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Asia-Pacific Bicycle Market is expected to grow over a CAGR of 4% - Actual Market Research
Dec, 30
2020

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Asia-Pacific Bicycle Market is expected to grow over a CAGR of 4% - Actual Market Research

 

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The market accounted to 52.61 Million Units in the year 2015, and is expected to grow over a CAGR of 4% in the forecasted period, according to the report titled "Asia Pacific Bicycle Market Outlook, 2026" published by Actual Market Research. Cycling has been, a major mode of mobility in India. Traffic surveys in India show that cycle trips account for more than 15% of trips in most towns and even in a large city, such as Delhi, Mumbai, and others, as cycling accounts for over 10% of trips in these cities. The market share of China is more than 40% in terms of value in the year 2020. Large population size, government initiatives, and sizeable range of choices due to local production are the driving factors behind the grasp of China in bicycle market.

Manufactures have increasingly adopted greater marketing push and attractive pricings, which has resulted in increase in volume of sales as well as in terms of value. In the Asia Pacific region, the high-end bicycles particularly Mountain bikes, E- bikes and Hybrid bikes have possessed market share of almost 70% in the year 2020. The big players of the market Merida, Trek, Connonadale, Accell group, Raleigh are seeing it as a opportunity because people are becoming now health conscious and want to be an active part of environment saving movement. Hence, it is estimated that the market for road bicycle will grow with a CAGR of over 3% in the year 2026. Countries, like China and Japan, are some of the leading countries, where e-bikes have grown their prominence. Some of the major reasons considered for adopting and driving e-bikes around the Asia-Pacific are health benefits, avoidance of traffic congestion, environmental benefits, and the increase in demand for e-bikes as sports equipment.

Taiwan is the hub for bicycle making companies. According to Taiwan's Bureau of Foreign Trade (BoFT), in the first half of 2020, its traditional bicycle export volume decreased while E-Bike export volume grew. Another important point on to emphasis is that 85% of the exported bicycles from all over the world are being imported by Europe and North America.