Pune, India, May 04, 2023 (GLOBE NEWSWIRE) -- The global bicycle market size was valued at USD 78.33 billion in 2021. The market is projected to grow from USD 82.50 billion in 2022 to USD 127.83 billion by 2029, exhibiting a CAGR of 6.5% during the forecast period. This information is provided by Fortune Business Insights, in its report titled, “Bicycle Market, 2022-2029.”
KEY INDUSTRY DEVELOPMENTS:
April 2022: Hero International (HIT), a part of India’s Hero Motors Company (HMC), declared that it is involving a novel assembly division in its production unit in Manchester for Electric bicycles. The company will manufacture high-end, IoT-enabled electric cycles and push bikes for users in the U.K. and the EU. This new division is set to be functioning by August 2022 and manufacture 50,000 bikes in the next three years.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 6.5% |
| 2029 Value Projection | USD 127.83 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 78.33 Billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 192 |
| Segments covered | Bicycle Market Size, Share & COVID-19 Impact Analysis, By Type (Road, Mountain, Hybrid, and Others), By Design (Folding and Regular), By End-user (Men, Women, and Kids), By Technology (Electric and Conventional) |
| Growth Drivers | Surging Government Concentration on Cycling Infrastructure Progress to Amplify Growth |
| Rising traffic congestion or urbanization and growing environmental concerns among the populace are driving the global market growth. |
Market Drivers & Restraints:
The surging government emphasis on spending on the progress of cycling infrastructure is estimated to thrust the implementation of bikes among the populace. Approximately all the advanced economies are considerably capitalizing in building novel cycling tracks and executing numerous pedestrian and cycling infrastructural ventures. For example, in 2021, domestic establishments in Ireland declared an investment on emerging services for bikers and walkers; the funding was roughly three times more than the assigned financial support for urban transportation.
COVID-19 Impact:
Consumer Emphasis Toward Fitness during COVID-19 Pandemic to Enhance Market Growth
The spread of the coronavirus infection has negatively affected numerous markets. This market also observed a preliminary slowdown owing to the shutting down of production amenities and an interrupted supply chain. Nevertheless, post an early slowdown, the bicycle industry observed a boom during the second half of 2020, owing to an abrupt rise in demand for two-wheeled bikes
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Report Coverage:
The report presents a systematic study of the market segments and thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as the future opportunities is offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how it helps in the bicycle market growth. The COVID-19 impacts have been discussed in the report to assist investors and business owners with a better understanding of the possible threats present in the market. The report further discusses the key players and their prominent strategies to stay in the dominating position.
Segments:
Surging Trend of Cycling-Related Adventure Sport to Spur Segment Growth
Based on type, the market is segmented into the road, mountain, hybrid, and others. The hybrid segment held the largest market share in 2021 and is anticipated to endure its domination during the forecast period. A hybrid bike is fundamentally an incorporation of a mountain bike and a road bike.
Increasing Urban Road Congestion to Fuel Segment Growth
Based on design, the market is segmented into folding and regular. The regular bikes segment held the largest market share in 2021. Regular bikes are the most frequently utilized bike design across the globe.
Rising Implementation of Bikes as a Short Range Travel Mode for Men to Thrust Segment Growth
Based on end-user, the market is segmented into men, women, and kids. The men segment held the leading market share in 2021 and is predicted to maintain its position throughout the forecast period with the fastest growth rate.
Rising Adoption of Conventional Bikes for Sport to Propel Segment Growth
Based on technology, the market is segmented into electric and conventional. The conventional segment held the largest market share in 2021 and is likely to remain in its leading position throughout the forecast period. Conventional bikes are the generally used bikes throughout the world.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Regional Insights:
Asia Pacific to Hold Lion’s Share Backed by Increasing Adoption of Cycles for Commute
Asia Pacific held the largest global bicycle market share and was worth USD 28.86 billion in 2021. It is predicted to preserve its position throughout the forecast period. Cycling is among the prime mediums of transport in the developing Asian economies.
Europe is predicted to observe the quickest growth rate during the forecast period. The COVID-19 persuaded cycling boom in the European nations, thereby fueling the market growth in the region.
North America is also anticipated to perceive considerable market growth during the forecast period. Surging e-bikes sales in the U.S. is the chief driver of the market growth in the region.
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Competitive Landscape:
Crucial Business-related Declarations by Vital Players to Sway Market Dynamics
Pivotal corporations in the market often make crucial announcements concerning a few business moves, which, in tur, impact the market either positively or negatively. Companies procure other firms, launch new products, engage in collaborative deals, sign contracts with government organizations, and so on.
List of Key Players Covered in the Bicycle Market Report:
- Hero Cycles Ltd (India)
- Merida Industry Co., Ltd. (Taiwan)
- Orbea (Spain)
- Trek Bicycle Corporation (U.S.)
- Giant Bicycles (Taiwan)
- Accell Group (Netherlands)
- Mobility Holdings, Ltd. (Taiwan)
- Derby Cycles (Germany)
- Brompton Bikes (U.K.)
- Pon (Netherlands)
- Kona Bikes (U.S.)
Bicycle Market Segmentation:
By Type
- Road
- Mountain
- Hybrid
- Others
By Design
- Folding
- Regular
By End-user
- Men
- Kids
- Women
By Technology
- Electric
- Conventional
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Table of Content:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunity
- Key Insights
- Mergers, Acquisition and Partnerships
- Porter’s Five Forces Analysis
- PEST Analysis
- Technological Developments
- Impact of COVID-19 on Bicycle Market
- Customization
- Global Bicycle Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Road
- Mountain
- Hybrid
- Others
- Market Analysis, Insights and Forecast – By Design
- Folding
- Regular
- Market Analysis, Insights and Forecast-By End-user
- Men
- Women
- 5.4.3 Kids
- Market Analysis, Insights and Forecast – By Technology
- Electric
- Conventional
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- South America
- Market Analysis, Insights and Forecast – By Technology
- 5.6.5 Middle East & Africa (MEA)
Continued…
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