What are the growth factors of Bicycle Market?
- by marketherald
Bicycle Industry Overview
The global bicycle market size is expected to reach USD 119.29 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.2% from 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.
Bicycle Market Segmentation
Grand View Research has segmented the global bicycle market on the basis of product, technology, end-user, distribution channel, and region:
Based on the Product Insights, the market is segmented into Mountain Bikes, Hybrid Bikes, Road Bikes, Cargo Bikes, and Others.
- 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 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.
Based on the Technology Insights, the market is segmented into Electric, and Conventional.
- 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.
Based on the End-user Insights, the market is segmented into Men, Women, and Kids.
- The men’s 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 continues to be higher than the number of women and kids bicycles.
- Women have also been participating aggressively in bicycling events for the past few years. As a result, the women segment is projected to witness steady growth. It is anticipated to expand at a CAGR of 8.2% over the forecast period.
Based on the Distribution Channel Insights, the market is segmented into Online, and Offline.
- 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.
- 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.
Bicycle Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile
Key companies are investing aggressively; launching new products; introducing new services, such as home delivery of high-end bicycles, after-sales support, and maintenance; and pricing their products and services competitively as part of the efforts to retain their competitiveness. For instance, in June 2019, Trek Bicycle Corporation introduced the all-new Madone SLR 6 Disc Speed. The bicycle is integrated with removable aero bars and specially designed for riding in hilly areas with winding roads.
Some prominent players in the global 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
Order a free sample PDF of the Bicycle Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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Grand View Research, Inc.
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Bicycle Industry Overview The global bicycle market size is expected to reach USD 119.29 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.2% from 2022 to 2030. Increasing adoption of cycling as a form of leisure and awareness regarding the health benefits associated…
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