BICYCLE MARKET ANALYSIS

The global bicycle market was valued for US$ 62.4 Bn in 2022, is expected to exhibit a CAGR of 9.2% during the forecast period. A bicycle is a human-powered or pedal-driven vehicle with two wheels attached to a frame. Bicycles are used for various purposes, including sports, the daily commute, and adventure sports. There are different types of bicycles available on the market, including mountain bikes, road bikes, sports bikes, and hybrid bikes. Although bicycles have been used since the 19th century, they have evolved massively over the years with the production of lighter and faster bikes. Different accessories are now being added to bicycles, such as luggage carriers, front-mounted baskets, child seats, training wheels, etc.

Global Bicycle Market- Driver

• Increasing Awareness Among Consumers Regarding Health Benefits Of Bicycle Is Expected To Drive Growth Of The Global Bicycle Market During The Forecast Period: Modern lifestyles and hectic schedules have forced people to work without ample exercise. With the increasing intake of junk food, health issues such as obesity are arising at a very early age. On the contrary, a healthy and more nature-friendly lifestyle is becoming more and more popular as people raise awareness about the hazards caused by obesity. Many studies have revealed that bicycling burns around 500–700 calories per hour. Various countries have started adopting bicycle riding as an effective way of burning fat and maintaining normal body mass. Even doctors advise the general public around the world to use bicycles as a must-have tool for living a healthy life, whether they are obese or not. Thus, these factors are expected to drive growth of the market in the near future.

• Significant Increase In Oil Prices And Rising Need To Prevent Natural Resources Are Expected To Propel The Global Bicycle Market Growth Over The Forecast Period: The major disadvantage offered by bicycles is that it does not require external fuel or a source of supply to drive. Since natural resources are limited and draining rapidly, adopting bicycles is crucial to avoiding depletion of resources. In order to save oil and fuel, customers tend to cycle the distances that are close enough for them. Furthermore, consumers are also saving a significant amount of money by not spending on fuel, and there is also no need for a driving license for cycling. Hence, these factors are expected to propel the global bicycle market’s growth over the forecast period.

Global Bicycle Market-Opportunity

• Constantly Increasing Demand for Cleaner and Faster Mode of Transportation Can Present Major Growth Opportunities: The pollution caused by the emissions from fuel-driven vehicles has increased significantly in recent years. On the contrary, it has presented a massive opportunity for green solution providers and manufacturers to capitalize on the market. The bicycle manufacturers can exploit these conditions as an opportunity to expand and increase their business. The eco-friendly mode of transport with bicycles as a medium has already gained popularity and is a prominent trend in European countries like Denmark, the Netherlands, and the U.K.

• High Growth of Tourism Industry Can Provide Lucrative Business Opportunities: The tourism industry has witnessed massive growth in numerous economies. Cycle tourism provides major opportunities for manufacturers to gain a competitive edge in the market. There has been a global increase in the construction of cycle tourism projects in various countries to generate a good source of revenue for the country. For instance, in Germany and France, the average annual turnover from cycling tourism is approximately 11 billion euros and the revenue is expected to increase in the near future due to increased infrastructural and extension activities going on in the cycling tracks and lanes.

Figure 1: Global Bicycle Market Share (%), By Region, 2022

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Global Bicycle Market- Restraint

• Unsuitability for Longer Distances Is Expected To Restrain Growth Of The Global Bicycle Market During The Forecast Period: Commuting by bicycle is ideal and suitable for shorter distances, as the human capacity to cycle is limited. The energy to be exerted for cycling longer distances is comparatively higher, and thus it’s a very tiresome task. Moreover, the speed of bicycles is limited, whereas automobiles go faster, and destinations can be reached sooner. Thus, these factors are expected to restrain growth of the market during the forecast period.

• Lack of Dedicated Cycling Tracks Is Expected To Hinder The Global Bicycle Market Growth Over The Forecast Period: The major challenge inhibiting growth in the market is the lack of an ample number of dedicated cycling tracks. Emerging economies are laying emphasis on creating a bicycle-friendly world and safe cycling tracks so that there are no accidents or injuries to consumers and safety is assured. Moreover, in countries such as Brazil, India, and Indonesia, where the population is higher, there are very few dedicated cycling tracks built by authorities. Hence, these factors are expected to hinder the global bicycle market’s growth over the forecast period.

Global Bicycle Market- Impact of COVID-19

• Many countries around the globe, such as India, Spain, and Italy, have imposed nationwide lockdowns. For instance, India has imposed a lockdown from March 25 to June 1 until further notice. In India, all social gathering events, such as bicycle racing events, are prohibited during the lockdown period.
• Moreover, there is also a shortage of manpower at the bicycle manufacturing facilities due to the lockdown. The demand for bicycles is also expected to decrease in 2020 due to the nationwide lockdown. In some areas of India, roaming on the streets without any prior permission is prohibited. Owing to all these factors, COVID-19 is expected to be a challenge for market’s growth during the year 2020.  

Figure 2: Global Bicycle Market (US$ Bn) Analysis and Forecast, By Product Type, 2022

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Global Bicycle Market- Competitive Scenario

Key players operating in the global bicycle market are Giant Bicycle Inc., Samchuly Bicycle Co., Ltd., Atlas Cycles Ltd., Tandem Group plc, Derby Cycle, Merida Industry Co. Ltd., Avon Cycles Ltd., Dorel Industries Inc., Trek Bicycle Corporation, Xiaomi, Accell Group, Zhonglu Co. Ltd., and Tube Investment of India Limited.

Global Bicycle Market- Recent Developments

Major companies in the market are involved in mergers and acquisitions in order to gain a competitive edge.

• In January 2023, Yadea, a manufacturer of electric two-wheeled vehicles, launched its two new electric bike models at the Consumer Electronic Show (CES) 2023 in Las Vegas. The company unveiled models including the Innovator, URider S, and Trooper 1.
• In January 2022, Cardinal Cycling Group, a sports goods manufacturer, acquired bicycle manufacturer Detroit Bikes. Detroit Bikes LLC has sold off its assets, including its brand, inventory and 50,000-square-foot factory, to Cardinal Cycling Group.
• In May 2022, Government of Vermont introduced new electric bike and car incentive programs and continues an existing EV incentive program for state residents. The transportation sector currently causes about 40% of the state’s carbon emissions. Denver, Colorado, also launched an incredibly popular e-bike rebate program.

Global Bicycle Market- Regional Analysis

Asia Pacific is expected to hold a dominant position in the global packaging robot market in 2030

• The Asia Pacific region dominated the global bicycle market in 2022, accounting for 31.5% share in terms of volume, followed by Europe and North America, respectively.
• Among the Asia Pacific countries, China is a significant player in the global bicycle market. In china, there was a shift towards e-bikes (electric bicycles) in urban areas, reflecting changing transportation preferences. Similarly, in 2022, India experienced a growing demand for bicycles, driven by factors like increased awareness of fitness and health, rising environmental concerns, and government initiatives promoting cycling as a means of transportation. Further, electric bicycles (e-bikes) were gaining popularity across the Asia Pacific region, with China leading in e-bike production and sales. E-bikes were seen as a convenient and eco-friendly mode of transportation, especially in densely populated urban areas.
• Europe has a strong cycling culture, with countries like the Netherlands and Denmark known for their extensive cycling infrastructure and high bicycle usage rates for daily commuting. European cities are increasingly investing in bicycle-friendly infrastructure and bike-sharing programs to promote cycling as a sustainable mode of urban transportation. Mountain biking remained popular in regions with suitable terrain, such as the Alps. It attracted tourists and local enthusiasts alike, driving demand for high-quality mountain bikes.
• The bicycle market in North America was experiencing growth, driven by factors like increased interest in outdoor activities, fitness, and the need for alternative transportation options. Major cities in the U.S. and Canada have bike-sharing programs, making it easier for residents and tourists to access bicycles for short trips. Growing awareness of environmental sustainability is encouraging more people to adopt bicycles as a green mode of transportation.

Global Bicycle Market- Segmentation

The global Bicycle Market is classified into following segments based on product type, technology, end-user, prices and region.

• The road bicycle segment held the largest share of revenue in 2022, and is anticipated to maintain its dominant position in the foreseeable future. This growth is attributed to road bicycles being the most fundamental type of bicycles, requiring minimal specialized accessories compared to racing, mountain, or other specialized models. Additionally, the increasing trend of individuals customizing road bicycles for specific purposes is expected to further boost this segment's expansion in the coming years.
• Conversely, the mountain bicycle segment is projected to experience substantial growth during the forecast period. This growth can be attributed to the rising popularity of mountain biking, particularly among millennial who view it as a recreational and adventurous pursuit. Moreover, there is a steady increase in the participation of women and children in sports, which is expected to positively impact the growth of this segment on a global scale. Furthermore, the establishment of new mountain biking circuits, coupled with increased media coverage of such events, is set to drive growth within this segment.
• The global bicycle market was valued at US$ 62.4 Bn in 2022, and is expected to reach US$ 123.81 Bn by 2030, exhibiting a CAGR of 9.2% between 2023 and 2030.