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Bicycle Market

Road Bicycles to Speed Up Sales of Bicycles Market by 45%: Fact.MR Study

Published : 08 Feb 2022 Industry: Sports

Fact.MR states the global sales of bicycles are expected to surpass US$ 130 Bn by registering a CAGR of 8% in the forecast period 2022-2032. The growing importance of a healthy lifestyle along with improving infrastructure is driving the sales of bicycles. In addition, initiatives by government to reduce CO2 emissions is playing a key role in the adoption of bicycles.

Historically, from 2017 to 2022, the global sales of bicycles exceeded US$ 60 Bn by the end of the aforementioned period, inclining at a CAGR of 7%. The onset of the COVID-19 pandemic disrupted the supply and demand chain for various end user industries. Moreover, restrictions on movements across various countries affected the sales of bicycles. Thus, the sales of the same dipped in the initial quarter of the pandemic. With the world gaining back normalcy, the sales of bicycles are expected to upsurge.

Furthermore, manufacturers of bicycles are focusing on accelerating the sales of the same by offering customized and personalized bicycles. Moreover, increasing obesity rate, unhealthy lifestyle and invention of electric bicycles are positively influencing the demand for bicycles.

Key Takeaways from the Market Study

  • By product, road bicycles are expected to gain more than 45% market share for bicycle market.
  • By distribution channel, offline channels are expected to hold more than 50% market share for bicycle market.
  • Bicycle industry expected to register a CAGR of 12% in Europe.
  • Bicycle industry expected to possess nearly 33% market share throughout Asia Pacific.
  • Global bicycle market sales are expected to be valued at US$ 64 Bn by 2022-end

“Increasing health concerns amid prevalence of lifestyle disorders is prompting individuals to opt for sporting activities, which is widening growth prospects for bicycles to a major extent,” opines a Fact.MR analyst.

Competitive Landscape

Prominent manufacturers are emphasizing on introducing newly designed bikes, strategic collaborations and initiation of different campaigns. In addition, there is also emphasis on incorporating sustainability in manufacturing practices, considering the need to reduce carbon footprint. Some notable developments are as follows:

  • In 2020, Accell Group launched “New Purpose: Cycling moves the world forward.” Also, the company’s plant in Herenveen that produces bicycles for the European market will transition to solar energy. This is expected to reduce 1,100 tonnes of CO2.
  • In June 2019, Trek Bicycle Corporation introduced the all-new Madone SLR 6 Disc Speed. The bicycle is integrated with removable aero bars and specially designed for riding in hilly areas with winding roads.
  • In January 2021, Giant Bicycles launched Trance X E+ bicycle. The bicycle is versatile and adaptable and helps the rider in wide range of terrains.

More Valuable Insights

Fact.MR, in its new offering, presents an unbiased analysis of the global automotive steering system market, presenting historical demand data (2015-2021) and forecast statistics for the period of 2022-2032.

The study indulges essential insights on the market on the basis of product type (mountain bikes, road bikes, cargo bikes, hybrid bikes and others), technology (electric and conventional), end user (men, women and kids) and distribution channel (online and offline) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).

About the Sports Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned sports team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

For more information, refer to our market research report or contact the PR author.

Shubham Patidar

Fact.MR

Consultant – Sports Division

E-mail: Shubham@factmr.com

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Bicycle Market Analysis by Product (Mountain Bikes, Road Bikes, Cargo Bikes, Hybrid Bikes), by Technology (Electric Bicycles, Conventional Bicycles), by End User, by Distribution Channel & Region - Global Forecast 2022-2032