The bicycle and components market is expected to have a strong CAGR of 6% during 2019-2029.

The bicycle and components market is expected to have a strong CAGR of 6% during 2019-2029.

Market of bicycles and accessories

Introduction in the corporate sector to increase sales of bicycles and accessories, electric bicycles to increase popularity: PMR

NEW YORK, NEW YORK, USA, September 20, 2022 / — global “sale of bicycles and accessories” surpassed 1.4 billion units in 2018, new Persistence Market Research (PMR) showed. The global bicycle and components market is expected to post a strong 6% CAGR during the forecast period from 2019 to 2029.

This report presents an in-depth study of the “Bicycle and Components Market” using SWOT analysis, i.e. strengths, weaknesses, opportunities and threats to the organization. The Bicycle and Components Market Report also provides a detailed overview of the key players in the market based on various objectives of the organization such as profiling, product description, production volume, raw materials required, and financial condition. organizations.

Demand for bicycles and accessories is primarily affected by rising crude oil prices and increased consumer awareness of health problems due to air pollution. The depletion of oil reserves around the world will remain one of the key drivers for the adoption of sustainable vehicles, which will boost the growth of the bicycle and accessories market. As a viable alternative to transportation, bicycles are gaining popularity among all age groups, which will determine the long-term growth of the bicycle and accessories market.

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Green transport gains recognition through promotional activities

In regions such as Europe and North America, corporate offices use electric vehicles and bicycles as a means of transportation for all modes of transport within their campuses. It has become a must for every employee to improve air quality and reduce the company’s indoor pollution index.

For example, the U.S. Green Building Council (UGBC) has encouraged all multinational companies to become LEED (Leader in Energy and Green Design) certification. The main purpose of this is to promote cycling, transport efficiency, and improve public health by inspiring practical and recreational physical activity. This is predicted to have a positive impact on demand for bicycles and accessories in the foreseeable year.

According to PMR research, prominent players in the bike and components market are focusing on lightweight bikes and components combined with the best performance on any terrain. Moreover, due to the growing consumer focus on electric mobility, electric bicycles are gaining popularity. Well-known manufacturers are focusing on implementing such models in order to attract new customers and give the necessary boost to their revenue stream.

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Expansion of public bike sharing programs and government initiatives

Bicycle sharing programs offer people the opportunity for active mobility in order to increase the number of bicycles, reduce congestion and minimize pollution. In addition, bikes that can be rented save users the money they need to buy their own bikes. In addition, users who are accustomed to renting bicycles may become potential buyers for shorter journeys in the future.

For example, the Government of India plans to implement various policies such as “Startup India” and “Made in India” in order to expand the manufacturing sector as well as increase the per capita income of the average Indian consumer. Such a policy will contribute to the further development of the bicycle and accessories market, and will also benefit stakeholders. All of these factors are expected to drive the growth of the bikes and accessories market in the Asia-Pacific region, such as India.

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Analysis of competition in the market of bicycles and components

The PMR market research report also highlights important information about the competitive scenario in the Bicycle and Accessories market, as well as numerous strategies of prominent market participants. Some key members are Shimano, Inc., Inc., VELO, Brooks England SRL, Specialized Bicycle Components, Inc. and Accell Group NV, among others.

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