The Sports Bicycle Market is being driven by Increasing fuel prices
The Sports Bicycle Market is expected to grow at a CAGR of 7.44% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 7196 million. The sports bicycle market is poised for substantial expansion due to technological innovations. Vendors are introducing advanced bicycles and accessories, such as GPS tracking devices integrated into bicycles, and lighter body armor for enhanced comfort and mobility. A significant challenge for cyclists has been insufficient traction while riding. In response, SCOTT Sports SA launched the twinloc suspension system in June 2021, which connects the shock, fork, and frame, providing traction control and lockout for optimal tire performance. These advancements are expected to boost market growth and cater to the evolving needs of cycling enthusiasts.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
165 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.44% |
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Market growth 2024-2028 |
USD 7196 million |
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Market structure |
fragmentation |
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YoY growth 2023-2024(%) |
6.4 |
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Key countries |
US, Germany, UK, France, Italy, Canada, China, Saudi Arabia, The Netherlands, Japan, Brazil, UAE, Mexico, India, Australia, US, Germany, China, Canada, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Sports Bicycle Market encompasses various sectors including bike sharing programs, e-bike technology, and smart bike tech. It also covers bicycle tourism, cycling events for professionals and amateurs, bicycle advocacy, and infrastructure development. Safety initiatives and accident prevention are key concerns, along with bicycle repair shops, retailers, and specialty stores. Online retailers, custom manufacturing, handmade and vintage bicycles, and collectible models are popular. Bicycle parts distribution, accessory manufacturing, and transportation solutions are essential. Bicycle mechanics, maintenance training, design, engineering, materials science, and quality control are crucial aspects. Supply chain optimization, inventory management, retail sales strategies, marketing analytics, CRM, brand loyalty, pricing, demographics, and product differentiation are essential for market success.
The global leisure products market, encompassing categories such as sports equipment, musical instruments, camping equipment, recreational vehicles, and household durables, including bicycles, toys, and other consumer games, is experiencing significant growth. According to Technavio, this market's size is determined by the consolidated revenue generated by manufacturers of household durables, including consumer electronics, home furnishings, homebuilding products, household appliances, houseware and specialties, and leisure products. Factors driving this market's expansion include the increasing trend of health and fitness, with memberships in fitness clubs experiencing a steady rise over the past decade and the number of health and fitness clubs continuing to grow due to the industry's promising prospects.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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