Global Bicycle Market By Product, By Technology, By End-User, By Distribution Channel, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Report Overview

The Bicycle Market size is expected to be worth around USD 141.13 billion by 2032 from USD 53.6 billion in 2021, growing at a CAGR of 9.2% during the forecast period from 2022 to 2032.

Bike riding as a leisure activity is expected to drive market growth. Market growth is expected further to be accelerated by the growing demand for bicycles as a convenient means to exercise and prevent obesity. A dockless bike-sharing system has become very popular recently. This system allows users to find nearby bicycles and then unlock them electronically. The first dockless bicycle-sharing technology was developed in Europe. It is now very popular in Asia, especially in India & China.

Global Bicycle Market Scope:

Product Analysis:

In 2021, the road bicycle segment was the most profitable, with a revenue share of more than 40.0%. It is expected to continue its dominance over the forecast period. These are the most basic bicycles and do not require special accessories such as those needed for track racing, mountain biking, or other special-purpose bikes. In the future, the segment will see a rise in the customization of road bikes for specific purposes. As millennials continue to choose mountain biking as a form of adventure and leisure, the segment of mountain bikes is likely to expand significantly in the future. The segment growth is likely influenced by the increasing number of kids and women taking up sports. The segment will also be fueled by creating new mountain biking circuits and increasing media coverage.

As users look for alternatives to motorized transport, the cargo bikes segment will be the fastest growing segment. It is predicted to grow at 15.3% CAGR over the forecast period. Benno, Larry & Harry, and other brands are monetizing cargo bikes’ high potential by investing in ways to increase their positive perception and promoting them through different role models.

Technology Analysis:

In 2021, the conventional segment was responsible for over 80.0% of the total revenue and will continue to dominate the market over the forecast period. Many factors are responsible for the large market share, including lower maintenance and repair costs of traditional bicycles compared with an electric bicycle. In addition, the bicycle is a popular mode of transportation, but bicycling has become a major sport and leisure activity in recent decades, particularly in the women’s segment. Conventional bicycles for women dominate the global market in terms of technology.

Electric bicycles will be the fastest-growing segment, with a CAGR of 10.2% during the forecast period. They are simple to use. The electric bicycle can travel faster than their traditional counterparts. The latest electric bikes can have higher capacities and a longer life span despite their smaller size. These maintenance-free batteries make the electric bicycles more user-friendly. They are therefore expected to be preferred by consumers.

Distribution Channel Analysis

In 2021 the offline distribution channel was responsible for more than 50% of the total revenue. Due to the availability of test-drive options, many customers prefer to purchase from offline channels/stores. This explains the market share. Offline stores offer customized options for buying, where customers can choose their bike designs and colors. Customers can also have their products delivered immediately. Due to the availability of bicycles branded at local stores, and other places, this channel will grow in popularity.

Online distribution channels are predicted to grow at an average CAGR of 10.9% during the forecast period. The rising penetration of smartphones into emerging economies such as India, Brazil, China, and India will improve consumer engagement with online stores. Vendors will also be encouraged to sell on untapped markets via online platforms such as Ali Express or Amazon. Online retailers offer customers attractive discounts on all products, encouraging them to shop online.

End User Analysis

The market for men accounted for over 40% of the total market by 2021. This market is expected to grow rapidly as more men than women ride bicycles over the forecast period. In the past, men were more likely than women to commute on bicycles. Statistics from the Department for Transport U.K. showed that the average number of bicycle trips made by U.K. men was 25 per year, and 10 for women.

Bicycle manufacturers are always looking to simplify the bike’s mechanism. This includes adding shock absorbers or gear systems that improve its efficiency. These innovations are helping women bike more for recreation. The last few years have seen a rise in the female participation rate in bicycling. This segment is expected to continue growing. The CAGR for the forecast period is 8.2%.

Key Market Segments:

By Product

• Mountain Bikes
• Hybrid Bicycle
• Road Bikes
• Cargo Bikes
• Other Products

By Technology

• Electric
• Conventional

By End-User

• Men
• Women
• Kids

By Distribution Channel

• Online
• Offline

Market Dynamics:

The recent technological advancements in the development of mobile apps and global positioning systems have allowed for app-based dockless bicycle sharing. The increasing popularity of dockless bicycle sharing systems will also drive the market. China’s bicycle sharing companies are aggressively expanding in Europe to seize market opportunities. This will help boost the market’s growth over the coming years.

People are becoming more conscious of the importance of staying healthy and fit. People are realizing the many health benefits of biking, such as preventing obesity and other problems. This market will continue to grow as more people begin to cycle regularly. These bikes are also popularized by events like the Tour de France and Ronde van Vlaanderen. The popularity of mountain and road bikes is increasing because of the increased number and quality of organized events in Asia, Africa, and the Middle East.

Due to the increasing traffic congestion and a shortage of parking spaces, many people are now considering using bicycles for short distances. Many governments are encouraging bicycle commuting and encouraging people to ride their bikes. The lack of infrastructure to encourage and support bike commuting in developing countries like India will hinder the market’s growth. The high price of lightweight composite bicycles is also a barrier to market growth.

Covid-19 outbreak induced cycling market boom growth. Many governments worldwide are pushing bicycles as the safest mode of transport. This promotes social distancing. The governments of important countries, such as the U.K., Italy, and Spain, provide subsidies to assist with the purchase of bicycles. The government’s support through subsidies or initiatives is expected to increase market growth in the coming decades.

Regional Analysis

The Asia Pacific was the largest regional market in 2021. It had a revenue share exceeding 30.0%. China, Japan, Singapore, and other countries stress supporting and promoting bicycle commuting. Tokyo and other Asian capitals are known for having low accident rates. This makes them great for urban cycling. Chinese bicycle-sharing firms actively seek to expand their operations in India and Australia. The future is predicted to see a rise in bicycle demand.

The projected growth rate for Europe is 10.4%. There are many European European country and Asian country that makes it easy to daily commute by bicycle. Europe hosts some of Europe’s most popular cycling events like the Tour de France, Ronde van Vlaanderen, continental cycling championship, and others. France, Belgium, Denmark, Italy, and Italy all actively promote bicycle commuting in Europe and contribute to the growth of the regional markets.

Key Regions and Countries covered in the report:

• North America

  • US

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Russia

  • Spain

  • Rest of Europe

• Asia Pacific

  • China

  • Japan

  • South Korea

  • India

  • Rest of Asia-Pacific

• South America

  • Brazil

  • Argentina

  • Rest of South America

• MEA

  • GCC

  • South Africa

  • Israel

  • Rest of MEA

Market Share & Key Players Analysis:

To remain competitive, key companies invest aggressively in new products, launch new services such as home delivery of high-end bikes, after-sales support and maintenance, and competitively pricing their products and services. Trek Bicycle Corporation released the Madone SLR6 Disco Speed in June 2019. This bicycle can be taken apart and has removable aero bars. It was specifically designed to be used on hills with winding roads.

Few market leaders are also expanding their market presence through opting strategies like mergers & acquisitions, partnerships, and collaborations. PIERER Mobility AG purchased FELT Bicycles in November 2021. PIERER plans to expand its North America bicycle market operations with this acquisition. This acquisition was made to meet the needs of a segment of customers who want their innovative bicycle customized to suit their specific needs. The following are some of the most prominent players in the global bicycle market:

Market Key Players:

• Accell Group
• Atlas Cycles (Haryana) Ltd.
• Avon Cycles Ltd.
• Cervelo
• Dorel Industries Inc.
• giant group
• Merida Industry Co., Ltd.
• Specialized Bicycle Components, Inc.
• SCOTT Sports SA
• Pedego inc.
• Trek Bicycle Corporation
• Other Key Players

For the Bicycle Market research study, the following years have been considered to estimate the market size: