Bicycles Market

Bicycle Market Analysis by Product Type (Road, Mountain, Hybrid, and Cargo); by Technology (Conventional, and Electric); by Distribution Channel (In-Store, and Online); and by End-user (Kids, Men, and Women) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Report ID: 2009 | Published On: Feb 07, 2023

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Despite Inflation & Recession News, Businesses Across the Globe Expected to Do Better in 2023

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.


In The News

  • Giant Manufacturing Co., Ltd., introduced the all-new Trance X E+. Designed to extend riders’ capabilities on a wide range of terrain, Trance X E+ is a versatile and adaptable E-MTB.

  • Shimano Inc. announced that the PRO product designers and engineers created the all-new PRO Vibe Superlight Handlebar and Stem. They have reduced a massive 75 grams off their previous lightest cockpit. Superlight cockpit when combined with the new PRO Gap Cap Expander Carbon and the lightweight Vibe Computer Mount the provides not only PRO’s lightest ever set-up but also a superbly functional offering.


Global Bicycle Market Definition

A bicycle is a single-track, pedal-driven vehicle which is driven by either human power or the assistance of a motor. The bike is made up of two wheels connected to a frame, one of them in front of the other. Cycling and bicycling refer to the activity of riding a bicycle. Many communities rely on them as their primary mode of transportation. Furthermore, they are also a popular form of amusement and have been adapted for a variety of purposes, including children's toys, fitness equipment, police and military purposes, courier services, racing bicycles, and even cycling stunts.

There are many different bicycle types and designs, each one suited to a certain riding style. Additionally, mountain bikes are made for rugged terrain and off-road excursions, whereas road bikes are constructed for speed and efficiency on paved surfaces. A range of riding situations are appropriate for hybrid bikes, which combine road and mountain bikes. E-bikes include an electric motor to help the user pedal whereas city bikes are made for commuting and running errands in the city.


Global Bicycle Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~7%

Base Year Market Size (2022)

~USD 80 Billion

Forecast Year Market Size (2033)

~USD 130 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)


Global Bicycle Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global bicycle market is estimated to garner a revenue of ~USD 130 billion by the end of 2033 by growing at a CAGR of ~7% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 80 billion in the year 2022. The rising usage of bicycles for traveling, as well as their numbers globally, can be contributed to the number market's rise. As per an estimation, there were over 2 billion bicycles in use around the world in 2015 which is forecasted to reach near 5 billion by 2050. Furthermore, the rising government emphasis on spending on the development of cycling infrastructure would accelerate the adoption of bicycles among the general public. Almost all industrialized economies are investing a lot of money into constructing innovative cycling tracks and carrying out several projects involving bicycle and pedestrian infrastructure. For instance, domestic establishments in Ireland announced a 2021 investment in new services for bikes and pedestrians; the financing was about three times greater than the allocated funds for urban transit.

Bicycle-market-scope.

 With the rising traffic congestion and shortage of parking space, particularly in metropolitan cities, the use of bicycle is gradually increasing. Bicycle commutation for short distances save time and also have several other benefits, including health & environment. Various governments are rolling out the programs, infrastructure and initiatives necessary to support bicycle commutation, to encourage people to opt for bicycles. The demand for bicycles is on the rise amongst the children, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global bicycle market during the forecast period. For instance, there are twice as many bicycles as automobiles in the world. As per 2020 statistics, in England, the proportion of children who owns bicycle in the age group of 5-10 year was ~ 50% higher than the proportion of bicycle-owners in the age group of 40-49 years.


Bicycle-market-scope.
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Global Bicycle Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Awareness of Cycling Health Benefits – is expected to drive the global bicycle market. Cycling in areas with less pollution (PM2.5 level within 50-60µg/m3) for one hour can produce significant health benefits. Moreover, cycling can reduce the chances of developing many health issues by increasing fitness and reducing stress. It was found that noncommunicable disease kill ~41 million people, including ~14 million people who are between the ages of 30 and 70 globally.

  • Upsurge in the Development of Cycling Infrastructure – A bicycle is a single-track, pedal-driven vehicle that is driven by either human power or the assistance of a motor. The bike is made up of two wheels connected to a frame, one of them in front of the other. Cycling and bicycling refer to the activity of riding a bicycle. Many communities rely on them as their primary mode of transportation. Furthermore, they are also a popular form of amusement and have been adapted for a variety of purposes, including children's toys, fitness equipment, police and military purposes, courier services, racing bicycles, and even cycling stunts.

There are many different bicycle types and designs, each one suited to a certain riding style. Mountain bikes are made for rugged terrain and off-road excursions, whereas road bikes are constructed for speed and efficiency on paved surfaces. A range of riding situations are appropriate for hybrid bikes, which combine road and mountain bikes. E-bikes include an electric motor to help the user pedal whereas city bikes are made for commuting and running errands in the city.

Bicycling provides several advantages, such as better cardiovascular health, less stress, and stronger muscles. It is also a low-impact workout, so individuals of all ages and levels of fitness may participate. The cost of cycling is also quite low. In addition, an increased interest in cycling as a form of physical activity and recreation, escalating sustainability concerns, and government measures to encourage cycling as a sustainable way of transportation are some of the reasons that are driving the global bicycle market. The industry is also being driven by the rising acceptance of e-bikes, which are regarded as a practical and effective form of mobility. For instance, more than USD 400 million was spent on cycling-related infrastructure and programs in 2020 in Australia.

  • Growing Number of Initiatives for Using Bicycle - These programs often include elements such as bike-sharing networks, bike-to-work schemes, and public awareness campaigns that promote the use of bicycles as an alternative to automobiles over short distances. For instance, Smart Commute, an initiative in Mumbai (India), aims that by 2030, ~ 50% of the city’s population commute to work by bicycle.

  • Increasing Demand for Mountain Bikes (Bicycle) – Mountain bikes include characteristics such as sturdy frames, shock absorbers, and thick tires that make them suitable for riding on rugged terrain. They are built for off-road use. For instance, it was estimated that, around 44 million units of mountain bikes were produced in 2020 globally and it is expected to hit over 72 million units by 2026.

Challenges

  • Concern About Unsafe Cycling Infrastructure - Only a handful of tracks and lanes have been built for the sole purpose of providing safety for cycle riders. A lack of infrastructure is particularly prevalent in developing and underdeveloped countries. As a result, people are opting for alternatives for safety reasons, which in turn is expected to limit market growth over the forecast period.
  • Existence of Other High-Speed Transport Solutions
  • Inefficient Bicycle Fleet Management System


Global Bicycle Market Segmentation

The global bicycle market is segmented and analyzed for demand and supply by technology into conventional and electric. Amongst these segments, the electric segment is anticipated to garner the largest revenue by the end of 2033, backed by the growing replacement of mopeds & motorcycles along with the surge in the use of e-bikes worldwide. Moreover, there have been stringent government regulations in relation to the reduction of emissions of carbon dioxide, and are expected to boost the growth of the segment in the market. For instance, the sale of e-bikes is expected to reach 2 lakh units in the FY 2022-23 in India. Also, it was observed that, e-bike can travel up to ~ 45km/h (28mph) potentially replacing fossil-fuel-powered motorcycles and mopeds.

The global bicycle market is also segmented and analyzed for demand and supply by distribution channel into in-store and online segments. Traditional brick-and-mortar merchants such as sporting goods stores and bike shops are included in the in-store segment. Moreover, e-commerce portals and direct selling are included in the online sector. As more people use the internet for purchasing and the ease of online sales and home delivery, the online market is also expanding quickly. However, out of these segments, the in-store segment is projected to garner a higher market share by the end of 2033. This can be owed to the ease of physically experiencing and scrutinizing the product before purchasing it, and that accounts for a substantial portion of the market share held by the in-store segment. This is particularly true for developing countries such as India, where a lot of people still use bicycles as a primary means of transportation.

Our in-depth analysis of the global bicycle market includes the following segments:

            By Product Type

  • Road
  • Mountain
  • Hybrid
  • Cargo

           By Technology

  • Conventional
  • Electric

           By Distribution Channel

  • In-Store
  • Online

            By End-User

  • Kids
  • Men
  • Women
 


Global Bicycle Market Regional Synopsis

The market in Asia Pacific region, amongst all other markets, is projected to hold the largest market share by the end of 2033, backed by the presence of a strong resilient infrastructure in the region, growing number of bicycles, as well as the rising use of dockless bike-share systems amongst the cycling community. For instance, China played an important role in bringing about the global boom in dockless sharing systems over the past 5 years. With an average of ~47 million trips each day, over 360 Chinese cities now have dockless bike-sharing systems. Moreover, rising awareness regarding the environment and the benefits of exercising daily is also helping the growth of the market in the region. In India and China, especially, the culture of riding bicycles is seeing a revival as people become more health and environment – conscious. 

Bicycle-market-regional.
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Top Featured Companies Dominating the Global Bicycle Market

    • Giant Manufacturing Co., Ltd.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis

     

    • Dorel Industries Inc.
    • Cervélo Cycles
    • Accell Group
    • Avon Cycles Ltd.
    • Shimano Inc.
    • Trek Bicycle Corporation
    • Scott Sports SA
    • Canyon Bicycles GmbH
    • Merida & Centurion Germany GmbH
    • UrbanTerrain

     

     


Key Questions Answered in the Report

1) What are the major factors driving the growth of the bicycle market?

Ans: Growing number of bicycles, increasing awareness about the health benefits of cycling along with rising investment on developing cycling infrastructure are some of the major factors anticipated to drive the growth of the market.

2) What would be the CAGR of bicycle market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the bicycle market growth?

Ans: The concern for unsafe cycling infrastructure along with availability of alternate high-speed transport solutions are some of the factors estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of bicycle market in future?

Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the bicycle market?

Ans: The major players in the market are Cervélo Cycles, Shimano Inc., Dorel Industries Inc., Giant Manufacturing Co., Ltd., Scott Sports SA, Canyon Bicycles GmbH, Merida & Centurion Germany GmbH, UrbanTerrain and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the bicycle market?

Ans: The market is segmented by product type, technology, distribution channel, end-user, and by region.

8) Which segment captures the largest market size in technology segment in the bicycle market?

Ans: The e-bike segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

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