The market for premium bicycles is expected to be worth around US$ 11,487.8 million in 2024. The market is expected to grow by 7.30% between 2024 and 2034, with a valuation of US$ 23,239.9 million.
The high-performance bicycle industry is expected to grow as more people adopt cycling as a regular form of exercise. Tournaments such as Tour de France and Ronde van Vlaanderen have boosted the appeal of designer bicycles. High-performance bicycles are considered a healthy exercise modality, accelerating market expansion. People use bicycles for short commutes, especially in urban areas with limited parking and increasing traffic congestion.
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Several governments are pushing for infrastructure to facilitate bicycle commuting. Green solution sellers and manufacturers view pollution from gasoline-powered automotive emissions as an opportunity, allowing premium bike brands to expand and grow their business.
Bicycle organizations and high-end bicycle manufacturers are developing experience zones to promote the global acceptance of luxury bicycles. These zones include artificial tracks with various obstacles, providing premium users with thrilling paths. High-performance bicycle manufacturers host events to raise awareness and give the riders specialized assistance and training. Off-roading culture and amusement sports are promoted as a business segment in experience zones in Europe and Asia Pacific. The premium bicycle market is expanding globally, with numerous riding and cycling circuits in various countries.
Shared mobility firms have increased demand for daily commute bicycles, which can be operated without a driver’s license and are accessible to all ages. Technological advancements like GPS and mobile applications have led to app-based dockless bicycle-sharing schemes. At the same time, increased sales of luxury bike accessories are expected to boost demand for premium bike brands.
People now understand how crucial it is to maintain their physical and mental well-being. They’ve also begun to learn that regular cycling can prevent diseases like obesity. As more people turn to cycling as a common form of exercise, the market is likely to expand.
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Lead Analyst states, “Economic conditions, consumer preferences, and outdoor activities are influencing the growth of premium bicycles. Implementing GPS and improved braking systems for riders are further expanding the market and creating opportunities for market players to innovate accessories backed with safety features.”
Key Takeaways from the Premium Bicycle Market:
- The United States bicycle market is likely to evolve at a CAGR of 5.1% through 2034.
- China’s high-end cycle market is projected to develop at a CAGR of 7.4% until 2034.
- During the forecast period, Germany’s high-performance cycle market is expected to achieve a CAGR of 6.7%.
- India’s premium cycling market is anticipated to dominate the global market at a CAGR of 9.7% over the projected period.
- The market for luxury bikes in Australia is expanding at an 8.4% CAGR from 2024 to 2034.
- The premium bicycle market was estimated to be dominated by male cyclists, with a market share of 43.70%.
- Electric cycles are expected to hold a market share of 62.40% during the forecast period.
Key Strategies:
The premium bicycle industry is competitive worldwide, with manufacturers always striving to expand their client base and penetrate new areas. Premium bike brands utilize various strategies to maintain and increase their market positions, including partnerships and alliances, mergers and acquisitions, and product innovation.
Recent Developments:
- On November 3, 2023, Trek acquired Speed Concept, a California-based bike fitting company, to expand its offering of personalized cycling experiences.
- On October 25, 2023, Trek unveiled its new Domane SLR, a lightweight endurance road bike with integrated IsoSpeed technology for enhanced comfort.
Market Segmentation
By Product Type:
- Comfort
- Cruiser
- Mountain
- Hybrid
- Road
- Cargo
- Youth
By Technology:
- Electric
- Conventional
By Price:
- Low Range
- Medium range
- Premium
By End User:
- Children
- Men
- Women
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
About Future Market Insights, Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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