Luton, Bedfordshire, United Kingdom, June 27, 2024 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Bicycle Market
The global Bicycle market size was is projected to grow from USD 110.38 billion in 2023 to USD 215.1 billion by 2030, exhibiting a CAGR of 10% during the forecast period
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The cycling industry has experienced significant growth in recent years due to heightened awareness of health consciousness worldwide. Cycles are widely utilized by the populace for commuting, exercise, sports, hiking, and more. Consequently, manufacturers have diversified their offerings to cater to a broad customer base, with categories such as mountain bikes, road bikes, and hybrids tailored for these various applications.
Market growth is driven by factors like increasing traffic congestion, urbanization, and rising environmental concerns. According to the United Nations Conference on Trade and Development (UNCTAD) Handbook of Statistics, the global urban population grew from 52.5% in 2012 to 56.9% in 2022, reflecting a rapid increase in urbanization over the past decade. The global population also saw a modest growth of 0.8% in 2022.
The COVID-19 pandemic prompted unprecedented measures to curb its spread, profoundly impacting transportation systems and individual travel behaviors. This disruption notably bolstered demand for bicycles during the pandemic, highlighting their role as a preferred mode of transportation and recreation during uncertain times.
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Competitive Landscape:
The bicycle market is fiercely competitive, boasting numerous global and regional participants. Major contenders include Giant Manufacturing Co. Ltd, Accell Group, Trek Bicycle Corporation, Merida Industry Co. Ltd, and Pon Holdings BV. These industry leaders are actively involved in innovating bicycle designs, forming strategic partnerships, pursuing mergers and acquisitions, and refining their online and offline marketing strategies to bolster their global market presence.
For example, Giant Manufacturing Co. Ltd initiated the Ribble Collective project, aimed at providing support to a diverse group of British privateer riders across all cycling disciplines. This initiative underlines the brand's commitment to empowering Ribble Collective riders as they pursue their cycling aspirations across various events.
Recent Developments
May 2023, Kinaxis® Inc., the authority in driving agility for fast, confident decision-making in an unpredictable world, announced that Accell Group has deployed Kinaxis’ RapidResponse® platform, digitally transforming its supply chain, providing solutions to supply chain complexities.
April 2022, Giant Bicycle is going to launch the new model of Giant Cypress DX, Liv Flourish FS1, Giant Escape 3 Comfort, and Liv Alight 3 Comfort bicycles.
Report Scope:
| ATTRIBUTE | DETAILS |
| Study period | 2020-2030 |
| Base year | 2023 |
| Estimated year | 2024 |
| Forecasted year | 2024-2030 |
| Historical period | 2019-2022 |
| Unit | Value (USD Billion) (Thousand Units) |
| Segmentation | By Type, Technology, Design, Distribution Channel and Region |
| Mountain | |
| By Type | Road |
| Hybrid | |
| Others | |
| Electric | |
| By Technology | Conventional |
| Plastic | |
| By Material | Metal |
| Composite Materials | |
| Folding | |
| By Design | Regular |
| By Distribution Channel | Online |
| Offline | |
| North America | |
| By Region | Asia Pacific |
| Europe | |
| South America | |
| Middle East Asia & Africa |
Bicycle Market Historical Analysis (2019 To 2023) Vs. Forecast Outlook (2024 To 2030)
The global bicycle market expanded at a CAGR of 7.42% between 2019 and 2023. Growth forecasts remain optimistic, with the market predicted to exhibit a CAGR of 10% between 2024 and 2030.
Contemporary advancements in the development of mobile apps and global positioning systems (GPS) have thus resulted in app-based dockless bicycle-sharing systems. Further, growth in the adoption of such dockless bicycle-sharing systems is estimated to fuel the demand for cycles significantly.
On the basis of geography
Asia Pacific led the worldwide bicycle market share in 2023, with a market size of USD 47.74 billion, and is likely to maintain its position during the forecast period. Cycling is a popular means of transportation in many developing Asian nations.
In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
- North America (USA and Canada)
- Europe (UK, Germany, France and the rest of Europe)
- Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
- Latin America (Brazil, Mexico, and the rest of Latin America)
- Middle East and Africa (GCC and rest of the Middle East and Africa)
We have also focused on technological lead, profitability, company size, company valuation in relation to the industry and analysis of products and applications in relation to market growth and market share.
We Offer Customization on Report Based on Specific Client Requirement:
- Free Country Level analysis for any +5 countries of your choice.
- Free Competitive analysis of any +5 key market players.
- Free +40 analyst hours to cover any other data point.
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