Bicycle Market Size was valued at USD 70.5 billion in 2023 and is expected to reach USD 151.12 billion by 2031 and grow at a CAGR of 10% over the forecast period 2024-2031.
The bicycle is an eco-friendly means of transportation that comes in a variety of forms, including cargo bikes, electric bikes, and mountain cycles. Bicycles are easy to use and are regarded as one of the safest ways of transportation. People are beginning to comprehend the significance of maintaining one's physical fitness and leading a healthy lifestyle. They have also begun to realize the importance of maintaining a regular riding routine in warding off conditions such as obesity. Because more and more individuals are turning to cycle as a regular form of exercise, the market is projected to expand as a result of this trend. Furthermore, significant bicycle associations such as Go Out and Tour Somewhere, Easy Rider Bike Club, and Road Soldiers Cycling Club all share a common goal: to enhance customer interest in cycling. As a result, they arrange a variety of sports tournaments, recreational activities, bike rallies, and competitions to encourage people to ride their bikes.
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In conjunction with Tamboite, the luxury brand Louis Vuitton has developed a collection of high-end bicycles that will be made accessible beginning in January 2021. This collection will feature four eye-catching hues—yellow, blue, black, and red—and will be distinguished by its one-of-a-kind design, as well as its handcrafted quality and elegant appearance. It will be offered in two different configurations to choose from.
KEY DRIVERS:
Bicycles as a handy method of exercise to prevent obesity and other diseases will improve the market.
Dock-less bike-sharing schemes are expected to boost bicycle demand.
In order to boost economic growth, the government is placing more emphasis on building bicycle infrastructure.
Continuously releasing updated bicycle editions to drive market growth.
RESTRAINTS:
Alternatives to commute and physical activities may hinder bicycle uptake.
The greater price of electric vehicles may hinder bicycle uptake.
OPPORTUNITIES:
Concerns growing concerning the amount of carbon dioxide emissions.
Expanding public services that allow people to share bicycles around the world.
Consumers are riding bicycles more and more frequently for fun and practical reasons.
CHALLENGES:
Lack of infrastructure to support and encourage bicycle commuting, especially in developing economies.
Cycling is dangerous when the weather is adverse, thus fewer people utilize bicycles.
The outbreak of COVID-19 is likely to be beneficial to the growth of the market in the years to come. This is because numerous governments across the world are actively pushing bicycles as one of the safest modes of transportation, which enables individuals to keep their social distance. In addition, governments in major nations, such as the United Kingdom and Italy, are providing financial assistance to citizens so that they can acquire new bicycles during the pandemic. As a result, the support provided by the government in the form of programs and subsidies, in conjunction with an increasing awareness of the advantages provided by bicycles, bodes well for the expansion of the industry over the course of the next few years.
The global market has been divided into Mountain Bikes, Hybrid Bikes, Road Bikes, Cargo Bikes, and Others based on the product type segment. In 2023, the road bicycle category had a revenue share of more than 45.0 percent and is predicted to continue to hold that position throughout the forecast. Consumers, particularly millennials, are increasingly choosing mountain biking as a form of recreation and adventure, and this trend is likely to continue over the forecast period.
Market, By Technology:
The global market has been divided into electric, and conventional Based on the technology segment. The conventional sector accounted for over 83% of 2023 revenue and is likely to continue to dominate. Conventional bikes have lower repair and maintenance costs than electric bikes, which contributes to their significant market share. The electric sector will increase at a 10.5% CAGR during the projected period since electric bikes are easy to use.
Market, By End-User:
The global market has been divided into men, women, and kids based on the end-user segment. The men's segment had the biggest market share. It is also predicted to be the fastest-growing segment during the forecast period, as the number of males riding bicycles continues to outnumber women and children. Historically, men have outnumbered women in the use of bicycles for commuting.
By Product Type:
Mountain Bikes
Hybrid Bikes
Road Bikes
Cargo Bikes
Others
By Technology:
Electric
Conventional
By End-User:
Men
Women
Kids
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With a revenue share of more than 35 percent in 2023, Asia Pacific emerged as the dominant regional market in the world. Cycling is becoming increasingly popular as a mode of transportation in countries such as China and Japan, as well as Singapore. A number of Asian cities are regarded as good for urban bicycling since they have low accident rates. The Chinese bicycle-sharing companies, on the other hand, are aggressively targeting nations like India and Australia in an effort to expand their business. Because of this, the market for bicycles is projected to grow in the near future. Over the projection period, Europe is expected to expand by 10.8%. Europe has some bike-friendly cities. Belgium, Denmark, France, and Italy are building infrastructure to support and encourage bicycle commuting, growing the regional market.
REGIONAL COVERAGE:
North America
The USA
Canada
Mexico
Europe
Germany
The UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Accell Group; Avon Cycles Ltd.; Cervelo; Dorel Industries Inc.; Atlas Cycles (Haryana) Ltd.; Giant Bicycles; Specialized Bicycle Components, Inc.; Merida Industry Co., Ltd; SCOTT Sports SA; Trek Bicycle Corporation are some of the affluent competitors with significant market share in the Bicycle Market.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 70.5 Billion |
| Market Size by 2031 | US$ 151.12 Billion |
| CAGR | CAGR of 8.5% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Product Type (Mountain Bikes, Hybrid Bikes, Road Bikes, Cargo Bikes, Others) • by Technology (Electric, Conventional) • by End-User (Men, Women, Kids) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Accell Group; Avon Cycles Ltd.; Cervelo; Dorel Industries Inc.; Atlas Cycles (Haryana) Ltd.; Giant Bicycles; Specialized Bicycle Components, Inc.; Merida Industry Co., Ltd; SCOTT Sports SA; Trek Bicycle Corporation |
| Key Drivers | •Bicycles as a handy method of exercise to prevent obesity and other diseases will improve the market. •Dock-less bike-sharing schemes are expected to boost bicycle demand. |
| RESTRAINTS | •Alternatives to commute and physical activities may hinder bicycle uptake. •The greater price of electric vehicles may hinder bicycle uptake. |
Ans:- The market size is expected to reach USD 70.5 billion by 2023.
Ans:- Accell Group; Avon Cycles Ltd.; Cervelo; Dorel Industries Inc.; Atlas Cycles (Haryana) Ltd.; Giant Bicycles; Specialized Bicycle Components, Inc.; Merida Industry Co., Ltd; SCOTT Sports SA; Trek Bicycle Corporation are the most prominent players in the market.
Ans:- Alternatives to commute and physical activities & greater price of electric vehicles may hinder bicycle uptake are the primary market restraints for Bicycle market.
Ans:- Yes.
Ans:- The study includes a comprehensive analysis of market trends, as well as present and future market forecasts. DROC analysis, as well as impact analysis for the projected period. Porter’s five forces analysis aids in the study of buyer and supplier potential as well as the competitive landscape etc.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Bicycle Market Segmentation, By Product Type
8.1 Mountain Bikes
8.2 Hybrid Bikes
8.3 Road Bikes
8.4 Cargo Bikes
8.5 Others
9. Global Bicycle Market Segmentation, By Technology
9.1 Electric
9.2 Conventional
10. Global Bicycle Market Segmentation, By End-User
10.1 Men
10.2 Women
10.3 Kids
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 the USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 the UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Avon Cycles Ltd.,
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Accell Group
12.3 Cervelo
12.4 Dorel Industries Inc.
12.5 Atlas Cycles (Haryana) Ltd.
12.6 Giant Bicycles
12.7 Specialized Bicycle Components, Inc.
12.8 Merida Industry Co., Ltd
12.9 SCOTT Sports SA
12.10 Trek Bicycle Corporation
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
14. Conclusion
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