During the forecast period of 2022 to 2032, the bicycle market size is projected to grow steadily at a CAGR of 5.8%. The bicycle market is anticipated to increase from US$ 59,882.2 Mn in 2021 to US$ 109,511.7 Mn by 2032, according to FMI.
Electric bicycles are expected to see significant growth in the coming years due to their convenience and eco-friendliness. The increasing focus on fitness and health is also expected to drive the demand for bicycles, as more people look for sustainable and cost-effective ways to stay active. This is particularly true in urban areas where cycling is a popular mode of transportation.
The trend towards urbanization is also expected to fuel the growth of the bicycle industry. As cities become more congested, many people are turning to bicycles as a way to get around quickly and easily. The growth of bike-sharing programs is another factor that is expected to drive the growth of the bicycle industry. Bike-sharing programs are becoming increasingly popular in cities around the world, providing an affordable and sustainable transportation option for residents.
The bicycle market growth is expected to be further fueled by expanding media coverage of such events and the growing influence of celebrity endorsement. Building the infrastructure necessary to encourage and support bicycle commuting is a top priority in China, Japan, and Singapore.
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Key Takeaways from Market Study
The bicycle market is expected to have a CAGR of 4.76% during the forecast period.
The bicycle marketis having a market valuation of US$ 1159.6 billion in 2022
The market is segmented based on product, wherein the road bicycle accounted for an adequateglobal bicycle market share of 40% in 2021.
The market is segmented based on end user, wherein the men segment accounted for a global bicycle market shareof 40% in 2021.
The market is segmented based on technology, wherein the conventional segment accounted for a significantglobal bicycle market revenue share of 80% in 2021.
The Asia-Pacific bicycle marketis anticipated to grow at the fastest rate, with a revenue share of 30% during the forecast period.
The Europe bicycle marketis expected to grow significantly with a CAGR of 10.4% during the forecast period.
Competitive Landscape:
Key players in the bicycle market can develop and promote newer, better products at higher price points in order to maintain a competitive edge in the bicycle market. As there are so many important players in the bicycle market, the expansion of the market is highly fragmented and diverse in its structure.
Some of the major participants in the bicycle market are:
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, and Trek Bicycle Corporation.
In order to grow its business in this sector, Beerens Groep NV, a Belgian automotive supplier company, in July 2020, purchased the distributor of a felt brand from its French parent company Skis Rossignol S.A., Van Der Wal.
Pony is a 2017 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.
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