Bicycle Market

Bicycle Market registered a revenue of USD 61.7 billion in 2022 and is projected to reach USD 123.8 billion in 2030, growing at a CAGR of 9.1% during the forecast period from 2023-2030

Bicycle Market Overview

The market is witnessing an increase in demand as the customers are becoming more health-conscious around the world. Individuals are choosing bicycling as leisure activity which is driving the demand for bicycles.

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Major Bicycle Market Drivers

The growth of the global bicycle market is primarily because of the increasing traffic congestion and limited parking space, particularly in the metropolitan cities. Also, with the growing incidences of chronic diseases due to lack of physical activities, individuals have realized the importance of staying fit, which is driving the bicycle market growth. Preference for bicycles as a convenient form of exercise and a form of leisure to certify a healthy life, free from obesity and other disorders, is projected to augment the market size. Moreover, government organizations have undertaken various initiatives to minimize the carbon emissions released from heavy vehicles, which is likely to augment the Bicycle Market Growth.

In addition, the ongoing advancements in mobile app development and Global Positioning System (GPS) have resulted in the app-based dockless bicycle-sharing systems that can operate on a smartphone application will offer enormous opportunities to the market. However, the inadequate infrastructure required to support and encourage bicycle commutation, primarily in developing economies, such as India, is projected to restrain the market growth. Also, the lightweight bicycles composed of composite materials are expensive, which impedes the Bicycle Market size.

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Product Type – Segment Analysis

Based on the product type, the road is projected to grow at a higher CAGR during the forecast period. This is attributed to the strong demand for this type of bicycle since they do not need sophisticated accessories as required in mountain, racing, or other bicycles. Furthermore, the emerging trend of customization of road bicycles for specific purposes is further surging the demand for the market.

Technology – Segment Analysis

Based on the technology, conventional bicycle is expected to grow at a higher CAGR during the forecast period. Several benefits offered includes less maintenance and repair cost, is surging the demand of the market. On the other hand, the electric technology is projected to dominate the market over the coming years. The electric bicycles are easy to operate, ensure faster journeys than other counterparts, and are environment friendly. All these factors are fuelling the growth of the market over the coming years.

Distribution Channel – Segment Analysis

Based on the distribution channel, the offline retail stores is projected to grow at a higher CAGR during the forecast period. The growing preference of the customers towards offline retail stores owing to their ability to provide test-drive options is a propelling the market growth. Moreover, this type of store provides customized buying options, where the customers can choose their own bicycle design and color according to their choice.

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Regional – Segment Analysis:

On the regional coverage, Asia-Pacific is expected to grow at a higher CAGR during the forecast period. This is mainly due to the strong presence of large production facilities in countries like India, Japan, and China. As per the Ministry of Economic, Trade, and Industry (METI), the bicycle production in Japan amounted to USD 579.61 million for the year 2018, which was USD 556.60 million in 2017. Additionally, the emergence of road cycling events has further supported the regional market growth. In 2020, the Asian Cycling Federation introduced its 40th road cycling championship event in Malaysia. Such factors are expected to increase awareness and adoption of bicycles among the youth.

Top Market Players

Various notable players operating in the market, include Hero MotoCorp Ltd., Dorel Industries, Kona Bikes, Chimera Investment, Pon, Grimaldi Industries, Orbea S. Coop. N.I.F., Raleigh America, Accell Group, and Cervélo, among others. 

Key Developments:

• • In 2021, FELT Bicycles was acquired by PIERER Mobility AG. This acquisition helped PIERER to expand its operations in the North American market.
  • In 2020, Beerens Groep NV, acquired, Van Der Wal of a France-based parent company Skis Rossignol S.A., to expand its business.
  • In 2019 – Hero Cycles Limited, acquired 48% stake in the Germany-based vehicle producer HNF NICOLAI to penetrate its electric bicycle business in India with the help of its partner’s production facilities.
  • In 2020, Chimera Investment acquired the majority equity stakes of Colnago Ernesto E C Srl, one of the Cambiago-based bicycle maker.
  • In 2019, Hero MotoCorp , acquired 48% stake of HNF NICOLAI, one of the Germany-based vehicle maker. Through this acquisition, the company aims to penetrate its electric bicycle business in India to utilize its partner’s production facilities.

Segments covered in the Report:

The global Bicycle market has been segmented on the basis of Technology, End-User, Distribution Channel, Product Type and regions. Based on Technology, the market is segmented into Electric and Conventional. Based on End-User, the market is segmented into Men, Women, and Kids. Based on Distribution Channel, the market is segmented into Offline Retail Stores and Online Retail Stores. Based on Product Type the market is segmented into Mountain Bicycle, Hybrid Bicycle, Road Bicycle, and Others. 

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Report Coverage	Details
Market Revenues (2022)	USD 123.8 billion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD billion)
Market Segment	By Technology, By End-User, By Distribution Channel, By Product Type, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Hero MotoCorp Ltd., Dorel Industries, Kona Bikes, Chimera Investment, Pon, Grimaldi Industries, Orbea S. Coop. N.I.F., Raleigh America, Accell Group, and Cervélo, among others; a total of 10 companies covered
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Bicycle Market Segmentation

Global Bicycle Market by Technology

• • Electric
  • Conventional

Global Bicycle Market by End-User

• • Men
  • Women
  • Kids

Global Bicycle Market by Distribution Channel

• • Offline Retail Stores
  • Online Retail Stores

Global Bicycle Market by Product Type

• • Mountain Bicycle
  • Hybrid Bicycle
  • Road Bicycle
  • Others

Global Bicycle Market by Region

• • North America Bicycle Market (Option 1: As a part of the free 25% customization)

    • By Technology
    • By End-User
    • By Distribution Channel
    • By Product Type
    • US Market All-Up
    • Canada Market All-Up

  • Europe Bicycle Market (Option 2: As a part of the free 25% customization)

    • By Technology
    • By End-User
    • By Distribution Channel
    • By Product Type
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Bicycle Market (Option 3: As a part of the free 25% customization)

    • By Technology
    • By End-User
    • By Distribution Channel
    • By Product Type
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Bicycle Market (Option 4: As a part of the free 25% customization)

    • By Technology
    • By End-User
    • By Distribution Channel
    • By Product Type
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Bicycle (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Hero MotoCorp Ltd.
  • Dorel Industries
  • Kona Bikes
  • Chimera Investment
  • Pon
  • Grimaldi Industries
  • Orbea S. Coop. N.I.F.
  • Raleigh America
  • Accell Group
  • Cervélo