NEW YORK, July 19, 2024 /PRNewswire/ -- The
global bicycle market size is estimated to grow by
USD 25.53 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of almost 6.69% during the forecast period.
Increasing number of bicycle sports events is driving market
growth, with a trend towards increasing popularity of
bicycle rental services. However, increase in number of
product recalls poses a challenge. Key market players include
Accell Group NV, BH BIKES Europe SL, Brompton Bicycle Ltd., Cicli
Pinarello Srl, DAHON North America Inc., Fiido, Giant Manufacturing
Co. Ltd., Greenwit Technologies Ltd., Hero Cycles Ltd., Kalkhoff
Werke GmbH, Klever Mobility Europe GmbH, Kona Bicycle Co., LOOK
Cycle International, Marin Mountain Bikes Inc., Merida Industry Co.
Ltd., Samchully Co.Ltd, Santa Cruz Bicycles LLC, SB Bike, SCOTT
Sports SA, Specialized Bicycle Components Inc., Storck Bicycle
GmbH, Trek Bicycle Corp., Tube Investments of India Ltd., VAAN,
Vassla AB, and Yamaha Motor Co. Ltd..
Get a detailed analysis on regions, market
segments, customer landscape, and companies- View the
snapshot of this report
Bicycle Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
6.69%
|
Market growth
2024-2028
|
USD 25535.9
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
5.83
|
Regional
analysis
|
APAC, Europe, North
America, South America, and Middle East and Africa
|
Performing market
contribution
|
APAC at 52%
|
Key
countries
|
China, US, Japan,
Germany, and The Netherlands
|
Key companies
profiled
|
Accell Group NV, BH
BIKES Europe SL, Brompton Bicycle Ltd., Cicli Pinarello Srl, DAHON
North America Inc., Fiido, Giant Manufacturing Co. Ltd., Greenwit
Technologies Ltd., Hero Cycles Ltd., Kalkhoff Werke GmbH, Klever
Mobility Europe GmbH, Kona Bicycle Co., LOOK Cycle International,
Marin Mountain Bikes Inc., Merida Industry Co. Ltd., Samchully
Co.Ltd, Santa Cruz Bicycles LLC, SB Bike, SCOTT Sports SA,
Specialized Bicycle Components Inc., Storck Bicycle GmbH, Trek
Bicycle Corp., Tube Investments of India Ltd., VAAN, Vassla AB, and
Yamaha Motor Co. Ltd.
|
Market Driver
The bicycle market is experiencing significant growth due to
increasing urbanization and rising disposable incomes in emerging
economies. Traffic congestion and government initiatives
encouraging bicycle use are driving the trend. Bicycle rental
services, such as those offered by Brompton Bike Hire Ltd. and
Beats Snow Sports, provide access to bicycles on a flexible basis.
These services are contributing to the market's expansion, with
companies opting for new bicycles to meet demand. However, the
popularity of bicycle rental services may limit the sale of new
bicycles during the forecast period.
The bicycle industry has seen significant growth in recent
years, with consumers showing a strong interest in bike sales.
Scorters, consigners, and dealers are key players in this market.
Electric bikes and motocyles are trending, as are carbon fiber and
lightweight materials. Models with modern designs and advanced
technologies are in high demand. Traffic and environmental concerns
have made bikes a popular choice for commuting. Carbon fiber bikes,
e-bikes, and mountain bikes are particularly sought after. The
market is expected to continue growing, driven by increasing health
consciousness and the need for sustainable
transportation.
Discover 360° analysis of this market. For
complete information, schedule your consultation - Book
Here!
Market Challenges
- Product recalls in the bicycle market occur when manufacturers
request customers to return defective products due to safety
concerns or design issues. Regulatory bodies, such as the US
Consumer Product Safety Commission, oversee these recalls. In 2021,
Giant Bicycle recalled several models due to handlebar loosening,
resulting in falls and injuries. Academy Sports + Outdoors also
recalled four house-brand bikes due to faulty front wheel locking
hardware. Recalls can lead to financial losses for manufacturers
and may damage customer trust, potentially impacting market
revenue.
- In the bicycle market, several challenges exist for businesses.
Convenience is a key factor, as consumers expect easy access to
bikes and parts. Carbon and bike components are essential, but
sourcing high-quality materials can be difficult. Electric bikes
are increasingly popular, requiring businesses to stay updated on
technology and regulations. Marketing and targeting specific
audiences, such as mountain bikers and commuters, is also a
challenge. Cycles and components need to be maintained properly,
and effective customer service is crucial for retaining clients.
Additionally, businesses must comply with various regulations and
adapt to changing trends. Overall, the bicycle industry presents
both opportunities and challenges for businesses.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This bicycle market report extensively covers market
segmentation by
- Product
- 1.1 On-road and track bicycles
- 1.2 Off-road bicycles
- 1.3 X-road and hybrid bicycles
- End-user
- Distribution Channel
- Propulsion
- 4.1 Manual bicycles
- 4.2 Motor-assisted bicycles
- Geography
- 5.1 APAC
- 5.2 Europe
- 5.3 North America
- 5.4 South America
- 5.5 Middle East and
Africa
1.1 On-road and track bicycles- In the bicycle
market, businesses focus on supplying high-quality products to meet
customer demand. Effective marketing strategies, such as social
media campaigns and local events, help increase sales. Competitive
pricing and excellent customer service are essential to retain
customers and gain new ones. Collaborations with local bike shops
and cycling groups can expand reach and build strong community
relationships. Regular inventory management ensures a steady supply
of popular models and sizes.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global cycling wear market was valued at approximately
USD 5.7 billion in 2020 and is
projected to reach USD 7.3 billion by
2027, growing at a CAGR of around 3.5%. Increasing
participation in cycling as a recreational and fitness activity,
growing awareness of health benefits, and advancements in fabric
technologies driving demand for performance-oriented cycling
apparel. The global folding electric bicycle market size was valued
at around USD 1.2 billion in 2020 and
is expected to reach USD 2.8 billion
by 2028, with a CAGR of approximately 11%. Rising urbanization,
need for sustainable urban transport solutions, ease of storage and
transportation, and government initiatives promoting electric
vehicles contributing to market growth. The high-end bicycle
market is estimated at USD 6.1
billion in 2021 and is projected to grow to USD 8.3 billion by 2028, with a CAGR of around
4.3%. Increasing disposable income, growing interest in premium
cycling experiences, technological advancements such as lightweight
materials and aerodynamic designs driving demand for
high-performance bicycles.
Research Analysis
The bicycle market encompasses various segments, including
mountain bikes, road bikes, hybrid bikes, electric cycles, and BMX
racing bikes. This industry caters to the growing demand for
personal transportation alternatives, particularly in areas
affected by traffic congestion. The shift towards electric vehicles
and reduced carbon emissions has led to the popularity of electric
bikes and hybrid models. Consumers are increasingly adopting
bicycles as a lifestyle choice, leading to the expansion of the
market. Cycling infrastructure, such as bicycle-friendly roadways
and dockless bicycle-sharing systems, is being developed to support
this trend. Lightweight materials and cargo bikes are also gaining
traction in the market. GPS technology and mobile app development
are integral to enhancing the user experience in the bicycle
industry. The global bicycle market is expected to grow
significantly in the coming years, offering numerous opportunities
for innovation and growth.
Market Research Overview
The bicycle market encompasses a wide range of products and
services related to bicycles. This includes the manufacturing,
distribution, and retail sale of bicycles, as well as the provision
of related services such as repairs and maintenance. The market
caters to various segments, including road bikes, mountain bikes,
hybrid bikes, and electric bikes. Consumers look for features such
as durability, performance, and design when purchasing bicycles.
Components like gears, brakes, and frames are essential parts of a
bicycle. The market is driven by factors such as increasing health
consciousness, environmental concerns, and the growing popularity
of cycling as a recreational activity. Additionally, technological
advancements in bicycle design and manufacturing continue to shape
the market landscape.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- On-road And Track Bicycles
- Off-road Bicycles
- X-road And Hybrid Bicycles
- End-user
-
- Distribution Channel
-
- Propulsion
-
- Manual Bicycles
- Motor-assisted Bicycles
- Geography
-
- APAC
- Europe
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download
multimedia:https://www.prnewswire.com/news-releases/bicycle-market-size-is-set-to-grow-by-usd-25-53-billion-from-2024-2028--increasing-number-of-bicycle-sports-events-boost-the-market-technavio-302200924.html
SOURCE Technavio