A new report concludes that the global market for bicycles is expected to reach US$ 82.3 billion by the year 2027, trailing a post-Covid19 CAGR of 6% over the analysis period 2020 through 2027. The trend is particularly evident in countries like the UK, Germany, Spain and France. The report notes that the bicycle market in the UK is exhibiting a high degree of resilience.
Not too bad for a technology that is over 150 years old.
The report, compiled by ResearchAndMarkets.com says that the boom in cycling is a result of the fallout of the pandemic and the associated restrictions imposed by various countries is increasing interest in cycling.
It adds that -people are avoiding public transit given the infection risk leading to a mini bicycle boom, It also says that the need for exercise coupled with local authorities prioritising the creation of cycle routes has spurred the growth.
Ironically the surge in demand for mid-range and entry-level bicycle models has outstripped inventory in Europe and the US. The situation is driving manufacturers to ramp up production and ensure maximum utilisation of resources including workers for meeting demand. In addition, manufacturers of bikes and related components are reorganizing global supply chains for getting ready to further boost in demand.
This is especially true in Europe where demand for bikes has resurfaced dramatically after displaying a weak performance in the first quarter of 2020. The market witnessed a notable spike in sales following easing of Covid-19-related lockdowns and restrictions across countries. The bicycle market is receiving a major push from increasing spending from the middle-class population along with surge in sales of high-end products.
The demand for bikes has also seen a boom in the sales of second-hand cycles.
