Bicycle Market Research Report – Global Forecast to 2030

Bicycle Market Information By Type (e-Bikes and Conventional Bikes), By Application (Racing, Transportation Tools and Recreation) – Global Forecast 2030

ID: MRFR/AM/5463-CR | October 2020 | Region: Global | 188 pages         

Bicycle Market

According to the latest Market research projection study, the global bicycle market size is estimated to be valued at USD 154.43 billion by the end of the year 2030

Segmentation

By Type e-Bikes Conventional Bikes
By Application Racing Transportation Tools Recreation

Key Players

  • 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

Drivers

  • Significance of sports activities
  • especially for health reasons
  • increasing sports events
  • rising celebrity endorsement
  • Growing traffic congestions
  • lack of parking space
  • infrastructure rollout by various governments to support bicycle commutation
  • Growing popularity of e-bikes
  • emerging bicycle market trends such as folding electric bicycles
  • the increasing awareness about the health benefit
  • Increased concerns over carbon dioxide emission
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Bicycle Market Overview


According to the latest Market research projection study, the global bicycle market size is estimated to be valued at USD 154.43 billion by the end of the year 2030, growing at a compound annual growth rate of a CAGR of 6 percent over the forecast timeframe of between 2022 to 2030. In the year 2021, the market had total revenues of USD 59.17 billion. The substantial market development may be attributed to strong support from the government and raising public awareness about carbon pollution.


Market development is expected to be fueled by a spike in the number of individuals who choose biking as a type of recreational activity. In addition, increased demand for bicycles as a handy mode of transportation to maintain a healthy lifestyle free of overweight and other illnesses is predicted to fuel future growth in the market. As a result, Dockless bicycle-sharing systems, which do not need a docking station, are becoming more popular. Using this method, users may detect a bicycle in their immediate vicinity and electrically unlock it. As a result, Dockless bicycle-sharing schemes, which were first introduced in Europe, are growing in popularity throughout the world, notably in Asian countries such as India and China.


This report contains all the information on the global bicycle market analysis and its strengths. In addition, the report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other essential factors. And a detailed analysis of the global bicycle market forecast for 2030 is also included in the report.


Covid 19 Analysis


The COVID-19 virus has generated a new global cycling craze that has spread around the globe. Because of health and safety worries during the epidemic, many are opting to go moderate to small distances on bicycles rather than on foot. In addition, people in urban areas are turning to bicycles to stay active rather than going to the gym. Local towns and cities have also experienced an increase in the desire for bicycles, both as a means of preserving social distance and as an extra mode of transportation.


It is believed that the COVID-19 crisis would result in behavioral and perceptional alterations in humans. With an increasing number of individuals taking up riding, the habit has become very accepted with bigger customers, which is expected to increase the need for bicycle-friendly infrastructure. As a result, even though the epidemic has brought in this tendency, it is expected to persist. This will have a favorable impact on the expansion of the bicycle market value.


Market Dynamic


Drivers


It is anticipated that the rising desire of individuals to live a healthy living would fuel market expansion during the projected period. Shoppers are searching for ways to keep themselves active by participating in diverse sports exercises such as biking. Furthermore, the trend toward a more exercise regime is increasing the demand for recreational activities such as cycling throughout the world. The growing importance of sports activities, particularly for medical reasons, the expanding number of sporting events, and the growing amount of influencer marketing are all contributing to the market's expansion.


Opportunities


The advent of dockless bike-sharing systems relying on smartphone apps and the Global Positioning System results from recent technological advances. Furthermore, the increasing use of driverless bicycle-sharing systems is expected to increase the demand for bikes considerably. In order to take advantage of the market prospects in Europe, Chinese bicycle-sharing businesses are financing and growing their businesses vigorously in Europe. As a result, the market is likely to develop faster in the years to come.


Restraints


The market's expansion is expected to be hampered by the impending poor infrastructure required to enable and promote bicycle commuting, especially in emerging nations such as India. In addition, lightweight bicycles constructed of composites are also more costly, which would not speak well for the development of the industry in the future.


Challenges


Many industry operators may face challenges due to a lack of charging and platform services in the next years.


Cumulative Growth Analysis


Consumers, especially millennials, are likely to continue to choose mountain biking as a form of tourism and experience during the projection period, resulting in strong growth for the mountain bicycle market. Moreover, the number of females and children participating in sports is gradually growing, which is expected to have an impact on the segment's development around the world. Furthermore, the creation of new mountain biking circuits, together with increased media attention for such activities, is likely to accelerate the segment's development in the coming years.


Value Chain Analysis


The global bicycle market classification has been made based on type, application, and region. On the basis of type, the market may be divided into two categories: conventional bikes and electric bikes. Over the predicted period, conventional bikes will be the most popular choice among consumers. Furthermore, the worldwide market is split into three categories based on application: mobility tools, leisure, and racing. Amongst them, the recreation category is expected to lead the market throughout the projection period, according to the report.


Segmentation Overview


The market is segmented based on type, application, and region. As a result, the global bicycle market trends are expected to witness decent growth during the forecast period.


By Application


The application is segmented into mobility tools, leisure, and racing based on the application.


By end-users


The market is segmented into conventional bikes and electric bikes based on the propulsion types.


Regional Analysis


The worldwide bicycle market study is divided into four regions: Europe, Asia Pacific (APAC), North America, and the Rest of the World. Each area is covered in detail, including potential and current trends. The APAC region would be the most dominant in terms of market share over the projection period. During the projection timeframe, the European market is expected to have the 2nd largest share of the total market. As individuals become more aware of the need to stay healthy and active, the bicycle market in the province is growing at a rapid pace.


Over the projection timeframe, the global bicycle industry in North America is expected to increase at a healthy rate, according to the projection. The increasing use of e-bikes for exercise programs, leisure, and everyday commuting, together with the existence of many major players, is expected to contribute to the development of the worldwide bicycle market throughout the predicted timeframe.


Competitive landscape


Due to the sheer existence of several significant players, the global bicycle market growth is extremely fragmented and diversified in its structure. In order to obtain a competitive advantage, these market competitors are distinguishing their product portfolios in terms of size, price, functionalities, and designs, among other factors. In addition, they are heavily spending on research and development as well as extending their marketing networks in order to retain their market dominance. Apart from that, they are using methods such as mergers, partnerships, and new product releases in order to meet the ever-expanding demands of customers.


Major Key Players



  • 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 


Report Overview


The following report comprises of –



  • Market overview 

  • Covid 19 Analysis

  • Market Dynamic

  • Drivers

  • Opportunities

  • Restraints 

  • Challenges

  • Cumulative Growth Analysis

  • Value Chain Analysis

  • Segmentation Overview 

  • By Application 

  • By End-Users

  • Regional Analysis

  • Competitive landscape


Recent Developments



  • Louis Vuitton has introduced a premium bicycle range in collaboration with Tamboite, which will be available in January 2021. This collection will combine uniqueness with handcrafted quality and elegance, and it will be available in four eye-catching colours: yellow,  blue, black, and red. It will be available in two distinct configurations.


By Type



  • Conventional Bikes 

  • E-bikes


By Application



  • Racing 

  • Recreation

  • Transportation Tools 


By Region



  • North America

  • Europe

  • Asia Pacific (APAC)

  • Rest of the World (RoW)



Report Scope:
Report Attribute/Metric Details
  Market Size   2030: USD 154.43 billion
  CAGR   6% CAGR (2022-2030)
  Base Year   2021
  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

  • Increased concerns over carbon dioxide emission
  • Increasing public bike-sharing programs across the world
  • Increasing use of bicycles by consumers for recreational activities, and rising use for its convenience
  •   Key Market Drivers

  • Significance of sports activities, especially for health reasons, increasing sports events, and rising celebrity endorsement
  • Growing traffic congestions, lack of parking space, infrastructure rollout by various governments to support bicycle commutation
  • Growing popularity of e-bikes, emerging bicycle market trends such as folding electric bicycles, and the increasing awareness about the health benefit


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    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.

    The market's expansion is predicted to profit from a compound annual growth rate of a CAGR of 6 percent in the following years.

    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.