The Global Bicycle Market size is expected to reach $93.5 billion by 2027, rising at a market growth of 8.0% CAGR during the forecast period.
Bicycles are an environmentally beneficial means of transportation that come in a variety of styles, including electric bikes, cargo bikes, and mountain bicycles. Bicycles are easy to ride and are regarded as one of the healthiest and safest ways of transportation. Additionally, significant bicycle clubs such as Easy Rider Bike Club, Go Out and Tour Somewhere, and Road Soldiers Cycling Club all have the same goal to boost customer interest in cycling. As a result, they arrange a variety of sports events, bike rallies, recreational activities, and competitions to encourage people to ride bicycles.
Cycling is mostly an aerobic activity, which strengthens the heart, blood vessels, and lungs of a cyclist. In addition, cycling also cures various cardiovascular diseases and disorders such as stroke, high blood pressure, and heart attack Cycling on a regular basis stimulates and strengthens lungs along with blood circulation, lowering the risk of heart diseases in the future.
The market is expected to develop due to an increasing number of people who choose biking as a form of recreation. Bicycles are expected to grow in popularity as a practical method of exercise for maintaining a healthy lifestyle free of obesity and other diseases. Dockless bicycle-sharing systems have previously grown more popular. This device allows users to navigate a nearby bicycle and electronically unlock it. Dockless bicycle-sharing systems are rapidly gaining popularity in numerous countries all over the world.
Health benefits, traffic congestion avoidance, environmental benefits, and a surge in the demand for e-bikes as a sports equipment are some of the key factors increasing the adoption of e-bikes around the world. Moreover, key manufacturers such as Giant Manufacturing Co. and Accell Group are focusing on improving the entire user interface by developing and designing bicycles that can be integrated with the rider's smartphone to provide real-time information on the speed and battery status, bolstering market growth during the forecast period.
The COVID-19 outbreak led the world economy to a steep downfall. Various businesses across the world were significantly affected due to the diffusion of the novel coronavirus. Moreover, governments of several countries were forced to impose county-level lockdowns, which majorly hampered the supply chain of various goods, including the components of bicycles. Additionally, during the pandemic, sudden supply chain interruptions in the automobile sector also posed a significant challenge for bicycle manufacturers as the cash flow across the industry was regulated. The growing popularity of remote working across the corporate sector also reduced the utilization of bicycles. Further, companies in the corporate sector are implementing work-from-home in order to stop the containment of the infection, due to which, the utilization of bicycles among employees has been significantly decreased.
Companies are concentrating their efforts on introducing eco-friendly as well as highly efficient paddle cycles to provide users with an environmentally responsible mode of transportation. In addition, the expanding hiking and leisure trend while complying with environmental safety measures among the general public is likely to boost demand for such items. The environmental effect of manufacturing a bicycle is substantially lower than that of the most common modes of transportation, such as vehicles. More importantly, better air quality helps to protect green spaces, monuments, and buildings from various types of pollution and their negative impacts. excess dust from the air, in particular, can darken the surface.
Various companies are now majorly focused on integrating automatic speed control and anti-theft technologies into the design of regular paddle cycles in order to provide users with an athletic and high-performing vehicle. Users of electric bikes can benefit from speed control as well as anti-theft features. Moreover, the constantly increasing number of advancements being introduced in several bikes with cyclocross brakes to superior hydraulic disc brakes has captured the interest of consumers in purchasing advanced paddle cycles. Moreover, one of the most significant enhancements in bicycles is the advent of anti-theft locks. This feature is significantly allowing people to invest more in better and enhanced bicycles.
Alternative modes of transportation, such as buses, trains, automobiles, and various other transport is decreasing the demand for bicycles among people as public transport vehicles allow people to travel more distance in lesser fare. In addition, the number of public transport vehicles is constantly increasing as a result of developments across various countries. Due to this, people are increasingly adopting public transport. Also, public transport is also considered safer than private vehicles, due to which, people are more inclined toward public transport. In addition, there is a lack of dedicated cycling tracks in various developing and under-developing countries. Due to this, rising bicycles on road becomes more dangerous as the tendency of road accidents increases.
Based on Technology, the market is segmented into Conventional and Electric. In 2020, the electric segment registered a significant revenue share of the bicycle market. The increasing growth of the segment is owing to the ease of operation of these bicycles. The learning curve of these bicycles is low, due to which, more people are purchasing electric bikes. In comparison to their conventional equivalents, electric bikes can also provide faster speed with lesser effort. Additionally, despite their smaller size, the latest batteries employed in electric bikes can offer larger capacity and longer run lives. The convenience of electric bicycles is enhanced by maintenance-free batteries. As a result, consumers are likely to prefer these bicycles. This factor would drive the growth of this segment.
Based on End User, the market is segmented into Men, Women, and Kids. In 2020, the men segment acquired the largest revenue share of the bicycle market. The increasing growth of the segment is attributed to the rising number of men that are employing bicycles to commute to their workforces. In addition, the rising number of men participating in various road trip activities is also a factor that is driving the growth of this segment.
Based on Distribution Channel, the market is segmented into Offline, and Online. In 2020, the online segment registered a substantial revenue share of the bicycle market. Consumer participation in online stores is estimated to increase as smartphone and internet usage increases in emerging markets all over the world. As the internet's penetration grows, vendors are increasingly turning to online platforms like Amazon, Ali Express, Flipkart, and Amazon to sell their goods in new regions. Additionally, internet channels offer great discounts on every product, attracting customers to purchase goods online. Further, the convenience offered by online distribution channels, along with the doorstep delivery, would majorly drive the growth of this segment over the forecasting period.
Based on Product, the market is segmented into Road, Mountain, Hybrid, Cargo, and Others. In 2020, the road segment witnessed the largest revenue share of the bicycle market. The growth of road bicycles is increasing due to the fact that road bikes are the most basic type of bicycles, which do not require any sophisticated additional components like other bicycles. Moreover, the emerging trend among people to modify road bicycles for several purposes is likely to add to the segment's growth over the forecasting period.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 56 Billion |
| Market size forecast in 2027 | USD 93.5 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 8% from 2021 to 2027 |
| Number of Pages | 209 |
| Number of Tables | 436 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Technology, Distribution Channel, Product, Distribution Channel, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2020, Asia-Pacific witnessed the largest revenue share of the bicycle market. The increasing growth of the segment is owing to the fact that countries such as Japan, China, and Singapore place a high priority on developing the infrastructure required to encourage and enable bicycle commuting. Some Asian cities, such as Tokyo, are noted for having the lowest accident rates, making them ideal destinations for urban riding. Additionally, Chinese bicycle-sharing businesses are rapidly expanding their operations in nations such as Australia and India. As a result, bicycle demand is likely to increase in the coming years.
Free Valuable Insights: Global Bicycle Market size to reach USD 93.5 Billion by 2027
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accell Group, Giant Manufacturing Co. Ltd., Cervélo (Pon Holdings BV), SCOTT Sports SA, Merida Industry Co., Ltd., and Specialized Bicycle Components, Inc.
By Technology
By End User
By Distribution Channel
By Product
By Geography
The global bicycle market size is expected to reach $93.5 billion by 2027.
Who are the leading players in the bicycle market?
Has COVID-19 impacted the bicycle market?
Which segment shows a high revenue share of the bicycle market in 2020?
Which region is fastest growing region in the market?
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