Global Bicycle Market, By Product Type (Sports, Road, Mountain, and Hybrid(Sports+ Mountain)), By Technology (Electric and Conventional), By End-User (Men, Women and Kids), By Prices (Premium, Mid-Range and Low Range) and by Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) - Global Forecast to 2030 is expected to be valued at US$ 123.81 Billion by 2030, exhibiting a CAGR of 9.2% during the forecast period (2023-2030), as highlighted in a report published by Coherent Market Insights.
The bicycle industry has witnessed significant growth in recent years, primarily driven by the growing awareness of health and fitness among people worldwide. Increasingly, individuals are turning to bicycles for various purposes, including commuting, exercise, sports, hiking, and more. Consequently, manufacturers are diversifying their product offerings to cater to a broader customer base by providing specialized categories. These categories encompass mountain bikes, road bikes, hybrid bikes, and others, each tailored to specific applications and preferences.
The global bicycle market was valued at US$ 66.9 Bn in 2023 is expected to exhibit a CAGR of 9.2% during the forecast period (2023 to 2030).
Global Bicycle Market - Key Developments
- In March 2022, Tern, a bicycle manufacturer, launched a new electric bicycle, the Quick Haul. The new bicycle is a compact electric bike designed for urban use.
- In June 2022, Trek Bicycle Corporation, a bicycle and cycling product manufacturer, acquired Folsom Bike, a locally owned and operated bike company. The stores offer brands like Trek, Electra, Niner, Cervelo, Giant, Liv, Momentum, Pinarello, and Pivot.
Global Bicycle Market - Impact of COVID-19
COVID-19 has significantly disrupted almost all industries, including infrastructure, retail, manufacturing, power and utility, and others. To combat the COVID-19 pandemic, most countries have implemented lockdowns and are now easing it phase-wise and industry-wise. The COVID-19 pandemic has shut down the production of various products in the manufacturing and utility industries globally, owing to the prolonged lockdown in major countries across the globe. The surge in demand for bicycles led to supply chain challenges. Bicycle manufacturers faced difficulties sourcing components and materials, leading to delays in production and delivery.
However, the bicycle market experienced several notable impacts as a result of the COVID-19 pandemic, with both positive and negative effects on the industry. These impacts varied depending on factors like location, the type of bicycles, and the stage of the pandemic. Here are some key points regarding the COVID-19 impact on the bicycle market:
During the initial stages of the pandemic in 2020, there was a surge in demand for bicycles in many parts of the world. This was driven by several factors: With concerns about using public transportation due to the risk of virus transmission, many people turned to bicycles as a safe and socially distant mode of transportation. Lockdowns and restrictions limited indoor activities, leading to increased interest in outdoor recreational activities. Bicycling provides an accessible and enjoyable option for exercise and leisure. In the post-COVID-19 scenario, the demand for bicycles continued, which is likely to boost the market positively.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/bicycle-market-3910
Browse 150 market data tables* and 90 figures* on “Global Bicycle Market - Global Forecast to 2030”
Key Trends and Analysis of the Global Bicycle Market:
- Advent of bicycles in the corporate sector to endorse eco-friendly transportation: In developed regions such as Europe and North America, many corporate offices have started using bicycles and electric vehicles as a mode of transport inside their campuses, and it is mandatory that every employee follow this in order to enhance air quality and minimize the pollution index inside the campuses. The U.S. Green Building Council (UGBC) is supporting corporate offices to be leaders in energy and environmental design, or LEED.
- Improved material science has facilitated the manufacturing of ultra-lightweight bicycles: Advancements in material science have allowed manufacturers to fabricate ultra-lightweight bicycles. The new technology and advanced methodology used for the manufacturing of such bicycles have found increasing application in the manufacturing of sports and mountain bicycles. 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.
