The global bicycle market achieved a market value of US$ 60 billion in 2021, with an 8% CAGR anticipated to reach a market value of US$ 138 billion between 2022 and 2032.Infrastructure improvements in several countries, as well as bicycle customisation, are positively influencing bicycle demand. Cycling events in Europe are also providing important marketing opportunities for bicycle manufacturers.
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According to Fact.MR, the global bicycle business will be worth more than $60 billion by the end of 2021. The market increased at a CAGR of 7% throughout the stated time period. This rising demand is attributed to a higher emphasis on personal health and fitness in the face of developing sedentary lifestyle challenges.
During the COVID-19 epidemic, bicycle sales decreased substantially, notably in the first wave in 2020. National lockdowns restricted people’s movement and kept them indoors. As a result, outdoor sports such as cycling have diminished. As the incidence decreased, this sluggishness was offset by a reduction of restrictions.
Competitive Landscape:
The debut of newly designed bikes, strategic agreements, and the launch of numerous campaigns are all priorities for leading manufacturers. Furthermore, given the need to reduce carbon footprint, there is a focus on incorporating sustainability into manufacturing processes. Here are some important developments:
In 2020, the Accell Group will introduce “New Purpose: Cycling Moves the World Forward.” Furthermore, the company’s Herenveen factory, which makes bicycles for the European market, will transition to solar energy. It is expected that this would reduce CO2 emissions by 1,100 tonnes.
In June 2019, Trek Bicycle Corporation unveiled the all-new Madone SLR 6 Disc Speed. The bike features retractable aero bars and is ideal for cycling in mountainous areas with bending roads.
Key Players:
• Accell Group
• Atlas Cycles
• Avon Cycles Ltd.
• Cervelo
• Dorel Industries Inc.
• Giant Bicycles
• Merida Industry Co.
• Specialized Bicycle Components
• SCOTT Sports SA
• Trek Bicycle Corporation
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Regional Analysis:
China, Singapore, and Japan, for example, are focusing on healthy living through improving their infrastructure. Most people in the region value their health and hence choose to go by bicycle to work and other chores.Furthermore, the administration of the region is aiming to limit CO2 emissions. As a result, bicycle utilization has soared. Furthermore, the growing desire for bicycles as a result of smart city development is supporting the increase of bicycles. As a result, it is anticipated that Asia Pacific will account for more than 33% of the worldwide bicycle market.
Bicycle marketing campaigns by manufacturers are a key driver of increased bicycle usage in Europe.
Cycling competitions in countries such as France and Germany are also increasing demand for bicycles in the area. Furthermore, the region’s government is constructing infrastructure that is ideal for cycling and walking for shorter distances. As a result, Europe is predicted to grow at a startling double-digit CAGR of 12% throughout the projection period.
Key Segments of Industry:
• By Product
o Mountain Bikes
o Road Bikes
o Cargo Bikes
o Hybrid Bikes
o Other Bicycles
• By Technology
o Electric Bicycles
o Conventional Bicycles
• By End User
o Bicycles for Men
o Bicycles for Women
o Bicycles for Kids
• By Distribution Channel
o Online Bicycle Sales
o Offline Bicycle Sales
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