Global Smart Bicycles Market Growth Prospect and Demand Analysis 2022 – Covid-19 Analysis with Emerging Trends, Regional Forecast, Segmentation, Competitive Analysis, and Business Opportunities
Kenneth Research, in its repository of market research reports, have recently added a report on Global Smart Bicycles Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Global Smart Bicycles Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Smart Bicycles Market products.
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The growth of the market can be attributed to the growing accessibility to internet amongst the households globally and the need for advanced technologies that promote effective communication between two distant geographies. In the United States, internet access to households grew from around 73% of the households in 2015 to close to 80% of the households in 2019. In Korea, it was around 98% in 2014 which grew to nearly 100% in 2020. On the other hand, in the Netherlands, internet access to households touched nearly 98% in 2019. Countries in the Latin America, such as Brazil and Mexico grew at a significant pace by about 1.45x and 1.63x respectively within a span of 4 years between 2015 and 2019.
The Global Smart Bicycles Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2024, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.
Global Smart Bicycles Market: Drivers, Restraints, Opportunities, Trends, and Forecast up to 2023
Overview:
The regulatory push for low carbon emission transit, increasing demand for multi-modal transportation in smart cities, and rapid urbanization in smart cities are fostering the need for smart bicycles. These bicycles are being used as a personal vehicle as well as an on-demand transit mode.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Market Analysis:
The global smart bicycles market is segmented by components and by ride-sharing services. The components covered in the report include e-Bike Lock, Anti-theft Features, Smart Bike Monitoring System, Custom Sensors, and Battery. On an average, a smart bicycle owner would have spent over 12% of the cost of the vehicle to enable smart components on it. The e-Bike Lock system is expected to grow at a CAGR of 8.0% during the forecast period to reach revenue of 123.1 million by 2023. This segment has witnessed the failure of smart locking technology from leading dockless bike sharing vendors. The companies such as Vodafone, AT&T, Huawei, and Qualcomm are focused on e-Bike locking devices and anti-theft components.
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The ride-sharing services include dockless, docked, and hybrid. The dockless bicycle sharing is popularly used across regions because of the vast Chinese dockless ride-sharing service providers, bringing Chinese manufactured low-cost bicycles in their areas of operations. Due to this, the cost per ride has significantly reduced in Europe and North American countries. However, these companies have failed to protect their vehicles from being misused and theft, which has resulted in the closure of their operations in few of the important cities. However, the dock-based and hybrid ride sharing models significantly focus on vehicle protection and safety, despite the high cost of the ride.
Regions:
The Americas and Europe are most likely to hold a significant share in the smart bicycles market. The Americas is expected to remain as a leading adopter of smart bicycles services through 2023, with a CAGR of 4% during the forecast period. Asia is expected to become the third largest market for smart bicycles, primarily due to the increasing demand from China, India, Japan, and South Korea.
Vendors:
The report provides details about the global smart bicycles market. The report also contains an in-depth analysis of vendors profile, which includes financial health, business units, key business priorities, SWOT, strategies, and views, and competitive landscape. The companies included in the report are Google, Mobike, OFO, Giant Bicycles, Beeline, oBike, Velospot, XBikes, and BCycle.
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