The global bicycle market is currently valued at more than US$ 65.55 Billion. Sales of bicycles are slated to increase at a value CAGR of around 6.0% from 2023 to 2033. to reach a revenue of more than US$ 117.37 Billion by 2033.
Bicycling is favored by a majority of health-conscious individuals as well as a recreational sport. Bicycles are not only good at combating obesity and digestive issues but are also cost-efficient. These advantages have been recognized by developing economies who have been promoting bicycling on a war footing.
Some of the key bicycle manufacturers included in the report are Giant Bicycles Inc., Atlas Cycles Ltd, Derby Cycle Holding GmbH, Trek Bicycle Corporation, Avon Cycles Ltd., Zhonglu Co., Ltd, Accell Group N.V., Tube Investments of India Limited, Dorel Industries Inc., Merida Industry Co., Ltd, Tandem Group plc, Samchuly Bicycle Co., Ltd, F.I.V.E. Bianchi S.p.A, Specialized Bicycle Components, Hamilton Industries Pvt. Ltd, Tianjin FUJITA Group Co. Ltd, Ming Cycle Industrial Co. Ltd, Tianjin Flying Pigeon Cycle Manufacture Co., Ltd, Koninklijke Gazelle N.V., Tern, Kona USA, Inc., Scott Sports SA, Redline Bicycle, Yadea Group Holdings, and Pt. Insera Sena.
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Electric bicycles’ growing popularity combined with increase in the number of national and international cycling events is expected to present lucrative prospects to bicycle stakeholders. Electric bicycles will be an appealing segment during the evaluation period of 2022-2032 due to rapidly rising number of conscientious consumers.
Over the coming years, China is likely to be a major contributor to electric bicycle demand and supply. Majority of major bicycle manufacturers are focusing on new model launches, particularly electric and mountain bicycles.
Key Takeaways from Market Study
- At a CAGR of 8.4%, electric bicycles is estimated to be the fastest-growing segment under bicycle type from 2022 to 2032.
- Conventional bicycles are expected to hold the highest share of 73.1% under the technology segment in terms of value in 2022.
- By price, mid-range bicycles are predicted to enjoy a market share of nearly 41% by 2032.
- By end user, men are projected to be major consumers with a market share of more than 45% in 2022.
- By region, East is predicted to hold the highest share in the global market accounting for more than 39% by 2032.
- China is projected to register the highest absolute $ opportunity of more than US$ 14 Bn from 2022 to 2032.
“The pandemic has sparked a surge in bicycle sales and worked as a political impetus for cycling initiatives, effectively changing the bicycle market’s growth curve” says a Persistence Market Research analyst.
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Market Landscape
The global bicycle market is highly fragmented, with numerous international and regional companies. Key firms such as Trek Bicycle Corporation, Accell Group, and Giant Manufacturing Co. Ltd. dominate the market. The biggest players in this sector are diversifying into the production of e-bikes, thereby expanding their regional footprint. Businesses are also taking advantage of improved online distribution channels.
Conclusion
Bicycles are becoming more popular around the world as people become more concerned about the environment and want to stay fit. Cycling is increasingly becoming a leisure and recreational activity. This is also contributing to the global bicycle market’s rapid expansion.
Key Segments Covered in Bicycle Industry Survey
Bicycle Market by Product Type:
- Mountain Bikes
- Hybrid/Cross Bikes
- Road Bikes
- Comfort Bikes
- Youth Bikes
- Cruisers
- Electric Bikes
Bicycle Market by Technology:
- Conventional Bicycles
- Electric Bicycles
Bicycle Market by Price:
- Premium Bicycles
- Mid-Range Bicycles
- Low-Range Bicycles
Bicycle Market by End User:
- Bicycles for Men
- Bicycles for Women
- Bicycles for Kids
Bicycle Market by Region:
- North America Bicycles Market
- Latin America Bicycles Market
- Europe Bicycles Market
- East Asia Bicycles Market
- South Asia & Pacific Bicycles Market
- Middle East & Africa Bicycles Market
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Other factors impacting market growth include increase in bike sharing and rentals, development of e-bikes, and growth of bicycle tourism. Bicycle manufacturers are also attempting to include new features to improve user experience. Bicycles are also getting new safety measures to help prevent accidents and theft.
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