Bicycle Insurance Market Scope
Bicycle insurance basically means insurance related to a bicycle, Bicycle insurance is a specialized stand-alone insurance policy made just for bicycles that can cover liability, loss, damage, or even medical payments. Insurance is a legal obligation that covers claims made against them. If a cyclist is hurt or their bike is damaged in a collision caused by a motorist, their insurance will cover the costs. The market is growing due to an increase in the number of bicycle buyers in developing countries and increased consumer knowledge of insurance benefits. With people being more health-conscious, there is a surge in the number of people who use cycle as a means of transport. Also with new technology coming in cycles, the cost has gone up as well. Hence Bicycle insurance is gaining popularity. Cycling as a sport has also developed in the last few years. Governments of various countries are trying to promote cycling, because of several reasons including pollution and health benefits it offers. Hence with growing awareness and the number of cycles increasing there will be significant growth in the bicycle insurance market.
The Bicycle Insurance market study is segmented by Type (Third-Party Insurance Policy, Standalone own-damage Insurance Policy and Comprehensive Insurance Policy), by Application (Pedal Cycle, Exercise Cycle and Others) and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United Kingdom Players will contribute to the maximum growth of Global Bicycle Insurance market throughout the predicted period.
IFFCO Tokio (India), Yellow Jersey (United Kingdom), Pedal Cover (United Kingdom), GEICO (United States), HDFC ERGO General Insurance Company (India), Bajaj Finserv Ltd. (India), Bikmo (United Kingdom), PedalSure (United Kingdom), Aviva (United Kingdom) and ICICI Lombard (India) are some of the key players that are part of study coverage.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
AMA Research has segmented the market of Global Bicycle Insurance market by Type, Application and Region.
On the basis of geography, the market of Bicycle Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Singapore, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Spain, Rest of Europe), MEA (Saudi Arabia, Turkey, Israel, United Arab Emirates, South Africa, Rest of Africa), North America (United States, Canada, Mexico).
May 2021 – Cycling UK has launched two new insurance partnerships with Yellow Jersey and Pedal Cover.The charity is aiming to provide further benefits for current members and capture the increased demand in cycling post-pandemic to help drive membership growth.
- Growing Health Awareness Among People
- Growing Awareness about Environment
- Surge in the Number of Cycle Riders in European Countries
- Cycling Growing as a Sport
- Leveraging e-Commerce Platforms to Boost Sales
- Insurance Companies Partnering with Bicycle Companies
- Several Players in the Market
- Lack of Awareness
Key Target AudienceInsurance Providers, Venture Capitalists and Private Equity Firms, New Entrants/Investors, Regulatory & Government Bodies, Downstream Vendors, End Users and Other
Frequently Asked Questions (FAQ):
1. Is it possible to have certain customization in the study?
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a study that suits your business objectives.
2. How big is the Bicycle Insurance Market?
Yes, the study does represent market size by key business segment, application/end users and major geographies forecasted till 2026.