The global bicycle market in 2022 was US$ 1,300 million and is estimated to be US$ 2,650.23 million in 2023. The bicycle market is expected to increase at a CAGR of 8.92% between 2023 and 2033, totaling around US$ 6,229.4 million by 2033.
The Bicycle Market encompasses the production, distribution, and sale of bicycles and related accessories worldwide. Bicycles are popular modes of transportation, recreational vehicles, and fitness equipment, with a diverse range of models designed for various purposes and users. Here’s an overview of the Bicycle Market:
Market Overview: The Bicycle Market serves a wide range of consumers, including commuters, recreational cyclists, fitness enthusiasts, professional athletes, and children. Bicycles are popular for their affordability, eco-friendliness, health benefits, and versatility in urban, suburban, and rural environments.
Gain expert insights and supercharge your growth strategies. Request our market overview sample:
https://www.futuremarketinsights.com/reports/sample/rep-gb-15196
Market Drivers:
Sustainable Transportation: Growing awareness of environmental issues and urban congestion drives demand for bicycles as eco-friendly, energy-efficient alternatives to cars for short-distance commuting and errands.
Health and Fitness Trends: Increasing emphasis on health and fitness motivates consumers to adopt cycling as a low-impact cardiovascular exercise that promotes weight loss, muscle strength, and overall well-being.
Urbanization and Infrastructure Development: Expansion of bicycle lanes, bike-sharing programs, and cycling-friendly infrastructure in cities promotes cycling as a convenient, safe, and accessible mode of transportation.
Key Players:
Bicycle Manufacturers: Companies such as Giant Bicycles, Trek Bicycle Corporation, Specialized Bicycle Components, Cannondale, and Merida Bikes are leading global manufacturers of bicycles, producing a wide range of models for different riding disciplines and user preferences.
Retailers and Distributors: Bicycle retailers, specialty bike shops, sporting goods stores, and online retailers play a crucial role in distributing bicycles and accessories to consumers.
Component Suppliers: Suppliers of bicycle components and accessories, including Shimano, SRAM, Campagnolo, and Continental, provide drivetrain systems, brakes, wheels, tires, and other parts used in bicycle assembly and maintenance.
Market Trends:
Electric Mobility: The rise of electric bikes (e-bikes) continues to be a significant trend in the Bicycle Market, driven by advancements in battery technology, motor efficiency, and government incentives promoting electric mobility.
Urban Cycling: Increasing urbanization and efforts to promote cycling-friendly cities contribute to the growth of urban cycling as a practical, efficient, and sustainable transportation option for city dwellers.
Online Retail: The growth of e-commerce platforms and online retail channels provides consumers with convenient access to a wide selection of bicycles, accessories, and related products, driving online sales in the Bicycle Market.
Challenges:
Safety Concerns: Safety issues such as traffic accidents, collisions with pedestrians, and thefts pose challenges for cyclists and may deter some individuals from cycling as a mode of transportation.
Infrastructure Gaps: Inadequate cycling infrastructure, including bike lanes, bike parking facilities, and safety measures, in certain regions may limit the uptake of cycling and pose challenges for cyclists’ safety and convenience.
Price Sensitivity: Affordability is a key consideration for consumers when purchasing bicycles, accessories, and related products, with price sensitivity influencing purchasing decisions and market demand.
Key Takeaways from the Bicycle Market Study
- The global bicycle market expanded at a CAGR of 7.42% between 2018 and 2022.
- Based on the product segment, the road bicycle market had a revenue share of 70%.
- Under the end-user segment, men sector held a significant bicycle market share at 75%.
- Based on the technology segment, the conventional sector dominates the market share of 80%.
- North America is forecasted at a market share of 42.8%.
- Europe’s market is anticipated to increase with a market share of 38.4% in the bicycle market.
“Developments in GPS technology and Mobile App development is one of the key drivers of the bicycle market”, comments a Future Market Insights analyst.
Unlock Exclusive Market Segments Insights: Buy Now to Discover Vital Trends, Drivers, and Challenges in this Industry:
https://www.futuremarketinsights.com/checkout/15196
Market Competition
Key players can create and advertise new, better goods at high price points to obtain a continuous competitive edge in the bicycle market. Additionally, a few significant bicycle market players are increasing their bicycle market share by choosing techniques including mergers and acquisitions, partnerships, and collaborations.
Key Players Profiled in the Bicycle Market
- Accell Group
- Atlas Cycles (Haryana) Ltd.
- Avon Cycles Ltd.
- Cervelo
- Dorel Industries Inc.
- Giant Bicycles
- Merida Industry Co., Ltd.
- Specialized Bicycle Components, Inc.
- SCOTT Sports SA
- Trek Bicycle Corporation
Key Segments
By Product Type:
- Comfort
- Cruiser
- Mountain
- Hybrid
- Road
- Cargo
- Youth
By Technology:
- Electric
- Conventional
By Price:
- Low Range
- Medium range
- Premium
By End User:
- Kids
- Men
- Women
By Region:
- North America
- Europe
- Asia Pacific
- The Middle East & Africa
- Latin America
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube