The bicycle market size in 2022 was USD 1,300 million and is estimated to be USD 2,650.23 million in 2023 where the scenario shows potential advancements in probabilities in the bicycle market.
The inclination toward bicycles is considered to have a favorable form of exercise for ensuring a healthy life, free from obesity and other disorders, and is anticipated to further boost the market expansion. According to the FMI analysis report, the bicycle market is predicted to develop a CAGR of 8.92% between 2023 and 2033, totaling around USD 6,229.4 million by 2033.
Demand for bicycles is rising as a result of the dockless bicycle-sharing system's popularity and the urge to embrace a healthy lifestyle. Further, it is projected that the rise in the number of people choosing to bike as a leisure activity might drive bicycle market expansion.
The bicycle market share growth is anticipated to be further aided by consumer preference for bicycles as a convenient method of exercise to ensure a healthy life free from obesity and other illnesses.
Dockless bicycle-sharing programs have become well-liked recently. Increased disposable income and increased consumer expenditure on the bicycle sector are the key factors driving the demand for bicycles.
The adoption of electric bicycles is high, as electric bikes are safe, simple to use, and require little maintenance. Demand for bicycles is rising considerably in industrialized nations for both cargo bikes and electric bikes. This is going to inspire the affiliated businesses to create a variety of cutting-edge paddle cycle products.
The need for daily commute vehicles has increased with the rise of shared mobility businesses. Furthermore, these bikes do not require a driver's license. Clients of all ages can use them, which increases the demand for bicycles.
| Attributes | Details |
|---|---|
| Projected Forecast Value (2022) | USD 1,300 million |
| Projected Forecast Value (2023) | USD 2,650.23 million |
| Projected Forecast Value (2033) | USD 6,229.4 million |
| Growth rate | 8.92% CAGR |
| Forecast period | 2023 to 2033 |
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The global bicycle market expanded at a CAGR of 7.42% between 2018 and 2022. Growth forecasts remain optimistic, with the market predicted to exhibit a CAGR of 8.92% between 2023 and 2033.
Contemporary advancements in the development of mobile apps and global positioning systems (GPS) have thus resulted in app-based dockless bicycle-sharing systems. Further, growth in the adoption of such dockless bicycle-sharing systems is estimated to fuel the demand for cycles significantly.
Developments in GPS technology and Mobile App Development
Recent developments in GPS technology and mobile app development have led to dockless bicycle-sharing programs that are app-based. Furthermore, it is projected that the widespread use of such dockless bicycle-sharing systems greatly increases demand for bicycles.
Chinese bike-sharing companies are significantly investing in and growing their operations in countries in Europe to take advantage of the bicycle market prospects. This should accelerate bicycle market expansion during the forecast period.
Principal Consultant
Increase in the Sales of Road and Mountain Bicycles
The bicycle market is set to expand as many individuals turn to cycling as regular a method of exercise. The popularity of these vehicles is further increased by events like the Tour de France and the Ronde van Vlaanderen. These events provide many opportunities for the bicycle market.
Sales of road and mountain bicycles are being boosted by an increase in cycling competitions that are being held in numerous nations around Asia, Africa, and the Middle East. Further, people are considering using bicycles to commute for short distances to save time, due to the increasing traffic congestion and lack of parking, especially in metropolitan areas.
The infrastructure required to facilitate bicycle commuting is aggressively being built by many governments at the same time, which encourages the demand for bicycles. It is projected that the lack of the infrastructure required to support and promote bicycle commuting, particularly in developing nations like India, impedes the bicycle market's expansion. This is detrimental to the bicycle market growth, much as how expensive lightweight bicycles made of composite materials are.
Demand for both general and sports bicycles is anticipated to increase due to the growing benefits of bicycles in recreational and trekking activities, as well as an increase in cycling competitions. It is anticipated that rising media attention to such events and the increasing power of celebrity endorsement might further propel bicycle market expansion.
It is anticipated that unforeseen supply chain interruptions in the automotive sector during the pandemic phase are posing serious obstacles to the bicycle market expansion. Tighter financial flows among the small-scale equipment distributor companies involved in this industry are the main source of these difficulties, impeding the bicycle market statistics.
Usage of vehicles is projected to increase as a result of the advent of numerous online bicycle booking platforms through web portals and mobile applications, such as Uber Bike, Yulu, and others, providing several opportunities in the bicycle market. Also, the bicycle market size is anticipated to increase as a result of additional reasons, like the rising rate of urbanization around the world and changing bicycle market trends.
According to FMI, the global bicycle market research report offers a thorough analysis of the industry and focuses on important factors like the top manufacturers, markets, suppliers, segments, and products.
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The road bicycle market, which had a revenue share of 70% is anticipated to continue to dominate during the projected period. These are the most fundamental vehicles and don't require any high-tech extras, such as those needed by racing, mountain, or other specialty bicycles, which can be credited to the increase.
The growing bicycle market trend of people personalizing road bicycles for certain uses is also anticipated to add to the segment's growth during the forecast period. The mountain bicycle category is anticipated to expand significantly as consumers, particularly millennials, continue to choose mountain biking as a form of adventure and leisure.
The men sector held a significant bicycle market share at 75%. As more males continue to ride bicycles than women or children, it is also anticipated that this segment might experience strong growth during the projected period.
According to FMI, over 80.0% of the total revenue came from the conventional category, which is anticipated to hold its lead position in the bicycle market throughout the forecast period.
Numerous variables, including the low cost of maintenance and repair for traditional bicycles compared to electric bicycles, are responsible for the significant bicycle market share.
Growth of the bicycle market in North America is anticipated to be supported by significant consumer expenditure on outdoor recreational activities like paddle boarding, biking, and surfing in nations like the United States and Mexico. North America is expected to hold a market share of 42.8%.
Europe is anticipated to increase at a pace of 38.4% in the bicycle market. Some of the cities that are deemed perfect for bicycle commuting are found in Europe. Europe also hosts some well-known cycling competitions, including the Tour de France and Ronde van Vlaanderen.
The United Kingdom has a dominant share in the market forecasted at 18.2%, and is vigorously building the infrastructure to support and promote bicycle commuting. Further, it is making a big contribution to the expansion of the bicycle market share.
Asia Pacific emerged as the dominant regional bicycle market with a revenue share exceeding 30.0%. China, Japan, and Singapore place a strong emphasis on building the infrastructure required to promote and support bicycle commuting. Asian town like Tokyo, which is renowned for having low accident rates is said to be the best for urban bicycling.
The global bicycle market growth is fragmented and diversified in its structure, as a result of the simple fact that there are numerous key participants in the industry. Leading bicycle market participants concentrate on providing clients with customized solutions, which results in a high switching cost for consumer businesses.
Key Players Profiled in the Market
| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 8.92% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Type, Technology, Price Type, End-use |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East and Africa |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Rest of Latin America, Germany, The United Kingdom, France, Spain, Italy, Rest of Western Europe, Poland, Russia, Czech Republic, Romania, Rest of Eastern Europe, India, Bangladesh, Australia, New Zealand, Rest of South Asia and the Pacific, China, Japan, South Korea, GCC countries, South Africa, Israel, Rest of the Middle East and Africa |
| Key Companies Profiled | 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 |
| Customization | Available Upon Request |
Asia Pacific generated 62% of the global demand for bicycles in 2022.
Asia Pacific market to grow at 8.92% CAGR through 2033.
The steel material type segment contributes 60% of total production.
The mountain bikes segment holds 25% of the global market share.
From 2018 to 2022, the global market exhibited a 7.42% CAGR.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Comfort 5.2. Cruiser 5.3. Mountain 5.4. Hybrid 5.5. Road 5.6. Cargo 5.7. Youth 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Technology 6.1. Electric 6.2. Conventional 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Price 7.1. Low Range 7.2. Medium Range 7.3. Premium 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End User 8.1. Kids 8.2. Men 8.3. Women 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. South Asia and Pacific 9.6. East Asia 9.7. Middle East and Africa 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Accell Group 19.2. Atlas Cycles (Haryana) Ltd. 19.3. Avon Cycles Ltd. 19.4. Cervelo 19.5. Dorel Industries Inc. 19.6. Giant Bicycles 19.7. Merida Industry Co., Ltd. 19.8. Specialized Components, Inc. 19.9. SCOTT Sports SA 19.10. Trek Corporation 20. Assumptions & Acronyms Used 21. Research Methodology
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Bicycle Market
