Global Hybrid Bicycles Market Overview
Hybrid bicycles provides more comfort to the consumers. Nowadays, hybrid bicycles are known as the workhorse of bicycles, and due to its extremely versatile properties, it has gained a high momentum in the recent years in the market. Hybrid bicycles are a mixture of road bikes and mountain bikes which gives additional advantage to manufacturers of hybrid bicycles to penetrate high market share across the globe. Generally, hybrid bicycles are made up of many different material types such as steel, aluminum, and carbon fibers. The hybrid bicycles market is consisting of around a hundred small and prominent manufacturers with the regional and global reach. Electric hybrid bicycles are now becoming a preferable option for biking and tracking among road and mountain bicyclists due to its wider tires, low weight, upright seat position, fast speed and a large number of gears. Awareness about the health and security among bicyclists has resulted in amplified demand for hybrid bicycles over the past three-four years.
Global Hybrid Bicycles Market Scenario
The global market size for hybrid bicycles is estimated to be more than US$ 17 Bn in 2018 and is projected to witness a single digit growth rate during the forecast period from 2018 to 2028. The market is expected to create a sizeable incremental opportunity for manufacturers in upcoming years owing to the rising demand for low weight bicycles with a proper vision of far distances and push for electric bikes (e-bikes) for mountain riding. Hybrid bicycles market across the globe has grown sizably owing to the demand for hybrid bicycles on customized basis which is likely to amplify the sales of the hybrid bicycles globally through numerous sales channels. North America is expected to dominate the global hybrid bicycles market by the end of 2028 with a strong CAGR followed by Europe and APEJ. According to some studies, the demand for hybrid bicycles has witnessed 50% increment last year in the United States and perhaps more than that in Europe. It is expected to show the same increment demand in the upcoming years.
Global Hybrid Bicycles Market Dynamics
Over the last few years, the bicycles, as well as bicycle accessories industry, has transformed, and like many other industries, bicycles have become more demanding compared to petrol bikes due to the increasing crude oil prices. Some of the factors are behind the growth of the hybrid bicycles market such as awareness about personal health & environmental benefits, rising urbanization, increasing demand for hybrid bicycles among sports enthusiasts. Also, the growth rate of macroeconomic factors such as GDP, automotive industry, and bicycle market in comparison to the growth of hybrid bicycle market will impact the global hybrid bicycle market during the forecast period.
However, global for hybrid bicycles are expected to face challenges in its demand due to the easy availability of financial aid for buying two wheeler bikes and four-wheeler cars. This factor is anticipated to hamper the overall growth of the global hybrid bicycles market. Moreover, limited penetration of these hybrid bicycles in developing and low economies is expected to restrict the market growth.
Global Hybrid Bicycles Market Segmentation
The hybrid bicycles market can be segmented on bike frame size, material type, target buyer and sales channel. On the basis of bike frame size, hybrid bicycles can be categorized into 13 - 15 inches, 15 to 17 inches, 17 to 19 inches, 19 to 21 inches, 21 to 23 inches and 23 inches and above. On the basis of material type, the hybrid bicycles market can be segmented into steel, aluminium and carbon fibers. On the basis of target buyer, the hybrid bicycles market can be classified into men, women, kids and unisex. On the basis of sales channel, the global market for hybrid bicycles can be classified into third-party online channel, company online channel, retail stores, modern trade, franchise stores and specialty stores. Geographically, the global hybrid bicycles market can be segmented into seven regions, namely North America, Latin America, Europe, CIS & Russia, Japan, the Asia Pacific excluding Japan and Middle East & Africa.
Global Hybrid Bicycles Market Key Players
Prominent players are focused in United States, Japan and European countries. However, the increasing manufacturing facilities in China has witnessed a significant growth for the hybrid bicycles market. Some of the key players operating in the global hybrid bicycles market are Shimano Inc., Trek Bicycle Corporation, Giant Bicycle, Inc., Boardman Bikes Ltd and other prominent players.
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- Latin America (Mexico. Brazil)
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- Eastern Europe (Poland, Russia)
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