Global Bicycles Market by Product (Road Bicycle, Hybrid Bicycle, All Terrain Bicycle, E-bicycle and Others), End-User (Adult and Kids), and Distribution Channel (Online & Offline), and by Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022-2030
Bicycles Market size was worth around USD 61.56 billion in 2021 and is predicted to grow around USD 115.97 billion by 2030 with a compound annual growth rate of roughly 8.2% between 2022 and 2030. The report analyzes the global bicycles market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period.
The growing trend towards adopting micro-mobility for personal transportation as a result of increasing urban traffic congestion, lack of parking places, and rising fuel prices is expected to boost the bicycles market growth over the forecast period. The declining cost of lithium-ion batteries is also a major reason in the increasing popularity of e-bikes.
Long-term projections indicate that the current trend toward the adoption of electric bicycles will remain intact and continue to prosper. Consumers favor e-bikes as one of the most efficient green transportation options due to their growing awareness of environmental issues and the tightening of emission standards and laws. In addition, the government's tax incentives and subsidies for the purchase of e-bikes are predicted to increase demand in the coming years.
- For instance, in November 2021, tax credits for the purchase of new e-bikes under $4000 in the United States would increase to approximately $900. In a similar fashion, numerous developed and emerging economies have adopted tax incentives for the purchase of e-bikes, which is likely to accelerate their global adoption.
Increasing traffic congestion, urbanization, and environmental concerns among the population are driving the global bicycles market share.
- For instance, in 2020, according to the survey of United Nations Conference on Trade and Development Handbook of Statistics, the proportion of the world's urban population rose from 51.6% in 2010 to 56.2%. In the preceding decade, the percentage of urban dwellers has climbed significantly.
The spread of COVID-19 has boosted the market growth, as governments throughout the world have pushed bicycles as one of the safest modes of transportation, which helps individuals maintain social distance.
Moreover, governments in crucial nations such as the United Kingdom and Italy offers subsidies for the purchase of new bicycles during the pandemic. Therefore, the increased awareness of the benefits bicycles offer, bodes well for the market's growth over the next few years.
- As per the analysis shared by our analyst team, the global bicycles market is estimated to grow annually at a CAGR of around 8.2% over the forecast period (2022-2030).
- In terms of revenue, the global bicycles market size was valued at around USD 61.56 billion in 2021 and is projected to reach USD 115.97 billion, by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on product segmentation, the road bicycle was predicted to show maximum market share in the year 2021.
- Based on end-user segmentation, the adult segment was the leading revenue-generating in 2021.
- Based on distribution channel segmentation, the offline were projected to show largest share in the year 2021.
- On the basis of region, Asia Pacific was the leading revenue generator in 2021.
Increasing Cycling Events to Engage Sportsperson Surging the Demand of Bicycles
Numerous bicycle sports competitions, such as the Tour de France, UCI Road World Championships, Vuelta a Espaa, and Paris-Roubaix, are hugely conducted on a global scale. These sporting events encourage among athletes and the general public. Cycling-related sports, such as adventure sports and BMX racing such as mountain biking, among others, have a substantial impact on bicycles market sales.
In addition, the increasing number of attractive promotion tactics and cycling sports clubs are driving people of all ages to pursue cycling as a recreational activity, which is anticipated to further drive the market expansion in the future years.
Increasing Health Concern Augmenting the Market Growth
Customers have started to recognize the significance of fitness and living a healthy lifestyle. They have also begun to understand that frequent cycling might prevent diseases such as obesity. The bicycles market revenue is projected to expand as an increasing number of individuals use cycling as a regular method of exercise.
The rise in the number of individuals choose to biking as a leisure activity is predicted to drive market expansion. Preference for bicycles as a convenient method of exercise to guarantee a healthy life, free of obesity and other illnesses, is anticipated to further stimulate the bicycles market growth.
Recently, dock less bicycle-sharing systems have gained in popularity. This device allows users to electrically find and unlock adjacent bicycles.
Increasing Consumer Spending on Bicycles Propeling the Market Growth
Increases consumer spending on bicycles. Moreover, the demand for electric motorcycles and cargo bikes is expanding considerably in industrialized nations, simple to use, easy handling, and require no maintenance. In addition, these bikes do not require a driver's license, allowing clients of all ages to operate them and boosting their global demand.
Based on product, the market is segmented into road bicycle, hybrid bicycle, all terrain bicycle, e-bicycle & others. The road bicycle segment dominates the market share by 2030 owing to multiple benefits including rapid riding on roadways and lightweight. Therefore, primarily utilized by commuters to the office or on a daily basis.
Since a result, the increasing demand for road bikes for commuting in developing nations is projected to increase the segment's growth in the coming years, as these bikes are extremely cost-effective, making them the most popular option among the populace in emerging economies.
People's increasing propensity to personalize road bicycles for certain uses is also anticipated to add to the segment's rise in the coming years.
On the basis of end-user, the market is segmented into adult & kids. The adult segment dominates the market share owing to the increasing cycling events are only available for adults. The proportions between men and women, men have typically utilized bicycles for commuting in greater numbers than women.
- According to statistics published by the Department for Transport U.K. in 2019, the U.K. male population averaged 25 cycling trips per year, while the female population averaged 10 cycling trips per year.
Based on the technology, the market is segmented into Electronic controlled & Non-electronic controlled. The offline segment dominates the market share owing to availability of test-drive alternatives, a huge percentage of consumers prefer offline channels/stores, which contributes to their large market share.
Additionally, offline businesses offer personalized/customized purchasing options, allowing customers to select their preferred bicycle designs and colors. It also allows clients to receive the merchandise immediately. In addition, the availability of a variety of brand-name bicycles in local supermarkets and other outlets is likely to drive demand for this channel in the future years.
- October 2022- Kona has launched four new cycles, HULA, MAKENA, HONZO 24 and HONZO 20 for kids.
- April 2021- Ribble has opened a new digital-first showroom in Clitheroe, Lancashire to create a better customer experience by providing live virtual conversation with experts.
- November 2019- Pon Bicycle acquired electric cargo bicycle brand Urban Arrow to grow customer base and geographical presence.
Asia Pacific is Dominating the Market Share Due to Huge Population
Asia Pacific is dominating the bicycles market share from 2022 to 2030. Countries such as Japan, China, and Japan prioritize the development of bicycle infrastructure to encourage and support bicycle commuting. In addition, Chinese bicycle-sharing companies are rapidly expanding their operations in nations like India and Australia.
Consequently, demand for bicycles is anticipated to increase in the future years. In addition, the inclining population's inclination for cycling in India's metropolitan centres, such as Mumbai, Delhi, and others, for fitness and effective commuting is projected to fuel the region's market expansion.
The players prominently contributing in the bicycles industry are Accell Group, Trek Bicycle Corporation, Dorel Industries Inc., Pon Bicycle Holding B.V., Giant Bicycles, Bulls, Kona Bikes, MERIDA BIKES, Pedego Inc., Benno Bikes LLC, Hero Cycles Limited, Ribble Cycles, amongst others.
The global bicycles market is segmented as follows:
- Road Bicycle
- Hybrid Bicycle
- All Terrain Bicycle
By Distribution Channel
- North America
- The U.S.
- Rest of North America
- The UK
- Nordic countries
- Benelux Reunion
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America