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The worldwide bicycle sector is extremely profitable, and it is expected to grow at a robust 5.02 percent CAGR over the projected period. People all over the world are becoming more and more health-conscious, which is driving up demand for bicycles as a form of transportation. The preference for e-bikes over traditional bicycles is growing and has entered the mainstream. Bicycles are now available in a variety of styles, including all-terrain, hybrid, and road bicycles, among others.
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Factors Driving the Market
The worldwide bicycle market is being driven by several factors. This includes increased public bike sharing, increased people's inclination to healthy living conditions, increased awareness about bicycles' multi-health benefits, such as cardiovascular fitness, muscle power and flexibility, better-joined mobility, reduced stress levels, increased posture and coordination, bones strengthened and reduced levels of body fat, and rising popularity of e-bikes.
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Emerging bicycle market trends such as folding electric bicycles, infrastructure rollout by various governments to support bicycle commuting, shortage of parking space, increasing traffic congestion, and preference for cycles as a relaxing mode of exercise for a healthy life are all contributing to the global bicycle market share.
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COVID-19 Evaluation
Indeed, the continuing problem of the COVID-19 triggered a worldwide new cycling fad. Bikes cover short to medium distances due to health safety issues in this pandemic are chosen by individuals. People in metropolitan areas cycle because owing to the physical differences in standard, they are not able to frequent the gym.
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Bicycles are also used by towns and small towns as an alternative form of travel and social distance is maintained. This crisis is expected to bring about both perceptive and behavioral changes in people.
With so many people opting for bicycles, riding has become extremely acceptable to a large number of customers, which is likely to increase demand for safe cycling infrastructure. Regardless of the outbreak's cycle pattern, this will very certainly persist. It is likely to have a favorable impact on the revenue generated by the bicycle sector.
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Indian Market Scenario
Indian bicycles represent a value of 1% from the world market and 15% by volume of the market, adding that quality bicycles must change that.
Cyclists now can be seen massively taking over the roads like before in India. Citizens riding a bicycle now bustle in the streets.
Researchers believe that this is a turning point in the riding culture of India as data also reveals how rapidly the cycling sector is rising. Every year the sector grew at 5 to 7%, but it is now predicted to rise at 15 to 20% due to the coronavirus pandemic, which will lead to an increase in initial use.
The increased demand for bicycles across India is driven mostly by congestion, urbanization, and sustainability. In the manufacture of cycles which manufactured roughly 10,5 million units in 2017, the Punjab State accounted for the greatest share.
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Government Investment in Bicycle Industry
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The COVID-19 epidemic has offered a huge boost to global bicycle demand by releasing behavioral changes among people in public transport. The world cycling market, with the demand for traditional and electric cycles as never before, is predicted to be Rs 4.4 lakh this year's crore.
Interestingly, this is a moment to expand the tentacles beyond Indian local markets and to acquire an increased part of international exports in India's booming bicycle industry.
A huge production base and low-cost labor availability give India the much-needed possibility to expand production as the world cycle and e-bike market advances.
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PLI for Cycles
A five-year incentive of 20% of production will not only help the bicycle and e-cycle segments close technology gaps but will also help them achieve economies of scale and competitive advantage.
Meanwhile, the five-percent share in the world cycle market of the Hero Motors company has stated its need for public aid using productivity-related incentives (PLI), as this approaches large companies' purchase managers in European marketplaces to the ecosystem of China, Vietnam, and Taiwan.
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NPCS research reports broadly cover Indian markets, present analysis, outlook, and forecast for five years. The market forecasts are developed based on secondary research and are cross-validated through interactions with the industry players. We use reliable sources of information and databases. And information from such sources is processed by us and included in the report
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