Sports Bicycles Market To Exceed $26 Bn By 2032, Says Global Market Insights Inc.

(MENAFN- GlobeNewsWire - Nasdaq) Major sports bicycles market participants include Bianchi, Cube Bikes, GT Bicycles, Merida industry Co., Ltd., Trek Bicycle Corporation, Cannondale Bicycle Corporation, Giant manufacturing Co., Ltd., Jenson USA, Scott Sports SA, and Specialized Bicycle Components, Inc

Selbyville, Delaware, Sept. 12, 2024 (GLOBE NEWSWIRE) --

The sports bicycles market valuation is predicted to reach USD 26 billion by 2032, as reported in a research study by Global Market Insights Inc.

Innovations in bicycle technology and rising disposable income will catalyze industry growth over 2024–2032. Advances such as electric bicycles, smart features, and enhanced materials offer improved performance and appeal, attracting tech-savvy consumers. Also, increased disposable income enables buyers to invest in high-quality, advanced bicycles. This combination of cutting-edge technology and greater purchasing power will considerably boost demand, expanding market opportunities for both traditional and innovative bicycle models.

For instance, in July 2024, EMotorad, backed by MS Dhoni, introduced two new colors for its T-Rex Air model: Orange Blaze and Tropical Green. The new color options expand the electric cycle's appeal. By offering more customization and aesthetic choices, the company aims to attract a broader range of consumers and differentiate its product in the competitive sports bicycle market. This development suggests that innovations in design and personalization are becoming crucial for capturing market share and meeting evolving consumer preferences. The increased variety of color options can drive demand and contribute to sports bicycles market demand.

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The sports bicycles market from the offline channel segment will undergo a considerable upturn between 2024 and 2032, propelled by consumer preference for in-person shopping experiences. Customers often seek to physically test and evaluate sports bicycles before making a purchase, which offline stores facilitate. Specialized retailers and sporting goods stores provide expert advice, personalized service, and immediate product availability, making them the preferred choice for buyers. Besides, the increasing presence of organized retail in urban areas reinforces the dominance of the offline channel in this industry.

The electric segment will witness a noteworthy surge by 2032, attributed to the rising popularity of electric bikes (e-bikes) for their convenience and efficiency. E-bikes offer a powerful combination of traditional cycling and electric assistance, making them ideal for various terrains and long-distance rides. As consumers seek sustainable and eco-friendly transportation options, the demand for electric sports bicycles has surged. The ongoing advancements in battery technology and e-bike design further bolster the growth of this segment.

Europe will register a remarkable sports bicycles market CAGR from 2024 to 2032, due to the region's strong cycling culture, extensive cycling infrastructure, and rising environmental consciousness. Governments across Europe actively promote cycling as a sustainable mode of transportation, offering incentives and developing bike-friendly cities. Additionally, the popularity of cycling as a fitness and recreational activity further boosts demand for sports bicycles. The region's focus on eco-friendly transportation solutions makes Europe a significant contributor to the growth of the sports bicycles industry.

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Prominent companies operating in the sports bicycles market including Bianchi, Cube Bikes, GT Bicycles, Merida Industry Co., Ltd., Trek Bicycle Corporation, Cannondale Bicycle Corporation, Giant Manufacturing Co., Ltd., Jenson USA, Scott Sports SA, and Specialized Bicycle Components, Inc. are working in the sports bicycles market.

Leading players are expanding their sports bicycles industry foothold through strategic product innovations, collaborations, and marketing efforts. They are launching new models with advanced features, such as lightweight frames, enhanced aerodynamics, and integrated smart technologies, catering to the growing demand for high-performance bikes. Furthermore, these companies are expanding their distribution networks, both online and offline, to reach a broader customer base. Partnerships with professional cycling teams and sponsorships of major sporting events are also helping to boost brand visibility and market presence.

In February 2022, Scott Sports India introduced the Avanti Giro FM1 bicycle, marking the New Zealand bicycle brand Avanti's debut in the Indian market.

Partial chapters of report table of contents (TOC):

Chapter 1 Methodology & Scope

1.1 Research design

1.1.1 Research approach

1.1.2 Data collection methods

1.2 Base estimates and calculations

1.2.1 Base year calculation

1.2.2 Key trends for market estimates

1.3 Forecast model

1.4 Primary research & validation

1.4.1 Primary sources

1.4.2 Data mining sources

1.5 Market definitions

Chapter 2 Executive Summary

2.1 Industry 360° synopsis, 2021 - 2032

Chapter 3 Sports Bicycles Market Insights

3.1 Industry ecosystem analysis

3.2 Supplier landscape

3.2.1 Raw material suppliers

3.2.2 Component manufacturers

3.2.3 Manufacturers

3.2.4 Battery and electric system suppliers

3.2.5 Distributors and retailers

3.2.6 End users

3.3 Profit margin analysis

3.4 Technology & innovation landscape

3.5 Patent analysis

3.6 Key news & initiatives

3.7 Regulatory landscape

3.8 Impact forces

3.8.1 Growth drivers

3.8.1.1 Growing interest in cycling as a sport

3.8.1.2 Increased focus on fitness & wellness among bicycle consumers

3.8.1.3 Increased leisure and recreation activities

3.8.1.4 Government initiatives to promote cycling

3.8.2 Industry pitfalls & challenges

3.8.2.1 High cost of high-performance sports bicycle

3.8.2.2 Limited cycling infrastructure

3.9 Growth potential analysis

3.10 Porter's analysis

3.11 PESTEL analysis

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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