Bicycle Market Growth & Trends
The global bicycle market size is anticipated to reach USD 92.49 billion by 2028, registering a CAGR of 7.0% over the forecast period, according to a new report by Grand View Research, Inc. Increasing adoption of cycling as a form of leisure and awareness regarding the health benefits associated with cycling are the factors expected to bolster 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 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 availability of a variety of products. Also, due to the outbreak of the COVID-19 pandemic, consumers are mainly focused on avoiding crowded places to prevent themselves from virus infections.
The road bicycle is expected to emerge as the fastest-growing segment over the forecast period. These happen to be the most basic bicycles that consumers prefer owing to their ease of use. These cycles do not require any sophisticated equipment required by mountain and hybrid bicycles. This factor is anticipated to bode well for the growth in demand over the forecast period. Moreover, dockless bicycle-sharing systems are expected to gain attention in the coming years as they enable users to locate and electronically unlock a nearby bicycle for rent. Produced originally in Europe, these systems are gaining acceptance, especially in Asian countries, including India and China.
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Bicycle Market Report Highlights
- The global market is growing significantly as bike-sharing companies, particularly in Europe and Asia, are investing aggressively in expanding their operations
- The mountain bicycle segment is anticipated to expand at a CAGR exceeding 7% over the forecast period. Rising popularity in line with the increasing media coverage for mountain bicycle racing events and the establishment of new mountain biking circuits are expected to drive the growth
- Apart from being easy to use, electric bicycles can potentially shorten the journey time. Moreover, advances in battery technology have resulted in the advent of lighter rechargeable batteries that can support longer journeys. These factors are attributed to the growth of the electric bicycle segment
- The men segment is expected to expand significantly at a CAGR of over 7.2% over the forecast period as men would continue to outnumber women and kids in terms of opting for a bicycle commute. The number of men opting for bicycle commutation was higher than that of women and kids in 2019
- Asia Pacific was the dominant regional market in 2020 with a revenue share exceeding 34%. Governments in Asian nations, particularly Japan, China, and Singapore, among others, are investing aggressively in establishing the infrastructure necessary to encourage and support bicycle commutation
- Leading market incumbents are Accell Group; Dorel Industries Inc.; Giant Bicycles; Merida Industry Co., Ltd.; and Trek Bicycle Corporation. They dominated the market in 2020 leveraging a continuous emphasis on expanding their market share through mergers and acquisitions
Access Press Release of Bicycle Market@ https://www.grandviewresearch.com/press-release/global-bicycle-market
Bicycle Market Segmentation
Grand View Research has segmented the global bicycle market based on product, technology, end user, distribution channel, and region:
Bicycle Product Outlook (Revenue, USD Million, 2016 - 2028)
- Mountain Bicycle
- Hybrid Bicycle
- Road Bicycle
Bicycle Technology Outlook (Revenue, USD Million, 2016 - 2028)
Bicycle End-user Outlook (Revenue, USD Million, 2016 - 2028)
Bicycle Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)
Bicycle Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of Key Players of Bicycle Market
- 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
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.