The global bicycle market growth in 2022 was US$ 1,300 million and is estimated to be US$ 2,650.23 million in 2023. The bicycle market is expected to increase at a CAGR of 8.92% between 2023 and 2033, totaling around US$ 6,229.4 million by 2033.
Definition and Functionality: Bicycles are human-powered vehicles with two wheels attached to a frame, propelled by pedals. They come in various designs and configurations suited for different purposes, such as road biking, mountain biking, commuting, touring, and leisure riding. Bicycles provide a sustainable and efficient mode of transportation, promoting physical activity and environmental sustainability.
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Market Size and Growth: The market size for bicycles is influenced by factors such as population demographics, urbanization trends, government policies promoting cycling infrastructure and active transportation, consumer preferences for eco-friendly and healthy lifestyles, technological advancements in bicycle design and materials, and economic factors affecting disposable income and purchasing power.
Technological Trends: Technological advancements in the bicycle market focus on improving performance, comfort, safety, and convenience through innovations such as lightweight materials (carbon fiber, aluminum alloys), advanced frame geometries, suspension systems, electronic shifting systems, disc brakes, tubeless tire technology, integrated GPS and connectivity features, and electric-assist systems for e-bikes.
Market Drivers: Factors driving the bicycle market include increasing awareness of health and fitness benefits associated with cycling, concerns about air pollution and traffic congestion in urban areas, government initiatives promoting cycling infrastructure and active transportation policies, advancements in bicycle technology making cycling more accessible and enjoyable, and consumer preferences for eco-friendly and sustainable transportation options.
Key Takeaways from the Bicycle Market Study
- 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.
“Developments in GPS technology and Mobile App development is one of the key drivers of the bicycle market”, comments a Future Market Insights analyst.
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.
Key Players Profiled in the Bicycle Market
- 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
- Trek Bicycle Corporation
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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.
Key Segments
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
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.
About Future Market Insights (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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