High-end Bicycles are high-speed bikes that are built with advanced technology and modern designs incorporating high-quality materials to offer comfort and durability. These bikes are priced over a thousand dollar approximately; hence, their penetration rate among price-sensitive consumers is low. High-end bikes are targeted at premium customers. Moreover, bicycles have played an important role in the recent history of man as they have also managed to accede to the relentless evolution of the transportation system. As concerns over global warming continue to grow, more consumers are expected to opt for bicycles. Cycling enthusiasts, adventure seekers, and urban commuters are the key customers who drive the global high-end bicycle market. In addition, the increasing trend of bicycling is expected to fuelthe high-end bicycle market over the forecast period.
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COVID-19 scenario analysis:
• Bicycle retailersare set to be among the least affected type of business by a reduction in consumer spending over the next 12 months as a result of the COVID-19 pandemic.
• Bicycle manufacturers are unable to meet the rising demand and recover the losses faced during the nationwide lockdown due to theshortage of labor in the state.
• The cycle industry is working to strengthen itself in the coming yearsas the industry is booming, but due to a shortage of labor, it is unable to meet the demand.
• The demand for modernized cycle has increased as fitness enthusiasts now prefer to opt for cycling over going to gyms due to the COVID-19 infection in crowded places.
• The cycle industry is struggling with labor shortage as they went back to their homes during the lockdown.
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Top impacting factors: Heavy Duty Vehicle Market Scenario Analysis, Trends, Drivers and Impact Analysis
Some of the factors, including the growing track bicycle races trend across the globe and favourable government initiatives are expected to spur the demand over the forecast period. However, the accessibility of sports and racing bicycles made using composite materials make the sports bicycles expensive, which is not favourable for the market expansion, and is anticipated to hamper the growth of the market. Furthermore, bicycle manufacturers are trying to offer a variety of products to increase their product sales by increasing the popularity of bicycles, which is expected to offer lucrative opportunities for the market overthe forecast period.
Growing track bicycles race trend across the globe
Track bicycles are optimized for racing at a velodrome or outdoor track. The demand for bicycle racing is tremendously increasing among people for various physical activities. Additionally, the continued shift toward more track competitions is driving the demand for leisure activities such as running and cycling across the world. Moreover, the importance of sports activities for health reasons, increasing influence of celebrity endorsement, and international sports events are encouraging the involvement of consumers in various cycling activities. Therefore, these factors are expected to further drive the high-end bicycle market over the forecast period.
Favorable government initiatives
Increase in government initiatives in various countries, meant to improve participation rate, is playing a key role in driving the market in the last few years. In addition, many developing economies are organizing events and sports for attracting more people toward a healthy and fit lifestyle. The demand for premium road racing bicycles is continuously increasing due to substantial increase and fluctuations in the price of fuel over the past few years. Therefore, the growing initiative by developing economies toward more physical activities is driving the high-end bicycle market, and is expected to grow further duringthe forecast period.
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Key benefits of the report:
• This study presents the analytical depiction of the high-end bicycle market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the high-end bicycle market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the high-end bicycle market scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the market research report:
• Which are the leading market players active in the market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?
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