During the forecast period of 2022 to 2032, the bicycle market is projected to grow steadily at a CAGR of 5.8%. The bicycle market is anticipated to increase from US$ 59,882.2 Million in 2021 to US$ 109,511.7 Million by 2032, according to FMI.
One of the most notable trends in the bicycle market is the surge in popularity of electric bikes, commonly known as e-bikes. E-bikes have witnessed a remarkable boom in recent years due to their numerous advantages. They provide assistance to riders through electric motors, making cycling more accessible and enjoyable for a broader range of individuals. E-bikes offer benefits such as extended range, reduced effort during uphill climbs or long distances, and eco-friendly transportation alternatives. The growing concerns about environmental sustainability and the increased emphasis on health and fitness have contributed to the rapid adoption of e-bikes among consumers.
The increase of the bicycle market is anticipated to be driven by the rise in the number of people opting to bike as a leisure activity. The customer preference for bicycles as a practical form of exercise to ensure a healthy life free from obesity and other illnesses is predicted to further boost the bicycle market share rise.
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The creation of dockless bicycle sharing programmes that use mobile apps is the result of recent advancements in GPS technology and mobile app development. Additionally, it is anticipated that the broad adoption of such dockless bicycle-sharing systems will significantly raise demand for bicycles.
Chinese bike-sharing companies are aggressively expanding their operations in Europe to take advantage of the market opportunities for bicycles. This should hasten the growth of the bicycle market throughout the predicted period.
An upsurge in cycling events that are being staged in several countries around Asia, Africa, and the Middle East is boosting sales of road and mountain bikes. Due to the growing traffic congestion and shortage of parking, particularly in metropolitan areas, people are considering utilising bicycles to travel short distances in order to save time.
Key Takeaways from Market Study
The bicycle market is expected to have a CAGR of 4.76% during the forecast period.
The bicycle market is 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 adequate global 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 share of 40% in 2021.
The market is segmented based on technology, wherein the conventional segment accounted for a significant global bicycle market revenue share of 80% in 2021.
The Asia-Pacific bicycle market is anticipated to grow at the fastest rate, with a revenue share of 30% during the forecast period.
The Europe bicycle market is expected to grow significantly with a CAGR of 10.4% during the forecast period.
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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.
Key segments
By Product Type:
Comfort
Cruiser
Mountain
Hybrid
Road
Cargo
Youth
By Technology:
Electric
Conventional
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