Bicycles are vehicles consisting of two wheels which are human powered and propelled by pedals. They are the dominant means of transport in many regions, especially developing and under-developed countries. Based on the structure and purpose for which bicycles are used, they are classified as utility bicycles, racing bicycles, fixed-gear bicycles, mountain bicycles, touring bicycles, cruiser bicycles, etc. There has been a paradigm shift in the manufacturing of bicycles from traditional purpose-specific bicycles to more comfortable and function-specific bicycles. Innovations have resulted in the introduction of new and exciting features regularly. Fundamental improvements in materials and design have taken place in the bicycle manufacturing process. Key application areas include basic transportation, fitness, racing, stunts, mountain biking, etc.
The global bicycle market is expected to grow moderately over the next few years. Adoption of a healthy lifestyle among people has given rise to fitness consciousness. Increasing popularity of mountain biking as a sport has propelled the sales of marketing bikes. Additionally, rising fuel costs, increased congestion on roads, lack of parking space, etc., are some of the drivers expected to spur bicycle market growth. Another key factor that is expected to drive this market is the increased focus on eco-friendly means of transportation in order to curb pollution. Bicycles are emerging as alternatives for shorter distance transportation that cause no pollution. Moreover, regulatory initiatives to promote cycling in order to reduce harmful carbon emissions and noise pollution are expected to be favorable for industry growth. In most of the developed countries, there has been a strong cycling facilities construction and bicycle facilities have received good support from the Governments. High energy efficiency along with perception of cycling as a fitness activity has contributed to increase in demand. Increasing costs of raw materials and growing demand and popularity of fuel driven bikes or motor bikes may hamper market growth in the coming years. The absence of cycling tracks in most parts of developing countries like India due to saturation of road width and inability of further road expansion can be a hindrance to the growth of this market.
The global industry involves companies that deal with manufacturing all kinds of bicycles, parts and accessories. Derby Cycle Corporation, Shimano Giant Manufacturing Co. Ltd., Fuji, Cannondale, Atlas, La Sovereign, Accell Group, BSA (now TI), Hercules, Bianchi, Hero Cycles, Dorel Industries, Merida Industry Co. Ltd., etc., are some of the key players of this market.
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