Racing Bike Market Share, Growth, and Industry Analysis, By Type (Aluminum Racing Bike, Carbon Fiber Racing Bike, and Others), By Application (Professional and Amateur) and Regional Insights and Forecast to 2032

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Racing Bike Market REPORT OVERVIEW

The global Racing Bike Market size was valued at approximately USD 5 billion in 2023 and is expected to reach USD 10 billion by 2032, growing at a compound annual growth rate (CAGR) of about 10% from 2023 to 2032.

It provide the user with a lot of features that make this particular product service work efficiently and effectively. A racing bicycle, sometimes referred to as a road bike, is a type of bicycle intended for competitive road cycling, which is regulated by the Union Cycliste Internationale and follows its regulations. Racing bicycles follow UCI regulations and are built for optimal performance. This factor has augmented the Racing Bike Market growth.

The anticipated rate of growth for this particular product service is due to quality level of assurance. Prosperity has been observed for this particular product market with amusing numbers. It is expected that the industry will rise as more people choose cycling as a recreational activity. The preference for bicycles as an easy way to exercise and maintain a healthy lifestyle free from obesity and other problems is anticipated to support market rise even further. Recently, dockless bicycle-sharing programs have become more and more popular. With this method, users can find and wirelessly unlock a bicycle that is close by. This has ultimately outraged the sales and demand for this particular market growth and prosperity.

COVID-19 Impact: Market Growth Obstructed by Pandemic due to Lockdown

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

This has affected the overall supply and demand chains of the particular market. As a result of the government's lockdown and other steps to stop the coronavirus from spreading, all supply activities were postponed, which decreased the amount of product related to consumer goods. Therefore, a small influence from COVID-19 is anticipated on the Racing Bike Market share.

LATEST TRENDS

(GPS) to Drive Market Growth

A latest trend has been witnessed to proliferate the market growth. App-based dockless bicycle-sharing systems are the consequence of recent developments in mobile app development and the Global Positioning System (GPS). Furthermore, the increasing ubiquity of these dockless bike-sharing programs is expected to greatly increase demand for bicycles. In the upcoming years, this is anticipated to accelerate market expansion. A lot of specifications have been made to this particular product which has benefited the market growth. This specific trend has influenced the market growth so much so that the revenue and share numbers of this particular product is touching the skies and soaring over.

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Racing Bike Market SEGMENTATION

By Type

Based on type the global market can be categorized into Aluminum Racing Bike, Carbon Fiber Racing Bike, and Others amongst which the leading segment is the Aluminum Racing Bike.

• Aluminum Racing Bike: It is nothing but a type of racing bike with the Aluminum Racing Bike.

• Carbon Fiber Racing Bike: It is basically a type  that of racing bike with the Carbon Fiber Racing Bike.

By Application

Based on application the global market can be categorized into Professional and Amateur amongst which the leading segment is the Professional.

• Professional: It is just an application where it is used by Professional.

• Amateur: It is nothing but an application where it is used by Amateur.

DRIVING FACTORS

Urbanization to Boost the Market

This is the major factor attributing the growth of this particular market. The key factor propelling the market's growth is the rise in infrastructure investments for commercial use. Progress in artificial intelligence (AI) can help bicycle makers anticipate customer demand more accurately, target specific markets, and enhance recommendation systems. Japan and China are two nations where e-bikes are rapidly gaining popularity. The health benefits, reduced traffic, environmental advantages, and rising demand for e-bikes as sports equipment are among important factors taken into account in these nations while adopting and operating e-bikes. Bicycle advocacy is being further promoted by a number of groups and governments that are actively putting the necessary infrastructure in place in the developed economies to facilitate the transition to bicycles. This particular factor has been proved to a boon for this particular product market. These factors are anticipated to drive the market growth during the forecast period.

Fitness Activities to Expand the Market

This is the second major factor attributing the growth of this particular  market and has resulted in the hike of revenue numbers so much so that they are touching the skies. Clients benefit from it. Bicycles are viewed as a more trustworthy and healthful mode of transportation as consumer health consciousness rises. The market under investigation has grown as a result of the rise in cycling events in recent years. The market under study is anticipated to be driven during the forecast period by advantageous government and employer efforts. The demand for both general and sports bicycles is predicted to increase due to the growing use of bicycles in trekking and leisure activities, as well as an increase in the number of cycling competitions. It is anticipated that the growing impact of celebrity sponsorships and expanded media attention to these kinds of events will enhance bike sales. This factor has attributed the overall growth of this market and helped with the hike of revenue numbers as well. These factors are anticipated to drive the market growth in the present times and also during the forecast period.

RESTRAINING FACTOR

High Costs and Unavailability to Impede Market Growth

These particular solutions have been very helpful yet extremely costly as well. The market's growth is expected to be hampered by the impending lack of infrastructure required to support and encourage bicycle commuting, particularly in developing economies like India. Similarly, the high cost of lightweight bicycles constructed from composite materials is not good for market growth. Less than a million children in America regularly rode bicycles, according to the Sports & Fitness Industry Association (SFIA). The bicycle industry is expected to suffer if demand for children's bicycles drops in the United States, the country that purchases the most bicycles worldwide. This particular factor is anticipated to restrain the market growth and drastically reduce the sales and demands of this particular product market. 

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Racing Bike Market REGIONAL INSIGHTS

Asia Pacific Dominating the Market due to Advanced Technology

The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

Asia Pacific is expected to be the leading region of this particular product market and is anticipated to to grow over the forecasted period. In terms of bicycle market size and growth rate, Asia-Pacific leads the way. Several of the region's top nations include China, Japan, Australia, India, and South Korea. China and the Netherlands, whose weekly bicycle ridership is estimated to be approximately two thirds, trailed closely after. Sports bicycles may become more popular and in demand as a result of the multiple cycling competitions that these nations have begun to stage.

KEY INDUSTRY PLAYERS

Leading Players adopt Acquisition Strategies to Stay Competitive

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Top Racing Bike Companies

• Giant (Taiwan)
• Trek (U.S.)
• Hero Cycles (India)
• Merida (Taiwan)
• Fuji Bikes (U.S.)

INDUSTRIAL DEVELOPMENT

March 2023: This particular company has attributed the market growth in terms of revenue and shares system. A new line of electric cargo bikes will be co-developed and released by Toyota and DOUZE Factory SAS, a cargo bike design and manufacturing company with headquarters in France. This development has proved that the company will continue to proliferate this particular product market growth.

REPORT COVERAGE

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.