Bicycle Market (By Product: Mountain Bikes, Hybrid Bikes, Road Bikes, Cargo Bikes; By Technology: Electric, Conventional; By End-user: Men, Women, Kids; By Distribution Channel: Online, Offline) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030
The global bicycle market size was valued at USD 60.21 billion in 2021, and is predicted to be worth around USD 119.20 billion by 2030, registering a CAGR of 9.1% during the forecast period 2022 to 2030.
Increasing adoption of cycling as a form of leisure and awareness regarding the health benefits associated with cycling are the factors expected to bolster the market growth. Bicycles are being preferred for short-distance commutes as they save considerable time as compared to other vehicles. Moreover, limited parking spaces and growing traffic congestions are prompting people to reconsider bicycles as a primary option for the commute.
Rising emphasis on the use of non-polluting vehicles for short-distance commutes by governments across the world is anticipated to positively influence market growth. The fact that bicycles do not emit any pollutants is projected to drive their demand in the near future. Moreover, consumers are rapidly moving toward online distribution channels to buy a bicycle due to several key factors, including doorstep delivery and replacement and the availability of a variety of products. Additionally, due to the outbreak of the COVID-19 pandemic, consumers are mainly focused on avoiding crowded places to prevent themselves from virus infections.
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.
|Market Size||USD 119.20 billion by 2030|
|Growth Rate||CAGR of 9.1% From 2022 to 2030|
|Forecast Period||2022 to 2030|
|Report coverage||Growth Factors, Revenue Status, Competitive Landscape, and Future Trends|
|Segments Covered||Product, Technology, End user, Distribution Channel, Region
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned|| 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.
By Technology Analysis
The conventional segment accounted for the largest revenue share of over 80.0% in 2021 and is expected to remain dominant over the forecast period. The large market share is attributed to various factors such as less repair and maintenance cost of conventional bicycles as compared to electric bicycles.
The electric segment is expected to emerge as the fastest-growing segment with a CAGR of 10.2% over the forecast period since electric bicycles are easy to operate. Electric bicycles can also ensure faster journeys as compared to their conventional counterparts.
By Product Analysis
The road bicycle segment accounted for the largest revenue share of over 40.0% in 2021 and is expected to remain dominant over the forecast period. The growth can be attributed to the fact that these are the most basic vehicles, which do not need any sophisticated accessories, such as those required by racing, mountain, or other special-purpose bicycles.
The mountain bicycle segment is expected to grow significantly over the forecast period as consumers, particularly millennials, continue to opt for mountain bicycling as a form of leisure and adventure. Furthermore, the number of women and kids entering sports is increasing steadily and is likely to influence the segment growth across the globe.
The cargo bikes segment is expected to emerge as the fastest-growing segment with a CAGR of 22.3% over the forecast period as users seek ways of replacing motorized transport for short-distance commercial applications.
By Distribution Channel Analysis
The offline distribution channel segment accounted for the largest revenue share of over 50.0% in 2021. The large market share is attributed to the presence of a large number of consumers opting to purchase from offline channels/stores due to the availability of test-drive options. Offline stores also offer personalized/customized buying options, wherein consumers can choose their personalized/customized bicycle designs and colors.
The online distribution channel is expected to emerge as the fastest-growing segment with a CAGR of 10.9% over the forecast period. The growing penetration of smartphones and the internet in the emerging economies, including Brazil, China, India, and Mexico, will further boost consumer engagement in online stores.
By End-user Analysis
The men segment accounted for the largest market share of over 40.0% in 2021. It is also expected to emerge as the fastest-growing segment over the forecast period as the number of men riding bicycles continues to be higher than the number of women and kids.
Bicycle makers are continuously simplifying the cycling mechanism and installing efficient gear systems and shock absorbers. Such developments are particularly enticing women to opt for bicycling for leisure. Women have also been participating aggressively in bicycling events for the past few years.
By Regional Analysis
Asia Pacific emerged as the dominant regional market in 2021 with a revenue share exceeding 30.0%. Nations such as China, Japan, and Singapore emphasize rolling out the infrastructure necessary to encourage and support bicycle commutation.
Europe is expected to register the highest growth rate of 10.4% over the forecast period. Europe is home to some of the cities that are considered ideal for bicycle commutation. Some of the most popular bicycling events, such as Tour de France and Ronde van Vlaanderen, are also organized in Europe.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Some of the prominent players in the Bicycle Market include:
- Accell Group
- Atlas Cycles (Haryana) Ltd.
- Avon Cycles Ltd.
- Dorel Industries Inc.
- Giant Bicycles
- Merida Industry Co., Ltd.
- Specialized Bicycle Components, Inc.
- SCOTT Sports SA
- Trek Bicycle Corporation
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
- By Product
- Mountain Bikes
- Hybrid Bikes
- Road Bikes
- Cargo Bikes
- By Technology
- By End-user
- By Distribution Channel
- United Kingdom
- Rest of Europe
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of Middle East & Africa
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Bicycle market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Bicycle market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Bicycle markets more accurate and reliable.
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
- Governmental bodies, and organizations creating economic policies
- National and international social welfare institutions
- Company websites, financial reports and SEC filings, broker and investor reports
- Related patent and regulatory databases
- Statistical databases and market reports
- Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
- Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
- In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.
Industry participants involved in this research study include:
- CEOs, VPs, market intelligence managers
- Procuring and national sales managers technical personnel, distributors and resellers
- Research analysts and key opinion leaders from various domains
Key Points Covered in Bicycle Market Study:
- Growth of Bicycle in 2022
- Market Estimates and Forecasts (2017-2030)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Bicycle and How to Navigate
- Key Product Innovations and Regulatory Climate
- Bicycle Consumption Analysis
- Bicycle Production Analysis
- Bicycle and Management