Bikes are fabulous, Lady-powered economic engines!
More excellent news has come out showing that bikes are gaining popularity worldwide, leading to an economic boom in the bike industry.
Bicycle manufacturers have enjoyed significant growth worldwide over the past two years and this is set to continue well into the future . And a number of new trends look poised to alter the landscape of the cycling industry in the coming years.
In the USA and the European Union, recessionary pressures have led to a decline in disposable income. The brunt of this has been borne by middle-class consumers in these regions, whose buying power is set to remain stagnant for the next five years. More and more, consumers are looking for products that offer high-performance and durability without the expensive price tag. Mid-market bicycle brands, that develop moderately-priced models, face the greatest challenges to meet consumer requirements in these countries .
Robust economic growth in the BRIC nations – Brazil, Russia, India and China – has led to a rise in disposable income and a new and burgeoning consumer class. This in turn has led to a boom in the sale of higher-quality products in the region, particularly in the bicycle market. Also, as more people move to the cities in these countries, they are looking for bicycles that are robust and hard-wearing, attributes necessary for urban life .
[...] Over the next four years, the bicycle market will continue to grow. By 2015, the global market is expected to exceed $77 billion . The middle market will comprise an increasingly large share of this market. In order to take advantage of this growth and meet the needs of consumers, bicycle manufacturers need to select components and materials that offer the highest performance while remaining cost-effective. By finding the right balance between quality and cost, brand owners can guarantee a strong relationship with consumers well into the future.
This is all great news for cities like Portland, OR, where both high-end and some middle-market products are being built.
Steel-boxes have ceased to be the economic backbone many expect them to be. Utopian uprights, tantalizing tandems, r-fabulous road bikes are more than just happiness creators, they are JOB creators!
Keep building, riding, and single-handedly saving the world, Ladies!