Pune, May 31, 2023 (GLOBE NEWSWIRE) -- The global bicycle market size was valued at USD 101.92 billion in 2022 and is projected to grow from USD 110.38 billion in 2023 to USD 228.90 billion by 2030, exhibiting a CAGR of 11.0% during the forecast period. Due to growing awareness of the world's health-conscious population over the past few years, the market has seen significant development. The general public uses bikes extensively for activities like commuting, fitness, sport, hiking, and other things. To cater to a wider consumer base, manufacturers therefore, offer a variety of sorts or categories specifically created for different purposes. The global bike industry is expanding as a result of factors like escalating traffic congestion, urbanization, and rising environmental concerns among the populace. Fortune Business Insights presents this information in their report titled "Global Bicycle Market, 2023–2030."
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Report Highlights:
| Report Coverage | Details | |
| Forecast Period | 2023-2030 | |
| Forecast Period 2023 to 2030 CAGR | 11.0 | % |
| 2030 Value Projection | USD 228.90 Billion | |
| Base Year | 2022 | |
| Market Size in 2022 | USD 101.92 Billion | |
| Historical Data for | 2019-2021 | |
| No. of Pages | 194 | |
Market Drivers & Restraints:
Increasing Government's Emphasis on Creating Infrastructure for Cycling to Promote Market Growth
Where allowed, bike infrastructure can include a variety of enhancements to improve biking and scootering on designated pathways, sidewalks, and even roadways. In an effort to lessen traffic congestion, lessen air pollution, and promote active lives, municipal governments around the world are increasingly embracing biking as a mode of transportation. For example, The Netherlands' cycle infrastructure will receive an estimated USD 1.2 billion, the country's transport ministers stated in November 2022. These initiatives by the government are expected to increase the global bicycle market growth.
However, competing modes of transportation, including buses, railroads, and others, could limit the bicycle market growth.
COVID-19 Impact:
The COVID-19 Pandemic and Consumer Focus on Fitness Drove Market Growth
As a result of the COVID-19 pandemic, numerous novel approaches were taken to control the virus's spread. Such actions have had a significant impact on the overall transportation network as well as peoples' travel habits. As a result, the epidemic has had a favorable impact on bike demand. The bike industry, however, persisted in experiencing supply chain problems in the early stages of the epidemic. Due to increased demand for the sport of cycling as well as production and supply chain delays, bike shop shelves were emptied quickly.
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Segments:
Growing Interest in Adventure Sports Related to Cycling Will Drive Segment Growth
Based on type, the market is segmented into road, mountain, hybrid, and others. The use of hybrid bikes for commuting on city streets and exploring different terrains is strongly recommended. Due to their adaptability, hybrid bikes are becoming more popular, which will likely spur the segment's growth throughout the projection period.
Urban Road Congestion is Growing Which will Result in Segment Growth
Based on design type, the market is divided into folding and regular bikes. The most popular type of bike worldwide is the regular bike. Segment growth is being driven by a growing preference for normal bikes as an economical and environmentally friendly alternative to fossil fuel-powered automobiles for short trips.
Men Are Increasingly Using Bikes for Short Commutes, which will Drive Segment Growth
Based on end-user, the market is segmented into men, women, and kids. The men's segment had the most market share in 2022, and it is projected that it will continue to grow at the fastest rate during the projection period. The segment's expansion is predicted to be fueled by men's growing use of bikes for pleasure, adventure sports, commuting, fitness, and other purposes.
Growing Use of Conventional Bikes for Sport Will Boost Market Growth
Based on the technology, the market is divided into conventional and electric bicycle. Around the globe, conventional motorcycles are the most widely utilized. They are a highly favored segment due to their low cost and applicability for applications relating to sports, fitness, and exercise.
Regional Insights:
Asia Pacific Dominates the Market due to Presence of Influential Economies in this Region
With a market value of USD 47.74 billion in 2022, Asia Pacific held the majority of the worldwide bikes market share, and it is anticipated that it would continue to do so throughout the forecast period. Market expansion in the area is being driven by China's high e-bike demand. The rising use of bike-sharing services as a substitute for public transportation in China is also projected to have an impact on market expansion in the coming years.
Europe is anticipated to grow substantially during the forecast period due to government initiatives to promote cycling to address environmental issues.
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Competitive Landscape:
Companies Focus on Enhancement of Products and Acquisitions to Promote Growth
With the existence of major competitors like Hero Cycles Ltd., Merida Industry Co., Ltd., Derby Cycle, Mobility Holdings, Ltd. (Tern), Trek Bicycle Corporation, Giant Bicycles, and Accell Group, among others, the industry is fiercely competitive and fragmented. The Netherlands-based Accell Group is a producer of bikes, cycling accessories, and bike parts. The business is the second-largest manufacturer of bike parts and accessories in Europe and a market leader in e-bikes.
List of Key Players Covered in Bicycle Market Report:
- Hero Cycles Ltd. (India)
- Merida Industry Co. Ltd. (Taiwan)
- Orbea (Spain)
- Trek Bicycle Corporation (U.S.)
- Giant Bicycles (Taiwan)
- Accell Group (Netherlands)
- Mobility Holdings, Ltd. (Taiwan)
- Derby Cycles (Germany)
- Pon Holdings B.V. (Netherlands)
- Brompton Bicycle Inc. (U.K.)
Bicycle Market Segmentation:
By Technology
- Electric
- Conventional
By End-User
- Men
- Women
- Kids
By Type
- Mountain
- Road
- Hybrid
- Others
By Design
- Folding
- Regular
Key Industry Development:
April 2022 - Hero International (HIT), a part of India’s Hero Motors Company (HMC), announced adding a new assembly plant in its manufacturing facility in Manchester for electric bikes. The company will produce high-end, IoT-enabled electric cycles and push bikes for customers in the U.K. and EU. The new facility is to be operational by August 2022 and produce 50,000 bikes in three years.
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Table of Content:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunity
- Key Insights
- Mergers, Acquisition and Partnerships
- Porter’s Five Forces Analysis
- PEST Analysis
- Technological Developments
- Impact of COVID-19 on Bicycle Market
- Supplier Data
- Global Bicycle Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Road
- Mountain
- Hybrid
- Others
- Market Analysis, Insights and Forecast – By Design
- Folding
- Regular
- Market Analysis, Insights and Forecast-By End-user
- Men
- Women
- Market Analysis, Insights and Forecast – By Design
- Kids
- Market Analysis, Insights and Forecast – By Technology
- Electric
- Conventional
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa (MEA)
- Market Analysis, Insights and Forecast – By Technology
TOC Continued….
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