GLOBAL BICYCLE MARKET FORECAST TO REACH $130 BILLION BY 2033
Posted on Business News , Cycles News
New research from Research Nester has forecast that between now and 2033, the global bicycle market could reach an estimated value of approximately $130 billion, by expanding at a compound annual growth rate of around 7%. The market has generated revenue of approximately $80 billion this year. Major key factors propelling the growth of the market worldwide are cited as the higher number of people becoming aware of the benefits of cycling and the growing infrastructure of bicycle manufacturing.
The growth of the global market can be attributed to the launch of several advanced bicycles by major players as well as a more general rise in the number of bicycles available in the market. According to estimates, there were more than 2 billion bicycles in use worldwide in 2015, and by 2050, that number is expected to rise to close to 5 billion. In addition, mountain bikes are predicted to be produced more than 72 million units by 2026, from an estimated 44 million units in 2020.
Out of all, the increasing popularity of electric bikes is expected to be the sector that generates the highest revenue by the end of 2033. In 2019, for example, around 288,000 electric bikes were sold in the United States, compared to nearly 437,000 in 2020.
The global bicycle market is also estimated to grow majorly on account of the following:
• Rising demand for bicycles
• Rise in the development of cycling manufacturing
• Initiatives taken for riding bicycles
• New product launches by key market players
• Awareness of the health benefits associated with the bicycle riding