Global Sports Bicycle Market to Grow at a CAGR of 5.95% During 2021-2031

Introduction

The modern bicycle was invented in Germany in 1817. Since its inception, the bicycle has undergone tremendous evolution, including several novel features and traits. Alongside the development of bicycles, the evolution of connected sports also occurred. These new sports necessitated using bicycles and other equipment with technical characteristics and modes. Sports bicycles are designed to be quick and easily controlled over rugged and rough terrain and smooth surfaces such as roadways. These bicycles have superior gear and braking systems to enhance riders' performance and enjoyment.

Market Dynamics

Development of Bicycle-Friendly Infrastructure Drives the Global Market

Government backing for both pedestrian and cycling facilities has resulted in a rise in the development of bicycle infrastructure worldwide in recent years. As cyclists continue to seek out safe, well-designed places to ride, market growth predictions must account for the need for improved infrastructure. A solid infrastructure is essential to pursue a clean, healthy, practical, and inexpensive alternative mode of transportation. Likewise, the BICIPOLITANA is the new bike network in the Italian city of Pesaro that has been given a name similar to that of the subway system. It employs the same logic as colored lines on maps to guide cyclists from point A to point B via a network of primary and secondary bike lanes encompassing the entire city.

Increasing Number of Government Initiatives to Promote Cycling and Outdoor Activities Creates Tremendous Opportunities

To promote the health of their citizens, governments around the world encourage cycling and other forms of physical exercise. Governments are encouraging short-distance travel by bicycle to reduce carbon emissions from motor cars. For instance, the Canadian district of Saanich has set a goal of decreasing its greenhouse gas emissions by 30 percent by 2020. The provincial BikeBC funding program has helped create the area's cycling network. In addition, the German Police frequently visit schools to instruct children on how to pedal safely and act responsibly in traffic.

Regional Analysis

Europe is the most significant global sports bicycle market shareholder and is anticipated to grow at a CAGR of 5.13% during the forecast period. European dominance in the global market for sports bicycles was primarily attributable to the increased use of bicycles as a form of transportation. Based on various surveys conducted by the European Cyclists' Federation (ECF), it has been determined that, on average, 0.32 bicycle journeys are performed per adult every day in Europe and that the average modal share for cycling in the European Union is 8%. In addition, numerous national and local governments are spending considerably on creating bicycle-friendly infrastructure. For instance, Tartu agreed to develop new bicycle roads of at least 50 to 60 kilometers at 10 million euros, mainly for construction.

North America is anticipated to grow at a CAGR of 6.41% over the forecast period. The expansion of the North American market for sports bicycles can be ascribed to the increasing popularity of physical exercise among consumers. A sizeable proportion of the North American populace is devoted and enthusiastic about outdoor activities. For instance, the Outdoor Industries Association (OIA) estimates that Americans spend more than USD 97 billion annually on cycling and skateboarding. Moreover, it is predicted that bicycle riding participation in the United States has increased steadily over the previous few decades. According to the National Sporting Goods Association, around 98.3 million people participated in cycling in 2018. This was an increase of 0.5% over 2015. Moreover, the growing popularity of cycling in Canada's local communities supports selling sports bicycles in the country. For example, six of the top fifteen communities for cycling growth are in British Columbia.

Key Highlights

• The global sports bicycle market was valued at USD 18,839 million in 2022. It is estimated to reach USD 31,693 million by 2031, growing at a CAGR of 5.95% during the forecast period (2023–2031).
• Based on product type, the global sports bicycle market is divided into mountain bicycles, cyclo-cross bicycles, road racing bicycles, and track racing bicycles. The road racing bicycles segment is responsible for the largest market share and is anticipated to grow at a CAGR of 6.39% over the forecast period.
• Based on application, the global sports bicycle market is segmented into offline retail and online retail. The offline retail segment owns the highest market share and is estimated to grow at a CAGR of 4.74% during the forecast period.
• Based on the end-user, the global sports bicycle market is segmented into adult sports bicycles and kid sports bicycles. The adult sports bicycle segment is the highest contributor to the market and is expected to grow at a CAGR of 4.97% during the forecast period.
• Europe is the most significant global sports bicycle market shareholder and is anticipated to grow at a CAGR of 5.13% during the forecast period.

Competitive Players

1. Atlas Cycles Ltd.
2. F.I.V. E. Bianchi S.p.A.
3. GIANT Bicycles
4. GT Bicycles
5. HERO CYCLES Ltd
6. Jenson USA
7. K2 Sports LLC.
8. Redline Bicycles
9. Seven Cycles Inc.
10. Trek Bicycle Corporation

Recent Developments

• February 2024 - According to Reuters, SRJ Sports Investments of Saudi Arabia is purportedly in exclusive talks to spend about €250 million (USD 268.8 million) on a new cycling league. According to the agency, SRJ won an auction over other investors, including the private equity firm CVC Capital Partners. Over the following two months, SRJ will now focus on completing the commercial details of the purchase.
• June 2024 - Roval launched the Rapide CLX II Team. The company has taken great care to make the wheels lighter and more aerodynamic, saving a whole second over a 40-kilometer distance and one gram per wheel from the non-coated hubs. It has also retained the hooked tire beads because it believes that the hookless design increases the risk of tire blow-off.

Segmentation

1. By Product Type
   1. Mountain Bicycles
   2. Cyclo-Cross Bicycles
   3. Road Racing Bicycles
   4. Track Racing Bicycles
2. By Applications
   1. Offline Retail
   2. Online Retail
3. By End-User
   1. Adult Sports Bicycle
   2. Kid’s Sports Bicycle