The hybrid bicycles market size is expected to post a CAGR of close to 4% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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There has been a global consumer shift from motor vehicles to bicycles as a feasible mode of city transport, especially for the commute to work. The adoption of hybrid vehicles has increased significantly as they offer better balance and speed on roads compared with mountain bikes and road bikes. Moreover, the betterment of cycling infrastructure with increasing emphasis on the establishment of dedicated bicycle lanes, crossings, bicycle racks, and adequate lighting facilities for bicycle lanes will drive market growth.
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As per Technavio, increasing investments in cycling events as a promotional strategy will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect the market growth over 2019-2023.
Hybrid Bicycles Market: Increasing Investments in Cycling Events as a Promotional Strategy
Vendors in the market are increasingly investing in customer engagement programs to increase awareness about cycling as part of their product promotion initiatives. Through these events, vendors are seeking to increase the popularity of hybrid biking as an outdoor recreational activity among global customers. In addition, these events instill a high degree of awareness about cycling, the types of bikes available in the market and the related health benefits. In addition, many vendors offer free demo rides that enable customers to get a feel for the product so as to drive a purchase decision. Hence, increasing investments in cycling events will help to drive the growth of the market.
“Apart from increasing investments in cycling events as a promotional strategy, other factors such as the growing popularity of eco-friendly bikes, and the rising prominence of online sales will have a significant impact on the growth of the hybrid bicycles market value during the forecast period,” says a senior analyst at Technavio.
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Hybrid Bicycles Market: Segmentation Analysis
This market research report segments the hybrid bicycles market by distribution channel (specialty stores, sporting goods retailers, online sales, and others) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the hybrid bicycles market in 2018, followed by Europe, North America, South America, and MEA respectively. The growth of the hybrid bicycles market share in APAC can be attributed to several factors such as the development of better cycling infrastructure, increased consumer awareness about environmental pollution and the increasing focus on adoption of cycling as a means towards a healthier lifestyle.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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