During the forecast period of 2022 to 2032, the global 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.
The global bicycle market is experiencing significant growth, driven by several key factors. One of the primary drivers is the increasing popularity of cycling as a recreational activity, sport, and environmentally friendly mode of transportation. People are increasingly embracing cycling as a means to stay active and enjoy the outdoors.
Moreover, there is a growing consciousness about health and fitness, with individuals recognizing the importance of leading an active lifestyle. Cycling is viewed as a low-impact exercise that offers numerous health benefits, including improved cardiovascular fitness, muscle strength, and weight management. As a result, the demand for bicycles is on the rise.
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Urbanization and traffic congestion are also contributing to the growth of the bicycle market. With the rapid urbanization of many regions, traffic congestion has become a major issue. Bicycles provide a cost-effective and efficient solution for short-distance commuting, particularly in densely populated cities. They offer a way to bypass traffic, reduce commuting time, and minimize the environmental impact of transportation.
Sustainability and environmental concerns are playing a significant role in the bicycle market's growth. As people become more aware of the environmental impact of traditional modes of transportation, there is a growing preference for eco-friendly alternatives. Bicycles produce zero emissions, require minimal resources, and contribute to reducing carbon footprints, making them an attractive choice for environmentally conscious individuals.
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.
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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Key segments
By Product Type:
Comfort
Cruiser
Mountain
Hybrid
Road
Cargo
Youth
By Technology:
Electric
Conventional
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