Bicycle Market is projected to be worth USD 154.43 billion by 2030, registering a CAGR of 6% during the forecast period (2022 to 2030), the market was valued at USD 59.17 billion in 2021., reveals the latest Market Research Future’s (MRFR) forecast report.
The strong market growth is due to strong government backing and increased concerns over carbon dioxide emission.
The COVID-19 pandemic has sparked a new cycling trend across the world. People are choosing bicycles to cover medium to short distances in view of health safety concerns during the outbreak. Urban consumers are using bicycles to keep fit to avoid hitting the gym. Smaller cities and towns too have seen a rise in demand for cycles for maintaining social distancing as well as an alternative to public transport.
The COVID-19 crisis is expected to bring about behavioral and perceptional changes in people. With more people taking to cycling, this practice has become highly acceptable for larger consumers’ which in turn is likely to bolster the need for cycling safe infrastructure. Hence, despite this trend being ushered in via the pandemic, it is likely to continue. This will positively affect the bicycle market growth.
The bicycle global market is highly competitive and fragmented in nature for the presence of top key players. These industry players are differentiating their product portfolio with regards to size, weight, functions, and designs to gain a competitive edge. They are widely investing in R&D and also expanding their distribution channels to maintain their position in the market. Besides, they are using strategies like mergers, collaborations, and new product launches to suffice the consumers' burgeoning needs.
Inclination towards Healthy Lifestyle to Bolster Market Growth
The increasing inclination of people for a healthy lifestyle is likely to boost the market growth over the forecast period. Consumers are seeking to keep themselves engaged in different physical activities like bicycling. Besides, the shift towards an active lifestyle is boosting the need for leisure activities like cycling across the globe. The significance of sports activities, especially for health reasons, increasing sports events, and rising celebrity endorsements, are adding to the market growth.
Additional factors adding to the global market share include the preference of bicycle as a relaxing form of exercise in order to ensure a healthy life, growing traffic congestions, lack of parking space, infrastructure rollout by various governments to support bicycle commutation, the growing popularity of e-bikes, emerging bicycle market trends such as folding electric bicycles, and the increasing awareness about the health benefits of bicycling such as lowered body fat levels, strengthened bones, better coordination and posture, decreased stress levels, improved joined mobility, muscle flexibility and strength, and cardiovascular fitness.
Rising Bike-Sharing Programs to Offer Robust Opportunities
The increasing public bike-sharing programs across the world are likely to offer robust opportunities to market players in the upcoming years. These programs have gained immense popularity worldwide as an initiative to boost cycling, reduce traffic congestions, and minimize environmental pollution
Slow Production Rate to Act as a Market Restraint
The slow production rate of bicycles may act as a market restraint over the forecast period.
Charging and Infrastructure Issues to Act as a Market Challenge
The underdeveloped charging and aftermarket service infrastructure may act as a major market challenge for industry players in the upcoming years.
Global Bicycle Industry has been segmented based on Type and Application.
Based on type, the market is bifurcated into conventional bikes & e-bikes. Among these, conventional bikes will lead the market over the forecast period. The e-bikes segment, on the other hand, is likely to grow at a 5.94% CAGR by 2023.
Based on application, the global market is segmented into transportation tools, recreation, & racing. Among these, the recreation segment will dominate the market over the forecast period. It is likely to touch USD 7,376.2 million by 2023. The transportation tools segment, on the other hand, is likely to touch USD 16,133.8 million at a 5.38% CAGR by 2023.
By region, the global bicycle market report covers the opportunities and recent trends across Europe, the Asia Pacific (APAC), North America, and Rest of the World. Of these, the APAC region will dominate the market in the forecast period. This region is likely to grow at a 5.74% CAGR by 2023. Rising per capita income, growing population, improved living standards, consolidation of key players like Avon Cycles and Hero Cycles Ltd., nations like Singapore, Japan, and China rolling out the necessary infrastructure to support and encourage bicycle commutation, and bicycle-sharing companies targeting Australia and India for expanding their operations are adding to the global market revenues in the region.
In Europe, the market is likely to hold the second-largest share over the forecast period. Rising health consciousness, on-going adventure sports trends, the rising popularity of e-bike tourism, increasing use of bicycles by consumers for recreational activities, and rising use for its convenience as a type of physical exercise that helps people to stay fit are adding to the global bicycle market size in the region. Besides, the presence of cities that is ideal for bicycle commutation, popular bicycling events, traffic congestion, increasing use for personal transportation, rising urbanization, growing environmental concerns about carbon dioxide emissions, increasing health consciousness, and rollout of infrastructure to encourage and support bicycle commutation in Italy, France, Denmark, and Belgium are also adding to the market demand.
The bicycle global market in North America is predicted to have healthy growth over the forecast period. The rising adoption of e-bikes for fitness activities, leisure, and daily commuting, coupled with the presence of several top players, are adding to the global bicycle market growth over the forecast period. This region is predicted to grow at a 4.15% CAGR by 2023.
The bicycle market report offers a market overview and forecast on a global as well as regional basis. Detailed research has been done to highlight on how the dynamics of the market may affect the market’s present scenario as well as in the days to come. The drivers, opportunities, restraints, challenges, and trends have been analyzed in detail to better equip as well as arm clients on decision-making insights. For that comprehensive understanding & assessment of the market opportunities and trends, the market report has been bifurcated categorically into multiple segments that also entail the geographic segmentation. The report begins with an in-depth market overview and also throws light on the market’s taxonomy as well as definitions coupled with the pricing analysis. Every segment focuses elaborately on the qualitative as well as quantitative facet of the market
|Market Size||2030: USD 154.43 billion|
|CAGR||6% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||NYCeWheels Inc., Specialized Bicycle Components, Easy Motion USA, Tube Investments of India Limited, Hero Cycles Limited, I.V.E. Bianchi SpA, Derby Cycle, Trek Bicycle Corporation, Avon Cycles, Tianjin Fuji-ta Group Co. Ltd, Moustache Bikes, Merida, Accell Group, Giant Bicycles, Cannondale|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
NYCeWheelsInc, specialized Bicycle Components, Avon Cycles, Hero Cycles Limited, Trek Bicycle Corporation and Tianjin Fuji-ta Group Co., Ltd. are the major contenders motivating the market.
The development of cycle culture is projected to create an advantageous momentum in the market.
The APAC region is expected to appear as the strongest region in the duration of the forecast period.
A 6% CAGR is expected to benefit the market’s expansion in the coming period.
The market is expected to create a favorable income level in the course of the forecast.
The E-Bike segment is likely to observe a higher CAGR of 5.94% in the forecast period.
The lack of appropriate facilities that promote the full-fledged use of bicycles is estimated to motivate the market.
Global Bicycle Market: Competitive Landscape
Trek Bicycle Corporation, Giant Bicycles, and Specialized Bicycle Components are the major players operating in the bicycle global market in 2017. A number of traditional bicycle manufacturers are increasingly venturing into ancillary segments and offering electric and hybrid bicycles. These companies continue to retain their strong global presence through expansion, merger & acquisition, partnership & collaboration, and extensive product portfolio.
Trek Bicycle Corporation designs and manufactures bicycle and stand among one of the largest manufacturers of bicycles sold by specialty retailers in the US. Trek offers variety of bicycles including mountain, road, children's, recumbent, police, and BMX bikes. In addition, the company has a broad focus on the sale of bicycling accessories and clothing apparels such as gloves, helmets, jerseys, shoes, shorts and bibs. The company also provides cycling components, such as handlebars, bike brake levers, seat posts, saddles, stems, speeds, wheels, and tires. It sells its products through bicycle stores in the United States and globally and has a hefty count of distributors in more than 65 countries. Trek functions through various brands such as Bontrager, Electra, Trek Factory Racing, BCycle, Mansion Hill, and more.
Giant Bicycles (Giant) is a leading company in bicycle industry and the sole authorized U.S. distributor for the world’s largest builder of top-quality bikes and frames. The company designs and manufactures X road, off-road, and on-road cycles, as well as e-bikes for fitness, recreation, racing, and trekking. It offers a wide-ranging collection of bicycles for women under its brand Liv. It has a set of strict and efficient quality control process with quality assurance of purchased materials and the production process. Giant has a great control over their manufacturing process and the stiffness, weight and ride quality of the finished product. It has actively participated in the development of cycling, from that of simple transportation to its current popularity as a recreational and sport activity. Giant employs nearly 6500 employees as of 2017 and has over 12000 retail stores in more than 90 countries. The company focuses on expanding its presence around the world and believes in building and maintaining good relationships with customers, dealers, and suppliers.
Specialized Bicycle Components, Inc. develops and manufactures bicycles and their components in the United States. It is a leading innovator in the bicycle industry, consistently striving to create new and better bicycle technologies. The company offer mountain bikes, road bikes, hybrid bikes, transport bikes, BMX bikes, fitness bikes, path and gravel bikes, and kid’s bikes. It also offers branded apparel and shoes, bags, eyewear, helmets, and bike parts and accessories (such as crank sets, saddles, and tires) in addition to over 35 bike lines. The company markets its products to both the leisure bicyclist and professional bicyclist markets. In addition, the company specializes in exploitation, develops, produces bicycle, bassinet, and accessories automobile and motorcycle parts.