NEW YORK, Aug. 8, 2023 /PRNewswire/ — The Europe bicycle market is witnessing steady growth, driven by increasing health awareness and a growing interest in cycling as a sustainable mode of transportation. Government initiatives promoting bicycles and a diverse range of distribution channels are contributing to the market’s expansion across the region. According to the latest market analysis report by Technavio, the Europe-Bicycle Market is set to achieve a staggering Compound Annual Growth Rate (CAGR) of 4.05% between 2022 and 2027, propelling the market size to skyrocket by an astonishing USD 4,734.4 million during the forecast period.
The Europe-bicycle market report extensively covers market segmentation based on product, end-user, and geographical regions. The report analyzes various bicycle products, including mountain bikes, road bikes, hybrid bikes, electric bikes, and more. It further examines the end-users of bicycles, focusing on individual consumers, bike rental services, and institutional buyers like schools and companies. Geographically, the report covers North America, Europe, Asia, and the Rest of the World (ROW) regions, providing insights into the regional dynamics and potential growth opportunities. It also includes an in-depth examination of the drivers, trends, and challenges shaping the industry, with historical market data from 2017 to 2021, providing valuable insights for companies to refine their marketing strategies and gain a competitive edge. Click here to view the report.
The research report also includes detailed analyses of the competitive landscape of the market and information about 21 market companies, including:
- Accell Group NV
- BH BIKES EUROPE SL
- BikeCo LLC
- Brompton Bicycle Ltd.
- Cicli Pinarello Srl
- Cycleurope AB
- Giant Manufacturing Co. Ltd.
- GOVECS AG
- Kalkhoff Werke GmbH
- Kona Bicycle Co.
- KWANG YANG MOTOR Co. Ltd.
- LOOK Cycle International
- Marin Mountain Bikes Inc.
- Maxxis International
- Merida Industry Co. Ltd.
- Santa Cruz Bicycles LLC
- SCOTT Sports SA
- Storck Bicycle GmbH
- Trek Bicycle Corp.
- Vassla AB
Key takeaways of the Europe-Bicycle Market report:
- Driving Factors: The market’s expansion is primarily attributed to increasing awareness regarding health and fitness among European consumers. Cycling has gained popularity as a preferred option for regular physical activity due to its cardiovascular benefits and minimal impact on the body. Government policies and initiatives promoting bicycles further contribute to market growth.
- Popularity of Bicycle Rental Services: The rising popularity of bicycle rental services in Europe presents an emerging trend in the market. As urbanization and traffic congestion increase, more people are opting for bicycles as a convenient and eco-friendly mode of transportation. However, the growing popularity of rental services may impact on the sale of new bicycles during the forecast period.
- Threat from Refurbished Bicycles: The market faces a challenge from the rising demand for refurbished bicycles, driven by price-conscious consumers. Refurbished bicycle sales attract customers who cannot afford new bicycles, potentially reducing the demand for new products and affecting the revenue and expansion of the bicycle market in Europe.
- Business Strategy Insights: The report provides qualitative and quantitative analysis of companies to understand the competitive landscape and the strengths and weaknesses of key market players. This analysis categorizes companies based on their focus and market position.
- Adoption Lifecycle and Purchase Criteria: The report includes insights into the adoption lifecycle of the market, from innovators to laggards, and key purchase criteria. This information helps companies evaluate and develop growth strategies to target specific customer segments effectively. To get an insight into the Europe-Bicycle drives and trends, download the sample report here.
The Europe bicycle market is set to experience substantial growth in the forecast period, driven by increasing health awareness and the popularity of bicycle sports events. While bicycle rental services and refurbished bicycles pose challenges, strategic initiatives by companies will play a vital role in sustaining and expanding market presence. Companies must leverage market trends and insights from this report to refine their marketing strategies and gain a competitive edge in the dynamic European bicycle market. Don’t miss out on this opportunity to stay ahead of the competition – Buy the report now and elevate your business to new heights!
Below, find a few related reports:
Sports Bicycle Market: The sports bicycle market share is expected to increase by USD 5.22 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.19%. The sports bicycle market segmentation by product (mountain bicycles, cyclo-cross bicycles, road racing bicycles, and track bicycles) and geography (North America, Europe, APAC, Middle East and Africa, and South America).
High-End Bicycle Market: The high-end bicycle market is estimated to grow at a CAGR of 6.16% between 2022 and 2027. The size of the market is forecast to increase by USD 4,786.35 million. The report covers market segmentation by product (hybrid bikes, mountain bikes, road bikes, track bikes, and other bikes), distribution channel (offline and online), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
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