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
Analysis of Bicycle market covering 30+ countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Bicycle Market Growth Outlook for 2022-2032
The global sales of bicycles garnered a market value of US$ 60 Billion in 2021 and is expected to register a positive CAGR of 8% by accumulating a market value of US$ 138 Bn through the assessment period 2022-2032.
Improvement in infrastructure across various countries along with customization of bicycles is positively influencing the demand for bicycles. Furthermore, cycling tournaments in Europe are creating lucrative business opportunities for bicycle manufacturers.
Market Value in 2021
US$ 60 Billion
Market Size in 2022
US$ 64 Billion
Anticipated Market Value in 2032
US$ 138 Bn
Global Growth Rate (2022-2032)
Market Share of Asia Pacific
Key Companies Profiled
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Demand Analysis of Bicycle from 2015 to 2021 Vs Market Projections for 2022 to 2032
As per Fact.MR’s report, from 2015 to 2021, the global sales of bicycle market exceeded US$ 60 Bn by the end of 2021. The market surged at a CAGR of 7% across the said historical period. Increasing emphasis on maintaining good personal health and fitness amid rising sedentary lifestyle problems has led to this increased demand.
During the COVID-19 pandemic, bicycle sales dropped significantly, especially in the first wave in 2020. Imposition of nationwide lockdowns restricted the movement of people, confining them indoors. This led to a decline in outdoor sporting activities such as cycling. Eventually, this sluggishness was offset, thanks to the easing of restrictions once the incidence receded.
Manufacturers of bicycles are focusing on customizing bicycles to improve their efficiency for adventurous sports. In addition, increasing inclination from women and children is also boosting the sales of bicycles. Thus, the sales of bicycles are expected to grow 2x throughout the 2022-2032 forecast period.
How is Demand for Healthy Lifestyle Spurring Growth for Bicycles?
Numerous health benefits associated with cycling have influenced people to not only take cycling as a hobby but also as an investment for staying healthy. Sedentary lifestyle owing to changing work nature has increased obesity, heart related problems and diabetes in people across various age groups. Moreover, changing preferences for exercising has motivated people to cycle. This, in turn, has increased the demand for bicycles.
Furthermore, cycling has also become a community building activity for various people. In addition, improving infrastructure, creation of smart cities along with initiatives by the governments to make people healthier are driving the sales of bicycles. Increasing population is another key reason that has made people environment conscious. Thus, people are rapidly adopting the usage of bicycles.
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How is Traffic Congestion Driving Sales of Bicycles?
Rapid urbanization has led to traffic congestions in various cities. This, in turn, is increasing the time taken to commute for people. As cycling takes lesser space, people are preferring to travel by bicycle for shorter distances and to offices. Moreover, the inadequacy of place is creating problems for parking vehicles. This, in turn is boosting the demand for bicycles.
Furthermore, initiatives by the government are uplifting the fitness motto across countries. In addition, integration of technological advancement has helped cities to come up with dockless bicycle-sharing system. This, in turn, is accelerating the growth of the bicycle market. Moreover, initiatives such as “Clean City, Green City” is adding to the sales of bicycles.
Smart Cities Spurring Growth of Bicycles in Asia Pacific?
Countries in Asia Pacific such as China, Singapore and Japan are focusing on healthy living by improving the infrastructure of the countries. Most people from the region are investing into becoming healthy and thus are preferring to commute by cycle for office and for other chores.
Moreover, the government from the region is focusing on reducing the CO2 emission. This, in turn, has propelled the use of bicycles. Furthermore, growing inclination towards using bicycles owing to creation of smart cities is spurring the growth for bicycles. Thus, Asia Pacific is expected to hold more than 33% market share for bicycles.
Cycling Tournaments Propelling Demand for Bicycles in Europe?
Marketing campaigns for bicycles by manufacturers is a key reason for an increase in the adoption of bicycles in Europe. Moreover, in spite of Europe being one of the worst hit regions by the pandemic, the demand for bicycles has increased owing to the increasing importance of fitness.
Furthermore, cycling events in countries like France and Germany is accelerating the demand for bicycles in the region. In addition, the government of the region is also rolling out infrastructure that is suitable for cycling and walking for shorter journeys. Thus, Europe is expected to register a staggering double-digit CAGR of 12% in the forecast period.
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Simple Mechanization Creating Lucrative Opportunities for Bicycles?
Road bicycles have gained immense popularity in all age groups as they are the easiest bicycles to ride. The simple mechanization of these bicycles has created a strong business opportunity for bicycle manufacturers. Moreover, road bicycles do not require accessories as they are not used for trekking.
This, in turn, reduces the price of road bicycles and is more affordable. In addition, women, kids and elderly have also shown a growing inclination towards buying road bicycles as they have easy mechanization to operate. Thus, road bicycles are expected to hold more than 45% market share for bicycles.
Test Rides Increasing Purchase of Bicycles from Offline Stores?
Offline stores provide real-time access to bicycles. This provides customers to take test rides on bicycles. Thus, the preference for purchasing bicycles from offline stores has increased.
Moreover, a growing inclination towards customizing bicycles for reasons such as trekking and adventurous sports is upsurging the sales of buying bicycles from offline stores.
Instant purchase of buying the product is favouring the sales of bicycles from offline stores too. Thus, offline stores are expected to hold more than 50% market share for bicycles.
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.
Key Segments Covered in the Bicycle Market Industry Report
- Mountain Bikes
- Road Bikes
- Cargo Bikes
- Hybrid Bikes
- Other Bicycles
- Electric Bicycles
- Conventional Bicycles
By End User
- Bicycles for Men
- Bicycles for Women
- Bicycles for Kids
By Distribution Channel
- Online Bicycle Sales
- Offline Bicycle Sales
- FAQs -
As of 2021, the market for bicycle reached nearly US$ 60 Bn
As of 2022, the market for bicycles is expected to reach US$ 64 Bn
Fromm 2015 to 2021, bicycle sales expanded at a CAGR of 7%, according to Fact.MR
The bicycle industry is expected to surpass a CAGR of 8% from 2022-2032.
The bicycle market is expected to reach nearly US$ 138 Bn by 2032
Accell Group, Atlas Cycles (Haryana) Ltd, Avon Cycles Ltd, Cervelo and Dorel Industries Inc. are some prominent bicycle manufacturers
Road bicycles are expected to gain more than 45% market share for bicycle market.
Offline channels are expected to hold more than 50% market share for bicycle market.
The bicycle industry is expected to register a CAGR of 12% in Europe.
The bicycle industry is expected to possess nearly 33% market share throughout Asia Pacific.