Bicycle Market is projected to expand at a value CAGR of 5.8% over the forecast period of 2022-2032
NEW YORK, Jan. 31, 2022 /PRNewswire/ -- The global bicycle market is projected to expand at a value CAGR of 5.8% over the forecast period of 2022-2032 to reach a valuation of more than US$ 109 Bn by 2032.
Bicycling is favored by a majority of health-conscious individuals as well as a recreational sport. Bicycles are not only good at combating obesity and digestive issues but are also cost-efficient. These advantages have been recognized by developing economies who have been promoting bicycling on a war footing.
Electric bicycles' growing popularity combined with increase in the number of national and international cycling events is expected to present lucrative prospects to bicycle stakeholders. Electric bicycles will be an appealing segment during the evaluation period of 2022-2032 due to rapidly rising number of conscientious consumers.
Over the coming years, China is likely to be a major contributor to electric bicycle demand and supply. Majority of major bicycle manufacturers are focusing on new model launches, particularly electric and mountain bicycles.
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Key Takeaways from Market Study
- At a CAGR of 8.4%, electric bicycles is estimated to be the fastest-growing segment under bicycle type from 2022 to 2032.
- Conventional bicycles are expected to hold the highest share of 73.1% under the technology segment in terms of value in 2022.
- By price, mid-range bicycles are predicted to enjoy a market share of nearly 41% by 2032.
- By end user, men are projected to be major consumers with a market share of more than 45% in 2022.
- By region, East is predicted to hold the highest share in the global market accounting for more than 39% by 2032.
- China is projected to register the highest absolute $ opportunity of more than US$ 14 Bn from 2022 to 2032.
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"The pandemic has sparked a surge in bicycle sales and worked as a political impetus for cycling initiatives, effectively changing the bicycle market's growth curve" says a Persistence Market Research analyst.
Market Landscape
The global bicycle market is highly fragmented, with numerous international and regional companies. Key firms such as Trek Bicycle Corporation, Accell Group, and Giant Manufacturing Co. Ltd. dominate the market. The biggest players in this sector are diversifying into the production of e-bikes, thereby expanding their regional footprint. Businesses are also taking advantage of improved online distribution channels.
Some of the key bicycle manufacturers included in the report are Giant Bicycles Inc., Atlas Cycles Ltd, Derby Cycle Holding GmbH, Trek Bicycle Corporation, Avon Cycles Ltd., Zhonglu Co., Ltd, Accell Group N.V., Tube Investments of India Limited, Dorel Industries Inc., Merida Industry Co., Ltd, Tandem Group plc, Samchuly Bicycle Co., Ltd, F.I.V.E. Bianchi S.p.A, Specialized Bicycle Components, Hamilton Industries Pvt. Ltd, Tianjin FUJITA Group Co. Ltd, Ming Cycle Industrial Co. Ltd, Tianjin Flying Pigeon Cycle Manufacture Co., Ltd, Koninklijke Gazelle N.V., Tern, Kona USA, Inc., Scott Sports SA, Redline Bicycle, Yadea Group Holdings, and Pt. Insera Sena.
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Conclusion
Bicycles are becoming more popular around the world as people become more concerned about the environment and want to stay fit. Cycling is increasingly becoming a leisure and recreational activity. This is also contributing to the global bicycle market's rapid expansion.
Other factors impacting market growth include increase in bike sharing and rentals, development of e-bikes, and growth of bicycle tourism. Bicycle manufacturers are also attempting to include new features to improve user experience. Bicycles are also getting new safety measures to help prevent accidents and theft.
Want to Know More?
Persistence Market Research, a research and consulting firm, has published a revised market research report on the bicycle market that contains global industry analysis of 2013–2021 and opportunity assessment for 2022–2032.
The report provides in-depth analysis of the market through different segments, namely, product type, technology, price, end user, and region.
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