The estimated value of the worldwide bicycle market, which was close to US$ 59.9 billion in 2021, is expected to rise to US$ 109.5 billion by 2032 at a steady CAGR of 5.8%. Together, road bikes, mountain bikes, and e-bikes currently make up more than 60% of all bicycle sales worldwide.
Sales Analysis of Bicycles from 2013 to 2021 Vs Market Projections for 2022 to 2032
From 2013 to 2021, global bicycle sales increased at 4% CAGR, which saw a huge increase in sales around the world in 2020 during the pandemic. China, Germany, the U.K., U.S., Brazil, and India accounted for a large share of global demand for bicycles.
Surge in oil prices and need to conserve natural resources are expected to drive the market for bicycles. More people around the world are choosing to pedal shorter distances to save on oil and fuel.
Cycling contributes to the preservation of resources that are used to power other types of transportation. Furthermore, riding a bicycle does not require a license, making it a healthy, inexpensive, and accessible mode of transportation for everybody.
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Heavy traffic congestions and increasing urbanization will also boost sales of bicycles. According TomTom traffic index, in Europe, traffic congestion has increased by only 2%, but traffic in North America has climbed by 17%. The reason for this is many Europeans have begun to see bicycles as a viable mode of transportation, resulting in significant reduction in traffic congestion.
The European Government has also pledged full support for the use of bicycles. The electric bicycle sector is also benefitting immensely from such initiatives.
Over the next ten years, bicycle consumption is set to increase steadily at a CAGR 5.8%.
What are the Key Opportunities for Bicycle Manufacturers?
Continuously increasing demand for faster and cleaner modes of transportation will create new opportunities for bicycle manufacturers. Pollution created by emissions from gasoline-powered automobiles has reached new heights. In the meantime, green solution suppliers and manufacturers have seen this as an opportunity. Bicycle manufacturing companies can take advantage of these circumstances to expand and grow their business.
Environmentally friendly means of transportation using bicycles as a mode of transportation have already gained traction and is a popular trend in European countries such as Denmark, the Netherlands, and the U.K. Governments in Europe and the United States have promoted the use of bicycles in cities where schools, workplaces, retail centers, and other amenities are closer to residential areas.
What are the Restraints That Bicycle Suppliers Encounter?
Lack of dedicated cycling tracks is one of the biggest restraints for bicycle demand. Well-connected road network across nations is critical to the global bicycle market’s performance over the projection period. This has been a major problem, as governments and manufacturers continue to struggle to develop bike tracks and create good riding networks.
Developing economies are working on establishing a bicycle-friendly environment with appropriate and safe cycling tracks to ensure customer safety and avoid accidents and injuries. Authorities build comparatively few dedicated cycling paths in nations with bigger populations, such as India, Indonesia, and Brazil.
Higher initial cost of electric cycles too is a big restraint for the sales of cycles. Majority of the middle-class population in Central America, the Caribbean, Africa, and Asia Pacific has a poor income. Furthermore, as compared to traditional bicycles, the cost of electric bicycles is relatively higher.
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Competitive Landscape
Major bicycle firms are vying for a big market share in the global bicycle landscape, which is fiercely competitive. To drive income, major bicycle suppliers are focusing on marketing and sales activities to retain existing clients as well as gain new ones.
The bicycle market has witnessed a range of growth tactics employed by prominent competitors over the previous years, including acquisitions, mergers, and collaborations. Bicycle selling companies are investing in R&D and new products for the future of bicycles in order to enhance their revenue share.
Technological improvements and the creation of government subsidiaries have acted as spurs for the bicycle industry’s expansion. Development and selling of inexpensive green modes of transportation has been aided by increased income and government support. Long-term agreements with end customers will ensure revenue stability while also allowing for market expansion.
Companies
- 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
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Key Segments Covered in Bicycle Industry Survey
Bicycle Market by Product Type:
- Mountain Bikes
- Hybrid/Cross Bikes
- Road Bikes
- Comfort Bikes
- Youth Bikes
- Cruisers
- Electric Bikes
Bicycle Market by Technology:
- Conventional Bicycles
- Electric Bicycles
Bicycle Market by Price:
- Premium Bicycles
- Mid-Range Bicycles
- Low-Range Bicycles
Bicycle Market by End User:
- Bicycles for Men
- Bicycles for Women
- Bicycles for Kids
Bicycle Market by Region:
- North America Bicycles Market
- Latin America Bicycles Market
- Europe Bicycles Market
- East Asia Bicycles Market
- South Asia & Pacific Bicycles Market
- Middle East & Africa Bicycles Market
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