The sports bicycle market is expected to grow at a compound annual growth rate (CAGR) of 6.19 percent from 2022 to 2027, according to a new 160-page report by research firm Technavio. Growth is driven by increasing fuel prices, which boost the demand for sports bicycles. Most Europeans now use bicycles to commute to work, particularly in the cities where local governments construct bike-friendly streets. Significant growth will also be driven by technological innovations in sports bicycles, with numerous companies launching innovative sports bikes and accessories integrating, for example, GPS tracking devices. On a more negative note, the hike in import duties represents a significant challenge in the sports bicycle market, explains the report. The increased import duties on bicycles in India are expected to hurt the global sports bicycle market.
The adult segment is the largest and is expected to witness significant growth during the forecast period due to the increase in the number of adults (ages 20 to 60) who bike to achieve better health or for recreation and adventure. This trend runs parallel to a declining enthusiasm regarding car ownership among young adults and increasing health awareness in areas like the US, Europe, India, and Australia, leading to a rise in sports bicycle sales.
North America accounts for the largest share of the global sports bicycle market and is expected to grow much faster. North America is estimated to contribute 33 percent to the worldwide market growth during the forecast period. The key global sports bicycle market countries are the US, Canada, China, Germany, and the UK.
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