Global Luxury Bicycles Market Expected to Reach USD 21,603.0 Million by 2027

According to a recent market study published by Growth Market Reports (GMR), titled, “Global Luxury Bicycles Market by types, by applications, by technology, by end users, by price rage, by sales channel and by Region: Size, Share, Trends and Opportunity Analysis, 2017-2027″, the market was valued at USD 12,975.4 Million in 2019 and is expected to grow at a healthy growth rate of 6.7% by the year 2027. The Luxury Bicycles Market is anticipated to grow significantly during forecast period due to rise in demand for new an advanced bicycle. Moreover, use of luxury bicycles in urban areas is growing as a leisure and a daily commute option.

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Global Luxury Bicycles market has been fragmented based on types, applications, technology, end users, price range, sales channel and regions. In terms of types, the global luxury bicycles market is categorized as hybrid bikes, mountain bikes, road bikes, track bikes, and others. Based on applications, the market is classified as racing, transportation, and others. On the basis of technology, the global luxury bicycles market is bifurcated into electric and conventional. In terms of end-users, the market is segregated into men, woman, and kids. Based on price range, the global luxury bicycles are segmented into premium priced (Above USD 10,000), medium priced (from USD 5000 to 10,000), and low priced, (from USD 1000 to 5000). On the basis of sales channels, the market is divided into online and offline. By region Luxury Bicycles market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). North America region is further bifurcated into countries such as the U.S., and Canada. The Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, the Asia Pacific is further segmented into, China, Japan, South Korea, Australia, Southeast Asia, and Rest of Asia Pacific. The European region is further categorized into Germany, France, Italy, the U.K., Spain, Russia, Netherlands and the Rest of Europe, and the MEA region is further divided into Saudi Arabia, South Africa, UAE, and the Rest of MEA.

The effect of COVID-19 pandemic situation has led to the closure of several non-essential businesses reducing the demand for industrial goods in the world, which in turn, is affecting several industries worldwide. On the other hand, the COVID-19 pandemic is encouraging production activities across luxury bicycles manufacturing units worldwide, the demand for luxury bicycles has surged throughout this pandemic period. As people are inclining towards leisure, recreational and health related activities during the lockdown period. The global supply chain has slowed down due to restrictions on national borders. The demand for luxury bicycles market has been growing at normal growth rate during pandemic situation. Additionally the luxury bicycles production has grown and the market is expected to witness significant growth post COVID. Although, in first and second quarter shortage of bicycles have been observed in the leading economies due to restriction in transportation activities and declined production due to lockdown in major Bicycle producing countries including China and India.

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As per GMR industry analyst Vidya Jadhav, “The factors such as rising young population, and increasing expenditure on leisure and sports activities in urban areas countries are anticipated to drive the growth of luxury bicycles market significantly. Moreover, the rising awareness about sustainable lifestyle, growing issues of traffic and parking space in big cities are anticipated to create lucrative opportunity during forecast period.”

Key Takeaways from the Study:

• Europe is expected to continue dominating the luxury bicycles market due to the increasing use of luxury bicycles in the region.
•  In terms of types, the mountain bikes segment accounts for a major share of the market and is anticipated to expand at a considerable CAGR during the forecast period. High prices of these bicycle and growing popularity of these bicycles is anticipated to be key factor driving the growth of market in terms of value.
• Governments of major economies such as U.S., and European countries are raising awareness regarding the environmental-friendly lifestyles and products by taking initiatives such as encouraging people to use bicycles for daily commutes. This, in turn is encouraging the use of luxury bicycles.

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Report Scope:

Target Audience:

• Supply-side: Luxury Bicycles manufacturers, raw material suppliers, primary respondents, and distributors,
• Demand Side: People using luxury bicycles for sports, for commute, and for health, leisure and recreational activities.
• Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies.
• Associations and Industry Bodies: Union Cycliste Internationale (UCI), indoor Cycling Association (ICA), Cyclistes Professionnels Associés (C.P.A.), Global Biking Initiative (GBI), World Bicycle Relief, World Bicycle Industry Association (WBIA), European Bicycle Manufacturers Association (EBMA)

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