In 2022, the global bicycle market was valued at USD 1,300 million and is projected to grow to USD 2,650.23 million in 2023. The market is anticipated to expand at a CAGR of 8.92% from 2023 to 2033, potentially reaching around USD 6,229.4 million by 2033.
The growth of the bicycle market is largely driven by an increasing consumer preference for bicycles as a leisure activity. Bicycles are favored for promoting an active, healthy lifestyle and for their ability to help prevent various health issues, making them a popular choice for exercise.
The rising global demand for bicycles is also fueled by growing public awareness of the health benefits associated with cycling. Moreover, the rapid proliferation of dockless bicycle-sharing programs is playing a significant role in market expansion, highlighting a shift towards more accessible and sustainable transportation options.
Comprehensive Market Insights: Full Report Overview
Key Takeaways from the Market Study
- The global bicycle market experienced a CAGR of 7.42% from 2018 to 2022.
- In terms of product segments, road bicycles accounted for a revenue share of 70%.
- Among end-users, the male demographic held a substantial market share of 75%.
- By technology segment, conventional bicycles dominate with an 80% market share.
- North America is projected to capture a market share of 42.8%.
- Europe’s market share is expected to rise to 38.4% within 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.
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.
Top Key Players
- 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
Recent Developments Contributing to the Growth of the Bicycle Market
- Yulu is an app-based platform that offers on-demand bicycle/e-bike rentals in a few Indian cities. Through a mobile app, the business offers GPS and Bluetooth-enabled bicycles and electric bikes for rent. By scanning the QR code on the bicycle to unlock it, the user can ride after viewing nearby available bicycles on the app.
- Pony is an app-based platform for dockless bicycle rentals in a few locations across Europe. The software allows users to find nearby vehicles that are available and lock/unlock them by scanning a QR code. Users may leave the bicycle at any authorized spot when they reach their destination.
Valuable Insights Available
Future Market Insights offers an unbiased analysis of the bicycle market providing historical data from 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the bicycle market is segmented based on major 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), and Region: (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding China & Japan, Japan, China, Middle East & Africa)
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