The ‘Global Bicycle Market Share, Size, Trends and Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global bicycle market, assessing the market on the basis of its segments like products, prices, technologies, end uses, and major regions.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 6.5%
|Market Size in 2022||USD 56.99 billion|
|Revenue Forecast in 2028||USD 83.16 billion|
|Growth Rate CAGR||5.2%|
|Major Players||Giant Group, Santa Cruz Bicycles, LLC, Specialized Bicycle Components, Inc, Accell Group,|
Trek Bicycle Corporation, Merida Industry Co., Ltd., Dorel Industries Inc. and others.
Riding a bicycle offers various benefits to the bo dy and soul. It increases cardiovascular health, augments muscle strength, improves flexibility and joint mobility, reduces stress level, and decreases body fat. Hence, the increasing inclination towards health and fitness is generating the sale of bicycles. In addition, the weight lose opportunities and improvements to body posture motivate riders, escalating the bicycle market growth.
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Bicycles are eco-friendly, lightweight, and comfortable. In this regard, the increasing pollution and depleting quality of air owing to the rising traffic congestions is leading to a shift towards green modes of transportation, such as bicycles.
The growing preference of off-road bicycling among the youth is fuelling the demand for mountain bicycles which is a crucial driving factor of the bicycle market. Also, bicycles are popular among children who develop interest in self-mobility at a young age.
Bicycle Industry Definition and Major Segments
A bicycle, also known as cycle, is a two-wheeled vehicle which is propelled by pedalling. Bicycles comprise of wheels mounted on a metal frame in alignment in order to provide a smooth ride to the pedlar. Riding a bicycle is a skill and a typical usage can achieve speeds of around 15 to 25 km/hr.
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Based on product, the market can be segmented into:
- Mountain Bicycles
- Hybrid Bicycles
- Road Bicycles
On the basis of price, the market has been classified into:
- Mid Range
- Low Range
Based on technology, the market can be broadly categorised into:
On the basis of end uses, the market can be segmented into:
By region, the market can be categorised into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Bicycle Market Trends
The key trends in the global bicycle market include the stringent regulations of various governments aimed towards curbing the emission of greenhouses gases, boosting the popularity of bicycle as an alternative to cars for travelling short distances. In urban areas with high traffic congestion, separate pavements have been constructed in multiple countries that are designed for two-wheelers.
The growing availability of bicycles on lease is another crucial market driving trend. Bicycle renting companies offer a variety of products ranging from mountain, road, or hybrid bicycles. The emergence of e-bikes is further adding to the market growth. Over the forecast period, the rapid digitalisation in the mobility sector is anticipated to be a major bicycle market bolstering trend.
The increasing popularity of bicycles as an alternate to traditional fuel-based two-wheelers, owing to the rising prices of petrol is likely to lead to rapid investments towards product innovations. These innovations are likely to lead to the emergence of bicycles with innovative designs, faster speeds, and augmented aesthetic appeal.
Key Market Players
The major players in the bicycle market report are Giant Group, Santa Cruz Bicycles, LLC, Specialized Bicycle Components, Inc, Accell Group, Trek Bicycle Corporation, Merida Industry Co., Ltd., and Dorel Industries Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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