The global bicycle market is expected to reach an estimated $34.9 billion by 2022 and is forecast to grow at a CAGR of 2.7% from 2017 to 2022.
The future of the global bicycle industry looks good with opportunities in the segments of e-bikes, road, mountain terrain bike (MTB), and kids' bicycles. The major drivers of growth for this market are increasing fitness consciousness among people, increasing environmental concerns, increasing traffic congestion, and government programs to promote cycling.
Emerging trends, which have a direct impact on the dynamics of the bicycle industry, include increasing use of folding electric bicycles and increasing the demand for bicycles by improving safety features and appearance.
Giant Manufacturing Co. Ltd., Accell Group N.V, Merida Industries Co. Ltd., and Dorel Industries Inc. are among the major suppliers of bicycles.
On the basis of its comprehensive research, the report predicts that the demand for kids bicycle is likely to experience the highest growth in the forecast period as parents are encouraging children to take up physical activities such as bicycling.
Asia Pacific is expected to remain the largest region during forecast period supported by huge population and increasing usage of bicycle as a sustainable mode of transportation.
The study includes the bicycle industry size, and a forecast for the global bicycle market through 2022 by bicycle type, region and country as follows:
Bicycle industry by bicycle type (Value $ Million and Volume Units from 2011 to 2022):