Dublin, Aug. 08, 2024 (GLOBE NEWSWIRE) -- The "Global Bicycle Market by Product (Cargo Bikes, Hybrid Bikes, Mountain Bikes), Technology (Conventional, Electric), Design, Distribution Channel, End-user - Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Bicycle Market grew from USD 70.64 billion in 2023 to USD 76.31 billion in 2024. It is expected to continue growing at a CAGR of 8.30%, reaching USD 123.48 billion by 2030. 
Increasing environmental awareness worldwide is driving demand for eco-friendly transportation, including transportation. A rising focus on health and fitness is fueling the popularity of recreational cycling, driving the growth of the market. Urbanization and congestion issues have further positioned bicycles as a convenient mode of transportation. Infrastructure limitations and safety concerns associated with bicycles hamper the market growth.
The continuous emergence of e-bikes and advancements in design that allow market players to meet evolving consumer preferences are expected to drive the growth of the bicycle market. Additionally, the integration of smart technologies in bicycles presents opportunities for continued market expansion of the bicycle market.
Regional Insights
America showcases the developed landscape for the bicycle market, the significant growth supported by the developed nations, including the U.S. and Canada, followed by Mexico, Brazil, and Argentina. The attributes such as rising interest and expenditure in outdoor adventure activities, cycling events held across the region, focus towards health & fitness, and government support with the aim of sustainability play a vital role in fueling the American bicycle market growth.
The bicycle market in the Asia-Pacific region is rapidly growing with the number of cycling tournaments and increasing demand for bicycles by sports enthusiasts. The number of individuals opting for sports bikes has surged in recent years due to the elevating awareness regarding the health benefits of cycling and its ease of operation in strenuous terrains in Asia-Pacific.
The bicycles' environmentally friendly nature, lower operational cost, and health benefits have bolstered their adoption in the EMEA. The governments promote bicycles in the region as they are eco-friendly and can help reduce carbon emissions. Cycling policies in the EU, the Sustainable Transport Programme in Egypt, investment strategies for developing cycling infrastructure, and incentives and purchase premiums provided for buyers boost sports bicycle adoption.
Recent Developments
Yamaha Bicycles Launches All-New E-commerce Platform
Yamaha Motor Corporation has introduced an e-commerce platform, allowing customers to conveniently purchase their new Yamaha Power Assist Bicycle online and pick it up at their nearest participating Yamaha Bicycle dealer. Through this digital transformation, Yamaha aims to enhance customer experience by providing exceptional service for customers to explore and select their perfect ride.
BLive Launches Astra - A Brand New E-Cycle By Reliance
BLive Launches Astra -India's multi-brand EV platform, has recently introduced Astra, a new e-cycle brand by Reliance, offering a premium e-cycle featuring a welded frame and branded components. With a diverse range of 13 different models, Astra caters to the needs of various cyclists, ranging from urban commuters to off-road adventurers.
MYBYK Launches Two Electric Bicycle Models, MYBYK Electric And MYBYK Electric Cargo
MYBYK has launched two electric bicycle variants - MYBYK Electric and MYBYK Electric Cargo. These purpose-built, indigenous electrically-powered bicycles aim to enhance citizens' and tourists' first and last-mile connectivity, as well as facilitate delivery for gig workers. With its PowerPedalTM mode, users can experience a reduction in effort by up to 80%. This makes it an ideal choice for those looking for an efficient and effortless mode of transportation.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 181 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $76.31 Billion |
| Forecasted Market Value (USD) by 2030 | $123.48 Billion |
| Compound Annual Growth Rate | 8.3% |
| Regions Covered | Global |
Market Dynamics
Market Segmentation Analysis
- Product: Growing adoption of hybrid bikes for commuting and recreational riding
- Technology: Rising preference for electric bicycles with the rising advancements in battery technology
- Distribution Channel: Growing purchase of bicycles from online channels due to the convenience of shopping
- End-User: Rising adoption of bicycles song men with the rising public interest in sustainable transportation
Market Drivers
- Growing health consciousness among the population
- Rising demand for sports bicycles from hobbyists and sportspersons
- Increased availability of branded bicycles on regional and online sales channels
Market Restraints
- Fluctuating cost of raw materials associated with bicycle
Market Opportunities
- Continuous advancements in the development of novel bicycles
- Growing improvements in government infrastructure for bicycle riding
Market Challenges
- Risk factors with bicycle and growing product recall
Industry Insights
- Market Disruption Analysis
- Porter's Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
Key Company Profiles
- Accell Group B.V.
- Alta Cycling Group
- Avon Cycles Ltd.
- Cervelo Cycles Inc.
- Cowboy SA
- F.I.V. E. Bianchi S.p.A.
- Factor Bikes
- Firefox Bikes Pvt Ltd.
- Firmstrong Bike Co.
- Fuji-ta Bicycle Co.,Ltd.
- Giant Manufacturing Co., Ltd.
- Hero Cycles Limited
- Huffy Corporation
- Kona Bikes
- Marin Mountain Bikes Inc.
- Merida & Centurion Germany GmbH
- Pedego Inc.
- Pon Holdings B.V.
- Pure Fix Cycles
- Quality Bicycle Products
- SCOTT Sports SA
- Seven Cycles, Inc.
- Specialized Bicycle Components, Inc.
- Trek Bicycle Corporation
- Tube Investments of India Ltd.
- Yadea Group Holdings Ltd.
- Yamaha Motor Corporation
Market Segmentation & Coverage
Product
- Cargo Bikes
- Hybrid Bikes
- Mountain Bikes
- Road Bikes
Technology
- Conventional
- Electric
Design
- Folding
- Regular
Distribution Channel
- Offline
- Online
End-user
- Kids
- Men
- Women
Region
Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
For more information about this report visit https://www.researchandmarkets.com/report/bicycle
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