NEW YORK, July 19, 2024 /PRNewswire/ — The global bicycle market size is estimated to grow by USD 25.53 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 6.69% during the forecast period. Increasing number of bicycle sports events is driving market growth, with a trend towards increasing popularity of bicycle rental services. However, increase in number of product recalls poses a challenge. Key market players include 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..
Technavio has announced its latest market research report titled Global bicycle market 2024-2028
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Bicycle Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.69% |
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Market growth 2024-2028 |
USD 25535.9 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
5.83 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 52% |
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Key countries |
China, US, Japan, Germany, and The Netherlands |
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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 Driver
The bicycle market is experiencing significant growth due to increasing urbanization and rising disposable incomes in emerging economies. Traffic congestion and government initiatives encouraging bicycle use are driving the trend. Bicycle rental services, such as those offered by Brompton Bike Hire Ltd. and Beats Snow Sports, provide access to bicycles on a flexible basis. These services are contributing to the market’s expansion, with companies opting for new bicycles to meet demand. However, the popularity of bicycle rental services may limit the sale of new bicycles during the forecast period.
The bicycle industry has seen significant growth in recent years, with consumers showing a strong interest in bike sales. Scorters, consigners, and dealers are key players in this market. Electric bikes and motocyles are trending, as are carbon fiber and lightweight materials. Models with modern designs and advanced technologies are in high demand. Traffic and environmental concerns have made bikes a popular choice for commuting. Carbon fiber bikes, e-bikes, and mountain bikes are particularly sought after. The market is expected to continue growing, driven by increasing health consciousness and the need for sustainable transportation.
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Market Challenges
Product recalls in the bicycle market occur when manufacturers request customers to return defective products due to safety concerns or design issues. Regulatory bodies, such as the US Consumer Product Safety Commission, oversee these recalls. In 2021, Giant Bicycle recalled several models due to handlebar loosening, resulting in falls and injuries. Academy Sports + Outdoors also recalled four house-brand bikes due to faulty front wheel locking hardware. Recalls can lead to financial losses for manufacturers and may damage customer trust, potentially impacting market revenue.
In the bicycle market, several challenges exist for businesses. Convenience is a key factor, as consumers expect easy access to bikes and parts. Carbon and bike components are essential, but sourcing high-quality materials can be difficult. Electric bikes are increasingly popular, requiring businesses to stay updated on technology and regulations. Marketing and targeting specific audiences, such as mountain bikers and commuters, is also a challenge. Cycles and components need to be maintained properly, and effective customer service is crucial for retaining clients. Additionally, businesses must comply with various regulations and adapt to changing trends. Overall, the bicycle industry presents both opportunities and challenges for businesses.
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Segment Overview
This bicycle market report extensively covers market segmentation by
Product
1.1 On-road and track bicycles
1.2 Off-road bicycles
1.3 X-road and hybrid bicycles
End-user
2.1 Adults
2.2 Children
Distribution Channel
3.1 Offline
3.2 Online
Propulsion
4.1 Manual bicycles
4.2 Motor-assisted bicycles
Geography
5.1 APAC
5.2 Europe
5.3 North America
5.4 South America
5.5 Middle East and Africa
1.1 On-road and track bicycles- In the bicycle market, businesses focus on supplying high-quality products to meet customer demand. Effective marketing strategies, such as social media campaigns and local events, help increase sales. Competitive pricing and excellent customer service are essential to retain customers and gain new ones. Collaborations with local bike shops and cycling groups can expand reach and build strong community relationships. Regular inventory management ensures a steady supply of popular models and sizes.
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The global cycling wear market was valued at approximately USD 5.7 billion in 2020 and is projected to reach USD 7.3 billion by 2027, growing at a CAGR of around 3.5%. Increasing participation in cycling as a recreational and fitness activity, growing awareness of health benefits, and advancements in fabric technologies driving demand for performance-oriented cycling apparel. The global folding electric bicycle market size was valued at around USD 1.2 billion in 2020 and is expected to reach USD 2.8 billion by 2028, with a CAGR of approximately 11%. Rising urbanization, need for sustainable urban transport solutions, ease of storage and transportation, and government initiatives promoting electric vehicles contributing to market growth. The high-end bicycle market is estimated at USD 6.1 billion in 2021 and is projected to grow to USD 8.3 billion by 2028, with a CAGR of around 4.3%. Increasing disposable income, growing interest in premium cycling experiences, technological advancements such as lightweight materials and aerodynamic designs driving demand for high-performance bicycles.
Research Analysis
The bicycle market encompasses various segments, including mountain bikes, road bikes, hybrid bikes, electric cycles, and BMX racing bikes. This industry caters to the growing demand for personal transportation alternatives, particularly in areas affected by traffic congestion. The shift towards electric vehicles and reduced carbon emissions has led to the popularity of electric bikes and hybrid models. Consumers are increasingly adopting bicycles as a lifestyle choice, leading to the expansion of the market. Cycling infrastructure, such as bicycle-friendly roadways and dockless bicycle-sharing systems, is being developed to support this trend. Lightweight materials and cargo bikes are also gaining traction in the market. GPS technology and mobile app development are integral to enhancing the user experience in the bicycle industry. The global bicycle market is expected to grow significantly in the coming years, offering numerous opportunities for innovation and growth.
Market Research Overview
The bicycle market encompasses a wide range of products and services related to bicycles. This includes the manufacturing, distribution, and retail sale of bicycles, as well as the provision of related services such as repairs and maintenance. The market caters to various segments, including road bikes, mountain bikes, hybrid bikes, and electric bikes. Consumers look for features such as durability, performance, and design when purchasing bicycles. Components like gears, brakes, and frames are essential parts of a bicycle. The market is driven by factors such as increasing health consciousness, environmental concerns, and the growing popularity of cycling as a recreational activity. Additionally, technological advancements in bicycle design and manufacturing continue to shape the market landscape.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Product
On-road And Track Bicycles
Off-road Bicycles
X-road And Hybrid Bicycles
End-user
Adults
Children
Distribution Channel
Offline
Online
Propulsion
Manual Bicycles
Motor-assisted Bicycles
Geography
APAC
Europe
North America
South America
Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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SOURCE Technavio