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Global Bicycle Market Outlook, 2027

Global Bicycle Market Outlook, 2027

Bonafide Research 16-08-2022 201 Pages Figures : 27 Tables : 202
Region : Global Category : Consumer Goods & Services Appliances & Equipment

A bicycle is an eco-friendly mode of transportation that is available in a range of varieties such as cargo bikes, electric bikes, and mountain bikes. A bicycle is simple to operate and is considered one of the safest modes for travelling. Furthermore, major bicycle associations such as Go Out and Tour Somewhere, Easy Rider Bike Club, and Road Soldiers Cycling Club all share a common goal: to increase customer interest in cycling. Thus, they are involved in hosting various sports tournaments, fun activities, bike rallies, and competitions, which motivate customers to use bicycles. Moreover, the trend in bicycle sports is gaining more traction in Europe and North America. This is attributed to the fact that the majority of the tournaments, such as the Tour de France and LoToJa, are held in these regions.

According to the report, "Global Bicycle Market Outlook, 2027", published by Bonafide Research, the market stood at around USD 63 billion in 2021, which is anticipated to reach USD 88 billion by 2027. Further, the market is estimated to grow at a more than 5% CAGR for the 2022–2027 period. The increase in the number of people opting for bicycling as a form of leisure is anticipated to propel market growth. Preference for bicycles as a convenient form of exercise to ensure a healthy life free from obesity and other disorders is expected to further boost the market expansion. The popularity of dockless bicycle-sharing systems has been rising lately. This system allows users to locate a bicycle nearby and unlock it electronically. Initiated originally in Europe, dockless bicycle-sharing systems are gaining popularity, particularly in Asian nations such as India and China.

Asia-Pacific is the fastest-growing region in the global bicycle market, holding a share of over 50% in value terms in the year 2021. China, Japan, Australia, India, and South Korea are some of the top contributing countries in the region. These countries have hosted many cycling tournaments, which will increase the popularity and demand for sports bicycles. A few years ago, bicycles were indisputable icons of Amsterdam, Copenhagen, or Barcelona. However, cycles have now made their way through Latin American cities’ maze of street vendors, parks, and streets that are not always apt for pedaling. Yet, the region holds the lowest share in terms of both value and volume.

While mountain bikes dominate the market by value, road bikes dominate by volume. Even though mountain bikes have a considerable fan base globally, the price of the segment is higher than the road bikes, and the demand is limited to professional and adventure riders. Thus, mountain bikes are being recorded to hold a share of over 15% by value. Moreover, rapidly progressing infrastructure spending is also taking the form of establishing e-bike recharge stations and increasing bicycle parking and hiring stations, especially near metro stations to ease multimodal transportation, thus driving the overall market.

Furthermore, recent advancements in mobile app development and the Global Positioning System (GPS) have resulted in app-based dockless bicycle-sharing systems. Moreover, the growing adoption of such dockless bicycle-sharing systems is anticipated to fuel the demand for bicycles significantly. To capitalize on market opportunities, Chinese bicycle-sharing companies are aggressively investing and expanding their operations in European countries. This is expected to boost the market's growth in the forthcoming years. For example in the USA, people use bikes for slimming and better feeling because cycling burns 600 calories an hour, but in China or other countries people use bikes mostly for transportation needs. For these reasons in some countries bikes are especially popular.

People have started to realize the importance of staying fit and having a healthy life. They have also started to realize that regular biking can keep disorders at bay, such as obesity. The market is likely to grow as more and more people resort to bicycling as a regular form of exercise. Events such as the Tour de France and Ronde van Vlaanderen further add to the popularity of these vehicles. Meanwhile, a rise in the number of bicycle events being organized in various countries in Asia, Africa, and the Middle East is fueling the sales of mountain and road bicycles.

The growing traffic congestion and shortage of parking space, particularly in metropolitan areas, are prompting people to consider bicycle commutes for short distances to save time. At the same time, various governments are aggressively rolling out the infrastructure necessary to support bicycle commuters, thereby encouraging people to opt for bicycles. However, the looming lack of the infrastructure necessary to support and encourage bicycle commuters, particularly in developing economies such as India, is anticipated to hinder the growth of the market. Similarly, lightweight bicycles made using composite materials make them expensive, which does not bode well for the market's expansion.

On the other hand, pollution created by emissions from gasoline-powered automobiles has reached new heights. In the meantime, green solution suppliers and manufacturers have seen bicycles as an opportunity. Bicycle manufacturing companies are taking advantage of these circumstances to expand and grow their businesses. Environmentally friendly means of transportation using bicycles as a mode of transportation have already gained traction and are a popular trend in European countries such as Denmark, the Netherlands, and the U.K. Governments in Europe and the United States have promoted the use of bicycles in cities where schools, workplaces, retail centers, and other amenities are located close to residential areas.

Technological improvements and the creation of government subsidiaries have acted as spurs for the bicycle industry's expansion. The bicycle market's growth is majorly driven by a rise in disposable income and a surge in consumer spending on the industry. Furthermore, in developed countries, the demand for electric bikes and cargo bikes is increasing significantly, as electric bikes are safe, easy to operate, and low in maintenance. In addition, these bikes do not require a driving license, which enables customers of various age groups to drive them, thereby fueling their demand globally. However, cycling in unfavorable weather conditions is unsafe, which limits the use of bicycles. In addition, the low durability of batteries in electric bikes limits the growth of the market.

Along with innovation in the kids' segment, manufacturers are covering the adult customer segment. They are upgrading and are focusing on technological advancements in bicycles such as integration of Bluetooth, GPS, more durable batteries, improvement in gear-shifting functionality, balancing ventilation, and aerodynamics. These technological advancements improve the driving experience of users. An increasing application base of bicycles in trekking and recreational activities, coupled with a rising number of cycling events, is expected to boost the demand for both general and sports bicycles. The increasing influence of celebrity endorsements and increasing media coverage for such events are expected to further fuel market growth. On August 1, 2010, this entry was published.

Furthermore, various governing bodies in European countries, such as Cycling Ireland, promote road racing, touring and leisure cycling, track racing, and off-road racing events. For instance, according to the Irish Sports Council, investments by Sport Ireland toward Cycling Ireland increased from EUR 292.5 thousand in 2015 to EUR 440 thousand in 2019, encouraging consumers’ involvement in various cycling activities in Ireland. The ultimate objective of the event was to raise awareness about cycling and increase the uptake of cycling within the city. Moreover, international sports events, such as cycling championships, also encourage the involvement of consumers in cycling, driving the market growth.

The leading manufacturers such as Accell Group, Trek Bicycle Corporation, Dorel Industries Inc., and Giant Manufacturing Co. Ltd., in the market, are focusing on leveraging opportunities posed by the emerging markets like Thailand and India, and also to expand their revenue base all over the global market. Companies are using digital and social media advertisements to make consumers aware of the new product launches in the market.

Recent Developments:
• In September 2021, SCOTT's first gravel and adventure bike, The Addict Gravel, was given a makeover by well-known bike manufacturer and customizer, Dangerholm.
• In August 2020, Merida Industry Co., Ltd. unveiled the fourth-generation REACTO bike. The 'aero bike', which promotes ultra-low wind resistance and extreme speed, has been the most successful professional road cycling series in the last decade.
• In September 2019, Tern and Enviolo collaborated to launch a new automatic shifting system for e-bikes.

COVID-19 Impact:
The outbreak of COVID-19 is certainly expected to favor the market's growth in the coming years as several governments around the globe are significantly promoting bicycles as one of the safest modes of transportation, which helps people to maintain social distance. Besides, governments across key countries, such as the U.K. and Italy, are providing subsidies for the purchase of new bicycles during the pandemic. Therefore, the government's support in the form of initiatives and subsidies, coupled with growing awareness regarding the benefits offered by bicycles, bodes well for the market's growth over the next few years. More people are choosing to ride their bikes to work to stay active after long lockdowns or to escape packed trains and buses. The environmental benefits of riding are leading to more bicycle lanes in cities across Europe, including Paris, Berlin, Lisbon, and Barcelona.

Major companies present in the market
Abici, A- Bike, Accell Group, Amer Sports, Atlas Cycles (Haryana) Ltd, Bridgestone Cycle, Caloi, Campagnolo, Cannondale, Cervelo Cycles, Cube Cycles, Curtlo Cycles, Derby Cycle, Dorel Industries Inc., Tianjin Fuji-ta Bicycle Co.,Ltd., Giant Bicycles, Hero Cycles Limited, Merida Bikes International, My Boo, Orbea Corporation, Scott Sports, Specialized Bicycle Components, Inc., STRiDA Cycles, XDS Shenzhen Xidesheng Bicycles Co., Ltd

Considered in this report
• Geography: Global
• Historic year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027

Aspects covered in this report
• Global Bicycle market with its value and forecast along with its segments
• Region & Country-wise toy market analysis
• Various divers and challenges
• Ongoing trends and developments
• Five force models
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report
• North America (USA, Canada, Mexico)
• Europe (UK, France, Italy, Germany, Spain)
• Asia-Pacific (Japan, Australia, China, India)
• Latin America (Brazil, Argentina, Colombia)
• Middle-East & Africa (UAE, Saudi Arabia, Qatar, South Africa)

Segment covered in the report

By Type
•Road Bikes
• Mountain Bikes
• Hybrid Bikes
• E-bikes
• Others (Kids, standard, maas)

By End User
•Men
•Women
•Kids

By Bikers Type
•Highly Engaged
•Engaged
•Leisure
•Travel

By Sales Channel
•Retail Shops (Specialized, Sport)
•Multi-brand
•Online

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual reports of companies, and analyzing the government- generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have verified the details obtained from secondary sources.

Intended audience
This report can be useful to Industry consultants, manufacturers, suppliers, associations & organizations related to bicycle products industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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