Folding Bicycles and increased safety features to meet the demand of urban commuters has seen sales in the bicycle industry surge across major metropolises worldwide.
By Viraj Desai
Cycles have been an integral form of transportation since time immemorial. While motor bikes are popular among commuters to combat peak traffic, the increasing awareness of health benefits and environmentally-conscious consumers are signaling a comeback of the bicycle industry.
Intensifying traffic congestion and surging fuel costs as well as greater Government support for the adoption of bicycles as a primary mode of transport with development of dedicated cycling infrastructure is all helping to boost the bicycle industry.
Growth from the Asia Pacific region is projected to drive higher sales of bicycles while North America and Europe may continue to contribute significantly in terms of global revenue. According to Research firm Technavio, it is estimated that the total available market of bicycles will surge to USD 44 billion, registering a CAGR of 4 percent.
Some of the major bicycle brands that appear to be performing well globally include: Hero Cycles Limited, Derby Cycle Corporation, Fuji Corporation, Shimano Giant Manufacturing Co. Ltd, Cannondale Corp, Atlas Group, BSA Limited, Hercules Cycles, Accell Group N.V, Dorel Industries Inc and Merida Industry Co. Ltd.
Trends
The introduction of high-tech accessories as well as greater demand for safety gear by urban consumers has spiked as the number of vehicles on the roads have increased. Sales in bicycle lights have increased too. For example, manufacturer Helios Bars launched smart bicycle handlebars with built-in LED headlights that can be retro-fitted to any bicycle. The introduction of laser front lights can project light up to 15 metres ahead, making it ideal for night-time riding.
The advent of the folding bicycle has also seen a major uptake in sales across Europe and North America, as working professionals commute to offices without parking spaces.
It is estimated that global Folding Electric Bicycle market was USD 120 million in 2017. It may double to USD 210 million by 2025, registering a CAGR of 7.5 percent in the next seven years. Leading consumers are projected to be from the US, Canada and Mexico in North America while Europe will see greater interest from France, Germany, UK, Italy, Russia and Turkey. The Asia-Pacific region has also seen substantial growth, with foldable bike sales increasing in China, India, Indonesia, Thailand, Malaysia, Vietnam, Korea and Japan. Some major brands who are doing it well include Brompton, SUNRA, XDS, BODO, Slane, U-WINFLY and Birdie Electric...
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