Selbyville, Delaware, March 05, 2024 (GLOBE NEWSWIRE) --
The hybrid bicycles market valuation is anticipated to reach USD 17 billion by 2032, as reported in a research study by Global Market Insights Inc.
The broader trend towards sustainability and eco-conscious choices in bicycles will augment the industry outlook. Several manufacturers are focusing on developing hybrid bicycles by deploying advanced lightweight materials, such as carbon fiber, aluminum alloys, and high-strength steel for the overall weight reduction of bikes. To illustrate, in February 2024, Chinese electric bike brand Heybike disclosed plans to launch its first carbon fiber E-bike with a 750W mid-drive motor. The strong focus on improving the performance, maneuverability, and portability of hybrid bicycles for making them more attractive to consumers is another emerging trend favouring the market demand.
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Hybrid bicycles market from the traditional technology segment is projected to expand exponentially up to 2032, led by their versatility in combining features of road bikes and mountain bikes. Traditional bicycles are suitable for various terrains, including paved roads, gravel paths, and light trails. With the growing concerns about environmental sustainability, more people are opting for eco-friendly transportation options. Benefits of adaptability, comfort, and suitability for diverse purposes to align with current lifestyle trends and preferences will also drive the market growth.
The fitness and exercise application segment is expected to record lucrative expansion in the hybrid bicycles market from 2024 to 2032. The growth can be attributed to the ability of handling a variety of terrains offered by hybrid bikes. The presence of gear systems allows efficient pedaling, further promoting cardiovascular exercise and muscle engagement. Rising incorporation of rack mounts and fender mounts to enable users to attach accessories like cargo racks, panniers, and mudguard will also boost the product application outlook.
Europe hybrid bicycles market is estimated to cross USD 4.3 billion by 2032, driven by the higher presence of supportive government policies, subsidies, and incentives for cycling. The growing awareness about the environmental impacts of transportation is prompting regional consumers to choose hybrid bicycles as eco-friendly alternatives to traditional vehicles, providing multiple growth opportunities to several manufacturers. For instance, in January 2024, London-based GIN E-Bikes secured €580k for speeding up the production capabilities of its hybrid bikes. The rising implementation of various measures to reduce car usage and promote cycling will also add to the industry growth across the region.
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Some of the prominent hybrid bicycles market players include Avon Cycles Limited, Cannodale Bicycle Corporation, Cube Bikes, Diamondback, Firefox Bikes, Fuji Bikes, Ghost Bikes, Giant Bicycles Inc., Jamis Bikes, Kona Bikes, Trek Bicycle Corporation, Marin Bikes, Merida Industry Co., Ltd., Orbea Bicycles, Scott Sports SA, and Specialized Bicycle Components Inc. These firms are focusing on new product developments to proliferate their product portfolio and customer base. To cite an instance, in October 2023, Cube introduced Cube Fold Hybrid, its new electric urban bike powered by a mid-drive Bosch motor and large capacity battery.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2018 - 2032
Chapter 3 Hybrid Bicycles Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Raw material supplier
3.2.2 Component supplier
3.2.3 Manufacturers
3.2.4 Battery and electric system suppliers
3.2.5 Distributors
3.2.6 End users
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Increasing awareness of health and fitness among people
3.8.1.2 Growing innovations in materials, gears, and electronics
3.8.1.3 Rising demand for eco-friendly transportation solutions
3.8.1.4 Supportive government policies
3.8.2 Industry pitfalls & challenges
3.8.2.1 Higher initial costs of hybrid bicycles
3.8.2.2 Inadequate cycling infrastructure
3.9 Growth potential analysis
3.10 Porter’s analysis
3.10.1 Supplier power
3.10.2 Buyer power
3.10.3 Threat of new entrants
3.10.4 Threat of substitutes
3.10.5 Industry rivalry
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
