Global Bicycle Suspension System Market 2018-2022 | Mountain Biking Tourism Catalyzes Economic Development | Technavio
Technavio analysts forecast the global bicycle suspension system market to grow at a CAGR of over 5% during the forecast period, according to their latest market research report.
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Technavio forecasts the global bicycle suspension system market to grow at a CAGR of over 5% by 2022. (Graphic: Business Wire)
The increasing awareness through global events and the emergence of sports bicycle clubs is one of the major trends being witnessed in the global bicycle suspension market 2018-2022. Consumer awareness of the different types of sports bicycles available in the market is continuously increasing. Manufacturers sponsor cycling events and use such platforms to market their products. Some of the sports bicycle manufacturers that have also sponsored events like the Olympics are GT Bicycles, Boardman Bikes Time Sports, and Santander Cycles. The number of sports bicycle clubs for racing, riding, mountain biking, and other adventure sports involving bicycles has been increasing over the last five years. Globally, there are around 2,105 such groups with 1,074,892 members in 920 cities across 50 countries. Some of the largest meetups by sports bicycle groups and clubs worldwide are the Hudson Valley Hikers in New York, US; Vancouver Hiking Meetup Group in Vancouver, Canada; and the Trailblazer in London, UK. Therefore, the growing popularity of such clubs is expected to have a positive impact on the sales of sports bicycles during the forecast period, which would consequently impact the global bicycle suspension market.
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According to Technavio analysts, one of the key factors contributing to the growth of the global bicycle suspension system market is the mountain biking tourism catalyzing economic development:
Global bicycle suspension system market: Mountain biking tourism catalyzes economic development
Mountain biking focuses primarily on off-road traveling where the bikers ride on gravel, dirt roads, and uneven terrains to reach their destinations. Mountain biking tourism is an environment-friendly industry that offers a healthy, recreational, and non-polluting sustainable transport for the riders. The rise in mountain biking tourism also acts as a source of revenue and livelihood for the sparsely populated mountain regions. This is because the increased number of tourists keen on witnessing mountain biking would facilitate the local population to start small businesses catered toward the tourists such as such as small hotels and homestays, leisure activities, tourist guides, bike rentals, among others. Various other projects such as the opening of new trails, development of beginner level trails for kids, and development of advanced trails for various purposes would act as a catalyst to the sales of mountain bicycles, thus, consequently driving the global bicycle suspension market.
According to a senior analyst at Technavio for research on automotive components, “Apart from mountain biking, other factors boosting the growth of the bicycle suspension system market are traffic issues due to growing urbanization and increasing fuel prices and the use of 3D printing in bicycle manufacturing.”
Global bicycle suspension system market: Segmentation analysis
The global bicycle suspension system market research report provides market segmentation by type (hardtail suspension and full suspension), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2017, accounting for over 40% share, followed by the EMEA and APAC respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period followed by the EMEA region.
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