Bicycle is a convenient form of transportation and provides three distinct advantages that include price, performance and environment protection. Bicycles are considered as environment-friendly products and the latest electric-power bicycles are recognized worldwide as a ‘green transport vehicle.’ The bicycle industry moved forward in terms of product quality, production automation and techniques by introducing, absorbing and comprehending sophisticated equipment and technologies available globally.
However, the role of bicycle that was once deemed as an indispensable item has come down drastically during the past decades because of significant improvements in living standards of people across the world. In recent times, bicycles have become less important in day-to-day life, potentially leading to fading out of most of the demand thereby resulting in major transformation in the industry. But compared to other products of the past that faded out of consumer’s life, bicycles continues to exist in the market with newer concept, getting new development arena in a different era. Adding to the woes, the global economic recession had an adverse impact on the bicycle revenues worldwide.
The market, nevertheless, is expected to recover in 2010 and post substantial growth in ensuing years, driven primarily by eco-friendly characteristics, growing fitness enthusiasts, and surging popularity of cycling as a leisure activity. Governments across the world are also aiding bicycle industry through various bicycle promotion projects and policies. Further, sharp increase in gasoline prices is compelling people to adopt cycling for commuting short distances in cities. Asia-Pacific dominates the bicycles market worldwide, as stated by the new market research report on Bicycles. The region represents the largest as well as fastest growing market for bicycles in the world, exhibiting a CAGR of more than 6.0% over the analysis period. Europe trails Asia-pacific in terms of bicycle sales. The European bicycles market is supported by several city governments that laid out bike-friendly roads to encourage cycling. With growing demand, many large cities in Europe including Barcelona and Paris initiated programs such as bicycle loan facility. The US represents other prominent market for bicycles, where they are primarily used for recreational purposes. Adult bicycles represent the largest product group in the global bicycles market. Sales of adult bicycles are projected to reach US$29.2 billion in 2012. In terms of growth, Sports bicycles represents the fastest growing product group, registering a CAGR of more than 6.0% over the analysis period. The escalating metal prices, particularly of steel, chrome and aluminum, which are important raw materials for the bicycle industry, led to squeezing of manufacturers’ margins and profits. To offset the impact of sharp increase in raw material prices, manufacturers are increasingly looking at lightweight, high-end models that incorporate carbon fiber frames. Such bicycles are usually promoted at higher prices as well as margins due to high quality and branding. Further, manufacturers are increasingly focusing on adding sophisticated features to the bikes. Novel features such as advanced shifting systems are making the bikes easier to ride. Bikes are becoming more specialized with re-designed features such as thick tires that enable riding over sand, mud, snow and ice. Likewise, sport-utility bikes evolved from custom-made bikes to accommodate one or two persons at the back. Other major trend in the bicycles market is the surging demand for Electric Bikes that is bolstering the overall bicycle sales. Increasing gasoline prices coupled with need for environment-friendly means of transportation are driving customers towards electric bikes that operate as a standard two-wheeler, but with a battery support. China represents the largest producer and consumer of electric bicycles in the world and is expected to continue its leadership in the coming years. Major players profiled in the report include Accell Group N.V, Atlas Cycles (Haryana) Ltd., Avon Cycles Ltd., Bell Sports Corporation, Caloi Inc., Campagnolo S.r.l, Cannondale Bicycle Corporation, Currie Technologies Inc., Cycleurope AB, Diamondback Bicycles, Giant Bicycle Inc., Hamilton Industries Ltd., Hero Cycles Ltd., Merida Industry Co. Ltd., Miyata Industry Co. Ltd., Montague Corp., Pacific Cycle Inc., Raleigh UK Ltd., Shimano Inc., Specialized Bicycle Components Inc., SRAM Corporation, Trek Bicycle Corp., and Tube Investments of India Ltd., among others. The report titled “Bicycles: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the bicycles markets, current market trends, key growth drivers, product overview, recent product introductions, recent industry activity, and profiles of major/niche global as well as regional market participants. The report provides annual sales estimates and projections for Bicycles market for the following geographic markets - US, Canada, Japan, Europe, Asia-Pacific, Middle East, and Latin America. Key segments and sub-segments analyzed include Adult Bicycles (Mountain Bicycles, Hybrid Bicycles, Touring Bicycles & Specialty Bicycles), Children’s Bicycles, Sports Bicycles, and Parts & Accessories. Also, a six-year (2001-2006) historic analysis is provided for additional perspective.
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