Global Bicycle Frames Market Overview
The key driver impacting the bicycle frames market is the consumer preference of a bicycle over the other transportation modes for commutation due to ever-rising traffic congestion and parking space shortage. For instance, According to the world economic forum, there are over two billion bikes in use worldwide. By the year 2050, the number could be as high as five billion. Every year world produced 100 million bicycles. The problems linked to congestion in the world's cities are constantly growing and likely to grow faster. For example, India's motor vehicle fleet is predicted to grow from 73 million in 2005 to 364 million by 2025. This has created massive participation in cycling globally. In the U.S., riding participation has increased significantly. Americans usually take almost five billion bike trips per year. The recent 2020 report by the National Association of City Transport Officials (NACTO) shows that there is an “explosion in cycling” across several American cities. Eco-Counter, which collects bike data, reports that bicycle counts have “significantly augmented” across most of North America than usual, with biking levels in the western United States raised by 253% in April 2020. Moreover, the high demand for customized bicycles, installment of various components, and advanced materials achieve better stability and robustness while riding, thus adding growth to the market in the forecast period.
According to Value Market Research, the global bicycle frames market size was valued at around USD 19,500 million in 2020 and is estimated to grow at a CAGR of about 5% during the forecast period 2021 to 2027.
The rising concerns related to air pollution and growing health awareness among people globally are estimated to augment bicycle frame demand in the forecast period. For instance, As per the Union Cycliste Internationale (UCI), Almost half of all deaths linked to air pollution from transport are caused by diesel emissions. In addition, shifting to cycling can significantly minimize an individual's exposure to toxic air on congested roads. In 2018 U.K. cyclists had suffered minimal exposure to polluted air during a 4km journey than people in buses, cars, and even walkers. Cycling to work is related to a 45% reduced risk of developing cancer and a 46% lower risk of cardiovascular disease (CVD) than commuting by car or public transport. However, the high cost associated with the customization and designing of bicycle frames may hamper the market in the long run. The current industry trends, such as the Increasing use of carbon fiber and titanium for the manufacturing of bicycle frames, livestock, and food industries, are expected to provide market players with new market opportunities.
The bicycle frames market is vast, with many local and global players. The bicycle frames market is extensive, with many local and international players. The key leaders follow various strategies to elevate their market position, such as product upgrades, extending product portfolio, contracts, amalgamation, and acquisitions, to raise their market share across the globe. The significant players studied in the report ADK TECHNOLOGY CO., LTD, TOP KEY CORPORATION, Advanced International Multitech Co. Ltd., Dengfu Sports Equipment Co. Ltd. Giant Manufacturing Co Ltd., and Ideal Bike Corporation.
In this research report, the bicycle frames market is segmented by material, type, distribution channel, and region.
Analysis by Material:
By material, the report is categorized into aluminum, steel, carbon fiber, titanium, and others. Aluminum and steel material is likely to show considerable growth in the forecast period. It is due to the wide availability and high preference of these materials for making bicycle frames. Moreover, the growing demand and usage of plastic bags among consumers and increased demand from the packaging sector contribute to the high demand for non-biodegradable plastic in the forecast period.
Analysis by Type:
By type, the report is categorized into mountain, hybrid, road, and others. Road dominates the type segment with over 40% share in 2020. It is because a road bike is the most basic type of bicycle that does not require any sophisticated accessories, such as those essential by the mountain or any other kind of bike. Moreover, the growing trend of customization of road bicycles for specific purposes contributes to the high demand for road bicycles in the forecast period.
Analysis by Distribution Channel:
By distribution channel, the report is categorized offline and online. The offline segment dominates the distribution channel segment with a 58% share in 2020. It is due to the vast preference of consumers to buy bicycle frames from local certified brand stores as these stores have various frames variety to choose from. It also offers seasonal discounts, personalized service and gives physical verification of products before purchase. Moreover, consumers can study and understand various aspects as per their needs that help make clear decisions drive demand from the offline segment in the forecast period.
Analysis by Region:
In the regional outlook of the global bicycle frames market, the Asia Pacific region dominates globally with a 35% market share during the forecast period. It is due to the increasing popularity of sports activities such as mountain and road bicycle racing. Moreover, gradually improving the economy, increased disposable income, growth in urbanization, and population growth contribute to its development across the Asia Pacific.
Market Segmentation covered in the Report:
By Material
- Aluminum
- Steel
- Carbon Fiber
- Titanium
- Others
By Type
- Mountain
- Hybrid
- Road
- Others
By Distribution Channel
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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