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Bicycle Market to Gain Lucrative Prospects Owing to Rise in Demand for Environment-friendly Transportation Options, Notes TMR Report
ALBANY, N.Y. , Feb. 25, 2022 /PRNewswire/ -- The global bicycle market is projected to register growth at a CAGR of 5.5% during the forecast period of 2020 to 2030, according to analysts at Transparency Market Research (TMR). Moreover, the market is prognosticated to gain a valuation of US$ 82 Bn by 2030.
Government authorities of several nations across the globe are taking initiatives to encourage people to increase the use of bicycles. For instance, many countries globally are advancing their bicycling infrastructure by creating dedicated bicycling lanes. In addition, development of new road signs for bicyclists, additional parking space for bicycles, traffic lights, and isolated biking lanes are some of the key initiatives that are promoting the use of bicycles. Moreover, governments are executing different pilot programs in many cities globally in order to study the impact of bicycle infrastructure and lanes on the traffics across the cities, according to TMR report on the global bicycle market.
Companies operating in the global bicycle market are increasing investments toward the development of technologically advanced products. Moreover, many enterprises are focusing on advancing the quality of their products by introducing new features, improving rider comfort, and advancing overall performance of bicycles. Such efforts are creating sales growth in the global bicycle market.
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Some of the key players profiled in the report are:
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