Global Bicycle Market by Product (Road, Mountain, Hybrid), by Technology (Electric, Conventional), by End User (Kids, Men, Women) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

In 2020, the global bicycle market was worth USD 54.44 trillion. The market is expected to grow at 7.0% compound annual growth rate (CAGR), between 2021 and 2028. This is expected to be driven by a rise in bicycling as a leisure activity. Market expansion will be driven by the growing popularity of bicycles as a convenient way to exercise and prevent obesity. Recently, dockless bike-sharing systems have been in high demand. This system allows users locate nearby bicycles and allow them to unlock them electronically. The dockless bicycle-sharing system was first developed in Europe. It is now gaining popularity in Asia, especially in India and China.

Recent advancements in mobile app design and Global Positioning System, (GPS), have led to app-based dockless bicycle sharing systems. The growing popularity of dockless bicycle-sharing systems will likely increase the cycle demand. Chinese bicycle-sharing companies are expanding aggressively in Europe to take advantage of the market opportunities. This will likely boost market growth in the coming years.

People are now more aware of the importance to be healthy and fit. People are also realizing the benefits of bicycling, which can help prevent obesity and other health problems. As more people start to bike regularly, the market will grow. These bikes are becoming more popular thanks to events like the Tour de France or Ronde van Vlaanderen. The popularity of mountain and road bikes is being fueled by a rise in the number of events organized in Asia, Africa, Middle East, and other countries.

People are increasingly considering bicycle commuting for short distances because of the increasing traffic congestions and lack of parking space in major cities. Many governments are also aggressively promoting bicycle commuting, encouraging people to choose bicycles. The looming shortage of infrastructure to encourage and support bicycle commuting, especially in developing countries like India, will likely hinder the market growth. The market is also not likely to grow because lightweight bikes made from composite materials are expensive.

Market growth is expected to be boosted by COVID-19. Many governments around the world are promoting bicycles as the most safest mode of transport, which allows people to keep their distance. In addition, subsidies are being provided by governments in key countries like the U.K. and Italy for the purchase of new bikes during the pandemic. The government's support, in the form of subsidies and initiatives, is expected to boost market growth over the next few decades.

Technology Insights

In 2020, 85.2% of the revenue came from the conventional segment. This market share is expected to continue over the forecast period. Many factors contribute to the high market share, including lower maintenance and repair costs for conventional bicycles compared with electric bikes. Bicycling is becoming a popular sport and leisure activity. Conventional bicycles for women dominate the global market in terms technology.

Electric bicycles will be the fastest-growing segment, growing at a CAGR exceeding 8% during the forecast period. They are simple to use and easy to maintain. The electric bicycles are also more efficient than their traditional counterparts and can travel faster. The latest electric bikes can have higher capacities and a longer life span despite their smaller size. These maintenance-free batteries make electric bikes more user-friendly. They are therefore expected to be preferred by consumers.

Product Insights

Road bicycles accounted for 41.1% of the total revenue in 2020, and will continue to dominate the forecast period. These are the most basic bikes, and do not require any special accessories like those needed for racing, mountain biking, or other special-purpose cycling. In the future, the segment will see a rise in customization of road bikes for specific purposes.

The mountain bike segment is expected to expand significantly in the future, with consumers, especially millennials, continuing to choose mountain biking as a form both of adventure and leisure. Segment growth is also likely to be influenced by the increasing number of kids and women taking up sports. Segment growth will also be fueled by the creation of new mountain biking circuits and increased media coverage.

Distribution Channel Insights

In 2020, the offline distribution channel segment held 54.1% of the market. This high market share can be attributed to the large number of customers who prefer to buy from offline channels/stores because they offer test-drive options. Offline stores also offer personalized/customized buying options, wherein consumers can choose their personalized/customized bicycle designs and colors. Customers can also get their product immediately. In the future, this channel will be more popular due to the availability of branded bicycles at local supermarkets and other stores.

Online distribution channels are expected to be the fastest-growing segment, growing at a CAGR exceeding 9.5% during the forecast period. Consumer engagement with online stores will be boosted by the increasing penetration of smartphones in emerging economies like Brazil, China and India. Vendors are also encouraged to sell their products on the untapped market via online platforms like Ali Express, Amazon, Flipkart, and Flipkart due to the increasing internet penetration. Online channels offer attractive discounts on all products, which encourages consumers to buy online.

End-user insights

In 2020, the market share for men was 45.0%. This segment is expected to grow rapidly over the forecast period, as more men are riding bikes than kids and women. In the past, men have been more likely to use bicycles for commute than women. According to statistics from the Department for Transport U.K. in 2019, the U.K. men made an average of 25 bicycle trips per year, whereas the U.K. women population made 10 such trips.

Bicycle manufacturers are constantly simplifying the bicycle mechanism by installing shock absorbers and gear systems that make it more efficient. These developments are attracting more women to bike for leisure. Bicycling has seen a surge in participation by women over the last few years. The women segment is expected to grow steadily. The forecast period will see it grow at a CAGR exceeding 6.8%.

Regional Insights

Asia Pacific was the dominant segment with a revenue share of 33% and above in 2020. It is expected to grow at a CAGR exceeding 8.0% over the next years. Many countries, including Japan, China, and Singapore, are keen to develop the infrastructure needed to support and encourage bicycle commuting. Many Asian cities, like Tokyo, have low accident rates, and are therefore ideal for urban bicycling. Chinese bicycle-sharing companies are actively targeting countries like India and Australia to expand their operations. In the coming years, bicycle demand is expected to increase.

Europe is forecast to experience significant growth during the forecast period. Some European cities are ideal for cycling commutes. Europe hosts some of the most popular cycling events such as Tour de France or Ronde van Vlaanderen. European countries, such as France, Belgium, Denmark and Italy are actively promoting bicycle commuting and contributing to the development of the regional market.

Market Share Insights & Key Companies

Dorel Industries Inc., Giant Bicycles, Merida Industry Co., Ltd., and Trek Bicycle Corporation are some of the major players in this market. These companies are aggressively investing in new products, launching new services such as home delivery for high-end bikes, after-sales support and maintenance, and pricing their products and their services competitively to maintain their competitiveness. Trek Bicycle Corporation launched the Madone SLR6 Disc Speed in June 2019. It is equipped with aero bars that can be removed and specifically designed to handle riding on hillsides with winding roads. Few market leaders are looking to expand their market share through opting strategies like mergers & acquisitions, partnerships and collaborations. SCOTT Sports SA, for example, announced the acquisition of Bold Cycles Ltd in May 2019. This company provides a range of high-tech frame solutions and custom-made bicycles. This acquisition was made to meet the needs of a segment of customers who want their bicycle customized to suit their specific needs. These are some of the most prominent players in the global 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

Up Market Research published a new report titled “Bicycle Market research report which is segmented by Product (Road, Mountain, Hybrid), by Technology (Electric, Conventional), by End User (Kids, Men, Women), By Players/Companies SCOTT Sports SA, Atlas Cycles (Haryana) Ltd, Merida Industry Co Ltd, Accell Group, Specialized Bicycle Components Inc, Dorel Industries Inc, Trek Bicycle Corporation, Cervelo, Avon Cycles Ltd, Giant Bicycles”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Bicycle Market Report Segments:

The market is segmented by Product (Road, Mountain, Hybrid), by Technology (Electric, Conventional), by End User (Kids, Men, Women).

Bicycle Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Bicycle Market

Overview of the regional outlook of the Bicycle Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Bicycle Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Bicycle Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Road

                2. Mountain

                3. Hybrid

                1. Electric

                2. Conventional

                1. Kids

                2. Men

                3. Women

9. Market scenario by region, sub-region, and country.
10. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
11. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
12. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Bicycle Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
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• Understanding Competition Scenario
• Product & Brand Management
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Reasons to Purchase the Bicycle Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.