London, Nov. 04, 2022 (GLOBE NEWSWIRE) -- As the world places greater emphasis on limiting carbon emissions and accelerating the shift away from fuel-run vehicles, bicycle sales have been soaring at a considerable pace. With cycling being promoted as sound health and fitness, and mobility solution, and a sustainable way of lifestyle, global bicycle market is expected to experience more than 12.7% growth during 2021 – 2026. Fairfield Market Research in its newly published report suggests that the market for bicycles will reach a whopping US$100.8 Bn in terms of revenue by the end of 2026. The role of governments will be pivotal in shaping the bicycle market and creating a wealth of fruitful business opportunities worldwide, says the report. Increasing awareness regarding the growing significance of cycling in modern lifestyle is expected to keep the sales afloat, which will further be complemented by the rising innovation frequently introduced to the market. As bicycles are increasingly becoming an integral part of activities like treks, recreational events, and fundraising drives, adoption will continue to be buoyant, in turn driving the growth of bicycle market.
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Key Research Insights
- Global bicycle market size was recorded to be around US$42.4 Bn in the year 2018
- Multi-purpose bicycle sales are projected to grow stronger at nearly 14.9% CAGR through 2026 end
- The market in Asia Pacific continues steadfast growth and is expected to exhibit year-over-year growth of around 14% in 2022 over that recorded in 2021
Insights into Segmental Analysis
The analysis of the various market segments presented in the report reveals that the multi-purpose bicycle will emerge as the fastest-growing segment among all the bicycle types and by the end of 2026, the segment will witness 14.9% growth. Road bicycles however continue to account for the largest revenue share in market. The report also indicates flourishing growth prospects of mountain bicycles that are likely to register around 11.7% growth through 2026 end. E-bikes that present riders with a greater level of convenience are projected to pave the way for new revenue generation streams in bicycle market in the next few years. Hybrid bicycles on the other hand will record an impressive rate of growth in demand during the projection period. The report attributes this growth to an estimated incremental opportunity of more than US$10 Bn between 2021 and 2026.
Key Report Highlights
- The market will gain a collective push from the growing buzz around e-bikes, and the soaring rate of production in case of ultra-lightweight bicycle models
- Innovative launches in racing, mountain, and sports bicycles shape bicycle market, whereas new material introductions also influence the market performance
- Fresh business prospects will appear on the horizon as more consumers pick greater convenience of e-bikes
Insights into Regional Analysis
Bicycle market has been observing steady expansion across Asia Pacific majorly on the back of the desirably low manufacturing costs, and cheaper labour in the region. The report highlights China as the leader, further followed by Japan, India, Australia, and South Korea. Investments are likely to ramp up in addition to growing interest of manufacturers of bicycles and accessories in the highly lucrative Asian markets. Moreover, the report marks heightening sales of sports and electric bicycles, which would also remain a strong driving force to the growth of bicycle market of Asia Pacific. On the other hand, Europe will remain in the bandwagon on account of robust bicycle adoption among consumers. While the report clearly attributes this dominance to the government initiatives that promote bicycle touring as a healthy, dependable, and cost-efficient mobility solution. Moreover, the market here will continue to receive an impetus from the various cycling events, leisure cycling, road and track racing, as well as off-road racing. Europe is expected to remain a high-potential market throughout the period of assessment, banking on the constantly growing medica coverage, and celebrity endorsements, and the favourable cycling infrastructure. The region is currently experiencing a boom around e-bikes.
Key Players in Global Bicycle Market
Accell Group, Dorel Industries Inc. Hero Cycles Ltd, Giant Bicycles, Cervelo, Merida Industry Co., Olympus Bikes, Scott Sports SA, Kona Bicycle Company, Specialized Bicycle Components, Inc., Trek Bicycle Corporation
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2020 | |
| Forecast Year | 2021 – 2026 | |
| Market Size in 2018 | US$42.4 Bn | |
| Estimated Market Size in 2026 | US$100.8 Bn | |
| CAGR | 12.7% | |
| Key Players | Accell Group, Dorel Industries Inc., Hero Cycles Ltd, Giant Bicycles, Cervelo, Merida Industry Co., Olympus Bikes, Scott Sports SA, Kona Bicycle Company, Specialized Bicycle Components, Inc., Trek Bicycle Corporation | |
Market Segmentation
Product Coverage
- Mountain Bicycle
- Multi-Purpose Bicycle
- Road Bicycle
- Others
Technology Coverage
- Conventional
- Hybrid
- Electric
End-Use Coverage
- Men
- Women
- Kids
Distribution Coverage
- Online
- Offline
Geographical Coverage
- North America
- Europe
- Latin America
- Middle East & Africa
Leading Companies
- Hero Cycles Ltd
- Accell Group
- Cervelo
- Dorel Industries Inc.
- Giant Bicycles
- Merida Industry Co., Ltd.
- Olympus Bikes
- Scott Sports SA
- Specialized Bicycle Components, Inc.
- Trek Bicycle Corporation
- Kona Bicycle Company
Report Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Product-wise Analysis
- Technology-wise Analysis
- End Use-wise Analysis
- Distribution-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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