NEW YORK, Nov. 24, 2023 /PRNewswire/ — The bicycle market is estimated to grow by USD 22.69 billion from 2022 to 2027, growing at a CAGR of 6.32%. The bicycle market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer bicycle market are Accell Group NV, BH BIKES Europe SL, Cicli Pinarello Srl, DAHON North America Inc., Kalkhoff Werke GmbH, Tube Investments of India Ltd., Giant Manufacturing Co. Ltd., Greenwit Technologies Ltd., Hero Cycles Ltd., 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, SCOTT Sports SA, Specialized Bicycle Components Inc., Storck Bicycle GmbH, Trek Bicycle Corp., Yamaha Motor Co. Ltd., Brompton Bicycle Ltd., SB Bike, Fiido, VAAN, and Vassla AB.
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Company Offering:
- Accell Group NV – The company offers bicycles, bicycle parts, and accessories
- BH BIKES Europe SL – The company offers bikes, e-bikes, equipment, and trail clothing
- DAHON North America Inc. – The company offers a wide variety of bikes, e-bikes and accessories
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Based on Geography, the market is classified as APAC, Europe, North America, South America, and Middle East and Africa. APAC is estimated to contribute 51% to the growth of the global market during the forecast period. The growth of the region’s market is expected to be driven by factors such as increasing demand for bicycles, increased healthcare consciousness, growing environmental issues related to reducing CO2 emissions, rising urbanization, and traffic congestion.
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- Impactful driver- Increasing number of bicycle sports events
- Key Trend – Increasing popularity of bicycle rental services
- Major Challenges – Increase in the number of product recalls
Market Segmentation
Based on Product, the market is classified into on-road and track bicycles, off-road bicycles, and x-road and hybrid bicycles. 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 come with thin tires and lighter frames, which are intended to increase efficiency and speed. Furthermore, track bicycles are optimized for racing at outdoor paths or velodromes. These are fixed-gear bicycles, compared to road bikes.
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Related Reports
The children’s bicycle market size is estimated to grow at a CAGR of 5.36% between 2023 and 2028. The market size is forecast to increase by USD 4,883.58 million.
The sports bicycle market size is estimated to grow at a CAGR of 6.19% between 2022 and 2027. The market size is forecast to increase by USD 5.52 billion.
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Bicycle Market Scope |
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Report Coverage |
Details |
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Historic period |
2017-2021 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.32% |
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YoY growth 2022-2023 (%) |
5.5 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Key countries |
US, China, Japan, Germany, and The Netherlands |
TOC:
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 Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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SOURCE Technavio
