Latin America and Europe are predicted to work as a catalyst in the development of the global bicycle and components market. These regions are predicted to redefine the market fabric within the period of forecast and they will also stretch the width of the bicycle and components market globally. The governments in these regions have adopted several new measures to promote an environment-friendly way of commuting. They have created improved cycling infrastructure and effective biking rental systems. The Latin America socio-economic structure has successfully integrated cycling into its communication framework which is also anticipated to impact the regional expansion of the bicycle and components market. Many countries in Latin America have introduced several public friendly systems such as automatic charge cards and the cyclists of the region are also provided with free cycling zones. An enhanced environmental awareness amongst the citizens and efforts taken by the governments towards decreasing air pollution is anticipated to push the periphery of the bicycle and components market in this region.
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The growth scene of the bicycle and components market is different in Europe. The swell of the market relies on a series of large scale cycling events and this is expected to spur demand in the bicycle and components market in Europe. The stricter laws for car users might also change the canvas of the bicycle and components market. Several countries in Europe are trying to increase the use of bicycles. The cycle friendly countrywide commuting structure in Europe will work as a factor of benefit for the bicycle and components market.
Bicycle and Components Market: Comparative Market Forecast
In 2015 the bicycle and components market in Latin America was pegged at a value of more than US$ 5000 Mn. The market is expected to swell and touch an approximate value of more than US$ 6000 Mn by the end of 2016. Several driving factors will push the market ahead within the period of assessment and the market will gain mass and width; and the value of the market is expected to jump to US$ 8500 Mn by the end of the forecast period. The progressing market will register a CAGR of 3.6% in the region of Latin America. This regional market will also showcase promising incremental dollar opportunity of US$ 2500 Mn during the period of prediction. The increasing demand for city bikes and mountain bikes will rule the market. The electric bike segment will also showcase a favorable dollar opportunity of more than US$ 400 Mn by the end of 2026. Continuous fiber composites segment is expected to rule the bicycle and components market in terms of value, whereas metals segment is expected to dominate in terms of volume during the forecast period.
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The worth of the bicycle and components market of Europe was close to US$ 15,000 Mn in 2015. This thriving market is expected to record a CAGR of 3.0% over the forecast period. The market is estimated to be valued more than US$ 20,000 Bn by the end of 2026. Volume contribution from the city bikes segment is expected to be significantly high over the forecast period. Composites segment in the Europe bicycle and components market is expected to register relatively higher CAGR over the forecast period. Continuous fiber composites segment is expected to govern the bicycle and components market in terms of value, whereas metals segment is expected to dominate in terms of volume during the forecast period.
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Major investors in the global bicycle and components market are steadily revamping their technology and channelizing funds to cater to the rising demand in the Europe market. The GIANT MANUFACTURING CO., LTD. one of the market leaders, is planning to set up several sales points in different parts of the globe to expedite global sales. The company is also planning to fuel the production of cycles to meet the surging demand from the European market. Dorel Industries Inc. is focusing on mergers and tie-ups to foray into the Latin America bicycle and components market.
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