BANGALORE, India, Nov. 28, 2022 /PRNewswire/ — The Global High-End Bicycle Market is Segmented by Type (Hybrid Bikes, Mountain Bikes, Road Bikes, Track Bikes), by Application (Department Stores and Hypermarkets, Specialty Bicycle, Sporting Goods Retailers): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Shopping Category.
Due to the COVID-19 pandemic, the global High-End Bicycle market size is estimated to be worth USD 19000 Million in 2022 and is forecast to have a readjusted size of USD 24570 Million by 2028 with a CAGR of 4.4% during the forecast period 2022-2028.
Major factors driving the growth of the High-End Bicycle Market
The rising prevalence of e-commerce, government initiatives and policies, the rapid uptake of e-bikes, and rising disposable income are just a few of the key elements creating enormous growth opportunities in the High-End Bicycle Market.
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TRENDS INFLUENCING THE GROWTH OF THE HIGH-END BICYCLE MARKET
One of the key elements contributing to the High-End Bicycle market expansion is government programs and legislation that support bicycle use. Bicycles are being promoted as an alternative to automobiles by the governments of many countries. Governments around the world are progressively spending money on improving infrastructure to promote cycling. Corporate entities now incorporate sustainability into their daily operations as a result of government restrictions. Many corporate campuses are designed to be bike-friendly, with bike fleets, parking lots, lockers, showers, and safe roads. Multinational corporations like Apple, Facebook, and Microsoft encourage their employees to bike to work. During the forecast period, these initiatives will fuel demand for high-end bicycles.
Commuters, cyclists, casual riders, and children all love hybrid bikes for their stability, comfort, and ease of use. A more upright riding position on hybrid bicycles also improves comfort and safety when navigating traffic. Additionally, it is projected that the increased popularity of hybrid bicycles among sports enthusiasts would encourage the segment’s growth.
During the projected period, the High-End Bicycle market is anticipated to increase as a result of the rising popularity of e-bikes in Europe and the majority of developing Asian nations. One of the most cutting-edge categories of expensive bicycles is the e-bike. When the user pedals the bike, an electric aid is provided by the batteries. The engine in the e-bike is turned on as the rider pedals, enabling the rider to easily cruise over rough terrain and go uphill. Rider fatigue is avoided on these bikes since riders may easily control (raise and decrease) the speed.
The development of the world’s high-end bicycle market will be fueled by the sophisticated features of these bikes. Significant technological advancements are now taking place in the worldwide high-end bicycle market. The proliferation of smart features being given by manufacturers of high-end bicycles is one of the main industry trends. Vendors are working on ways to add smart features to their current line of bikes in addition to creating smart bikes. The majority of e-bikes come with sophisticated assistance features that let riders link their vehicles to their cell phones.
Increased public awareness of health issues will further fuel the high-end bicycle market. Cycling is one of the healthiest and lowest-impact types of exercise; compared to most other workouts, it puts less strain on the body and results in fewer injuries.
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HIGH-END BICYCLE MARKET SHARE ANALYSIS
The market share of hybrid bicycles in the high-end bicycle category will grow dramatically.
Europe is expected to be the most lucrative segment. Many areas are also putting their own bicycle master plans with designated cycling lanes into action, including the Netherlands, Germany, and the UK.
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