Clifton, New Jersey, Nov. 03, 2022 (GLOBE NEWSWIRE) -- The recent research report "Global Bicycle Market Outlook, 2027", published by Bonafide Research, the bicycle market is expected to grow at a CAGR of 5.69%, a more rapid growth rate than in the historic period. Factors such as increased importance of sports activities, particularly for health reasons; rising celebrity endorsement; increasing traffic congestion; a lack of parking space; and infrastructure rollout by various governments to support bicycle commuting will propel the market to rapid growth. Additionally, the growing popularity of e-bikes and trends like folding electric bicycles drive the demand for bicycles ahead. However, the low durability of batteries in e-bikes limits their growth. The availability of other transport solutions like motorcycles and scooters with a long travel range is likely to hamper market growth.
Key Takeaways:
- The number of bicycles to be sold over the forecast period is projected to cross the 230 Million Units mark by the end of 2027.
- Asia-pacific region dominates the global bicycle market by more than half of the market size.
- E-bikes are gaining popularity among the millennials and the sales of e-bikes grew over 6% historically.
- 50% of the bicycles are male driven globally than women or kids.
- Bicycles are mostly used for leisure purpose than commuting daily at workplace, but the pandemic has changed this drastically.
Mountain bikes and hybrid bikes together accounts for over 30% of the market share by value, while road bikes are the second largest segment. Furthermore, the popularity for e-bikes is due to the convenience of driving without exerting much human force and light weight. Many countries have started using e-bikes for postal deliveries as a cost-effective and GHG-reducing alternative. Today’s millennials prefer to cycle to the workplace to stay fit and, at the same time, avoid traffic congestion in peak hours. The government also provides incentives to its people to urge them to use e-bikes and use green roads to travel short distances. Rising fossil fuel prices are influencing the alternative solution to fuel-powered transportation like e-bikes.
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The pandemic proved to be a boon for the bicycle market as it led to an increased number of people choosing a safe way to commute and practicing social distancing at the same time. The pandemic led to an increased demand for bicycles, but since the movement of materials and manpower was limited, the supply chain witnessed a downfall. However, in 2021, as the situation became normal, the companies increased production capacities to meet ever-growing demand. Governments across the world have built bicycle infrastructure for safe travel. Additionally, health concerns propelled people to use bicycles for recreation and fitness activities. The pandemic changed the views of many who opted for bicycles rather than conventional means of transportation.
The European bicycle market is projected to witness exorbitant growth over the forecast period as the pandemic induces a cycling boom among the populace. The government is also promoting cycling as an efficient mobility option to overcome traffic congestion, environmental concerns and public health concerns. E-bikes are expected to drive the market ahead as the government provides subsidies to its populace and increases spending on infrastructural cycling projects around the nation. Cycling events, influencer marketing and better road infrastructure is expected to further boost the adoption of bicycles in Europe.
The Asia-Pacific region dominates the global bicycle market with the maximum share due to the developing economies of India, China, and Australia. China leads the region with high demand for e-bikes and its growing popularity among young millennials. In major cities in India, the populace is using bicycles to avoid traffic congestion and to have a greener environment. The tax benefits offered by the US government are bolstering demand for bicycles in the North American region. Additionally, government initiatives to build cycling infrastructure throughout the region further promote the use of bicycles. South America and the MEA region are also expected to show a considerable rise in demand for bicycles with an increased number of imports of bicycles.
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Cycling is a sport activity that can be enjoyed by all age groups and at any time. People use it more often to stay fit as it exercises the muscles in the lower body along with the heart and lungs. The action of pedaling burns around 300 calories per hour, which makes it a healthy fitness option. Bicycle riding is a male-dominated activity, so it is not for women or kids. A majority of women still find riding a bicycle difficult due to fear of abuse or safety. A lack of dedicated bicycle lanes is still not in place in major cities around the world. However, with the advent of e-bikes and technology advancements and government support to build separate lanes for riders and improve existing bicycle infrastructure, more women will ride bicycles in the forecast period.
Leisure bikers do not cycle for the community but mainly as a leisure activity and are not involved in any type of sports activity. People cycling as a hobby or occasion-specific biking (e.g., on holiday, spring and summer) are increasing gradually. Leisure bikers represent the largest segment in most geography. For fitness, exploring and enjoyment, leisure bicycle rides are the most preferred at present. Highly engaged bicycle riders are expected to further create demand for bicycles in the forecast period at a CAGR of 7.86%. Highly engaged bikers are sports bikers who are highly engaged in terms of bike features, requirements, and sports intensity. They are actively involved in bikers' clubs and the biker community. Though this segment has the least number of bikers, it is the fastest of all segment types globally. Canada, Spain, and the UK have the most highly engaged bikers, while Japan, Germany, and China have the least number of highly engaged bikers. Engaged bikers are passionate bikers with a lower level of engagement. Travel bikers are people who cycle mainly for commuting purposes. Bicycle specifics aren’t too demanding and price points are generally medium-low. This type of cycling lends itself to areas with relatively flat terrain and arrangements to keep riders. Canada, Austria, the Nordic countries, the United Kingdom, and Germany have the most travelling bikers, while Canada and the United States have the fewest.
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The major players in the bicycle industry are investing heavily and aggressively, launching new products, introducing new services, and adopting new technologies at the same time. Further services like home delivery of high-end bicycles, after-sales support and maintenance, and pricing their products all propel further growth. Some of the players are Dorel Industries, Giant Manufacturing Company, Accell Group, Trek Bicycle, Merida Industry Company Ltd, Scott Sport, Olympus Corporation, among others.
Considered inthe Report
- Geography: Global
- Base year: 2021
- Historical year: 2016
- Forecasted year: 2027
Table of Content
1. Executive Summary
2. Report Methodology
3. Market Structure
3.1. Market Considerate
3.2. Market Definition
4. Economic /Demographic Snapshot
5. Global Bicycle Market Outlook
5.1. Market Size
5.1.1. By Value
5.1.2. By Volume
5.2. Market Share
5.2.1. By Region
5.2.2. By Country
5.2.3. By Company
5.2.4. By Bicycle Type
5.2.5. By End User
5.2.6. By Sales Channel
5.2.7. By Bikers Type
5.3. Global Road Bicycle Market Outlook
5.3.1. Market Size By Value
5.3.2. Market Size By Volume
5.4. Global Mountain Bicycle Market Outlook
5.4.1. Market Size By Value
5.4.2. Market Size By Volume
5.5. Global Hybrid Bicycle Outlook
5.5.1. Market Size By Value
5.5.2. Market Size By Volume
5.6. Global Electric Bicycle Outlook
5.6.1. Market Size By Value
5.6.2. Market Size By Volume
5.7. Global Other Bicycle Outlook
5.7.1. Market Size By Value
5.7.2. Market Size By Volume
6. North America Bicycle Market Outlook
6.1. Market Size
6.1.1. By Value
6.1.2. By Volume
6.2. Market Share
6.2.1. By Country
6.2.2. By Bicycle Type
6.2.3. By End User
6.2.4. By Bikers Type
6.3. US Bicycle Market Outlook
6.3.1. Market Size
6.3.1.1. By Value
6.3.1.2. By Volume
6.3.2. Market Share
6.3.2.1. By Bicycle Type
6.3.2.2. By End User
6.3.2.3. By Bikers Type
TOC continued....
| Market Segmentation | Details |
| By Type |
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| By End User |
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| By Bikers Type |
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| By Region |
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| By Country | |
| By Company |
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| Company profile of other Players: |
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| Other Market Details |
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Related Reports:
The Global E-bike Market Outlook, 2027 published by Bonafide Research, states that the global e-bike market is forecasted to grow at a CAGR of more than 8% during the period 2022-2027. Asia-Pacific region leads the global e-bike market as China has more electric bikes on roads than cars. The market is led by pedal assisted as it enables rider to ride farther and faster through rough terrains. The governments support will have far reaching effects for global e-bike market to grow rapidly over the forecast period.
The India Bicycle Market Outlook, 2027-28 published by Bonafide Research, states that the Indian bicycle market is projected to grow at a CAGR of 17.34% through the forecast period. Many players have launched new light weight bicycles in the Indian market to capture the ever growing demand from the Indian populace. Standard Geared-less bicycles are demanded more in Tier 3 cities of India with ASP of INR 3,628 in 2021-22. Hero cycle is the leader with over 20% share in Indian Bicycle market 2027-28.
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