The bicycle market is set for impressive growth, with projections indicating an 8.92% CAGR through to 2033. This steady increase suggests that the market will reach a substantial valuation of USD 6,229.4 Million. Factors driving this expansion include rising health consciousness, environmental concerns, and the increasing popularity of cycling as a sustainable mode of transportation. Innovations in e-bikes and government initiatives promoting cycling infrastructure are also contributing to this positive trend.
As more people turn to bicycles for both commuting and leisure, the bicycle market’s future looks robust and promising.
Expansion in the demand for bicycles is rising globally as a result of a boost in public awareness of the health benefits of cycling. Dockless bicycle-sharing programs are gaining popularity at a significant pace among the general public, which is anticipated to support the expansion of the world bicycle market.
Key Takeaways from the Bicycle Market Report:
- The global bicycle market expanded at a CAGR of 7.42% between 2018 and 2022.
- Based on the product segment, the road bicycle market had a revenue share of 70%.
- Under the end-user segment, men sector held a significant bicycle market share at 75%.
- Based on the technology segment, the conventional sector dominates the market share of 80%.
- North America is forecasted at a market share of 42.8%.
- Europe’s market is anticipated to increase with a market share of 38.4% in the bicycle market.
Market Competition:
Key players can create and advertise new, better goods at high price points to obtain a continuous competitive edge in the bicycle market. Additionally, a few significant bicycle market players are increasing their bicycle market share by choosing techniques including mergers and acquisitions, partnerships, and collaborations.
Leading Key Players:
The bicycle market is dominated by several key players, including 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. These companies are recognized for their innovative designs, high-quality manufacturing, and extensive distribution networks, catering to a diverse range of consumer preferences from casual riders to professional athletes. Their continuous focus on technological advancements and sustainability initiatives positions them at the forefront of the global bicycle industry.
Recent Developments Contributing to the Growth of the Bicycle Market:
- Yulu is an app-based platform that offers on-demand bicycle/e-bike rentals in a few Indian cities. Through a mobile app, the business offers GPS and Bluetooth-enabled bicycles and electric bikes for rent. By scanning the QR code on the bicycle to unlock it, the user can ride after viewing nearby available bicycles on the app.
- Pony is an 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.
Bicycle 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:
- Kids
- Men
- Women
By Region:
- North America
- Europe
- Asia Pacific
- The Middle East & Africa
- Latin America
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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