Global Bicycle Market

Bicycle Market Size, Share, Growth Analysis, By Product Type(Mountain, Hybrid, Road, Cargo), By Distribution Channel(Online mode, Offline Mode), By Technology(Electric, Conventional), By End-users(Men, Women, Kids), By Region - Industry Forecast 2024-2031

Report ID: SQMIG25J2074 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 117 | Figures: 77

Bicycle Market News

  • In June 2022, Digital innovations like live streaming and online personalization are helping the 125-year-old bicycle company Ribble modernize its industry.
  • In April 2022, Urban Arrow, a Dutch manufacturer of electric cargo bikes, was purchased by Pon Bike. Being present in 20 nations makes Urban Arrow one of the electric cargo bike industry's fastest-growing producers.
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FAQs

The bicycle market is expected to grow at a compound annual growth rate of 8.2% from 2022 to 2030 to reach USD 119.29 billion by 2030.

Electric Bike Hold the Potential for Growth in the Bicycle Market.

Bicycle Market size was valued at USD 59006 million in 2019 and is poised to grow from USD 64625.7 million in 2023 to USD 135020.2 million by 2031, growing at a CAGR of 9.7% in the forecast period (2024-2031).

With several international and local companies, the bicycle market is highly competitive and fragmented. Giant Manufacturing Co. Ltd., Accell Group, Trek Bicycle Corporation, Dorel Industries Inc., and Pon Holdings BV are significant market participants. To increase their market share globally, these major competitors are forging collaborations with other companies, completing mergers and acquisitions, creating cutting-edge bicycles, and refining their offline and online marketing methods. Businesses are also taking advantage of the expansion of internet distribution channels. Additionally, businesses are expanding their product lines by introducing bicycles designed exclusively for children and women riders, which makes them more customer-focused. 'Giant Bicycles', 'Trek Bicycle Corporation', 'Specialized Bicycle Components', 'Merida Industry Co. Ltd.', 'Accell Group', 'Hero Cycles Ltd.', 'Dorel Industries Inc.', 'Scott Sports SA', 'Derby Cycle Holding GmbH', 'Kross S.A.', 'Fuji Bikes', 'Cannondale Bicycle Corporation', 'Raleigh Bicycle Company', 'Cervelo Cycles Inc.', 'Santa Cruz Bicycles', 'Yeti Cycles', 'Pivot Cycles', 'Intense Cycles', 'Norco Bicycles', 'Ibis Cycles Inc.'

Important factors influencing the growth of the bicycle market include rising bicycle use as a type of leisure activity and a strong preference for bicycles as a practical form of exercise to ensure a healthy life. The increasing amount of government support for the development of bike-sharing infrastructure is the main driver of running market expansion. Due to the sharp increase in oil prices and the growing awareness of the need to protect the environment, it is predicted that the global bicycle market would expand.

The global acceptance of bicycles to maintain healthy living has grown due to a large rise in the prevalence of chronic diseases. In addition to this, there is a rise in overall bicycle sales as a result of increasing traffic congestion and a decline in parking space, particularly in metropolitan areas.

The bicycle industry's largest and fastest-growing area is Asia-Pacific. Some of the top nations in the area are China, Japan, Australia, India, and South Korea. Additionally, these nations have begun to stage a lot of cycling competitions, which can boost interest in and demand for sports bicycles. For instance, since 1963, the Asian Cycling Championships have been an annual continental competition for road and track cycling that is only open to Asian cyclists who are chosen by the national governing bodies of the participating nations. The demand for bicycles in the area is projected to increase as a result of factors including the rise in women's participation rates and government efforts. Bicycle manufacturers are introducing cutting-edge bicycles and accessories as a result of the growing demand, which is anticipated to fuel the market's expansion throughout the forecast period.

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Global Bicycle Market

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