The bicycle market comprises bicycles available in different frame sizes and styles including road, mountain, hybrid, and electric bicycles. Road bicycles are lightweight with drop handlebars used for fitness and recreational activities. Mountain bicycles have wider tires and seat suitable for off-road riding on uneven terrain. Hybrid bicycles combine both road and mountain bicycles with flat handlebars and casual riding posture. Recent introduction of electric bicycles or e-bikes is giving the market a boost, as they provide extra power to the rider using battery and electric motor without much physical exertion. Growing health awareness among people regarding fitness, environmental benefits of bicycles over motor vehicles, and focus on active commuting is driving the demand for both conventional and electric bicycles.
The Global Bicycle Market is estimated to be valued at US$ 79.78 Bn in 2024 and is expected to exhibit a CAGR of 9.2% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the bicycle market are Giant Bicycle Inc., Samchuly Bicycle Co., Ltd., Atlas Cycles Ltd., Tandem Group plc, Derby Cycle, Merida Industry Co. Ltd., Avon Cycles Ltd., Dorel Industries Inc., Trek Bicycle Corporation, Xiaomi, Accell Group, Zhonglu Co. Ltd., and Tube Investment of India Limited. Giant Bicycle is the largest manufacturer of bicycles globally.
Growing health awareness among people regarding fitness and obesity prevention is a major factor driving the Bicycle Market Demand. Rising fuel prices and traffic congestion is also prompting people to opt for cycling for commuting. The bicycle market is witnessing increased adoption for fitness training and recreational activities as well.
Technological advancements are expanding the application of bicycles. Introduction of electric bicycles or e-bikes is gaining popularity as they provide extra battery powered thrust to cover longer distance with less physical exertion. Integration of wearable devices, GPS tracking, and wireless connectivity in bicycles is enhancing safety, commute convenience, and overall riding experience.
Market Trends
Folding bicycles demand is on rise due to benefits of easy portability and storage. Manufacturers are launching innovative designs of folding bicycles to attract both recreational riders and commuters. Growing popularity of bicycles among youth is pushing performance road bikes segment towards high growth. Moreover, increasing cycling infrastructure development by governments worldwide including dedicated lanes, paths, and parks is encouraging cycle usage.
Market Opportunities
Adoption of ebikes presents significant growth prospects for bicycle market. With advantages of assisted pedaling over long distance, ebikes are gaining traction among daily commuters and recreational riders. Growing health consciousness makes mid-level hybrid bikes an emerging opportunity as they offer blend of fitness and casual riding experience. Moreover, rise of shared mobility and bike rental startups present new revenue channels for manufacturers through subscription models.
Impact of COVID-19 on Bicycle Market Growth
The outbreak of COVID-19 has significantly impacted the growth of the global bicycle market. During the initial lockdown periods in 2020, the demand for bicycles witnessed a sharp decline as non-essential stores were closed and people were advised to stay indoors. This led to disruptions across the bicycle supply chain including a halt in manufacturing and shipments. However, as lockdowns were gradually lifted, cycling emerged as a safe outdoor recreational activity with social distancing. Many people took to cycling for physical exercise and also as an alternative to public transport. This resulted in a surge in bicycle sales in the post-lockdown period of 2020. Various companies ramped up production to meet the rising consumer demand. While traditional bicycle retailers struggled during lockdowns, online bicycle sales grew substantially. Going forward, factors like growing health consciousness, environment protection, and preference for personal mobility options are expected to boost the bicycle market even in the post-pandemic times. However, supply chain constraints, rising input costs and potential future pandemic waves remain key challenges for market growth.
Europe Remains Key Region for Bicycle Market
In terms of value, Europe currently dominates the global bicycle market accounting for over 30% share. Countries like Netherlands, Germany, Denmark, France and Italy have well developed cycling infrastructure and a culture of cycling for both leisure and commuting. Supported by strong government initiatives and policies that promote cycling, the demand for bicycles has been steadily rising in major European countries. For instance, Europe accounts for over half of the world's total cycling trips. The region is also a major hub for international bicycle brands and manufacturing facilities. Going forward, continued investments in cycling networks across cities and rising awareness about environmental protection are projected to make Europe the largest bicycle market during the forecast period.
Asia Pacific Emerging as Fastest Growing Region
The Asia Pacific region is expected to experience the fastest growth in the global bicycle market during the forecast period from 2024 to 2031. Growing health awareness, increasing spending capacity, hot weather conditions, and tech-enabled micro-mobility solutions are driving the demand for bicycles. Moreover, countries like China, Japan and India are witnessing rapid urbanization which is promoting cycling as a viable commuting option in crowded cities. Bicycle manufacturing is also gaining traction in Asia due to availability of low-cost manufacturing bases and raw materials. The favorable demographic trends of rising millennial and generation Z populations further support the market growth. Backed by burgeoning middle-class, Asia Pacific offers immense opportunities for both domestic and international bicycle brands in the upcoming years.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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