The global Bicycle market size is expected to be worth around US$ 1002.49 billion by 2030, according to a new report by Vision Research Reports.
The global Bicycle market size was valued at US$ 64.44 billion in 2020 and is anticipated to grow at a CAGR of 7.07% during forecast period 2021 to 2030. A bicycle is an eco-friendly mode of transportation, which is available in a rage of varieties such as cargo bikes, electric bikes, and mountain bikes. Bicycle is simple to operate and is considered as one of the safest modes for travelling. Furthermore, major bicycle associations include Go Out and Tour Somewhere, Easy Rider Bike Club, and Road Soldiers Cycling Club share a major motive to increase the interest of customers toward cycling. Thus, they are involved in hosting various sports tournaments, fun activities, bike rallies, and competitions, which motivates customers for bicycle use. Moreover, the trend in bicycle sports is gaining traction in in Europe and North America. This is attributed to the fact that majority of the tournaments such as Tour de France and LoToJa are held in these regions.
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.
|Market Size||US$ 1002.49 billion by 2030|
|Growth Rate||CAGR of 7.07% From 2021 to 2030|
|Segments Covered||Product, Technology, End-user, Distribution Channel, Regions|
|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|
The conventional segment accounted for the largest revenue share of 85.2% in 2020 and is expected to remain dominant over the forecast period. The high market share is attributable to various factors such as less repair and maintenance cost of conventional bicycles as compared to electric bicycles. Also, while bicycle has been a convenient mode of transport, bicycling has been emerging as a leading sporting and leisure activity, especially in the women segment over the past few decades. At present, conventional bicycles for women are dominating the global market in terms of technology.
The electric segment is expected to emerge as the fastest-growing segment expanding at a CAGR of over 8% over the forecast period since electric bicycles are easy to operate. Electric bicycles can also ensure faster journeys as compared to their conventional counterparts. Additionally, the latest batteries used in electric bicycles can offer higher capacities and longer life despite the smaller size. Such maintenance-free batteries add to the ease of use of electric bicycles. Hence, consumers are expected to prefer them.
The road bicycle segment accounted for the largest revenue share of 41.1% in 2020 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 growing trend among people to customize road bicycles for specific purposes is also expected to contribute to the segment growth in the forthcoming years.
Meanwhile, the mountain bicycle segment is also 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 segment growth across the globe. Besides, the establishment of new mountain bicycling circuits coupled with growing media coverage for such events is expected to further fuel segment growth.
The offline distribution channel segment accounted for the largest market share of 54.1% in 2020. The high 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. Also, it allows customers to get the product instantly. Moreover, the availability of various branded bicycles in local supermarkets or other stores is likely to drive this channel's demand in the forthcoming years.
The online distribution channel is expected to emerge as the fastest-growing segment growing at a CAGR of over 9.5% 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 o
However, 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. As a result, the women segment is projected to witness steady growth. It is anticipated to expand at a CAGR of over 6.8% over the forecast period.
Asia Pacific emerged as the dominant segment in 2020 with a revenue share exceeding 33%. The region is also expected to emerge as the fastest-growing segment expanding at a CAGR of over 8.0% in the forthcoming years. Nations, such as China, Japan, and Singapore, emphasize rolling out the infrastructure necessary to encourage and support bicycle commutation. Some of the cities in Asia, such as Tokyo, are known for their lowest accident rates and are hence considered ideal cities for urban bicycling. Moreover, Chinese bicycle-sharing companies are aggressively targeting, countries, such as India and Australia, to expand their operations. As a result, the demand for bicycles is expected to rise in the forthcoming years.
Europe is expected to witness significant growth 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. European nations, including Belgium, Denmark, France, and Italy, are aggressively rolling out the infrastructure to support and encourage bicycle commutation and are contributing significantly towards the growth of the regional market.
nline stores. Moreover, the internet's increasing penetration is also encouraging vendors to sell their products in the untapped market through online platforms such as Ali Express, Amazon, and Flipkart. Besides, online channels provide attractive discounts on every product, which attract consumers to purchase online.
The men segment accounted for the largest market share of 45.0% in 2020. 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. Men have historically outnumbered women in the use of bicycles for commutation. As per statistical data presented by the Department for Transport U.K., in 2019, on average, the U.K. men population made 25 cycling trips in a year as compared to 10 cycling trips by women population in the same year.
Atlas Cycles (Haryana) Ltd.
Avon Cycles Ltd.
Dorel Industries Inc.
Merida Industry Co., Ltd
Specialized Bicycle Components, Inc.
SCOTT Sports SA
Trek Bicycle Corporation
Bicycle Product Outlook
Bicycle Technology Outlook
Bicycle End-user Outlook
Bicycle Distribution Channel Outlook
Bicycle Regional Outlook
Middle East & Africa
The Bicycle market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Bicycle market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Bicycle market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Bicycle market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Bicycle market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Bicycle capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Bicycle by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Bicycle market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Bicycle market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Bicycle market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Bicycle industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Bicycle market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Bicycle market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Bicycle market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Bicycle market. These factors have benefited the growth of the global market for Bicycle. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Bicycle. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Bicycle are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
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.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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