Sports Bicycle Market

Market Overview

The global sports bicycle market was valued at USD 19.43 billion in 2023. It is expected to reach USD 32.68 billion in 2032, growing at a CAGR of 5.95% over the forecast period (2024-2032). Growing awareness about the importance of physical fitness and leading a healthy lifestyle drives demand for sports bicycles as a means of exercise and recreational activity. Cycling is viewed as an effective way to improve cardiovascular health, manage weight, and reduce stress, contributing to the popularity of sports bicycles.

The modern bicycle was invented in the year 1817 in Germany. Since its conception, the bicycle has evolved significantly with several innovative features and characteristics. Along with bicycles, the associated sports have also evolved. These new sports required bicycles and other equipment with specific features and modalities. Sports bicycles are made to be fast and easy to handle on mountainous, rocky land and smooth surfaces like roads. These bicycles are equipped with high-quality gear and brake systems to benefit riders and increase their riding performance and experience. In the case of mountain bikes, wider tires are used than those used in road bicycles. In contrast, the road bike is lighter, so its weight does not hold the cyclist back during long and steep climbs.

Highlights

• Road racing bicyclesdominate the product type segment
• Offline retail dominatesthe application segment
• Adult sports bicycledominates the end-usersegment
• Europeis the highest shareholder in the global market

Market Dynamics

Global Sports Bicycle Market Drivers

Development of Bicycle-Friendly Infrastructure

Cycling infrastructure construction has been growing recently, with pedestrian and bicycle facilities receiving good support from governments worldwide. Better facilities are still essential in the projections for market growth as cyclists seek safe and well-designed places to ride. Good infrastructure is vital so people can pursue a clean, healthy, practical, affordable transportation alternative. Moreover, the BICIPOLITANA in the Italian city of Pesaro is the new bike network that has been strategically named, similar to the subway network. It uses the same logic of colored lines explained on maps to take cyclists from A to B on an array of primary and secondary bike lanes spanning the whole town. Similarly, Transport Infrastructure Ireland performed an infrastructure improvements program, which included an increase in bike parking and bike lockers and an additional network of cycle lanes to link directly to the tram. Such infrastructure development encourages people to take up cycling, which drives the sports bicycle market.

Growing Cycling Participation among Consumers

Cycling is often considered one of the most popular recreational activities worldwide. The health benefits of cycling are well known among the population around the world. Therefore, many people adopt cycling as their daily workout routine. Moreover, according to the National Sporting Goods Association NSGA, 98.3 million Americans age seven and older were estimated to have ridden a bicycle six times or more in 2018. This number was up slightly compared to the previous year.

Furthermore, as per new research from PeopleForBikes, over 100 million people rode a bike at least once in 2016, ages three and above. This research projects higher participation numbers than the NSGA with its distinct definition and can be accessed at PeopleForBikes.org. The higher cycling participation by consumers augments the sale of sports bicycles in the global market.

Global Sports Bicycle Market Restraint

High Cost of the Sports Bicycles

Most sports bicycles are made of specialty materials, including aluminum, titanium, metal alloys, and carbon fiber. These materials give the bicycles the lightweight, strength, and durability required to compete in sports events. However, these materials are expensive due to their sparse availability and costly production process. Furthermore, manufacturing bicycles using these materials is a capital-intensive process. Therefore, the overall cost of the bicycle becomes higher than the conventional road bicycles. Generally, most sports bikes start at around USD 2,000 and can reach up to USD 8,000 for high-end models. The higher price of these bicycles discourages many consumers who have budget constraints.

Global Sports Bicycle Market Opportunities

Increasing Number of Government Initiatives to Promote Cycling and Outdoor Activities

Governments worldwide are promoting physical exercise such as cycling to improve the health of citizens. Moreover, governments are encouraging citizens to adopt cycling for short-distance travel to control the carbon emission from motor vehicles. For example, the district of Saanich in Canada set a goal of reducing its greenhouse gas emissions by 30% by 2020, and the provincial BikeBC grant program helped develop the district's cycling network.

Furthermore, the German Police regularly go into schools to teach kids how to cycle and be responsible traffic participants. The Netherlands has gone even further and organized cycling exams. In addition, Tartu municipality decided to build new bicycle roads of at least 50-60 km with a total investment of EUR 10 million, primarily for construction works. Such government initiatives to promote cycling for different reasons are anticipated to offer favorable opportunities for the vendors to increase their revenue.

Regional Analysis

Based on region, the global sports bicycle market is bifurcated into North America, Europe, Asia-Pacific, and RoW.

Europe Dominates the Global Market

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. The domination of the European region in the global sports bicycle market is mainly due to the higher adoption of bicycles as a mode of transport. According to several European Cyclists' Federation (ECF) surveys, adults in Europe make 0.32 bicycle journeys daily on average, and cycling accounts for 8% of all modal shares in the EU. In addition, many national and local governments are investing heavily in one development of cycle-friendly infrastructure. For instance, Tartu decided to build new bicycle roads of at least 50-60 km with a total investment of EUR10 million, primarily for construction works. Additionally, several governments carry various initiatives to promote cycling among their citizens. For example, The German Police regularly go into schools to teach kids how to cycle and be responsible traffic participants. The cycling events organized in the European region also support the sale of sports bicycles.

North America is estimated to grow at a CAGR of 6.41% over the forecast period. The growth of North America in the global sports bicycle market is attributed to consumers' growing adoption of physical exercise. A large part of the North American population is passionate about and loyal to their outdoor pursuits. For instance, according to the Outdoor Industry Association (OIA), Americans spend more than USD 97 billion on cycling and skateboarding each year. Moreover, bicycle riding participation in the US is estimated to grow steadily over the past few decades. According to National Sporting Goods Association, the number of participants in biking amounted to approximately 98.3 million in 2018. This was up by 0.5 percent over 2015.

Furthermore, the growing cycling trend among the local communities in Canada supports the sale of sports bicycles in the country. For instance, six of the top fifteen communities for cycling increase were found in British Columbia. In addition, the number of competitive cycling events in North America is expected to drive the sports bicycle market in the region. Events such as the Joe Martin Stage Race, Tour of the Gila, Winston-Salem Cycling Classic, Grand Prix Cycliste de Saguenay, Tour de Beauce, and Delta Road Race are organized annually in the US and Canada. Participants in these events mainly support the sale of sports cycles in North America.

Asia-Pacific is expected to grow significantly over the forecast period. The growing awareness among consumers regarding the bicycles' environmental and health benefits is majorly driving the growth of the Asia-Pacific sports bicycle market. Several countries in the Asia Pacific have favorable locations for off-road and mountain cycling. India offers some of the best cycling experiences down south with the Bangalore-Goa trail through the red-earth state of Karnataka. Furthermore, the development of cycling infrastructure encourages consumers to buy and use bicycles. For instance, the guidelines in China recommend a network of segregated bicycle lanes. These guidelines include a density of one bicycle road every 1 to 3 kilometers, one segregated bicycle lane every 400 to 600 meters, and one painted bike lane or branch road and path to residential apartment buildings every 150 to 200 meters. Additionally, several national and international cycling associations are organizing various events in the Asia Pacific, which is anticipated to drive the sports bicycle market in the region.

The rest of the world includes the Middle East and Africa and South America. The Middle East offers some of the best cycling tracks for professional and recreational enthusiasts. The track at Al Qudra in UAE is one of the most popular cycling tracks in the Middle East. Additionally, Dubai hosts the most extensive bicycle exhibition in the world. The International Bicycle Exhibition is the biggest exhibition of its kind in the region. It serves as a venue for cycling lovers, professionals, and company owners to congregate among the newest market brands and developments. In addition, South America offers the cyclist a diverse off-road cycling experience, including the Lakes District in Chile, the Andes of Ecuador, the Inca trail in Peru, and Mendoza in Argentina. These locations attract many local and tourist bicycle enthusiasts to try and explore these trails.

Segmental Analysis

The global sports bicycle market is segmented by product type, application, and end-user.

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. Road-racing bicycles have very light frames, dropped handlebars, narrow, high-pressure tires, and derailleur gears with at least 16 speeds. Bicycles for road racing are intended to help in achieving speed. Road-racing bicycles are intended for maximum speed and weigh about 20 pounds (9 kg). These bicycles have many gears and drop handles that make it simple to maintain a direction. This is expected as road races are comprised of going through varying terrains, requiring adjustments in the bike's capabilities. In addition, the uniqueness of road racing bikes has gained much attention from racers, creating significant opportunities for the market during the forecast period.

Tack racing is also known as racing on a velodrome, completely different from road-bike racing. Track bicycle is ultra-simple, built on a single fixed gear, and it does not have a brake with narrow tires and is inflated to high pressure to reduce rolling resistance. The single fixed-gear bicycle prohibits the rider from coasting or freewheeling on the bike. Currently, many manufacturers are coming up with racing bicycles for kids. These bicycles combine all the benefits of a racing track bike with a geometry comfortable for kids, driving the market's growth.

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. The growth of the offline retail segment is attributable to the easy accessibility and availability of consumer goods. The retail distribution will garner a significant market share due to the availability of different brands of bicycles. The growth is attributed mainly to increasing convenience and easy access to buy products from retailers.

Online retails are projected to witness the highest growth owing to the increasing influence of digital media and marketing. Online retailers, including Amazon, Walmart, Alibaba, and other such service providers, are focusing on the continuous availability of premium and luxury products across the globe along with 30-day test-ride trial periods, as well as flexible delivery times or nearby collection points. Further, promising growth exhibited by e-commerce platforms in emerging countries, including India and China, is compelling manufacturers to reorient their retail strategies for these countries.

Based on the end-user, the global sports bicycle market is segmented into adult sports bicycles and kidsports 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. The demand for sports bicycles has been growing faster over the last few years and hence is one of the significant drivers uplifting the global sports bicycle market. The adult sports bike is expected to lead the end-user segment mainly due to the creating awareness for cycling through various government initiatives and growing interested in road cycling, recreational cycling, and mountain biking. Moreover, multiple developments in bicycle features, especially for women, and their increasing participation in various cycling activities also propel the market.

Kids tend to do cycling in their leisure time and consider it fun. On the other hand, with growing kids' interest in sports bicycling, manufacturers are coming up with more advanced cycles, such as the inclusion of bright colors, patterns, and graphics after famous superheroes, sportspeople, comic characters, and kids' celebrities, and modern designs which are capturing the interest of their directed audience. Moreover, schools and residential communities have been trying to awaken children's interest in bicycling due to environmental reasons, health benefits, and safety, positively impacting the global market.

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.