Electric bicycles are the fasted growing segment and it is expected that market will exhibit an even healthier growth in upcoming years.
New York, NY -- (SBWIRE) -- 11/17/2016 -- Bicycle is a convenient form of transportation. It is an important mode of sustainable transport and provides price, performance and environment benefits over gasoline based vehicles. Cycles are non-polluting, inexpensive, and healthy for consumers.
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Bicycles are considered as environment-friendly means of transformation. Some of the latest electric-power bicycles are popular as a 'green transport vehicle' in many part of the world. Over the past decade the bicycle market has gone through many technological and performance based changes such as enhanced product quality, advancement in the field of production automation by engrossing and implementing sophisticated tools and technologies available globally.
Based on the various user group of the bicycle, the global bicycle market are broadly categorized in three broad segment namely sports bicycle, adult bicycle, and kids bicycle. On the basis of technology, the market can be segmented in two different class namely electric bicycle and human-powered bicycles. Electric bicycles are the fasted growing segment and it is expected that market will exhibit an even healthier growth in upcoming years.
One of the major drivers of bicycle market is consumer acceptance of cycling as a part of their fun and fitness activity. Moreover surging traffic congestion and escalating fossil fuel prices are helping the acceptance of bicycle as a means of transportation. Growing demand of low-cost private transportation in rural and remote areas of developing countries is helping bicycle market.
Moreover rising convenience by establishing public bicycle rental programs many European and North American cities are helping global bicycle market.
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Asia Pacific is the largest market for bicycles followed by Europe and North America. China is the biggest market of bicycle in Asia Pacific attributed to the government initiatives and consumer preference towards bicycle for their short distance travelling needs. India and Japan is exhibiting an increasing growth over the last few years. Germany is the largest market of bicycles in Europe. The U.S. accounts for the largest market share in North America.