The global bicycle market is predicted to reach over $70 billion by 2030, according to a new report published on Yahoo Finance. The report, which covers various segments including cargo bicycles, hybrid bicycles, and mountain bikes, forecasts the growth of the market based on technology, design, distribution channels, and end-users.
The rise in popularity of bicycles as a sustainable mode of transportation, coupled with the increasing demand for electric bikes, is expected to be key drivers of this growth. The report also highlights the growing trend of urbanization and the need for environmentally friendly transportation options as contributing factors to the market expansion.
The market is segmented by technology, with electric bicycles projected to see significant growth due to advancements in battery technology and increased demand for eco-friendly transportation options. Additionally, design trends such as lightweight materials and aerodynamic frames are expected to drive consumer interest in high-performance bicycles.
Distribution channels such as online retail, specialty stores, and mass merchants are also likely to play a key role in the market growth. The report predicts that a shift towards online purchasing and direct-to-consumer sales will reshape the way bicycles are bought and sold in the coming years.
End-users such as commuters, leisure riders, and professional cyclists are all expected to contribute to the market growth, with a focus on product customization and personalization becoming increasingly important in meeting consumer needs.
Overall, the bicycle market is poised for substantial growth over the forecast period, driven by technological advancements, changing consumer preferences, and a global shift towards sustainable transportation options.
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