Bicycle Market
Bicycle Market Forecasts to 2028 - Global Analysis By Product (Mountain Bikes, Road Bikes, Hybrid Bicycle, Cargo Bikes, All Terrain Bicycle and Other Products), By Design (Regular and Folding), By Technology, By End User and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $85.0 BN |
|
Projected Year Value (2028) |
US $138.7 BN |
|
CAGR (2022 - 2028) |
8.5% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Bicycle Market is accounted for $85.0 billion in 2022 and is expected to reach $138.7 billion by 2028 growing at a CAGR of 8.5% during the forecast period. An eco-friendly form of transportation is the bicycle, which exists in a wide range of models, including cargo cycles, electric bikes, and mountain bikes. Cycling is one of the safest forms of transportation because it is so simple to use. The primary goal of significant bicycle associations like Go Out and Tour Somewhere, Easy Rider Bike Club, and Road Soldiers Cycling Club is to develop consumer interest in cycling.
According to the United Nations Conference on Trade and Development (UNCTAD) Handbook of Statistics, the global urban population percentage grew from 51.6% in 2010 to 56.2% in 2020.
Market Dynamics:
Driver:
Inclining government focus on cycling infrastructure development
The public's adoption of bicycles is anticipated to increase as a result of the government's focus on funding cycling infrastructure development. Almost all developed economies are investing heavily in the construction of new bike lanes and other initiatives to improve the infrastructure for both pedestrians and cyclists. For instance, in 2021, municipal authorities in Ireland announced the allocation of USD 240.7 million for the development of infrastructure for bikes and pedestrians; this amount was over three times that of the financing for urban transportation.
Restraint:
Availability of alternative transport solutions
During the projected period, the availability of alternative transport options such as motorcycles, scooters, and other micro-mobility solutions with a longer travel range than e-bikes is predicted to restrain market expansion. Moreover, another problem restricting the market is the delay in deliveries brought on by the lack of semiconductor chips caused by the pandemic.
Opportunity:
Growing popularity of cycling-related sports
Global bike sales are being propelled by the rising popularity of cycling-related sports like BMX racing and adventure sports like mountain biking, among others. In addition, the growing number of cycling sports clubs and their alluring marketing tactics are urging people of all ages to take up cycling as a recreational activity, which is anticipated to further accelerate market expansion in the coming years. Additionally, technical advancements like linked bikes, the usage of lightweight, efficient materials, and the development of electrically driven bikes are some of the popular trends that are projected to boost the market's expansion throughout the forecast period.
Threat:
Lack of infrastructure
The market's growth is anticipated to be constrained by the impending lack of infrastructure needed to permit and promote commuting, particularly in growing economies like India. Additionally, the price of composite-made lightweight bicycles is higher, which is not helpful for the future growth of the business.
Covid-19 Impact:
Markets across the board have suffered as a consequence of the pandemic's spread. Due to closed manufacturing facilities and a disturbed supply chain, this sector also experienced an initial slump. The bicycle industry, however, experienced a boom in the second half of 2020 after initially slowing down, as a result of an unexpected increase in cycling demand. Individuals were influenced to use cycling for commuting, transportation, and leisure activities due to restrictions on accessible leisure activities, public transportation, and stringent social distancing laws. The population's decision to choose cycling for fitness and leisure activities was also affected by COVID-19 and the population's growing health concerns.
The hybrid bicycle segment is expected to be the largest during the forecast period
Because a hybrid bike is essentially a cross between a road bike and a mountain bike, the hybrid segment had the largest market share and is predicted to continue its dominance during the forecast period. As a result, they are suitable for both commuting on different types of terrain and using for urban road transportation. Moreover, due to their adaptability, hybrid bicycles are growing more popular, which is projected to fuel segment expansion during the projection period.
The folding segment is expected to have the highest CAGR during the forecast period
Over the course of the forecast period, the folding category is expected to grow at a robust pace due to the urban population's preference for folding bikes as a solution to urban traffic congestion and parking shortages. Additionally, these may be folded down to a compact size for simpler storage and transportation. They can even be taken inside buildings or onto public transportation.
Region with largest share:
Throughout the projected period, Asia Pacific dominated the largest share of the global bicycle market because cycling is a popular form of transportation in many developing Asian nations. The region's market is expanding due to China's high e-bike demand. Additionally, it is projected that the market growth in the coming years will be driven by the rising popularity of bike-sharing services in China as a substitute for public transportation. Moreover, the inclination of the populace toward cycling in urban areas of India, such as Mumbai, Delhi, and others, for transportation and exercise is projected to fuel market expansion in the region.
Region with highest CAGR:
As increased e-bike sales in the U.S. are the prime reason for the market growth in the region, North America is anticipated to experience the highest market growth during the projected period. The trend toward the adoption of micro-mobility solutions like conventional bikes and e-bikes is being driven by tax incentives provided by the U.S. government, as well as the growing traffic congestion in urban areas across North America.
Key players in the market
Some of the key players in Bicycle market include Hero Cycles Limited, Pedego Inc., Benno Bikes LLC, Ribble Cycles, Bulls Bikes, Giant Manufacturing Co. Ltd, Pon Holdings BV, Dorel Industries Inc., Trek Bicycle Corporation, Accell Group NV, Merida Industry Co., Ltd, Orbea, Mobility Holdings,Ltd, Derby Cycle, Kona Bikes and Brompton Bicycle Inc..
Key Developments:
In April 2022, Hero International (HIT), a part of India’s Hero Motors Company (HMC), announced adding a new assembly plant in its manufacturing facility in Manchester for Electric bikes. The company will produce high-end, IoT-enabled electric cycles and push bikes for customers in the U.K. and EU.
In April 2022, Giant Bicycle announced the recall of the model year 2021 Giant Cypress DX, Giant Escape 3 Comfort, Liv Flourish FS 1, and Liv Alight 3 Comfort bicycles due to fall and injury hazards.
In July 2021, Trek Bicycle announced the establishment of the Trek Foundation. This established foundation will support public mountain bike trail development and Cycling infrastructure projects.
Products Covered:
• Mountain Bikes
• Road Bikes
• Hybrid Bicycle
• Cargo Bikes
• All Terrain Bicycle
• Other Products
Designs Covered:
• Regular
• Folding
Technologies Covered:
• Conventional Bicycle
• Electric Bicycle
End Users Covered:
• Men Bicycle
• Kids Bicycle
• Women Bicycle
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Technology Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Bicycle Market, By Product
5.1 Introduction
5.2 Mountain Bikes
5.3 Road Bikes
5.4 Hybrid Bicycle
5.5 Cargo Bikes
5.6 All Terrain Bicycle
5.7 Other Products
6 Global Bicycle Market, By Design
6.1 Introduction
6.2 Regular
6.3 Folding
7 Global Bicycle Market, By Technology
7.1 Introduction
7.2 Conventional Bicycle
7.3 Electric Bicycle
8 Global Bicycle Market, By End User
8.1 Introduction
8.2 Men Bicycle
8.3 Kids Bicycle
8.4 Women Bicycle
9 Global Bicycle Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Hero Cycles Limited
11.2 Pedego Inc.
11.3 Benno Bikes LLC
11.4 Ribble Cycles
11.5 Bulls Bikes
11.6 Giant Manufacturing Co. Ltd
11.7 Pon Holdings BV
11.8 Dorel Industries Inc.
11.9 Trek Bicycle Corporation
11.10 Accell Group NV
11.11 Merida Industry Co., Ltd
11.12 Orbea
11.13 Mobility Holdings,Ltd
11.14 Derby Cycle
11.15 Kona Bikes
11.16 Brompton Bicycle Inc.
List of Tables
1 Global Bicycle Market Outlook, By Region (2020-2028) ($MN)
2 Global Bicycle Market Outlook, By Product (2020-2028) ($MN)
3 Global Bicycle Market Outlook, By Mountain Bikes (2020-2028) ($MN)
4 Global Bicycle Market Outlook, By Road Bikes (2020-2028) ($MN)
5 Global Bicycle Market Outlook, By Hybrid Bicycle (2020-2028) ($MN)
6 Global Bicycle Market Outlook, By Cargo Bikes (2020-2028) ($MN)
7 Global Bicycle Market Outlook, By All Terrain Bicycle (2020-2028) ($MN)
8 Global Bicycle Market Outlook, By Other Products (2020-2028) ($MN)
9 Global Bicycle Market Outlook, By Design (2020-2028) ($MN)
10 Global Bicycle Market Outlook, By Regular (2020-2028) ($MN)
11 Global Bicycle Market Outlook, By Folding (2020-2028) ($MN)
12 Global Bicycle Market Outlook, By Technology (2020-2028) ($MN)
13 Global Bicycle Market Outlook, By Conventional Bicycle (2020-2028) ($MN)
14 Global Bicycle Market Outlook, By Electric Bicycle (2020-2028) ($MN)
15 Global Bicycle Market Outlook, By End User (2020-2028) ($MN)
16 Global Bicycle Market Outlook, By Men Bicycle (2020-2028) ($MN)
17 Global Bicycle Market Outlook, By Kids Bicycle (2020-2028) ($MN)
18 Global Bicycle Market Outlook, By Women Bicycle (2020-2028) ($MN)
19 North America Bicycle Market Outlook, By Country (2020-2028) ($MN)
20 North America Bicycle Market Outlook, By Product (2020-2028) ($MN)
21 North America Bicycle Market Outlook, By Mountain Bikes (2020-2028) ($MN)
22 North America Bicycle Market Outlook, By Road Bikes (2020-2028) ($MN)
23 North America Bicycle Market Outlook, By Hybrid Bicycle (2020-2028) ($MN)
24 North America Bicycle Market Outlook, By Cargo Bikes (2020-2028) ($MN)
25 North America Bicycle Market Outlook, By All Terrain Bicycle (2020-2028) ($MN)
26 North America Bicycle Market Outlook, By Other Products (2020-2028) ($MN)
27 North America Bicycle Market Outlook, By Design (2020-2028) ($MN)
28 North America Bicycle Market Outlook, By Regular (2020-2028) ($MN)
29 North America Bicycle Market Outlook, By Folding (2020-2028) ($MN)
30 North America Bicycle Market Outlook, By Technology (2020-2028) ($MN)
31 North America Bicycle Market Outlook, By Conventional Bicycle (2020-2028) ($MN)
32 North America Bicycle Market Outlook, By Electric Bicycle (2020-2028) ($MN)
33 North America Bicycle Market Outlook, By End User (2020-2028) ($MN)
34 North America Bicycle Market Outlook, By Men Bicycle (2020-2028) ($MN)
35 North America Bicycle Market Outlook, By Kids Bicycle (2020-2028) ($MN)
36 North America Bicycle Market Outlook, By Women Bicycle (2020-2028) ($MN)
37 Europe Bicycle Market Outlook, By Country (2020-2028) ($MN)
38 Europe Bicycle Market Outlook, By Product (2020-2028) ($MN)
39 Europe Bicycle Market Outlook, By Mountain Bikes (2020-2028) ($MN)
40 Europe Bicycle Market Outlook, By Road Bikes (2020-2028) ($MN)
41 Europe Bicycle Market Outlook, By Hybrid Bicycle (2020-2028) ($MN)
42 Europe Bicycle Market Outlook, By Cargo Bikes (2020-2028) ($MN)
43 Europe Bicycle Market Outlook, By All Terrain Bicycle (2020-2028) ($MN)
44 Europe Bicycle Market Outlook, By Other Products (2020-2028) ($MN)
45 Europe Bicycle Market Outlook, By Design (2020-2028) ($MN)
46 Europe Bicycle Market Outlook, By Regular (2020-2028) ($MN)
47 Europe Bicycle Market Outlook, By Folding (2020-2028) ($MN)
48 Europe Bicycle Market Outlook, By Technology (2020-2028) ($MN)
49 Europe Bicycle Market Outlook, By Conventional Bicycle (2020-2028) ($MN)
50 Europe Bicycle Market Outlook, By Electric Bicycle (2020-2028) ($MN)
51 Europe Bicycle Market Outlook, By End User (2020-2028) ($MN)
52 Europe Bicycle Market Outlook, By Men Bicycle (2020-2028) ($MN)
53 Europe Bicycle Market Outlook, By Kids Bicycle (2020-2028) ($MN)
54 Europe Bicycle Market Outlook, By Women Bicycle (2020-2028) ($MN)
55 Asia Pacific Bicycle Market Outlook, By Country (2020-2028) ($MN)
56 Asia Pacific Bicycle Market Outlook, By Product (2020-2028) ($MN)
57 Asia Pacific Bicycle Market Outlook, By Mountain Bikes (2020-2028) ($MN)
58 Asia Pacific Bicycle Market Outlook, By Road Bikes (2020-2028) ($MN)
59 Asia Pacific Bicycle Market Outlook, By Hybrid Bicycle (2020-2028) ($MN)
60 Asia Pacific Bicycle Market Outlook, By Cargo Bikes (2020-2028) ($MN)
61 Asia Pacific Bicycle Market Outlook, By All Terrain Bicycle (2020-2028) ($MN)
62 Asia Pacific Bicycle Market Outlook, By Other Products (2020-2028) ($MN)
63 Asia Pacific Bicycle Market Outlook, By Design (2020-2028) ($MN)
64 Asia Pacific Bicycle Market Outlook, By Regular (2020-2028) ($MN)
65 Asia Pacific Bicycle Market Outlook, By Folding (2020-2028) ($MN)
66 Asia Pacific Bicycle Market Outlook, By Technology (2020-2028) ($MN)
67 Asia Pacific Bicycle Market Outlook, By Conventional Bicycle (2020-2028) ($MN)
68 Asia Pacific Bicycle Market Outlook, By Electric Bicycle (2020-2028) ($MN)
69 Asia Pacific Bicycle Market Outlook, By End User (2020-2028) ($MN)
70 Asia Pacific Bicycle Market Outlook, By Men Bicycle (2020-2028) ($MN)
71 Asia Pacific Bicycle Market Outlook, By Kids Bicycle (2020-2028) ($MN)
72 Asia Pacific Bicycle Market Outlook, By Women Bicycle (2020-2028) ($MN)
73 South America Bicycle Market Outlook, By Country (2020-2028) ($MN)
74 South America Bicycle Market Outlook, By Product (2020-2028) ($MN)
75 South America Bicycle Market Outlook, By Mountain Bikes (2020-2028) ($MN)
76 South America Bicycle Market Outlook, By Road Bikes (2020-2028) ($MN)
77 South America Bicycle Market Outlook, By Hybrid Bicycle (2020-2028) ($MN)
78 South America Bicycle Market Outlook, By Cargo Bikes (2020-2028) ($MN)
79 South America Bicycle Market Outlook, By All Terrain Bicycle (2020-2028) ($MN)
80 South America Bicycle Market Outlook, By Other Products (2020-2028) ($MN)
81 South America Bicycle Market Outlook, By Design (2020-2028) ($MN)
82 South America Bicycle Market Outlook, By Regular (2020-2028) ($MN)
83 South America Bicycle Market Outlook, By Folding (2020-2028) ($MN)
84 South America Bicycle Market Outlook, By Technology (2020-2028) ($MN)
85 South America Bicycle Market Outlook, By Conventional Bicycle (2020-2028) ($MN)
86 South America Bicycle Market Outlook, By Electric Bicycle (2020-2028) ($MN)
87 South America Bicycle Market Outlook, By End User (2020-2028) ($MN)
88 South America Bicycle Market Outlook, By Men Bicycle (2020-2028) ($MN)
89 South America Bicycle Market Outlook, By Kids Bicycle (2020-2028) ($MN)
90 South America Bicycle Market Outlook, By Women Bicycle (2020-2028) ($MN)
91 Middle East & Africa Bicycle Market Outlook, By Country (2020-2028) ($MN)
92 Middle East & Africa Bicycle Market Outlook, By Product (2020-2028) ($MN)
93 Middle East & Africa Bicycle Market Outlook, By Mountain Bikes (2020-2028) ($MN)
94 Middle East & Africa Bicycle Market Outlook, By Road Bikes (2020-2028) ($MN)
95 Middle East & Africa Bicycle Market Outlook, By Hybrid Bicycle (2020-2028) ($MN)
96 Middle East & Africa Bicycle Market Outlook, By Cargo Bikes (2020-2028) ($MN)
97 Middle East & Africa Bicycle Market Outlook, By All Terrain Bicycle (2020-2028) ($MN)
98 Middle East & Africa Bicycle Market Outlook, By Other Products (2020-2028) ($MN)
99 Middle East & Africa Bicycle Market Outlook, By Design (2020-2028) ($MN)
100 Middle East & Africa Bicycle Market Outlook, By Regular (2020-2028) ($MN)
101 Middle East & Africa Bicycle Market Outlook, By Folding (2020-2028) ($MN)
102 Middle East & Africa Bicycle Market Outlook, By Technology (2020-2028) ($MN)
103 Middle East & Africa Bicycle Market Outlook, By Conventional Bicycle (2020-2028) ($MN)
104 Middle East & Africa Bicycle Market Outlook, By Electric Bicycle (2020-2028) ($MN)
105 Middle East & Africa Bicycle Market Outlook, By End User (2020-2028) ($MN)
106 Middle East & Africa Bicycle Market Outlook, By Men Bicycle (2020-2028) ($MN)
107 Middle East & Africa Bicycle Market Outlook, By Kids Bicycle (2020-2028) ($MN)
108 Middle East & Africa Bicycle Market Outlook, By Women Bicycle (2020-2028) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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