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The global bicycles market has been forecast to hit a value of US$60.4 billion by the year 2018, buoyed by concerns for environmentally sustainable means of commuting, greenhouse gas emissions, technological advancements and rising fuel/energy prices.
Increasing awareness of the benefits of outdoor exercise and play in the growth and welfare of children has led to a surge in interest that is changing the market for bicycles, as parents seek to offset the ill-effects of increasingly sedentary lifestyles.
As urban populations increasingly move into self-contained communities, manufacturers of bicycles are coming up with flexible new designs that can fit into widely varying locations.
A sharp increase in gasoline prices has led to a noticeable rise in demand for bicycles in various parts of the world. Unprecedented rise in petrol prices that skyrocketed to all time highs in recent years drove people, particularly fitness enthusiasts, to adopt cycling for transportation. In fact, for commuting to short distances in cities, bicycles are considered faster, and economise on space.
Once considered a cheap and convenient mode of transport, the bicycle is now gaining in popularity as a 'green' mode of inner city transport and exercise, particularly in European countries. Recent initiatives in London, such as the introduction of the 'Boris Bike' scheme are also encouraging increased bicycle use in the city, particularly amongst families.
Australia, Germany and the Netherlands have a Government sponsored network of bicycle paths and trails. Globally, bicycles are considered as environment-friendly products and the latest electric-power bicycles are recognised as 'green transport vehicle.' Electric-power bicycles are well received in several regions including China.
Asia-Pacific, spurred by intense activity in heavily populated countries of China, India, Taiwan and Indonesia represents the single largest bicycles market, with the region expected to expand at a sturdy compound annual growth rate (CAGR) of 6.4% through 2018. China is a chief provider of fully assembled bicycles, frames and other components and accessories. The country is also the largest bicycle market in the world, despite the growing middle-class population switching to automobiles.
For more information on the global bicycle market, see the latest research: Global Bicycle Market
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