The bicycle market in South Korea is a vibrant and rapidly growing industry. Cycling has gained immense popularity in the country, driven by various factors. South Koreans are increasingly embracing cycling as a means of transportation, leisure, and exercise, influenced by a growing focus on health and wellness, environmental sustainability, and urban congestion. The government has been actively promoting cycling by investing in infrastructure development, including the establishment of cycling paths and bike-sharing programs in major cities. This has contributed to a rise in the number of cyclists and enhanced the overall cycling experience in South Korea. The market offers a wide range of bicycles, including road bikes, mountain bikes, folding bikes, and electric bikes, catering to the diverse needs and preferences of consumers. Technological advancements in bike design and components, such as lightweight materials and advanced gear systems, have made bicycles more efficient, durable, and appealing to South Korean consumers. Additionally, the popularity of cycling events, races, and the active participation of cycling clubs and communities further drive the demand for bicycles in the country. The South Korean bicycle market presents significant opportunities for manufacturers, retailers, and related industries to meet the evolving demands of South Korean cyclists and contribute to the growth and development of the cycling culture in the country. According to the report, "South Korea Bicycle Market Overview, 2027" published by Bonafide Research, the market is anticipated to witness prominent market growth during the upcoming timeframe. Continuously mounting demand for faster and cleaner modes of transportation is creating new opportunities for bicycle manufacturers across the country as the pollution created by emissions from gasoline-powered automobiles has reached new heights. In the meantime, green solution suppliers and manufacturers have seen this as an opportunity. Bicycle manufacturing companies present in the country are taking advantage of these circumstances to expand and grow their business. In addition to that, the bicycle market's growth is also driven by a rise in disposable income and a surge in consumer spending on the industry. Further, increased demand for bicycles as a handy mode of transportation to maintain a healthy lifestyle free of overweight and other illnesses is predicted to fuel future growth in the market. As a result, dockless bicycle-sharing systems, which do not need a docking station, are becoming more popular. Using this method, users may detect a bicycle in their immediate vicinity and electrically unlock it. On the other hand, electric bicycles, or e-bikes, have the highest potential for growth and will register an absolute incremental opportunity during the forecast period of 2022-2027 across the country. Electric cycles have emerged as the most convenient option for local commutes, which will drive the bicycle sector due to their numerous advantages. Electric bicycles, also referred to as pedelecs, provide a faster commute than traditional bicycles, and they also require less human effort to ride, overcoming one of the major disadvantages of traditional cycles. According to the report, the South Korea bicycle market is segmented into various types of bicycles, including road bikes, mountain bikes, hybrid bikes, and electric bikes. Among these types, e-bikes are projected to acquire a higher market share in 2021 and are expected to continue this growth. Further, the market is categorized into three end users, including men, women, and kids. The men's segment holds a major share of the market as the male population is more inclined towards biking and cycling than other segments. Additionally, men's growing inclination towards hiking and leisure activities is further driving the segmental growth. On the other hand, the kids & women segment is expected to showcase considerable growth during the forecast period owing to the increasing trend of holiday bicycling among households across the country. Based on the bikerâ€™s type, the market is segmented into four types, such as highly engaged, engaged, leisure, and travel. Among these types, leisure is anticipated to witness higher market growth by 2027 in the South Korea bicycle market. COVID-19 Impact: Strong consumer demand for various kinds of exercise-related items such as indoor and outdoor bikes, dumbbells, rowers, and other gym equipment to maintain health and fitness during the COVID-19 pandemic is likely to skyrocket the demand for bikes in South Korea. Additionally, the lack of public mobility vehicles such as trains, buses, and others due to lockdown restrictions has further sparked the consumer interest in buying such vehicles. However, sudden supply chain disruptions in the automobile industry during the pandemic period are expected to impose severe challenges to the overall industry growth. These challenges primarily include tightening cash flows between the small-scale equipment distributors companies associated with this market. The growing popularity of remote work among corporate professionals and others is expected to reduce the number of daily road commuters across the country. Considered in this report • Geography: South Korea • Historic year: 2016 • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • South Korea Bicycle market with its value and forecast along with its segments • Various divers and challenges • Ongoing trends and developments • Five force models • Top profiled companies • Strategic recommendation Segment covered in the report By Type • Road Bikes • Mountain Bikes • Hybrid Bikes • E-bikes • others By End User • Men • Women • Kids By Bikers Type • Highly Engaged • Engaged • Leisure • Travel The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering, the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started, verifying the details obtained from secondary sources. Intended audience This report can be useful to Industry consultants, manufacturers, suppliers, associations & organizations related to bicycle products industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
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