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Bicycle is the combination of mechanical component that assembled to form a Mechanical Machine. It may be human powered, pedal driven or motor powered. The main component of bicycle are frame, tire.
The concept of bicycle came in 1885, after that the features was added continuously according to feasibility of customer requirement. Today that requirement emerged as the invention of new add-on components like Tubeless tires, Lightweight frames, use of non – conventional materials as frame design, Suspension system, multi – gear system, less human effort with more range, etc.
To know more about Global Bicycle Market, read our report
The Bicycle market is full of opportunity with traditional and non – traditional models of bicycle production and development. Non – Traditional bicycles have more demand in the current scenario in developed countries because of high reliability, flexibility, and less human effort is required to go from one place to another.
The company culture also promotes their staff to travel via bicycle if they live a short distance or there is a large area of factory, this opens a market for selling high quantities of bicycle to factory places as well. As China is more concerned with the environmental problem and carbon footprint, due to this more Chinese population is inclined to use bicycles. Commuting bicycles became one of the popular ways after the work force resumed the work from lockdown.
It is estimated that ~20-21% of the Chinese population uses a bicycle to commute from home to work. E – Bikes are a new concept that uses electric motors instead of pedal driven for easy travel that is becoming popular amongst the younger generation. Cycling competition marathon cycling tourism to promote no carbon footprint is becoming a popular culture in the tourism industry.
The COVID had an impact on workforce, production, development, growth, revenue generation, market model, and forecasted sales of many companies. It had also reformed the market strategy and model, thinking culture, Management, Sanitation, etc. in reshaping the companies environment throughout the world.
After the COVID, the companies are implementing the new manufacturing method and integrating new technologies with the existing model to attract and fulfill the needs of new and existing customers.
The companies are overcoming the loss by financial and workforce loss, some companies did not back off for helping the employee in difficult times shows the integrity of the company towards their employee. That strengthens the trust between employer and employee. Whereas at the other end some companies did not do so, led to the realization that companies’ employee and employer relationship is most important for growth and increases the contribution by employees as companies protect them.
The bicycle market in Europe is estimated to be US $ XX billion in 2020 and expected to grow at a rate of XX% CAGR by 2026. The main factor which may increase the demand and distribution of the bicycle market is New Technological integration with existing frameworks.
The companies collaborate with Large companies and MNCs to provide the bicycle (according to their need) to their workers who are living nearby factory premises, also providing the bicycle for using it inside the factory to travel from one end to another. Lot of new startups are using the electric bike as a mode of transportation in urban areas which comes out to be advantageous since traffic congestion causes more time for big vehicles. This also leads to a decrease in the overall travelling cost.
Startups like MoBike, Ofo, etc. started the bike rental service to the customer at an affordable price. Electric bike manufacturing startups have increased in number in recent times. It was a time when the Chinese bicycle market was dominated by Flying Pigeon and Phoenix cycles (considered as the most famous models throughout the world) but now the Chinese market started providing various segments of bicycle such as electric bikes, BMX, Foldable bicycles, Custom bicycles as well.
Companies also incorporate the magnesium frame, carbon fiber frame, aluminum frames, hi – tech steel frame for their frame manufacturing, using high grade painting and machining processes integrated in overall development of the market. The main focus of companies is to go with customer demands in the market, the companies investing the largest sum of their overall share in marketing research of customer’s requirements and how to promote their brand for the successful sales of particular segments in regions.
There is no need to remember that using the bicycle or electric bikes will contribute to the decrease in carbon footprint, maintain better health and live a healthy life. It will also reduce the cost of traveling and investment cost of the new vehicle. It will reduce the periodical maintenance cost by huge percent which will lead to overall increase in saving of individuals.
