Rising number of fitness conscious people with focus on their health is anticipated to propel demand for bicycles or bikes in the coming years. Regular technological advancements in bicycles are likely to offer comfort, durability, and performance to users. In addition, increasing adoption of bicycles as regular mode of transportation to protect the environment from harmful carbon emissions can also fuel product demand in the next few years.
Hybrid Bikes Touted to be the Best-Performing Segment
Major product variants of bicycle market are on-road & track bikes, off-road bikes, and x-road & hybrid bikes. In the coming years, x-road & hybrid bikes are expected to witness significant growth owing to increase in consumer demand. To cater to rising demand, most companies are focusing on R&D to develop better hybrid bicycles for consumer use.
For instance, Yamaha Motor Corp., recently announced full specifications of its new line of electric bicycles (e-bike). These e-bikes are expected to be designed for fitness conscious and active outdoor riders. The company is expected to launch four different models including CrossCore, CoreConnect, UrbanRush, and YDX-TORC. CrossCore is likely to offer hybrid design for fitness focused riders. Its features include class leading power, optimized geometry, durability, and reliability. In addition, this bike is equipped with fenders, water bottle cage, and read rack.
Market Insights
The global bicycle market is projected to reach a remarkable volume by 2022, according to a report on Radiant Insights, Inc. Growing adoption of healthy lifestyle owing to fitness consciousness is anticipated to propel market growth in the coming years. Increasing price of fuels such as petrol and diesel coupled with traffic congestion on roads can fuel market growth. Strict government regulations towards control over emission of harmful gases from vehicles is expected to spur market growth. Availability of advanced features in bicycles offering high-end comfort to commuters can impel market growth during the forecast period (2018 to 2022).
Some of the leading companies offering advanced bicycles for consumer use are Dorel Industries, Hero Cycles, Bianchi, Hercules, and Atlas.
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