Bicycle Market Forecast: Advancing Your Innovation Agenda

Market Overview

The bicycle market will witness a healthy growth from 2024 to 2030, a research report suggests. Growing at a CAGR of 6.14%, the market is projected to reach US$116.55 Billion by 2030. Inclination towards healthy lifestyle is expected to support the market growth along with the increasing inclination of people. As predicted by analysts, slow production rate will negatively affect the market’s performance from 2024 to 2030. During the forecast period, the market will be supported by the shift towards an active lifestyle and the need for leisure activities. The slow production rate of bicycles on the other hand will challenge bikes sector based organizations functioning in the global bicycle market. Analysts have split the market into applications and type segments based on products and services.

Bikes based companies have been profiled. Charging and infrastructure issues are set to affect the global market during the forecast period 2024 to 2030. The report also provides the market’s performance forecasts till 2023. Analysts have studied the strategy of bikes segment based organizations to help new entrants and established businesses. The bikes sector itself is supported by increasing sports events as well as rising celebrity endorsements. During the forecast period 2022 to 2030, the bicycle market is set to witness a health growth across applications and type segments as well as regional markets.

Market Segmentation

The bikes sector has seen growth across applications and type segments owing to the preference of bicycles as a relaxing form of exercise and growing traffic congestion. To study the market, analysts have further segmented applications and type into transportation tools, recreation, and racing on the basis of type. The market is further segmented into applications sub segment which is split into conventional bikes and e-bikes.

The segmental analysis presented in the report provides bikes field based organizations insights into key growth factors such as lack of parking space as well as challenges such as the underdeveloped charging and aftermarket service infrastructure the market will face from 2024 to 2030. The significance of sports activities and infrastructure rollout by various governments are some of the key factors having an influence on bikes industry based companies, suggest analysts as per the bicycle market report. But the report also identifies the lack of growth in demand and the growing penetration of alternatives in the market as major threats companies in bikes will face till 2024. 

Regional Overview

Bikes market based companies in the bicycle market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. The growing popularity of e-bikes will be a key growth driver for regional markets. However, the increasing demand for product substitutes will turn out to be a threat. For the forecast period 2022 to 2030 each of these regional markets are studied in the report. Starting from North America, the regional market and bikes vertical based companies are spread across the United States, Canada, and Mexico. Low research and development budgets will turn out to be a major challenge from 2022 to 2030.

Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by emerging bicycle market trends as well as the increasing awareness about the health benefits, suggests the report. Similarly, the bikes sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the bicycle market covers the Middle East and Africa. Forecast based on the report’s findings are presented for the forecast period till 2023.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Bicycle Market Research Report

Competitive Landscape

The global bicycle market research report brings a comprehensive study of applications and type market segments, regional analysis, and bikes vertical based company details of key players. As the forecast period 2022 to 2030 will bring new opportunities for the market owing to rising bike-sharing programs and the increasing public bike-sharing programs, the market is set to grow at a compound annual growth rate of 6.14% and is predicted to reach a value of US$116.55 billion by 2023. With SWOT analysis of bikes sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as the slow demand from certain areas and the low demand from developing countries, companies in the bikes sector can change the way business is done.

Industry News

Canyon Bikes has been purchased by a Belgian investor in order to continue the company's exponential growth. In the shape of Groupe Bruxelles Lambert (GBL), a Belgian holding firm that also owns stakes of clothing companies Adidas and Burberry, the German bike maker now has a new controlling shareholder. Canyon, which sponsors a number of cycling teams in the UK, including Canyon-SRAM, Movistar, and Canyon-DHB, has expanded significantly in recent years and is looking for additional funding to continue growing.