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Gear Bicycle Market
Gear bicycle consist of toothed wheels connected by a chain, enhancing speed and facilitating the rider in overcoming resistance.
WILMINGTON, NEW CASTLE, DE, UNITED STATES, September 6, 2024 /EINPresswire / -- The global Gear Bicycle
market has experienced significant growth and transformation, driven by surge in outdoor sports, increase in
health awareness, low maintenance cost of gear bicycles. A gear bicycle serves as an environmentally friendly means of transportation, offered in a different type, including electric bikes and mountain bikes. Surge in health awareness coupled with the low maintenance cost of bicycle, growth of innovative manufacturing designs and surge in outdoor sports drive the growth of the global gear bicycle market.
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The global gear bicycle market size was valued at $37.3 billion in 2022, and is projected to reach $63.5 billion by 2032, growing at a CAGR of 5.9% from 2023 to 2032.
Increase in health-conscious customers boosts the demand for gear bicycles. Men nowadays prefer using gear bicycles to maintain their fitness. Furthermore, they have are now preferring gear bicycle to commute to work places, as this saves the cost of fuel and time spent in traffic. In addition, in developed nations, customers prefer premium bikes.
There is a substantial rise in the demand for gear bicycle racing among individuals engaging in various physical activities. Furthermore, the ongoing trend towards increased competitive participation is fostering the demand for leisure pursuits like running and cycling globally. Additionally, the emphasis on sports for health benefits, the growing impact of celebrity endorsements, and the prevalence of international sports events are motivating consumers to actively participate in diverse cycling activities. As a result, these factors are anticipated to continue propelling the gear bicycle market throughout the forecast period.
The key players profiled in this report include
MERIDA INDUSTRY CO., LTD., SPECIALIZED BICYCLE COMPONENTS, INC., Trek Bicycle Corporation, SCOTT Sports SA, Colnago Ernesto & C. S.r.l., Giant Bicycles India , Kross Bikes, Firefox Bikes, STRYDER CYCLE PRIVATE LIMITED, Accell Group N.V.
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There is a significant surge in the popularity of gear bicycle racing for diverse physical activities, which is contributing to a rising demand. The prominence of international sports events are motivating consumers to participate in various cycling activities. These sports events motive athletes and regular citizens to adopt cycling. This contributes toward the growth of the global market. Gear cycles are equipped with advanced braking systems, delivering superior stopping power. This feature facilitates easy navigation through busy roads and enables the person to avoid obstacles with increased efficiency.
By application, the adventure segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period with a CAGR of 6.2%, geared bicycle offers a solution for safe and comfortable rides. By adjusting the resistance levels to match the preferred pedaling pace, riders alleviate stress on their muscles and joints, owing to the flexibility provided by the multiple gears. However, the sports segment is projected to witness a CAGR of 5.6% from 2023 to 2032, owing to the ongoing trend towards increased competitive events and interest in leisure activities such as running and cycling globally.
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By end user, the men segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period with a CAGR of 6.1%, owing to rise in adoption of gear bicycles among men for multiple activities such as sporting, adventures, fun rides, and regular travelling through bicycle. However, the women segment is projected to witness a CAGR of 5.7% from 2023 to 2032, due to the growth of women sports championship and multiple bicycle tournaments for instance, Giro Rosa which is an annual elite women's road bicycle tournament.
Regional Analysis:
By region, Asia-Pacific held the highest market share in terms of revenue in 2022 witnessing a CAGR of 6.2%, as some of the major associations in Asia-Pacific are the Cycling Federation of India and the Chinese Association. These associations not only promote sports and events but also influence customers for usage of bicycles. Furthermore, electric bicycles are gaining high traction in the region. All these bicycles are equipped with gears owing to the customers preference. However, the LAMEA region is expected to witness the highest CAGR of 8.3% from 2023 to 2032, owing to the leasing of bikes in LAMEA. Leasing bicycles is not only cost-efficient but also provides health benefits to users. Furthermore, increasing usage of bikes is resolving the issue of traffic congestion.
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Manufacturers are incorporating modifications in the upcoming bikes. The modification includes aluminum and carbon body for a light bodyweight of bikes, aerodynamics in design for faster rides, and durable battery. Furthermore, these improvements in the quality of bikes are done at a reasonable rate. Furthermore, bicycle associations notably contribute toward the gear bicycle industry growth , as these associations organize various rallies and sports events.
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David Correa
Allied Market Research
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