USD 59.32 Billion
Report ID: SQSG25J2003 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 117 | Figures: 77
Bicycle Market was valued at USD 59.32 Billion in 2021, and it is expected to reach a value of USD 89.80 Billion by 2028, at a CAGR of 6.1% over the forecast period (2022-2028).
It is projected that the rise in the number of people choosing to bike as a leisure activity would drive market expansion. The market expansion is anticipated to be further aided by consumer preference for bicycles as a convenient method of exercise to ensure a healthy life free from obesity and other illnesses. Recently, dockless bicycle-sharing programmes have become more and more well-liked. Users can use this technique to find nearby bicycles and electronically unlock them. Dockless bicycle-sharing programmes, which were first introduced in Europe, are becoming increasingly popular, especially in Asian countries like China and India.
Additionally, recent developments in GPS and mobile app development have led to dockless bicycle sharing programmes that are app-based. Furthermore, it is projected that the widespread use of such dockless bicycle-sharing systems will greatly increase demand for bicycles. To take advantage of market prospects, Chinese bike-sharing companies are rapidly investing in and growing their operations in European countries. This should accelerate market expansion in the upcoming years.
People are beginning to understand how important it is to maintain a healthy lifestyle. They have also begun to understand the benefits of frequent cycling in preventing diseases like obesity. As more and more individuals turn to cycling as a regular method of exercise, the market is set to expand. The popularity of these vehicles is further increased by occasions like the Tour de France and the Ronde van Vlaanderen. The sales of road and mountain bikes are being boosted by an increase in cycling competitions that are being held in numerous nations around Asia, Africa, and the Middle East.
People are considering using bicycles to commute for short distances in order to save time because of the increasing traffic congestion and lack of parking, especially in metropolitan areas. The infrastructure required to facilitate bicycle commuting is aggressively being built by many governments at the same time, which encourages people to choose bicycles. However, it is projected that the lack of the infrastructure required to support and promote bicycle commuting, particularly in developing nations like India, will impede the market's expansion. Similar to how expensive lightweight bicycles constructed of composite materials are, this is not good for the market's expansion.
US Bicycle Market is poised to grow at a sustainable CAGR for the next forcast year.
Global Market Size
USD 59.32 Billion
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The Global Bicycle Market is segmented based on Type, Distribution Channel, technology, End-user, and Region. Based on the Product Type, the Global Bicycle Market is segmented as Mountain, Hybrid, Road, Cargo, and Other. Based on the Distribution Channel, the Global Bicycle Market is segmented as Online and offline mode. Based on technology, the global Bicycle market is segmented as Electric and conventional. Based on End-user, the Global Bicycle is segmented as Women, Men, and Kids. Based on Region Bicycle Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Bicycle Market Analysis by Product Type
The market segment for road bicycles had the biggest revenue share in 2021 and is anticipated to hold this position throughout the forecast period. They are the simplest bicycles, which don't require any fancy attachments like those needed for racing, mountain, or other specialty bikes. In the upcoming years, it is also anticipated that the growing trend of people customizing road bicycles for certain uses will aid in the segment's expansion.
The mountain bicycle category is anticipated to expand significantly as consumers, particularly millennials, continue to choose mountain biking as a form of adventure and leisure. Additionally, the number of women and children participating in sports is growing gradually, which is anticipated to have an impact on the segment's expansion globally. In addition, the development of new mountain biking circuits and the expanding media coverage of such events are anticipated to drive category growth.
As users look for alternatives to motorized transportation for short-distance business purposes, cargo bikes are predicted to increase at the quickest rate over the forecast period.
Bicycle Market Analysis by Distribution Channel
In 2021, the offline distribution channel segment's revenue share was over 50.0%, which was the highest. Due to the availability of test drives, a significant portion of consumers choose to make purchases from offline channels or stores, which is the cause of the huge market share. Customers can select their personalized/ customized bicycle designs and colors in offline establishments that also offer personalized/ customized purchasing choices. Additionally, it enables clients to receive the merchandise immediately. Additionally, the availability of different brands of bicycles at nearby supermarkets or other retailers is likely to fuel demand for this channel in the years to come.
The segment with the fastest predicted growth is the online distribution channel. Consumer engagement in online retailers will increase as cell phones and the internet become more widely used in emerging economies like Brazil, China, India, and Mexico. Additionally, as the use of the internet spreads, merchants are being encouraged to offer their goods on online marketplaces like Ali Express, Amazon, and Flipkart in undeveloped regions. Additionally, internet retailers provide alluring discounts on their products, luring customers to make purchases there.
Bicycle Market Analysis by End User
The market is divided into categories for kids, men, and women based on end-user. Since more men than women and kids ride bicycles, the men's category retains a sizable portion of the market. The fact that males often use bicycles for transportation more frequently than women is what drives the bicycle market's expansion.
Businesses are modernizing and putting their attention on bicycle technical developments including the incorporation of Bluetooth, GPS, more robust batteries, better gear-shifting capability, balancing ventilation, and aerodynamics. The driving experience of users is improved by these technological developments.
Bicycle Market Analysis by Technology
The significant market share is ascribed to several factors, including the lower cost of maintenance and repair for traditional bicycles when compared to electric bicycles. Additionally, during the past few decades, cycling has emerged as a major sport and leisure activity, particularly among women, while still being a practical form of transportation. In terms of technology, traditional bicycles for women currently rule the market.
The market for electric vehicles is anticipated to develop the fastest. Considering that electric bicycles are simple to use. Compared to their conventional counterparts, electric bicycles can also guarantee speedier travel times. Additionally, despite their smaller size, the most recent batteries used in electric bicycles can offer larger capacity and longer lives. The convenience of using electric bicycles is increased by such maintenance-free batteries. Customers should therefore favor them.
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The bicycle industry's largest and fastest-growing area is Asia-Pacific. Some of the top nations in the area are China, Japan, Australia, India, and South Korea. Additionally, these nations have begun to stage a lot of cycling competitions, which can boost interest in and demand for sports bicycles. For instance, since 1963, the Asian Cycling Championships have been an annual continental competition for road and track cycling that is only open to Asian cyclists who are chosen by the national governing bodies of the participating nations. The demand for bicycles in the area is projected to increase as a result of factors including the rise in women's participation rates and government efforts. Bicycle manufacturers are introducing cutting-edge bicycles and accessories as a result of the growing demand, which is anticipated to fuel the market's expansion throughout the forecast period.
Some of the cities that are deemed perfect for bicycle commuting are found in Europe. Europe also hosts some of the most well-known cycling competitions, including the Tour de France and Ronde van Vlaanderen. Belgium, Denmark, France, and Italy are vigorously building the infrastructure to support and promote bicycle commuting, and they are making a big contribution to the expansion of the local market.
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With several international and local companies, the bicycle market is highly competitive and fragmented. Giant Manufacturing Co. Ltd., Accell Group, Trek Bicycle Corporation, Dorel Industries Inc., and Pon Holdings BV are significant market participants. To increase their market share globally, these major competitors are forging collaborations with other companies, completing mergers and acquisitions, creating cutting-edge bicycles, and refining their offline and online marketing methods. Businesses are also taking advantage of the expansion of internet distribution channels. Additionally, businesses are expanding their product lines by introducing bicycles designed exclusively for children and women riders, which makes them more customer-focused.
Bicycle Market Top Player's Company Profiles
Bicycle Market Recent Developments
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According to our Global Bicycle Market Analysis, the bicycle, which is available in a variety of versions including cargo bikes, electric bikes, and mountain bikes, is an environmentally beneficial way of transportation. Bicycles are now regarded as a reliable and healthy mode of transportation as consumers become more conscious of their health. The largest revenue share was for road bicycles. The online distribution channel is the market sector with the quickest anticipated growth. As cell phones and the internet are used more often in emerging nations, consumer involvement with online shops will rise. Asia-Pacific is the region with the largest and quickest-growing bicycle market. Technology advancements and manufacturing methods, such as GPS, aerodynamic design, and anti-theft measures, further improve the bike' user experience. These tendencies will have an impact on bicycle industry developments in the future.
|Market size value in 2021||USD 59.32 Billion|
|Market size value in 2028||USD 89.80 Billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Bicycle Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Bicycle Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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The global bicycle market is expected to grow at a compound annual growth rate of 8.2% from 2022 to 2030 to reach USD 119.29 billion by 2030.
Electric Bike Hold the Potential for Growth in the Bicycle Market.
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