Home > Automotive and Transportation > Bicycle Market Growth, Latest Trend Analysis and Forecast 2030
Straits Research

Bicycle Market

Bicycle Market: Information by Product (Mountain, Hybrid), Technology (Electrical and Conventional), and Region- Forecast till 2030

Table of Content Download Sample

Market Overview

The global bicycle market size was valued at USD 57 billion in 2021. It is estimated to reach an expected value of USD 106 billion at a CAGR of 7.2% during the forecast period (2022-2030).

The global Bicycle market is driven by the growing preference for bicycles as a convenient form of exercise to ensure a healthy life. People are beginning to understand how important it is to maintain a healthy lifestyle. They have also begun to understand the benefits of frequent cycling in preventing diseases like obesity. As more and more individuals turn to cycle as a daily exercise, the market is anticipated to expand.

Market Snapshot

market snapshot
Base Year
: 2021
Study Period
: 2020-2030
CAGR
: 7.2 %
Fastest Growing Market
: Europe
Largest Market
: Asia Pacific
Market Size
: USD 106 billion
Get more information on this report Download Sample Report

Market Dynamics

Market Driving Factors

Adoption of Healthy Lifestyle Coupled with Favourable Government Initiatives

People worldwide have started realizing the importance of staying fit by maintaining a healthy and active lifestyle. As a part of an active lifestyle, people engage in various daily physical activities, including running, bicycling, and exercising in the gym, among others. The adoption of bicycles has massively increased among people, realizing that regular bicycling is a convenient form of exercise to ensure a healthy life. This can reduce the chances of obesity, cardiovascular diseases, bone-related disorders, and others. The bicycle market is expected to grow as more people resort to bicycling as a regular form of exercise.

Besides exercise, bicycles are gaining attraction for faster daily commuting solutions. The market has witnessed a volunteer shift towards bicycle commuting. To avoid traffic, people across the world are increasingly adopting bicycles as an alternative way of daily transport, eventually resulting in the growing demand for road bicycles.

The increasing preference towards bicycling as a form of leisure is also anticipated to propel the growth. Moreover, government initiatives to spread awareness about the benefits of cycling, coupled with incentive plans, are expected to improve bicycle adoption rates in the next few years. For instance, in April 2017, the UK government published its long-term plan to make cycling and walking the preferred choice for shorter journeys. The government has allocated GBP 1.2 billion towards various initiatives such as cycling proficiency training, improved cycling infrastructure, safety, and awareness training, among others. As such, the bicycle market growth is expected to propel over the forecast period.

Increasing Participation in Cycling Sports and Events which are Organized Globally

Various cycling events are being organized across the globe to create awareness about the benefits of cycling. This, in turn, is boosting the adoption of cycling in daily life as a part of a healthy lifestyle and leisure activities. Along with all the events, participation in various cycling sports is increasing globally. Cyclocross is one of such notable bicycle sports in the world. It is a form of bicycle racing carried out on a short course featuring grass, pavement, steep hills, wooded trails, and numerous obstacles. Such sports require specially designed road or mountain bicycles, which can withstand rough terrain. Technological developments in bicycle design enabled the manufacturer to create lightweight and safer sports bicycles. The improvement in overall performance and enhanced safety of cyclocross bicycles has led to various such sports being carried out globally.

This sport is heavily organized in traditional road cycling countries such as France, Belgium, and the Netherlands. Additionally, notable events, such as Tour de France and Ronde van Vlaanderen, are adding to bicycles' popularity. Meanwhile, the rise in bicycling events being organized in various countries from Asia, Africa, and the Middle East fuels the sales of mountain and road bicycles. Growing public awareness of the health benefits of cycling is anticipated to raise interest in such activities, which is anticipated to fuel market expansion over the forecast period.

Market Restraining Factors

Decreasing Sales of Children's Bicycles Followed by Tariff-Related Price Increases

Children in the age group of 6 to 17 years are the single largest age demographics of all cyclists, as children in this age group ride bicycle more than any other age group. However, according to the Sports & Fitness Industry Association (SFIA), the number of children who rode a bike regularly has decreased by more than a million from 2014 to 2018 in the U.S. The bicycle industry is expected to experience downfall as the demand for children's bicycles is falling in the U.S., the world's leading consumer base for the bicycle market. The primary reason for this decreasing demand is the changing lifestyles of kids, who are increasingly spending most of their time on phones, video games, or televisions. According to analysis, the global unit sales of children's bicycles decreased by more than 5% from 2018 to 2019. As a result, many retailers have increased their prices to compensate for that lower consumer demand.

The increasing prices of bicycles are also attributed to the unstable political situation between the U.S. and China. As most of the bikes and their equipment are manufactured in China, the bicycle industry is experiencing difficulties while importing the raw materials as well as fully assembled bicycles into the

The U.S. The Trump Administration has recently imposed a 25% tariff on around USD 250 billion of Chinese goods, which threatens the entire value chain of the bicycle industry. This value chain includes manufacturers of metal frames, carbon fiber frames, wires, springs, and rubber and metal component providers. In addition, accessories such as helmets, gloves, lights, and safety guards are also primarily manufactured in China. As a result, the shelf prices of such accessories are also expected to increase over the foreseeable period. As such, the decreased demand for children's bicycles coupled with the Sino-U.S. trade war is expected to hamper the steady growth of the bicycle market over the forecast period.

Key Market Opportunities

Advent and Rapid Expansion of Dockless Bike Sharing Systems

Programs for dockless bicycle rental have grown in popularity recently. Users can use this system to find nearby bicycles that are available for rental and wirelessly unlock them. Dockless bicycle-sharing programs, which were first introduced in Europe, are becoming increasingly well-liked, especially in Asian countries like China and India. Additionally, recent developments in the creation of mobile apps, consumer-ready mobile payments, the Internet of Things (IoT), and the Global Positioning System (GPS) have led to the creation of dockless bicycle-sharing systems that are app-based. It is anticipated that the widespread use of such dockless bicycle-sharing systems will significantly increase demand for bicycles.

The incredible growth in the bicycle-sharing market is fueled by a massive injection of venture capital, allowing numerous companies to enter the market. The two startup unicorns, Ofo Inc., and Mobike are the key market players who have captured most of the Chinese market. Most Chinese bicycle-sharing companies are mainly investing and expanding their operations aggressively in European nations to capitalize on the market opportunities. Furthermore, these companies are aggressively expanding in Japan, Singapore, and North American urban areas. Along with Ofo Inc. and Mobike, companies such as Lyft, Inc., JUMP Bikes (Uber Technologies Inc.), and Lime (Neutron Holdings, Inc.), among others, are rapidly capturing the dockless bike-sharing market by expanding their fleets of traditional bicycles and e-bikes. This is, in turn, expected to boost the mass purchase of conventional and electric bicycles.

Segmental Analysis

The global bicycle market is segmented by product, technology, end-user, distribution channel, and region.

By product, the global bicycle market is segmented into mountain, hybrid, road, and others. The road bicycle segment accounted for the largest market share and is estimated to grow at a CAGR of 8.6% during the forecast period. The growth is attributed to the fact that road bicycles are basic bikes that do not require any high-end accessories, like those required by the mountain, racing, or other special-purpose bikes. The growing trend among people to buy road bicycles with customized features, such as a lightweight and aerodynamic-shaped tube to cut through the wind, is anticipated to boost segment growth.

 By technology, the global bicycle market is segmented into electrical and conventional.

The conventional segment accounted for the largest market share and is estimated to grow at a CAGR of 7% during the forecast period. Over the past few decades, the conventional bicycle has gained significant popularity among consumers as it's an affordable and accessible mode of transport. All such factors propel the market growth.

By end-user, the global bicycle market is segmented into men, women, and kids. The men's segment dominated the global bicycle market and is estimated to grow at a CAGR of 8% during the projected period. The men segment accounted for the largest market share as the number of men riding bicycles continues to be higher than that of women and kids. Also, continued growth in men population worldwide, coupled with a high preference for bicycles for going to offices and workplaces, is anticipated to propel the men's segment growth over the forecast period.

By distribution channel, the global bicycle market is segmented into offline and online. The offline segment accounted for the largest market share and is estimated to grow at a CAGR of 4.4% during the forecast period. The high market share is attributable to the increased demand for bicycles at physical stores, which helps customers modify the bikes according to their needs. Also, it enables customers to get the product instantly.

Regional Analysis

By region, the global bicycle market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Asia Pacific accounted for the largest market share and is estimated to grow at a CAGR of 8.6%. Countries like China, Japan, and Singapore, among others, strongly emphasize building the infrastructure required to promote and support bicycle commuting. Some Asian cities, like Tokyo, are renowned for having among the lowest accident rates worldwide, making them prime locations for urban riding. Additionally, Chinese bike-sharing companies rapidly expand their operations in important nations like Australia and India. Bicycle consumption is therefore anticipated to grow over the projection period.

Europe is the second largest region. It is estimated to reach an expected value of USD 28 billion at a CAGR of 7.5%. Europe contains some cities that are rated ideal for bicycle commuting. The Tour de France and the Ronde van Vlaanderen are among the most well-known cycling competitions held in Europe. The active construction of bicycle commuting infrastructure by European countries like Belgium, Denmark, France, and Italy significantly boosts the local market.

North America is the third largest region. n Canada, the bicycle market has been continuously growing for decades as it is considered an effective means of personal transportation. The bicycle trend is rising due to environmental concerns to decrease CO2 emissions and increase health consciousness. The growing urbanization, sustainability, and congestion are majorly propelling the rising bicycle demand. Canada exhibits top bicycle manufacturers, including Dorel Industries, Cervelo, and Devinci, having a global presence. Moreover, the trend of e-bikes has a high growth prospect in the country due to a decline in import prices of e-bikes components that will eventually boost the market over the forecast period with increasing sales in the country. The increasing government initiatives to promote bicycles and raising awareness of the benefits of riding bicycles further increase the number of cyclists in Canada. Mountain bicycles can gain significant market share, as the offline distribution channel and retail stores primarily cater to the segment.

Bicycle Market Regional Analysis
Regional Growth Insights Download Free Sample

Top Key Players of Bicycle Market

  1. Accell Group
  2. Atlas Cycles (Haryana) Ltd
  3. Avon Cycles Limited
  4. Cervelo
  5. Specialized Bicycle Components
  6. Dorel Industries Inc.
  7. Giant Bicycles.
  8. Merida Industry Co.Ltd Inc.
  9. SCOTT Sports SA
  10. Trek Bicycle Corporation

Report Scope

Report Metric Details
CAGR 7.2%
Forecast Period 2023-2031
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Segments Covered
  1. By Product
    1. Mountain
    2. Hybrid
    3. Road
    4. Others
  2.  By Technology
    1. Electrical
    2. Conventional
  3.  By End-User
    1. Men
    2. Women
    3. Kids
  4.  By Distribution Channel
    1. Offline
    2. Online
Geographies Covered
  • North America
  • Europe
  • APAC
  • Middle East and Africa
  • LATAM

Recent Developments

  • February 2022 - German-engineered Cambio Bikes, a high-end brand of bicycles introduced by Avon Newage Cycles Pvt. Ltd., include the greatest componentry and aesthetics. It will serve a specific customer segment who values quality and elegance and has a conscientious lifestyle.
  • January 2022 - Dorel Industries Inc. (TSX: DII.B, DII.A) declared today that it has successfully sold its bicycle division, Dorel Sports, to Pon Holdings B.V. of the Netherlands for the US $810 million, or roughly $1.03 billion. At closing, Dorel received about $735 million in net revenues from the sale, which it will use to pay a special dividend of $12 per share as outlined below and to pay down debt. The deal involved Dorel selling all of the shares of the indirect wholly-owned subsidiaries that make up Dorel Sports, as well as some connected assets.

Bicycle Market Segmentation

By Product

  • Mountain
  • Hybrid
  • Road
  • Others

By Technology

  • Electrical
  • Conventional

By End-User

  • Men
  • Women
  • Kids

By Distribution Channel

  • Offline
  • Online

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Frequently Asked Questions (FAQs)

What is the growth rate for the Bicycle Market?
Bicycle Market size will grow at approx. CAGR of 7.2% during the forecast period.
Some of the top industry players in Bicycle Market are, Accell Group, Atlas Cycles (Haryana) Ltd, Avon Cycles Limited, Cervelo, Specialized Bicycle Components, Dorel Industries Inc., Giant Bicycles., Merida Industry Co.Ltd Inc., SCOTT Sports SA, Trek Bicycle Corporation, etc.
Asia Pacific has been dominating the Bicycle Market, accounting for the largest share of the market.
The Bicycle Market has seen the most substantial growth rate in Europe.
The global Bicycle Market report is segmented as follows: By Product, By Technology, By End-User, By Distribution Channel
Price Starts From
USD 995

Purchase Benefits

  • Eligible for a free updated report next year
  • Completely customizable scope
  • 30% discount on your next purchase
  • Dedicated account manager
  • Query resolution within 24 hours
  • Permission to print the report
Want to learn more about recent trends and data ?
They Already Trust Us :
Toyota Industries
Nissan Motors
Neenah
Mitsubishi
Hyundai Motor Company
Honda
CRP Industries Inc
Hyundai Mobis
Need Assistance?
+1 646 905 0080 (U.S.)
+44 203 695 0070 (U.K.)
sales@straitsresearch.com

Report Benefits

  • Develop business strategies by understanding the trends shaping and driving the Market.
  • Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the Market in the future.
  • Formulate effective sales and marketing strategies by understanding the competitive landscape and by analysing the company share of market leaders.
  • Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.
  • Track sales in the global and country-specific Market.
  • Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.
Report Snapshot
Looking For Custom Report ?
Check Our License Options :

As featured on :

clients
Trusted by Fortune 500
Over 30000+ subscribers