NEWARK, Del, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The Global Bicycle Market Size in 2022 was US$ 1,300 million and is estimated to be US$ 2,650.23 million in 2023. The bicycle market is expected to increase at a CAGR of 8.92% between 2023 and 2033, totaling around US$ 6,229.4 million by 2033.
The increase in the global bicycle market rises as customers prefer bicycles as a form of leisure increase. Maintaining an active and healthy lifestyle, and a life free from numerous ailments, bicycles are considered to be a handy method of exercise that is in great demand among consumers.
Expansion in the demand for bicycles is rising globally as a result of a boost in public awareness of the health benefits of cycling. Dockless bicycle-sharing programs are gaining popularity at a significant pace among the general public, which is anticipated to support the expansion of the world bicycle market.
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Key Takeaways from the Bicycle Market Study
- The global bicycle market expanded at a CAGR of 7.42% between 2018 and 2022.
- Based on the product segment, the road bicycle market had a revenue share of 70%.
- Under the end-user segment, men's sector held a significant bicycle market share at 75%.
- Based on the technology segment, the conventional sector dominates the market share of 80%.
- North America is forecasted at a market share of 42.8%.
- Europe’s market is anticipated to increase with a market share of 38.4% in the bicycle market.
“Developments in GPS technology and Mobile App development is one of the key drivers of the bicycle market” - Future Market Insights analyst.
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Top 10 Key Players in Bicycle Market and Their Marketing Strategy
Key players can create and advertise new, better goods at high price points to obtain a continuous competitive edge in the bicycle market. Additionally, a few significant bicycle market players are increasing their bicycle market share by choosing techniques including mergers and acquisitions, partnerships, and collaborations.
The key market players involved are:
- Accell Group
- Atlas Cycles (Haryana) Ltd.
- Avon Cycles Ltd.
- Cervelo
- Dorel Industries Inc.
- Giant Bicycles
- Merida Industry Co., Ltd.
- Specialized Bicycle Components, Inc.
- SCOTT Sports SA
- Trek Bicycle Corporation
Recent Developments Contributing to the Growth of the Bicycle Market
- Yulu is an app-based platform that offers on-demand bicycle/e-bike rentals in a few Indian cities. Through a mobile app, the business offers GPS and Bluetooth-enabled bicycles and electric bikes for rent. By scanning the QR code on the bicycle to unlock it, the user can ride after viewing nearby available bicycles on the app.
- Pony is an app-based platform for dockless bicycle rentals in a few locations across Europe. The software allows users to find nearby vehicles that are available and lock/unlock them by scanning a QR code. Users may leave the bicycle at any authorized spot when they reach their destination.
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Bicycle Market Key Segments
By Product Type:
- Comfort
- Cruiser
- Mountain
- Hybrid
- Road
- Cargo
- Youth
By Technology:
- Electric
- Conventional
By Price:
- Low Range
- Medium range
- Premium
By End User:
- Kids
- Men
- Women
By Region:
- North America
- Europe
- Asia Pacific
- The Middle East & Africa
- Latin America
Valuable Insights Available
Future Market Insights offers an unbiased analysis of the bicycle market providing historical data from 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the bicycle market is segmented based on major By Product Type: (Comfort, Cruiser, Mountain, Hybrid, Road, Cargo, Youth), By Technology: (Electric, Conventional), By Price: (Low Range, Medium range, Premium), By End User: (Kids, Men, Women), and Region: (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding China & Japan, Japan, China, Middle East & Africa)
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Bicycle Components Aftermarket Share: According to FMI analysis, the bicycle components aftermarket is anticipated to expand at a CAGR of 6.9% between 2023 and 2033, totaling around US$ 28.3 billion by 2033.
Bicycle Tires Market Size: The bicycle tires market is expected to expand at a CAGR of 6.4% from 2023 to 2033, according to Future Market Insights.
Bicycle Chain Market Trends: The global bicycle chain market size is expected to grow from US$ 7,140.8 Million in 2022 to US$ 11,774.8 Million by 2033, with overall sales exhibiting a CAGR of 5.1% throughout the forecast period (2022 to 2032).
Bicycle Rim Market Outlook: Rapid industrialization and the introduction of new materials, which are incredibly light but very strong, have transformed the bicycle industry.
Bicycle Light Market Demand: The market is projected to grow at a CAGR of 7.1% from 2022 to 2032. It is anticipated to reach a valuation of US$ 2,454.7 Million by the end of 2032.
Folding Bicycle Market Growth: A significant trend predicted five years down the line includes both OEM and dedicated manufacturers of the folding bicycle are focused on providing bicycles that are light in weight which increases the efficiency of the rider and also it will be more comfortable for the rider.
Automotive Back-up Camera Market Type: The anticipated size of the automotive back-up camera market in 2022 was US$ 292.7 million and is estimated to be US$ 302.9 million in 2023.
Two-Wheeler Lead Acid Batteries Market Analysis Forecast: The anticipated size of the two-wheeler lead acid batteries market in 2022 was US$ 4,900 million and is estimated to be US$ 5,215 million in 2023.
Trim Tabs Market Sale: According to the FMI analysis, the trim tabs market is anticipated to be worth US$ 7,033 million by 2033 exhibiting a CAGR of 8.70% between 2023 and 2033.
Portable Wheel Jack Market Value: From 2023 to 2033, sales of portable wheel jacks are most likely to accelerate at a CAGR of 8.7% to reach a valuation of US$ 70.33 billion.
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