Australia Bicycle Market Size and Analysis 2021-2026
The bicycle market in Australia is set to witness substantial growth in the coming years, driven by the increasing demand for green and sustainable transportation options. According to a recent report, the global bicycle market is projected to reach a value of US$100.8 billion by 2026, registering a remarkable compound annual growth rate (CAGR) of 12.7% between 2021 and 2026. The Australian bicycle market is expected to contribute significantly to this growth trend.
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One of the key drivers behind the surge in
bicycle sales is the growing concern about environmental impact and the need
for eco-friendly transportation alternatives. With mounting worries about
carbon emissions and vehicular pollution, governments and consumers alike are
embracing bicycling as a greener and healthier mode of transportation. The
Australian government has also been undertaking various initiatives to reduce
carbon emissions and improve infrastructure to support bicycle commuting,
further boosting the market growth.
In addition to environmental factors, the choice
of a better lifestyle is playing a significant role in driving the demand for
bicycles. With the rise in chronic diseases, more people are turning to cycling
as a means to maintain good health. Furthermore, the increasing traffic
congestion and limited parking spaces in metropolitan areas have led to a
preference for bicycles as a convenient mode of transport. The World Health
Organization has even called for doubling the usage of bicycles by 2030,
recognizing it as an equal mode of transportation.
The bicycle industry has also witnessed
advancements in material science technology, enabling the production of
ultra-lightweight bicycles. These bicycles, made from innovative materials,
offer a combination of strength and lightness, enhancing the overall cycling
experience. For instance, the Canyon Ultimate CF SLX, one of the latest racing
bicycles, weighs only 6.7 kg and is known for its exceptional strength and
performance.
However, despite the positive growth prospects,
the bicycle market faces certain challenges. One of the main challenges is the
lack of supportive regulations for e-bikes. Government laws and regulations
related to bicycles vary across countries, impacting the market demand. For
example, in China, the largest electric bike market globally, regulations have
been imposed on e-bikes, resulting in increased costs and potential shifts
towards other forms of transportation.
In terms of regional opportunities, Europe
stands out as a market leader in the adoption of e-bikes. Countries such as
Germany, Denmark, and the Netherlands have well-established cycling
infrastructure and government subsidies that encourage the use of e-bikes.
Meanwhile, the Asian Pacific region is witnessing a rise in electric bicycle
production due to low manufacturing costs and the growth of the automotive and
construction industries.
The ongoing COVID-19 pandemic has posed
challenges to the global economy, including the bicycle market. The second half
of the year remains uncertain, as the virus continues to affect production,
supply chains, and overall market growth.
The competition landscape of the global bicycle
market is diverse, with multinational companies such as Accell Group, Dorel
Industries Inc., Giant Bicycles, Merida Industry Co., Ltd, and Trek Bicycle
Corporation leading the way. These companies face tough competition from
regional players who hold significant market influence. Interoperability
integration is expected to emerge as a key trend in the competition among
market leaders.
Recent notable developments in the bicycle
industry include the introduction of the Madone SLR 6 Disc Speed by Trek
Bicycle Corporation, featuring removable aero bars designed for hilly terrains
with winding roads. SCOTT Sports SA also made headlines with its acquisition of
Bold Cycles Ltd, a provider of technologically advanced frame solutions and
custom-made bicycle products, catering to customers seeking personalized
cycling experiences.
As the global bicycle market
continues to grow, the Australian market is expected to play a pivotal role,
driven by the increasing demand for green mobility solutions, health-conscious
lifestyles, and government initiatives. With its favorable environmental
conditions and a population increasingly embracing cycling, Australia is poised
to witness remarkable growth in the bicycle market.
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