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The Europe bicycle market is estimated to increase by USD 5.38 billion, growing at a CAGR of 4.4% between 2023 and 2028. The market is experiencing significant growth due to several key trends and factors. One of the primary drivers is the increasing awareness and emphasis on health and fitness, which has led to a rise in demand for bicycles as a cost-effective and eco-friendly mode of transportation and exercise. This growing interest also extends to bicycle sports and cycling enthusiasts, further boosting market demand. Another trend influencing the market is the rising popularity of bicycle rental services in Europe, providing greater accessibility to consumers and contributing to the overall growth of the market. However, the market faces challenges from the availability of affordable refurbished bicycles, which can impact the sales of new bicycles. Overall, the market is poised for continued growth, driven by these trends and factors, while navigating the challenges presented by the refurbished bicycle market.
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The market is experiencing significant growth due to various factors, including the increasing popularity of e-bikes for fitness, leisure, and eco-friendly transportation. Cycling is no longer just a recreational activity but also a sustainable commuting option that reduces carbon footprint and emissions. The younger generations are embracing this trend, leading to an increase in demand for bicycles. Road bicycles, hybrid bicycles, and all-terrain bicycles continue to dominate the market. Retailers are capitalizing on this trend by expanding their offerings, both online and offline. Advanced technology, such as smart monitoring systems, is being integrated into bicycles to enhance the user experience. Health consciousness and ethical practices are also driving the market. Cycling events and cycling culture are on the rise, providing opportunities for retailers to engage with customers and promote their products. Macroeconomic factors, such as increasing disposable income and urbanization, are also contributing to the growth of the bicycle market. Bicycle tourism is another emerging trend, as people seek unique travel experiences. Infrastructure development, including cycling lanes and parking facilities, is essential to support this trend. Overall, the market is expected to continue its growth trajectory, driven by these factors and the shift towards sustainable transportation options.
The market experiences growth spurred by increased awareness regarding health and fitness, alongside rising concerns about the environment. As individuals prioritize healthy lifestyles, cycling emerges as a favored option due to its numerous health benefits, including cardiovascular exercise and weight management.
Furthermore, the market sees expansion across fitness and leisure segments, with a notable uptake in e-bikes for eco-friendly transportation. Celebrity endorsements and advancements in sports bicycles further fuel the market's growth, supported by associations like Associazione Ciclo Motociclo Accessori (ANCMA). Leading tire producers such as Vittoria and Pirelli contribute to the market's development, catering to various cycling needs, including trekking. As cycling gains traction as an eco-friendly mode of transportation, driven by both personal fitness goals and environmental concerns, the European Bicycle Market witnesses dynamic growth trends, emphasizing a shift towards sustainable and active lifestyles.
The market observes a significant trend with the rising prominence of rental services, driving market growth amidst environmental concerns and the quest for clean mobility. Accelerated urbanization and increasing health consciousness prompt a shift towards bicycles as an alternative means of commuting. Governments across Europe actively promote cycling, emphasizing its role in improving public health and reducing congestion.
Additionally, rental services offer consumers convenient access without ownership obligations, catering to the fitness and leisure segments. Flexible options, including hourly, monthly, or annual subscriptions, are facilitated through mobile applications, enhancing accessibility. While rental services flourish, their widespread popularity may pose challenges to new bicycle purchases, potentially impacting the market's growth in the medium to long term.
Threats from refurbished bicycles may hinder the growth of the market. With price-conscious consumers favoring refurbished models, sales of new bicycles face challenges. The rising popularity of refurbished bicycles attracts both consumers unable to afford new ones and market participants exploring this business model. For instance, ReCycle Bikes in the UK specializes in selling reconditioned bicycles.
However, skilled mechanics meticulously disassemble and rebuild bicycles, ensuring optimal performance. Despite thorough testing, the preference for used bicycles may reduce demand for new ones, impacting revenue and market expansion in the medium to long term.
The market report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
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 20 market Companies, including:
Qualitative and quantitative analysis of Companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize Companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize Companies as dominant, leading, strong, tentative, and weak.
The market share growth by the offline segment will be significant during the forecast period. The offline segment in the market in Europe includes specialty stores, sporting goods retailers, outdoor toy retailers, departmental stores, hypermarkets and supermarkets, warehouse clubs, other mass merchants, and discount retail formats.
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The offline segment was valued at USD 10.63 billion in 2018. The ability of bicycle specialty shops to sell a variety of bicycles and related accessories drives the dominance of the offline segment. These shops typically sell bicycles from different brands or are brand-owned themselves. The majority of the time, Companies run brand-owned stores, which are used for more than just selling by serving as platforms for marketing, branding, and promotions. One of the main advantages of specialty shops is that they offer knowledgeable advice to customers. Before making a better purchase decision, customers with expert guidance can learn all there is to know about bicycles. This encourages a large number of people to visit specialty shops.
Bicycle enthusiasts frequent bicycle specialty shops because they provide a wide range of products in specialized categories. They, therefore, have an advantage over other retail establishments. To draw in enthusiasts, many store owners also host special events and product demonstrations. The growing interest in electric vehicles is complementing the enduring popularity of conventional bikes for recreation, as both offer unique benefits and cater to different aspects of an eco-friendly and active lifestyle. Through specialized stores, various Companies are selling their goods. The aforementioned elements will increase consumer demand for specialty shops, which will fuel the expansion of the offline segment in Europe during the forecast period.
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 bicycle market is experiencing a rise in demand driven by various factors, including the increasing popularity of e-bikes for fitness and leisure activities, eco-friendly transportation for commuting, and recreational activities such as cycling events. Road bicycles, hybrid bicycles, and all-terrain bicycles continue to be in demand, with consumers preferring modernized cycling solutions that offer advanced technology and smart monitoring. Offline and online retail channels are witnessing significant growth as retailers cater to the evolving consumer preferences for sustainable bicycles, such as electric bicycles. Infrastructure developments, including car-free bicycle highways, are further boosting the market.
Furthermore, health consciousness and body fitness are key drivers, with younger generations embracing cycling as an ethical transportation option with a lower carbon footprint and carbon emissions. The cycling culture is expanding, with cycling infrastructure and bicycle tourism contributing to the national economic health. Fiscal policies and financial indicators are essential in promoting the growth of the market. As the popularity of cycling continues to rise, driven by the trend towards eco-friendly commute and exercising, offline retail is seeing increased demand for e-bike technology, anti-theft features, and accessories, while gender cycling statistics and the development of car-free bicycle highway are further enhancing cycling popularity.
Market Scope |
|
Report Coverage |
Details |
Page number |
138 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.4% |
Market growth 2024-2028 |
USD 5.38 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.01 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accell Group NV, BH BIKES Europe SL, BikeCo LLC, Brompton Bicycle Retail Ltd., Cicli Pinarello Srl, Cycleurope AB, Giant Manufacturing Co. Ltd., GOVECS AG, Kalkhoff Werke GmbH, Kona Bicycle Co., KWANG YANG MOTOR Co. Ltd., LOOK Cycle International, Marin Mountain Bikes Inc., Maxxis International, Merida Industry Co. Ltd., Santa Cruz Bicycles LLC, SCOTT Sports SA, Storck Bicycle GmbH, Trek Bicycle Corp., and Vassla AB |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Market Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for Market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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