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2 Feb 2023

Taking place from 21st-23rd April 2023 at the iconic Alexandra Palace venue in North London, The Cycle Show brings together a variety of exhibitors from the cycle and e-mobility sectors, aimed...

2 Feb 2023

Glasgow-based cycling charity Bike for Good, which is responsible for delivering the internationally renowned Cytech training and accreditation scheme for bicycle technicians and enthusiasts in...

2 Feb 2023

A new report from Shopify has shown that sustainability conscious shopping is on the rise. Consumer interest in green products has remained robust, despite inflation and other economic...

2 Feb 2023

Shop prices have reached record highs after inflation accelerated in January, with a warning that the peak is yet to arrive.

2 Feb 2023

A new deposit return scheme announced by the Government to make it easier for people to recycle plastic bottles and drink cans will put a strain on independent retailers, according to industry...

30 Jan 2023

The number of shops lying vacant on British high streets fell during the final three months of 2022, despite pressure on both companies and consumers from the rising cost of living.

26 Jan 2023

The rapid growth in the use of Buy Now Pay Later (BNPL) services risks becoming the UK's next 'credit trap' scandal, a loan provider has warned.

25 Jan 2023

Under the banner of CONEBI, the Confederation of the European Bicycle Industry,15 national bicycle industry associations and 68 companies have become signatories to a self-commitment to prevent...

23 Jan 2023

As Glasgow gears up to host the 2023 UCI Cycling World Championships, community groups have been given a share of more than £160,000 to boost bike use in the city.

23 Jan 2023

British Cycling has published new research, which shows the rising popularity of off-road e-bikes and electric mountain bikes (e-MTB’s) and highlights the need for improvements to cycling...

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Global Bicycle Market Forecast to reach $130 billion by 2033

Posted on in Business News , Cycles News

New research from Research Nester has forecast that between now and 2033, the global bicycle market could reach an estimated value of approximately $130 billion, by expanding at a compound annual growth rate of around 7%. The market has generated revenue of approximately $80 billion this year. Major key factors propelling the growth of the market worldwide are cited as the higher number of people becoming aware of the benefits of cycling and the growing infrastructure of bicycle manufacturing.

City Cycling Woman

The growth of the global market can be attributed to the launch of several advanced bicycles by major players as well as a more general rise in the number of bicycles available in the market. According to estimates, there were more than 2 billion bicycles in use worldwide in 2015, and by 2050, that number is expected to rise to close to 5 billion. In addition, mountain bikes are predicted to be produced more than 72 million units by 2026, from an estimated 44 million units in 2020.

Out of all, the increasing popularity of electric bikes is expected to be the sector that generates the highest revenue by the end of 2033. In 2019, for example, around 288,000 electric bikes were sold in the United States, compared to nearly 437,000 in 2020.

The global bicycle market is also estimated to grow majorly on account of the following:

•    Rising demand for bicycles

•    Rise in the development of cycling manufacturing

•    Initiatives taken for riding bicycles

•    New product launches by key market players

•    Awareness of the health benefits associated with the bicycle riding

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