Bicycle Market Growing Demand and Huge Future Opportunities by 2030

Description

According to the Market Statsville Group (MSG), the bicycle market size was valued at USD 21,639.4 million in 2021 and is estimated to reach USD 31,487.3 million by 2030, growing at a CAGR of 4.8% from 2022 to 2030. Bicycles is a pedal-driven, human-powered or battery-powered vehicle. Primarily, electric bikes are higher in demand in developed countries, owing to consumers' high disposable income and purchasing power, which allows them to purchase premium products. In addition, sports bicycles are used in off-road riding and mountain riding. This promotes bike sports and provides users with a thrill and adventurous experience.

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Moreover, bicycle sports provide career options as an analyst, coach, or head of the bicycle association to bikers and athletes. Bicycle associations play a dynamic role in the growth of the global market. These associations share a common goal to promote and increase cycling worldwide. The World Association of Cycling Events is one of the biggest bicycle associations, which organizes various prestigious and largest bicycle events globally. These bicycle events include Cape TD Five Boro Bike Tour, Vatternunrnad, RideLondon, Town Cycle Tour, and Grant Fondo Campagnolo Roma. Thus, an increase in bicycling events add to the popularity of these vehicles, which significantly contributes toward the growth of the global market.

Global Bicycle Market Definition

A bicycle is an eco-friendly mode of transportation, available in a range of varieties such as electric bikes, cargo bikes, and mountain bikes.

Global Bicycle Market Dynamics

Drivers: Health benefits associated with bicycles

A bicycle serves as an efficient and accessible exercising tool. Presently, cycling is not only limited to travel but is also associated with multiple health benefits. For instance, cycling helps improve cardiovascular fitness, enhances muscle flexibility & strength, eases joint mobility, decreases stress levels, and facilitates fat loss. An increase in awareness about the health benefits of bicycles among consumers acts as a key driving force of the global market.

Furthermore, consumers adopt bicycles in their day-to-day activities as they have realized the importance of staying fit and living a healthy lifestyle. An increase in traffic congestion and limited parking space has encouraged consumers to opt for bicycles to commute to offices and shopping stores. Furthermore, aged people prefer bicycle as a reliable source of traveling, as usage of bicycles causes less strain in muscles. As a result, the chances of injuries are minimized, thereby propelling the market's growth.

Restraints: Limited use of bicycles during unfavorable climate

Bicycles are ideal for city rides and coverage of short distances. However, in unfavorable weather conditions such as rain and snow, the use of bicycles is inconvenient. In addition, cycling during such weather can result in accidents and severe rider injuries. On the contrary, manufacturers are focusing on upgrading bikes. For instance, the latest bikes are being equipped with wet weather brake pads, wider tires, flat pedals, and bike lights. However, this up-gradation is limited to certain climates. In the case of snowfall, the movement of bicycles is completely restricted on roads.

In addition, during heavy rainfall, riding on bicycles limits the rider's visibility, thus increasing the risk of accidents. Moreover, athletes prefer indoor stationary gym bikes for their practices during extreme climatic conditions. Furthermore, consumers prefer cars and public transports for commuting in unsuitable weather. Thus, all these factors together restrict the use of bicycles, which, in turn, hampers the growth of the global market.

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Global Bicycle Market Segmentation

The study categorizes the bicycle market based on type, sales channel, and end-users at the regional and global levels.

By Type Outlook (Sales, USD Million, 2017-2030)

• Cargo Electric Bike
• Non-Cargo Electric Bike
• Cargo Nonelectric Bike
• Non-Cargo Nonelectric Bike

By Sales Channel Outlook (Sales, USD Million, 2017-2030)

• Online Platforms
• Physical Stores

By End-Users Outlook (Sales, USD Million, 2017-2030)

• Men
• Women
• Kids

By Region Outlook (Sales, USD Million, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

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The non-cargo non-electric bike segment accounts for the largest market share, by type

Depending on the type, the market is categorized into cargo electric bike, non-cargo electric bike, cargo non-electric bike, and non-cargo non-electric bike. In 2021, the non-cargo non-electric bike segment accounted for the largest market share of 61.2% in the global bicycle market. The non-cargo non-electric bikes are regular bikes, which are light in weight, as there is no motor and no carrier installed in the bike. With this simplicity, the non-cargo non-electric bike is one of the cheapest bicycles available in the market. Furthermore, the maintenance cost of these bikes is minimal, which boosts their sale globally. Also, the non-cargo non-electric bikes are easily available in the market.

The demand for the non-cargo non-electric bike is increasing in developing countries due to easy availability and low cost. Furthermore, due to the outbreak of the COVID-19 pandemic, consumers are avoiding public transport, thereby augmenting the sale of non-cargo non-electric bikes. Moreover, with rising fuel costs, users are adopting non-cargo non-electric bikes, as the adoption of these bikes saves fuel cost and aids in maintaining healthy lifestyle.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global bicycle market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 6.7% in the global bicycle market during the forecast period. Asia-Pacific is mature market for bicycle industries with potential countries such as China, India, Japan, Australia, South Korea, Malaysia, Indonesia, and rest of Asia-Pacific. In Asia-Pacific, bikes are considered one of the most convenient modes of transport. Furthermore, various associations promote bicycle activities such as sports tournaments, adventures, and touring in Asia-Pacific.

An increase in demand for electric bikes in Asia-Pacific has led to increased competition among manufacturers. Mergers and acquisitions between foreign and domestic brands are increasing considerably. In addition to such a competitive environment, customers are offered with an attractive price range with better quality and features, thereby promoting the growth of the bicycle market. Furthermore, the demand for electric bikes has been witnessed to increase in the tourism industries. Tourists can rent electric bikes for a specific period of time, as these bikes act as the cheapest and easiest means of traveling.

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Key Market Players in the Global Bicycle Market

Bicycle sports is an ongoing trend in the market. Countries such as the U.S., Paris, and China are some of the leaders in bicycle sports. With a surge in demand for bicycles, manufacturers are developing and elevating sports bikes that are light in weight, wheels with strong grip, strong breaks, and aerodynamic design, thus enhancing the cycling experience.

Major players in the global bicycle market are:

• Accell Group
• Cervélo
• Dorel Industries Inc.
• Giant Bicycles
• Merida Industries Co., Ltd.
• Olympus Bikes
• Scott Sports SA
• Specialized Bicycle Components, Inc.
• Trek Bicycle Corporation
• Kona Bicycle Company

Article source: https://article-realm.com/article/Finance/21855-Bicycle-Market-Growing-Demand-and-Huge-Future-Opportunities-by-2030.html