Bicycle Market

Bicycle Market Size (2023–2028):

The Global Bicycle Market was worth US$ 68.5 billion in 2022 and is anticipated to reach a valuation of US$ 108.81 billion by 2028 and is predicted to register a CAGR of 9.70% during 2023-2028.

Market Scenario:

Bicyclists are used for everyday commuting as well as other activities such as fitness, sports, and trekking. The demand is mostly driven by people's increasing understanding of the health advantages of paddling. Consumers want automobiles that are safer, more comfortable, and ecologically responsible. This is expected to encourage the firms involved to create a variety of novel paddle cycle products. The growth of shared mobility companies has increased demand for these types of daily commute cars. A bicycle is a vehicle that is propelled by either a human or an engine. It is made up of two wheels that are attached to the frame. It is the most common mode of transportation, traversing long distances using pedals and handlebars. Brakes, gears, and wheels are other components that enable the bicycle to move—a cost-effective mode of transportation that protects natural resources and reduces pollution.

Market Drivers:

The expanding numbers of cycling events, as well as positive government and employer efforts, are likely to promote market expansion in the bicycle industry. Demand for bicycles in general and sports bicycles is predicted to rise as the application base of bicycles for touring and leisure activities expand, along with an increase in the number of cycling events. The Bicycle Market is predicted to rise because of the rising importance of celebrity sponsorships and media coverage of major events. With a major increase in the number of customers preferring to avoid public transportation for fear of getting the virus, demand for bicycles has started to pick up in recent times. Furthermore, as consumer health awareness grows, bicycles are becoming a more dependable and healthful mode of transportation. Companies are now focused on incorporating automatic speed control and anti-theft measures into the design of paddle cycles in order to give users an athletic and high-performing vehicle. Users of electric bikes can benefit from speed control and anti-theft features.

Market Restraints:

The abundance of alternative touring options, such as buses, trains, automobiles, and others, will most likely limit market expansion. Trade rules governing bike/cycle additives and accessories in certain foreign locations across the world are expected to stymie their production on the manufacturing sites of linked enterprises. Furthermore, the lower cost of e-motors combined with the lack of charging stations is expected to limit industry expansion.

Market Recent developments:

• 10^th May 2022: Specialized made the announcement this morning, but didn't go into much detail about the bike designs or the pricing points they're aiming for. The business did release a teaser photograph of the first model, which shows it hauling a large load of cactus, which nicely masks many of the new e-most bike's attractive features.

BICYCLE MARKET REPORT COVERAGE:

Market Segmentation:

Bicycle Market - By Product Type:

• Hybrid Bicycles
• Mountain Bicycles
• Road Bicycles
• Others

The Global Bicycle Market is divided into Hybrid Bicycles, Mountain Bicycles, Road Bicycles, and Others. Due to the large number of daily road bicycle commuters across the world, the road segment has a significant portion of the market. As a result, individuals use these cars for daily commuting in considerable numbers. On average, persons in the United Kingdom cycle over four-fifths of the time on minor rural roads and 58 percent of the time on minor urban roads for daily commuting. Furthermore, such bikes' characteristics like lightweight frames and tiny tires enable riders to reach maximum speed with little paddling effort. This is also likely to fuel the expansion of a road segment. Due to the increased demand for sports and adventurous activities that support the adoption of mountain bikes worldwide, the mountain sector is predicted to rise significantly throughout the forecast period, consumer knowledge of the availability of multi-purpose hybrid bikes that may be utilized for their everyday road commute and hiking activities is driving the hybrid sector.

Bicycle Market - By Technology:

• Electric
• Conventional

The Global Bicycle Market is divided into Electric and Conventional. Due to its cost-effectiveness over e-bikes, the conventional category is likely to have a major proportion of the worldwide market. Another reason, such as the lower repair and maintenance costs of such bikes, contributes to the segment's large market share. The electric category is expected to develop at the quickest rate due to the rising availability of technologically advanced electric bicycles that are expected to attract customers. Furthermore, individuals can ride such bikes more successfully with less effort and time, and they are better suited for climbing or trekking activities than other types. This is anticipated to fuel segmental expansion.

Bicycle Market - By End User:

• Kids
• Men
• Women

The Global Bicycle Market is divided into Kids, Men, and Women. Because the number of males riding bicycles continues to outweigh women and children, the men's sector has a major proportion of the market. Men are more likely than women to utilize bicycles to go around, which is a factor that contributes to the Bicycle Market's growth. Furthermore, the kids & women sector is predicted to rise significantly over the forecast period, owing to a rising trend of vacation biking among households in nations like Norway, the United States, Denmark, and others.

Market Regional Analysis:

The Global Bicycle Market Report includes the segmentation of regions:

• North America - U.S, Canada
• Europe – Norway, Germany, Sweden
• Asia Pacific- China, India, Japan
• Latin America – Brazil, Mexico, Argentina
• Middle East and Africa

Asia Pacific is leading with the largest shares of the market owing to growing per capita income and increasing initiatives to support bicycle commutation. Emerging countries like Tokyo are contributing the dominant shares of the market as people are focussing on urban bicycling, which is likely to lower the accident rate. China is leading with the dominant shares of the market. The presence of key players and their strategies to increase product portfolio are leveling up the growth rate of the China bicycle market.

Europe's bicycle market is next in leading the largest shares owing to a rise in a number of events, such as the Tour de France and Ronde Van Vlaanderen, organized by both private and public authorities. The prevalence of building innovative infrastructure in some cities for bicycle commutation is leveraging the market growth rate in Europe.

Also, the North American bicycle market is gaining traction over the market growth rate. Arranging a dedicated path for smooth commutation of the bicycle in developed countries like the US and Canada is majorly propelling the market. The growing prevalence of cycling-related activities and collaborations between the key players are greatly influencing the shares of the market in North America

Market Key Players:

The key players in the Global Bicycle Market are:

1. Trek Bicycle
2. Scott Sports
3. Specialized Bicycle Components
4. Giant Bicycles
5. Atlas Cycles Ltd.
6. Accell Group
7. Dorel Industries
8. Merida
9. Olympus Corp
10. Cervelo Bicycles