 8.5. Others
- 9. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Technology
- 9.1. Electric
- 9.2. Conventional
- 10. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By End-User
- 10.1. Men
- 10.2. Women
- 10.3. Kids
- 11. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Distribution Channel
- 11.1. Online
- 11.2. Offline
- 12. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Region
- 12.1. North America
- 12.2. Latin America
- 12.3. Europe
- 12.4. Asia Pacific
- 12.5. Middle East and Africa (MEA)
- 13. North America Market Analysis 2015 to 2021 and Forecast 2022 to 2032
- 14. Latin America Market Analysis 2015 to 2021 and Forecast 2022 to 2032
- 15. Europe Market Analysis 2015 to 2021 and Forecast 2022 to 2032
- 16. Asia Pacific Market Analysis 2015 to 2021 and Forecast 2022 to 2032
- 17. Middle East and Africa Market Analysis 2015 to 2021 and Forecast 2022 to 2032
- 18. Key Countries Market Analysis 2015 to 2021 and Forecast 2022 to 2032
- 19. Market Structure Analysis
- 20. Competition Analysis
- 20.1. Accell Group
- 20.2. Atlas Cycles
- 20.3. Avon Cycles Ltd
- 20.4. Cervelo
- 20.5. Dorel Industries Inc
- 20.6. Giant Bicycles
- 20.7. Merida Industry Co
- 20.8. Specialized Components
- 20.9. SCOTT Sports SA
- 20.10. Trek Corporation
- 21. Assumptions and Acronyms Used
- 22. Research Methodology
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List Of Table
Table 1: Global Market Value (US$ Mn),By Product , 2015 to 2021
Table 2: Global Market Value (US$ Mn),By Product , 2022 to 2032
Table 3: Global Market Value (US$ Mn), By Technology , 2015 to 2021
Table 4: Global Market Value (US$ Mn), By Technology , 2022 to 2032
Table 5: Global Market Value (US$ Mn), By End-User , 2015 to 2021
Table 6: Global Market Value (US$ Mn), By End-User , 2022 to 2032
Table 7: Global Market Value (US$ Mn), By Distribution Channel , 2015 to 2021
Table 8: Global Market Value (US$ Mn), By Distribution Channel , 2022 to 2032
Table 9: Global Market, By Region, 2015 to 2021
Table 10: Global Market, By Region, 2022 to 2032
Table 11: North America Market Value (US$ Mn),By Product , 2015 to 2021
Table 12: North America Market Value (US$ Mn),By Product , 2022 to 2032
Table 13: North America Market Value (US$ Mn), By Technology , 2015 to 2021
Table 14: North America Market Value (US$ Mn), By Technology , 2022 to 2032
Table 15: North America Market Value (US$ Mn), By End-User , 2015 to 2021
Table 16: North America Market Value (US$ Mn), By End-User , 2022 to 2032
Table 17: North America Market Value (US$ Mn), By Distribution Channel , 2015 to 2021
Table 18: North America Market Value (US$ Mn), By Distribution Channel , 2022 to 2032
Table 19: North America Market, By Country, 2015 to 2021
Table 20: North America Market, By Country, 2022 to 2032
Table 21: Latin America Market Value (US$ Mn),By Product , 2015 to 2021
Table 22: Latin America Market Value (US$ Mn),By Product , 2022 to 2032
Table 23: Latin America Market Value (US$ Mn), By Technology , 2015 to 2021
Table 24: Latin America Market Value (US$ Mn), By Technology , 2022 to 2032
Table 25: Latin America Market Value (US$ Mn), By End-User , 2015 to 2021
Table 26: Latin America Market Value (US$ Mn), By End-User , 2022 to 2032
Table 27: Latin America Market Value (US$ Mn), By Distribution Channel , 2015 to 2021
Table 28: Latin America Market Value (US$ Mn), By Distribution Channel , 2022 to 2032
Table 29: Latin America Market, By Country, 2015 to 2021
Table 30: Latin America Market, By Country, 2022 to 2032
Table 31: Europe Market Value (US$ Mn),By Product , 2015 to 2021
Table 32: Europe Market Value (US$ Mn),By Product , 2022 to 2032
Table 33: Europe Market Value (US$ Mn), By Technology , 2015 to 2021
Table 34: Europe Market Value (US$ Mn), By Technology , 2022 to 2032
Table 35: Europe Market Value (US$ Mn), By End-User , 2015 to 2021
Table 36: Europe Market Value (US$ Mn), By End-User , 2022 to 2032
Table 37: Europe Market Value (US$ Mn), By Distribution Channel , 2015 to 2021
Table 38: Europe Market Value (US$ Mn), By Distribution Channel , 2022 to 2032
Table 39: Europe Market, By Country, 2015 to 2021
Table 40: Europe Market, By Country, 2022 to 2032
Table 41: Asia Pacific Market Value (US$ Mn),By Product , 2015 to 2021
Table 42: Asia Pacific Market Value (US$ Mn),By Product , 2022 to 2032
Table 43: Asia Pacific Market Value (US$ Mn), By Technology , 2015 to 2021
Table 44: Asia Pacific Market Value (US$ Mn), By Technology , 2022 to 2032
Table 45: Asia Pacific Market Value (US$ Mn), By End-User , 2015 to 2021
Table 46: Asia Pacific Market Value (US$ Mn), By End-User , 2022 to 2032
Table 47: Asia Pacific Market Value (US$ Mn), By Distribution Channel , 2015 to 2021
Table 48: Asia Pacific Market Value (US$ Mn), By Distribution Channel , 2022 to 2032
Table 49: Asia Pacific Market, By Country, 2015 to 2021
Table 50: Asia Pacific Market, By Country, 2022 to 2032
Table 51: MEA Market Value (US$ Mn),By Product , 2015 to 2021
Table 52: MEA Market Value (US$ Mn),By Product , 2022 to 2032
Table 53: MEA Market Value (US$ Mn), By Technology , 2015 to 2021
Table 54: MEA Market Value (US$ Mn), By Technology , 2022 to 2032
Table 55: MEA Market Value (US$ Mn), By End-User , 2015 to 2021
Table 56: MEA Market Value (US$ Mn), By End-User , 2022 to 2032
Table 57: MEA Market Value (US$ Mn), By Distribution Channel , 2015 to 2021
Table 58: MEA Market Value (US$ Mn), By Distribution Channel , 2022 to 2032
Table 59: MEA Market, By Country, 2015 to 2021
Table 60: MEA Market, By Country, 2022 to 2032
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List Of Figures
Figure 1: Global Market Value (US$ Mn) and Year-on-Year Growth, 2015 to 2032
Figure 2: Global Market Absolute $ Historical Gain (2015 to 2021) and Opportunity (2022 to 2032), US$ Mn
Figure 3: Global Market Share, By Product , 2022 & 2032
Figure 4: Global Market Y-o-Y Growth Projections, By Product to 2022 to 2032
Figure 5: Global Market Attractiveness Index, By Product to 2022 to 2032
Figure 6: Global Market Share, By Technology , 2022 & 2032
Figure 7: Global Market Y-o-Y Growth Projections, By Technology to 2022 to 2032
Figure 8: Global Market Attractiveness Index, By Technology to 2022 to 2032
Figure 9: Global Market Share, By Distribution Channel , 2022 & 2032
Figure 10: Global Market Y-o-Y Growth Projections, By Distribution Channel to 2022 to 2032
Figure 11: Global Market Attractiveness Index, By Distribution Channel to 2022 to 2032
Figure 12: Global Market Share, By End-User , 2022 & 2032
Figure 13: Global Market Y-o-Y Growth Projections, By End-User to 2022 to 2032
Figure 14: Global Market Attractiveness Index, By End-User to 2022 to 2032
Figure 15: Global Market Share, By Region, 2022 & 2032
Figure 16: Global Market Y-o-Y Growth Projections, By Region to 2022 to 2032
Figure 17: Global Market Attractiveness Index, By Region to 2022 to 2032
Figure 18: North America Market Value (US$ Mn) and Year-on-Year Growth, 2015 to 2032
Figure 19: North America Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period (2022 to 2032), US$ Mn
Figure 20: North America Market Share, By Product , 2022 & 2032
Figure 21: North America Market Y-o-Y Growth Projections, By Product to 2022 to 2032
Figure 22: North America Market Attractiveness Index, By Product to 2022 to 2032
Figure 23: North America Market Share, By Technology , 2022 & 2032
Figure 24: North America Market Y-o-Y Growth Projections, By Technology to 2022 to 2032
Figure 25: North America Market Attractiveness Index, By Technology to 2022 to 2032
Figure 26: North America Market Share, By Distribution Channel , 2022 & 2032
Figure 27: North America Market Y-o-Y Growth Projections, By Distribution Channel to 2022 to 2032
Figure 28: North America Market Attractiveness Index, By Distribution Channel to 2022 to 2032
Figure 29: North America Market Share, By End-User , 2022 & 2032
Figure 30: North America Market Y-o-Y Growth Projections, By End-User to 2022 to 2032
Figure 31: North America Market Attractiveness Index, By End-User to 2022 to 2032
Figure 32: North America Market Share, By Country, 2022 & 2032
Figure 33: North America Market Y-o-Y Growth Projections, By Country to 2022 to 2032
Figure 34: North America Market Attractiveness Index, By Country to 2022 to 2032
Figure 35: Latin America Market Value (US$ Mn) and Year-on-Year Growth, 2015 to 2032
Figure 36: Latin America Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period (2022 to 2032), US$ Mn
Figure 37: Latin America Market Share, By Product , 2022 & 2032
Figure 38: Latin America Market Y-o-Y Growth Projections, By Product to 2022 to 2032
Figure 39: Latin America Market Attractiveness Index, By Product to 2022 to 2032
Figure 40: Latin America Market Share, By Technology , 2022 & 2032
Figure 41: Latin America Market Y-o-Y Growth Projections, By Technology to 2022 to 2032
Figure 42: Latin America Market Attractiveness Index, By Technology to 2022 to 2032
Figure 43: Latin America Market Share, By Distribution Channel , 2022 & 2032
Figure 44: Latin America Market Y-o-Y Growth Projections, By Distribution Channel to 2022 to 2032
Figure 45: Latin America Market Attractiveness Index, By Distribution Channel to 2022 to 2032
Figure 46: Latin America Market Share, By End-User , 2022 & 2032
Figure 47: Latin America Market Y-o-Y Growth Projections, By End-User to 2022 to 2032
Figure 48: Latin America Market Attractiveness Index, By End-User to 2022 to 2032
Figure 49: Latin America Market Share, By Country, 2022 & 2032
Figure 50: Latin America Market Y-o-Y Growth Projections, By Country to 2022 to 2032
Figure 51: Latin America Market Attractiveness Index, By Country to 2022 to 2032
Figure 52: Europe Market Value (US$ Mn) and Year-on-Year Growth, 2015 to 2032
Figure 53: Europe Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period (2022 to 2032), US$ Mn
Figure 54: Europe Market Share, By Product , 2022 & 2032
Figure 55: Europe Market Y-o-Y Growth Projections, By Product to 2022 to 2032
Figure 56: Europe Market Attractiveness Index, By Product to 2022 to 2032
Figure 57: Europe Market Share, By Technology , 2022 & 2032
Figure 58: Europe Market Y-o-Y Growth Projections, By Technology to 2022 to 2032
Figure 59: Europe Market Attractiveness Index, By Technology to 2022 to 2032
Figure 60: Europe Market Share, By Distribution Channel , 2022 & 2032
Figure 61: Europe Market Y-o-Y Growth Projections, By Distribution Channel to 2022 to 2032
Figure 62: Europe Market Attractiveness Index, By Distribution Channel to 2022 to 2032
Figure 63: Europe Market Share, By End-User , 2022 & 2032
Figure 64: Europe Market Y-o-Y Growth Projections, By End-User to 2022 to 2032
Figure 65: Europe Market Attractiveness Index, By End-User to 2022 to 2032
Figure 66: Europe Market Share, By Country, 2022 & 2032
Figure 67: Europe Market Y-o-Y Growth Projections, By Country to 2022 to 2032
Figure 68: Europe Market Attractiveness Index, By Country to 2022 to 2032
Figure 69: MEA Market Value (US$ Mn) and Year-on-Year Growth, 2015 to 2032
Figure 70: MEA Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period (2022 to 2032), US$ Mn
Figure 71: MEA Market Share, By Product , 2022 & 2032
Figure 72: MEA Market Y-o-Y Growth Projections, By Product to 2022 to 2032
Figure 73: MEA Market Attractiveness Index, By Product to 2022 to 2032
Figure 74: MEA Market Share, By Technology , 2022 & 2032
Figure 75: MEA Market Y-o-Y Growth Projections, By Technology to 2022 to 2032
Figure 76: MEA Market Attractiveness Index, By Technology to 2022 to 2032
Figure 77: MEA Market Share, By Distribution Channel , 2022 & 2032
Figure 78: MEA Market Y-o-Y Growth Projections, By Distribution Channel to 2022 to 2032
Figure 79: MEA Market Attractiveness Index, By Distribution Channel to 2022 to 2032
Figure 80: MEA Market Share, By End-User , 2022 & 2032
Figure 81: MEA Market Y-o-Y Growth Projections, By End-User to 2022 to 2032
Figure 82: MEA Market Attractiveness Index, By End-User to 2022 to 2032
Figure 83: MEA Market Share, By Country, 2022 & 2032
Figure 84: MEA Market Y-o-Y Growth Projections, By Country to 2022 to 2032
Figure 85: MEA Market Attractiveness Index, By Country to 2022 to 2032
Figure 86: Asia Pacific Market Value (US$ Mn) and Year-on-Year Growth, 2015 to 2032
Figure 87: Asia Pacific Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period (2022 to 2032), US$ Mn
Figure 88: Asia Pacific Market Share, By Product , 2022 & 2032
Figure 89: Asia Pacific Market Y-o-Y Growth Projections, By Product to 2022 to 2032
Figure 90: Asia Pacific Market Attractiveness Index, By Product to 2022 to 2032
Figure 91: Asia Pacific Market Share, By Technology , 2022 & 2032
Figure 92: Asia Pacific Market Y-o-Y Growth Projections, By Technology to 2022 to 2032
Figure 93: Asia Pacific Market Attractiveness Index, By Technology to 2022 to 2032
Figure 94: Asia Pacific Market Share, By Distribution Channel , 2022 & 2032
Figure 95: Asia Pacific Market Y-o-Y Growth Projections, By Distribution Channel to 2022 to 2032
Figure 96: Asia Pacific Market Attractiveness Index, By Distribution Channel to 2022 to 2032
Figure 97: Asia Pacific Market Share, By End-User , 2022 & 2032
Figure 98: Asia Pacific Market Y-o-Y Growth Projections, By End-User to 2022 to 2032
Figure 99: Asia Pacific Market Attractiveness Index, By End-User to 2022 to 2032
Figure 100: Asia Pacific Market Share, By Country, 2022 & 2032
Figure 101: Asia Pacific Market Y-o-Y Growth Projections, By Country to 2022 to 2032
Figure 102: Asia Pacific Market Attractiveness Index, By Country to 2022 to 2032
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
How much was the bicycle industry worth in 2021?
As of 2021, the market for bicycle reached nearly US$ 60 Bn
What is the expected market worth of the bicycle industry in 2022?
As of 2022, the market for bicycles is expected to reach US$ 64 Bn
What was the CAGR of the market for bicycles from 2015 to 2021?
Fromm 2015 to 2021, bicycle sales expanded at a CAGR of 7%, according to Fact.MR
At what rate will the bicycle industry grow from 2022-2032?
The bicycle industry is expected to surpass a CAGR of 8% from 2022-2032.
How much is the bicycle market like to be valued by 2032?
The bicycle market is expected to reach nearly US$ 138 Bn by 2032
Who are the prominent bicycle market players?
Accell Group, Atlas Cycles (Haryana) Ltd, Avon Cycles Ltd, Cervelo and Dorel Industries Inc. are some prominent bicycle manufacturers
Which type of product is expected to hold the highest share for sales?
Road bicycles are expected to gain more than 45% market share for bicycle market.
Which type of distribution channel is expected to hold the highest share for sales?
Offline channels are expected to hold more than 50% market share for bicycle market.
How much is the Europe bicycle industry worth?
The bicycle industry is expected to register a CAGR of 12% in Europe.
How much is the Asia Pacific bicycle industry worth?
The bicycle industry is expected to possess nearly 33% market share throughout Asia Pacific.
Bicycle Market