London, April 05, 2023 (GLOBE NEWSWIRE) -- Owing to the increase in the prevalence of chronic diseases around the world, as well as a greater awareness of the benefits associated with regular exercise, individuals are now keener to adopt healthier lifestyles. This includes physical activities such as cycling, which promotes weight loss, lowers cholesterol, and reduces the likelihood of cardiovascular diseases. Bicycles are increasingly being used for recreational and fitness purposes. The global bicycle market is expected to achieve a valuation of US$100.8 Bn by 2026, from US$42.4 Bn in 2018. “Worsening pollution levels and the influx of individuals to congested urban zones around the world are certainly going to have a positive effect on bicycle sales in the future,” postulated an analyst at Fairfield Market Research.
As urbanization levels continue to surge around the world, cities are expected to get more congested. To aid in decongesting these areas as well as in lowering emission levels, respective governments are now promoting the use of cycles in various urban zones through the construction of bicycle lanes, and by offering incentives to individuals and organizations that make the transition to commute by cycle. Factors such as these are expected to have a profound influence on the growth trajectory of the global bicycle market in the years ahead.
Key Research Insights
- The global bicycle market to achieve a value of US$100.8 Bn by 2026
- Giant Manufacturing Co Ltd. is the world’s largest bicycle company
- E-bike sales grew by approximately 240% in 2020-2021
- In 2022, about US$8.2 Bn was spent by Americans on bicycles and accessories
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Insights into Segmentation Analysis
The global bicycle market is segment based on – Product, End-Use, Technology, Distribution Channel, and Region. Based on the ‘Technology’ market segmentation, the ‘Electronic’ sub-segment is expected to account for the majority share of this market owing to the increased adoption of these cycles for recreational or occupational purposes. With regards to the ‘Distribution Channel,’ the ‘Online’ sub-segment is slated to account for the highest market share due to the increasing penetration of the internet and the added convenience of shopping online. “These days, the use of e-bikes has steadily gained traction, becoming a crucial segment for the further expansion of the global market for bicycles,” highlighted an analyst at Fairfield Market Research.
Key Report Highlights
- 70% of the cyclists in the United States are men
- The number of bicycle riders in the US increased from 43 million in 2015, to 52 million in 2022
- China has approx. 450 million cycles in use, while the Netherlands has the highest bicycles per capita (99%)
- Approximately 100 million bicycles are produced annually
Insights into Regional Analysis
As per a study conducted by Fairfield Market Research, Europe accounted for a significant part of the global bicycle market, with the Netherlands contributing to nearly one-fifth of all E-bike sales. However, the Asia Pacific region accounted for the highest share of the global bicycle market and is expected to continue doing so over the forecast period. This can be attributed to the vast target market size, the availability of economical labour, surging urbanization, as well as rising disposable incomes that now allow individuals to make purchases that would have otherwise not been a possibility. China, and India are two major countries that contribute to this region’s continued growth.
Key Market Players
Accell Group, Dorel Industries Inc., Giant Bicycles, Merida Industry Co. Ltd., and Trek Bicycle Corporation, constitute some of the major competitors dominating the competitive landscape of global bicycle market.
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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., Giant Bicycles, Merida Industry Co. Ltd., Trek Bicycle Corporation | |
The Global Bicycle Market is Segmented as Below:
By Product Coverage
- Mountain Bicycle
- Multi-Purpose Bicycle
- Road Bicycle
- Others
By Technology Coverage
- Conventional
- Hybrid
- Electric
By End-Use Coverage
- Men
- Women
- Kids
By Distribution Coverage
- Online
- Offline
By Geographical Coverage
- North America
- Europe
- Asia Pacific
- 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
Inside This Report You Will Find:
Executive Summary
2. Market Overview
3. Global Bicycle Market Outlook, 2018 - 2026
4. North America Bicycle Market Outlook, 2018 - 2026
5. Europe Bicycle Market Outlook, 2018 - 2026
6. Asia Pacific Bicycle Market Outlook, 2018 - 2026
7. Latin America Bicycle Market Outlook, 2018 - 2026
8. MEA Bicycle Market Outlook, 2018 - 2026
9. Competitive Landscape
10. Appendix
Learn More About the Report Inclusions, and Research Methodology: https://www.fairfieldmarketresearch.com/report/bicycle-market/more-information
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