Global Bicycle Market Size Is Expected To Reach USD 119.29 Billion By 2030

Bicycle Industry Overview

The global bicycle market size was valued at USD 59.33 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.2% from 2022 to 2030.

The increase in the number of people opting for bicycling as a form of leisure is anticipated to propel the market growth. Preference for bicycles as a convenient form of exercise to ensure a healthy life, free from obesity and other disorders, is expected to further boost the market expansion. The popularity of dockless bicycle-sharing systems has been rising lately. This system allows users to locate a bicycle nearby and unlock it electronically. Incepted originally in Europe, dockless bicycle-sharing systems are gaining popularity, particularly in Asian nations such as India and China.

Gather more insights about the market drivers, restrains and growth of the Global Bicycle Market

Furthermore, recent advancements in mobile app development and Global Positioning System (GPS) have resulted in app-based dockless bicycle-sharing systems. Moreover, the growing adoption of such dockless bicycle-sharing systems is anticipated to fuel the demand for cycles significantly. Chinese bicycle-sharing companies are particularly investing and expanding their operations aggressively in the European nations to capitalize on the market opportunities. This is expected to boost the market growth in the forthcoming years.

People have started realizing the importance of staying fit and having a healthy life. They have also started realizing that regular bicycling can keep disorders, such as obesity, at bay. The market is likely to grow as more and more people are resorting to bicycling as a regular form of exercise. Events such as Tour de France and Ronde van Vlaanderenare further add to the popularity of these vehicles. Meanwhile, a rise in bicycling events being organized in various countries from Asia, Africa, and the Middle East is fueling the sales of mountain and road bicycles.

The growing traffic congestions and shortage of parking space, particularly in metropolitan cities, are prompting people to consider bicycle commutation for short distances to save time. At the same time, various governments are aggressively rolling out the infrastructure necessary to support bicycle commutation, thereby encouraging people to opt for bicycles. However, the looming lack of the infrastructure necessary to support and encourage bicycle commutation, particularly in developing economies, such as India, is anticipated to hinder the growth of the market. Similarly, lightweight bicycles made using composite materials make them expensive, which does not bode well for the market expansion.

The outbreak of COVID-19 is certainly expected to favor the market growth in the coming years as several governments around the globe are significantly promoting bicycles as one of the safest-medium of transportation, which helps people to maintain social distancing. Besides, governments across key countries such as the U.K and Italy are providing subsidies on the purchase of new bicycles during the pandemic. Therefore, the government support in the form of initiatives and subsidies, coupled with growing awareness regarding benefits offered by bicycles, bodes well for the market growth over the next few years.

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• Micro-mobility Market - The global micro-mobility market size was valued at USD 25.42 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 13.7% from 2021 to 2028. Factors such as increasing road congestion, rising oil & gas prices, ease of parking, and saturation within the automotive sector are expected to drive market growth during the forecast period.
• E-bikes Market - The global e-bikes market size was valued at USD 17.83 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 13.5% from 2022 to 2030. Several governments are undertaking initiatives to mitigate carbon footprints by encouraging the use of electric vehicles, electric bikes, and bicycles.

Bicycle Market Segmentation

Grand View Research has segmented the global bicycle market on the basis of product, technology, end-user, distribution channel, and region:

• Bicycle Product Outlook (Revenue, USD Million, 2017 - 2030)
  • Mountain Bikes
  • Hybrid Bikes
  • Road Bikes
  • Cargo Bikes
  • Others
• Bicycle Technology Outlook (Revenue, USD Million, 2017 - 2030)
  • Electric
  • Conventional
• Bicycle End-user Outlook (Revenue, USD Million, 2017 - 2030)
  • Men
  • Women
  • Kids
• Bicycle Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)
  • Online
  • Offline
• Bicycle Regional Outlook (Revenue, USD Million, 2017 - 2030)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Market Share Insights

November 2021: PIERER Mobility AG acquired FELT Bicycles. With this acquisition, PIERER has planned to expand its operations in the North American market for bicycle. This acquisition was intended to serve a customer segment demanding customizing their bicycle according to their individual needs.

June 2019: Trek Bicycle Corporation introduced the all-new Madone SLR 6 Disc Speed. The bicycle is integrated with removable aero bars and specially designed for riding in hilly areas with winding roads.

Key Companies profiled:

Some prominent players in the global Bicycle market include

• 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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Bicycle Market is Projected to Witness Substantial Growth by 2025

06 February 2019, The global Bicycle Market is anticipated to witness substantial growth in coming years owing to increasing use of bicycles in trekking and other adventurous activities. Bicycle is a common mode of transport in rural areas across the world. Growing concerns regarding health among consumers attributed to rising air pollution is anticipated to increase adoption of bicycles in urban areas. Widespread use of four wheelers for transportation has resulted in increased air pollution due to release of harmful emissions. Shifting consumer preference for green mode of transportation can reduce air pollution and improve living conditions.

Increasing use of advanced bikes among participants in triathlon can propel demand for gear equipped cycles to enhance speed when required. Increasing adoption of cycling as an effective way to exercise and maintain body weight can also impel market growth. Rising cases of obesity in adults and youngsters are likely to propel need for regular exercise to burn extra fats and reduce weight. In addition, supportive government initiatives to promote use of cycles and development of required infrastructure can drive market in the coming years. Moreover, shortage of parking space and rising traffic congestion in metropolitan cities are likely to prompt consumers to use cycle for short distances and save time.

Bicycle Market

Lack of infrastructure required to support bicycle commutation in developing countries can hamper market growth. In addition, increasing use of composite materials to manufacture light weight vehicles is expected to increase the cost, which can, in turn obstruct market expansion. However, rising demand for trekking, recreational, sports, and adventure activities will create lucrative opportunities for the market.

The market can be segregated on the basis of product, technology, and end user. Key product types in the market include hybrid, mountain, and road. Conventional and electric are the leading technologies employed in the market. Major end users of bicycle include women, men, and kids.

Asia Pacific is a leading region in the market attributed to supportive initiatives by local governments and development of infrastructure required to support commutation through cycle in countries, such as Japan, Singapore, and China. Japan is a key contributor to regional market growth due to rising popularity of Tokyo as an ideal city for cycling. Additionally, less number of road accidents and growing preference for cycling among daily commuters to travel short distances are likely to stimulate growth in coming years. Moreover, manufacturing companies in China are likely to target Australia and India in order to expand their operations in the coming years, which could further augment market growth in future. For instance, Mobike, the Chinese bicycle sharing company, launched its operation in Pune, India. The company is also likely to expand its business in other cities of the country in the coming years. Commuters can rent bikes and make payments through company’s application.

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Europe is likely to emerge highly lucrative in coming years owing to stringent government regulations pertaining to reduction of air pollution and carbon dioxide emissions. Increasing use of cycles in countries, such as Denmark, Hungary, Netherlands, France, and England, is also likely to impel regional market growth in future. In addition, continuous efforts by manufacturing companies to transform bicycles into smart bikes for safety purposes can drive the market in the region. For instance, Cyclotron Cycles introduced Cyclotron, the world’s first hubless smart bicycle, which is fully connected and loaded with advanced features controlled by an application named Cyclo. It is armed with two spokeless wheels and fully integrated brakes offering improved aerodynamics.

North America is likely to witness momentous growth in forthcoming years owing to rising demand for economical and convenient ways of transportation to navigate busy streets. United States is a key contributor to regional market growth owing to increasing use of bicycle to avoid vehicular traffic. In addition, easy availability of bikes on rent and online bike sales is expected to have a positive impact on market growth in the coming years.

Some of the leading companies operating in the bicycle market are Giant Bicycles, Accell Group, Merida, Hero Cycles, and Trek Bicycle Corporation.

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