Market Dynamics- Drivers
Increasing awareness among consumers regarding health benefits of bicycle is expected to drive growth of the global bicycle market during the forecast period
Modern lifestyle and hectic schedules have forced people to work without ample exercise. With increasing intake of junk food, health issues such as obesity are arising at a very early age. According to the World Health Organization (WHO), in 2014, 114 nations including Europe, Middle East, and the Americas were having over half of the adult population obese. On the contrary, a healthy and more nature-friendly lifestyle is becoming more and more popular with raising awareness about the hazards caused by obesity. Many studies have revealed that bicycling burns around 500 – 700 calories per hour. Various countries have started adopting bicycle riding as an effective way of burning fat and maintaining normal body mass. Even Doctors advise the general public around the world to use bicycles as a must-have tool for living a healthy life, whether they are obese or not. Thus, these factors are expected to drive growth of the market in the near future.
Significant increase in oil prices and rising need to prevent natural resources are expected to propel the global bicycle market growth over the forecast period
The major disadvantage offered by bicycles is that it does not require external fuel or source of supply to drive. Since the natural resources are limited and draining rapidly, adopting bicycles is crucial to avoid depletion of resources. In order to save oil and fuel, customers more often tend to cycle to the distances which are close enough for them. Furthermore, consumers are also saving a significant amount of money by not expending on fuel, and also there is no need for a driving license for cycling. Hence, these factors are expected to propel the global bicycle market growth over the forecast period.
Many countries around the globe such as India, Spain and Italy have imposed nationwide lockdown. For Instance, India have imposed lockdown from 25 March to 1 June till the further notice. In India all the social gathering events such as bicycle racing events are prohibited during the lockdown period.
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Moreover, there is also shortage of manpower at the bicycle manufacturing facilities due to the lockdown. The demand of bicycle is also expected to decrease in the year 2020 due to the nationwide lockdown. In some areas of India, roaming on the streets without any prior permission is prohibited. Owing to all these factors, COVID-19 is expected to be a challenge for the market growth during the year 2020.
Market Dynamics- Restraint
Unsuitability for longer distances is expected to restrain growth of the global bicycle market during the forecast period
Commutation by bicycles is ideal and suitable for shorter distances, as the human capacity to cycle is limited. The energy to be exerted for cycling for longer distances is comparatively higher, and thus it’s a very tiresome task. Moreover, the speed of bicycles is limited, whereas automobiles go faster and destination can be reached sooner. Thus, these factors are expected to restrain growth of the market during the forecast period.
Lack of dedicated cycling tracks is expected to hinder the global bicycle market growth over the forecast period
The major challenging inhibiting growth of the market is the lack of an ample number of dedicated cycling tracks. Emerging economies are laying emphasis on creating a bicycle-friendly world and safe cycling tracks so that there are no accidents and injuries to the consumers and safety is assured. Moreover, in countries such as Brazil, India, and Indonesia, where population is higher, there are very few dedicated cycling tracks built by authorities. Hence, these factors are expected to hinder the global bicycle market growth over the forecast period.
Constantly increasing demand for cleaner and faster mode of transportation can present major growth opportunities
The pollution caused due to the emission from fuel-driven vehicles has increased significantly in the recent past. On the contrary, it has presented a massive opportunity for green solution providers and manufacturers to capitalize on the market. The bicycle manufacturers can exploit these conditions as an opportunity to expand and increase their business. The eco-friendly mode of transport with bicycle as a medium has already gained popularity and is a prominent trend in European countries like Denmark, Netherlands, and the U.K.
High growth of tourism industry can provide lucrative business opportunities
Tourism industry has witnessed massive growth in numerous economies. Cycle tourism provides major opportunities for manufacturers to gain a competitive edge in the market. There has been global increase in the construction of cycle tourism projects in various countries to generate a good source of revenue for the country. For instance, in Germany and France, the average annual turnover from the cycling tourism is approximately 11 billion Euros and the revenue is expected to increase in the near future due to increased infrastructural and extension activities going on in the cycling tracks and lanes.
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