Bicycle Market Size, Share, Growth Analysis, By Product Type(Mountain, Hybrid, Road, Cargo), By Distribution Channel(Online mode, Offline Mode), By Technology(Electric, Conventional), By End-users(Men, Women, Kids), By Region - Industry Forecast 2024-2031

Bicycle Market Driver

• Important factors influencing the growth of the bicycle market include rising bicycle use as a type of leisure activity and a strong preference for bicycles as a practical form of exercise to ensure a healthy life. The increasing amount of government support for the development of bike-sharing infrastructure is the main driver of running market expansion. Due to the sharp increase in oil prices and the growing awareness of the need to protect the environment, it is predicted that the global bicycle market would expand.

Bicycle Market Restraint

• One of the major obstacles to the demand for bicycles is the absence of dedicated cycling lanes. For the worldwide bicycle market to perform well, a well-connected road network across nations is essential. This has been a significant issue because manufacturers and the government are still working hard to build safe riding networks and bike lanes.
• The wide availability of alternate modes of transportation, including buses, trains, automobiles, and others, is anticipated to impede the expansion of the primary industry. It is anticipated that trade restrictions on bicycle parts and accessories among the various nations may hinder manufacturing at the production facilities of the affiliated enterprises. Additionally, it is projected that the lack of changing facilities and the expensive price of e-vehicles will impede market expansion.
• Since humans have a limited ability to bike, bicycle commuting is desirable and appropriate for shorter distances. Cycling over longer distances requires a disproportionately greater effort, making it a particularly taxing activity. Additionally, bicycles can only travel at a certain speed, whereas cars can travel farther and quicker. Therefore, it is anticipated that during the projection period, these factors will constrain market expansion.