The global bicycle market size was valued at USD 67.83 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7% from 2024 to 2030, reaching approximately USD 108.93 billion by the end of the forecast period.
Bicycle Market Overview
Bicycles continue to gain traction as a sustainable and health-conscious mode of transportation and recreation. With increasing awareness about environmental concerns and the adoption of healthier lifestyles, bicycles have emerged as a versatile choice for commuting, sports, and leisure. Events like the Tour de France and LoToJa, coupled with rising cycling advocacy groups, further fuel consumer interest. The growth is especially evident in regions such as Europe and North America, where cycling culture is deeply rooted.
Market Scope
- Market Segments by Type:
- Cargo Electric Bike
- Non-Cargo Electric Bike
- Cargo Non-Electric Bike
- Non-Cargo Non-Electric Bike
- Product Segments:
- Mountain Bikes
- Road Bikes
- Hybrid Bikes
- End User Segments:
- Regional Scope:
- North America: U.S., Canada, Mexico
- Europe: UK, France, Germany, Italy, Spain, Austria, Rest of Europe
- Asia Pacific: China, India, Japan, Australia, Rest of APAC
- Middle East & Africa: GCC, South Africa, Rest of MEA
- South America: Brazil, Argentina, Rest of South America
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Market Drivers
- Growing Number of Cycling Events:
Increasing participation in cycling tournaments, leisure rallies, and awareness campaigns globally has spurred demand for bicycles. For instance, Europe’s Cycling Ireland initiative and Seville’s Bicycle Festival have promoted biking culture effectively. - Adoption of Bicycle-Sharing Systems:
Advancements in mobile applications and GPS technology have enhanced dockless bike-sharing systems, particularly in urban areas. Chinese companies are expanding their bike-sharing networks into Europe and other regions, driving significant growth. - Rising Health and Environmental Awareness:
Governments are incentivizing cycling through infrastructure projects and subsidies. For example, Italy’s cashback scheme encouraged residents to purchase bicycles during the pandemic.
Market Trends
- Emerging Electric Bicycles:
The electric bike segment is growing rapidly due to ease of use and advanced battery technology, enabling higher capacity and longer lifespans. - Cycling Infrastructure Expansion:
Cities like Paris and London have introduced extensive bike lanes to promote urban cycling, reducing emissions and traffic congestion. - Innovations in Bicycle Design:
Companies like Urban Arrow and Sparta have launched advanced e-bikes to cater to growing commuter needs.
Segmentation
- Off-Road Bicycles: Expected to grow exponentially due to their use in adventure sports and leisure activities.
- Conventional Bicycles: Dominate the market with an 85.2% share in 2023, owing to lower maintenance costs and wide adoption.
- Electric Bicycles: Anticipated to grow at a CAGR of 8%, driven by technological advancements and eco-friendly consumer preferences.
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Key Players
- Accell Group
- Trek Bicycle Corporation
- Dorel Industries Inc.
- Pon Holdings BV
- Giant Manufacturing Co. Ltd
- Bulls
- Pedego Inc.
- Benno Bikes LLC
- Ribble Cycles
- Cervélo
- Merida Industry Co., Ltd.
- Olympus Bikes
- Scott Sports SA
- Specialized Bicycle Components, Inc.
- Kona Bicycle Company
Regional Analysis
- Asia Pacific:
Leads the global market with over 33% revenue share. Countries like China and Japan are investing heavily in cycling infrastructure to promote biking culture. - Europe:
Significant growth is anticipated due to well-established cycling traditions and the hosting of global events like the Tour de France. Countries like Belgium and Italy are actively developing biking infrastructure. - North America:
Rising health awareness and government initiatives are boosting the adoption of bicycles in urban and suburban areas.
Key Questions Answered
- What is the projected market size for bicycles by 2030?
- Which segment dominates the bicycle market, and why?
- What are the primary drivers for market growth?
- How is the electric bike segment evolving?
- What regions are leading in bicycle adoption, and what factors contribute to this dominance?
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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