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The bicycle market size is forecast to increase by USD 25.54 billion between 2023 and 2028, accelerating at a CAGR of 6.69% during the forecast period. The market's expansion is fueled by a multitude of factors. Firstly, the surge in bicycle sports events has significantly contributed to its growth trajectory, fostering a vibrant ecosystem of enthusiasts and professionals alike. Additionally, the recognized health and environmental benefits associated with cycling have propelled its popularity among consumers, driving demand for sports bicycles and related accessories. Furthermore, supportive government policies and initiatives aimed at promoting sustainable transportation alternatives have provided a significant boost to the market. By incentivizing cycling infrastructure development and implementing measures to encourage bicycle usage, governments worldwide are playing a crucial role in fostering a cycling-friendly environment. These factors drive the market forward, positioning cycling as a preferred mode of transportation and recreational activity for individuals and communities globally.
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The cycle industry is evolving with diverse offerings like road bikes, hybrid bikes, and electric cycles, aiming to reduce carbon emissions from fossil fuel-powered cars. With growing emphasis on cycling infrastructure and bicycle-friendly roadways, adventure enthusiasts explore BMX racing and other adventure sports while minimizing carbon footprints. Advancements like GPS technology and mobile app development support dockless bicycle sharing systems, fostering collaborations among bicycle companies and bicycle-sharing companies to promote electric bikes and hybrid models for a sustainable consumer lifestyle. The bicycle market is expanding with a diverse range of options, including children’s bicycles designed for young riders and folding electric bicycles offering convenient and eco-friendly transportation. As the market evolves, these innovations cater to varying consumer needs, enhancing the appeal of bicycles for all ages and promoting sustainable mobility solutions.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The market is witnessing a growing demand for titanium-based bicycles, driving the market growth. Titanium, widely used in aerospace applications, offers exceptional properties for bicycle frames. With half the weight and nearly double the strength of steel frames, titanium provides durability and resilience to external impacts.
Moreover, natural titanium dioxide coating prevents oxidation and rust, maintaining performance and aesthetics even in harsh environments. The high stiffness-to-weight ratio of titanium enhances uphill efficiency and sprint performance. These advantages have led to increased adoption among professional riders, contributing to the market's positive growth trajectory.
The growing number of bicycle sports events worldwide is driving market growth. These events, including amateur and professional races held in Europe, the US, and Asia, attract participants in two categories: under 23 years and over 23 years.
Additionally, prominent races like the Tour de France, Giro D'Italia, Vuelta a España, and Olympic Games (featuring road, track, and BMX events) contribute to the surge in demand. With these events occurring annually, the demand is expected to increase during the forecast period.
The increase in the number of product recalls is the major challenge impeding market growth. A product recall occurs when a manufacturer requests a return of its product from customers due to design defects, safety concerns, or labeling errors. Manufacturers recall their products if a defect affects a large number of customers or poses safety concerns. These recalls are governed by customer protection regulatory bodies of countries. For instance, the US Consumer Product Safety Commission regulates the safety.
Further, in April 2022, Giant Bicycle recalled the Giant Cypress DX, Giant Escape 3 Comfort, Liv Flourish FS 1, and Li Alight 3 Comfort from the model year 2021 owing to fall and injury concerns. The firm has received approximately 86 instances of the handlebars loosening on the cycle, including three incidents of a rider falling off the bicycle. In January 2021, Retailer Academy Sports + Outdoors recalled four of its house-brand bike models due to faulty front wheel locking hardware. This can have a severe effect on its financials. Recalls can also result in trust issues among customers, which, in turn, restrict customers from opting for the products. This can lead to a decrease in the revenue of the market during the forecast period.
In the market, there's a notable shift towards sustainability spurred by the rise of electric vehicles and dockless bicycle-sharing systems. Technology integration like Global Positioning System (GPS) enhances user experience, while lightweight materials enhance performance and maneuverability. Specifically, cargo bikes cater to urban logistics, offering efficient transport solutions. These innovations reflect a growing demand for eco-friendly commuting options, driving manufacturers to focus on durability, versatility, and environmental consciousness. The market is also expanding with the introduction of advanced bicycle lights and a variety of bicycle accessories, enhancing safety and customization. These additions not only improve the overall riding experience but also contribute to the growing appeal of cycling as both a practical and enjoyable activity. The integration of these features reflects the market's commitment to addressing diverse consumer preferences and promoting sustainable transportation.
This report extensively covers market segmentation by product (on-road and track bicycles, off-road bicycles, and x-road and hybrid bicycles), end-user (adults and children), distribution channel (offline and online), propulsion (manual bicycles and motor-assisted bicycles), and Geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the market growth and trends report includes historic market data from 2018 to 2022.
The market share growth by the on-road and track bicycle segment will be significant during the forecast period. On-road bicycles are intended for paved roads. These bicycles consist of thin tires and lightweight frames that are designed to maximize efficiency and speed. The geometry and dropped handlebars of these bicycles make riders lean forward during riding. This enables them to ride in an aerodynamically correct position. The lightweight frames, gears, and thin tires of these bicycles enable riders to efficiently cover long distances at high speed. Hence, these types of bicycles are best suited for experienced cyclists. These bicycles are also used for touring cities as they offer comfort while traveling long distances.
A track bicycle is optimized for racing on outdoor tracks or velodromes. Unlike on-road bicycles, these are fixed-gear bicycles. Hence, they consist of a single-gear ratio and do not have brakes and freewheels. The tires of these bicycles are inflated and narrow. This helps in reducing rolling resistance. There are three different types of track bicycles that are suited for different events, namely sprint events, endurance events, and time trial/pursuit events. Hence, the above-mentioned factors are expected to fuel the growth of the on-road and track bicycle segment in the market during the forecast period.
APAC is estimated to contribute 52% to the growth of the global market during the forecast period.
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in APAC is expected to grow at the fastest rate compared to other regions. Factors such as the rising demand for bicycles, increase in health consciousness, growing environmental concerns to reduce CO2 emissions, rising urbanization and traffic congestion, and increase in the use of personal transportation are expected to drive the growth of the market in APAC during the forecast period. Another factor that is driving the growth of the regional market is the increasing number of dual-income households in APAC. In addition, companies in the regional market are expanding their footprints by launching new bicycles.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Accell Group NV, BH BIKES Europe SL, Brompton Bicycle Ltd., Cicli Pinarello Srl, DAHON North America Inc., Fiido, Giant Manufacturing Co. Ltd., Greenwit Technologies Ltd., Hero Cycles Ltd., Kalkhoff Werke GmbH, Klever Mobility Europe GmbH, Kona Bicycle Co., LOOK Cycle International, Marin Mountain Bikes Inc., Merida Industry Co. Ltd., Samchully Co.Ltd, Santa Cruz Bicycles LLC, SB Bike, SCOTT Sports SA, Specialized Bicycle Components Inc., Storck Bicycle GmbH, Trek Bicycle Corp., Tube Investments of India Ltd., VAAN, Vassla AB, and Yamaha Motor Co. Ltd.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
The market continues to evolve with the growing demand for alternate mode transportation solutions in metropolitan areas. Factors such as fuel prices and concerns about environmental sustainability have boosted interest in e-mobility options powered by li-ion batteries. This trend is reflected in the rising popularity of electric bicycles, which offer a convenient and eco-friendly commuting choice. Additionally, the emergence of micro mobility solutions like scooters and bike-sharing services caters to diverse consumer needs, including adventure and leisure activities. Moreover, there's a focus on inclusivity, with offerings tailored for women and children alongside traditional and conventional bicycles, ensuring accessibility and enjoyment for all urban commuters and enthusiasts alike. Furthermore, children's bicycle designs feature pop culture themes and attractive features to encourage them to take up the activity with enthusiasm.
Further, in urban environments where lack of parking and congestion pose significant challenges, the market offers a sustainable and efficient solution. With rising concerns about environmental pollution and traffic congestion caused by autos and motorcycles, more people are turning to road bicycles for their daily commute. Unlike other modes of transportation like buses and trains, they provide flexibility and accessibility, allowing riders to navigate through congested areas with ease. Moreover, the growing popularity of cycling as a form of exercise and recreation further drives the demand for innovative bicycle designs and accessories. As cities continue to prioritize eco-friendly and healthy transportation options, the bicycle market is expected to witness continued growth and innovation.
Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.69% |
Market growth 2024-2028 |
USD 25.56 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.83 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 52% |
Key countries |
China, US, Japan, Germany, and The Netherlands |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accell Group NV, BH BIKES Europe SL, Brompton Bicycle Ltd., Cicli Pinarello Srl, DAHON North America Inc., Fiido, Giant Manufacturing Co. Ltd., Greenwit Technologies Ltd., Hero Cycles Ltd., Kalkhoff Werke GmbH, Klever Mobility Europe GmbH, Kona Bicycle Co., LOOK Cycle International, Marin Mountain Bikes Inc., Merida Industry Co. Ltd., Samchully Co.Ltd, Santa Cruz Bicycles LLC, SB Bike, SCOTT Sports SA, Specialized Bicycle Components Inc., Storck Bicycle GmbH, Trek Bicycle Corp., Tube Investments of India Ltd., VAAN, Vassla AB, and Yamaha Motor Co. Ltd. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Market Segmentation by Distribution Channel
9 Market Segmentation by Propulsion
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
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