Bicycle Market Size, Share, Trends, Growth and Forecast 2032

Industry Perspective:

The global Bicycle Market size was worth around USD 61.42 Billion in 2023 and is predicted to grow to around USD 74.97 Billion by 2032 with a compound annual growth rate (CAGR) of roughly 2.24% between 2024 and 2032.

The report contains an analysis and forecast of the bicycle market globally and regionally. It provides past data for 2018-2022 along with forecast data from 2023 to 2032 on the basis of revenue (USD Billion). The report includes drivers, challenges, and restraints for the bicycle market along with the influence they have on demand during the projected period. Also, the report contains a study of opportunities available in the bicycle market on a global level.

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Bicycle Market: Definition/ Overview

A bicycle is a human-powered vehicle made up of two wheels mounted on a frame, propelled by pedals, and controlled by handlebars. It usually has a saddle for the rider to sit on and may have extra components like brakes, gears, and lights. Bicycles are designed for a variety of uses, including commuting, entertainment, fitness, and competitive sports.

Furthermore, they provide an inexpensive, efficient, and ecologically friendly mode of transportation, particularly for short and medium distances. Bicycles are widely utilized in cities for commuting to work or school, providing a cost-effective alternative to motor cars while lowering traffic congestion and carbon emissions. Bicycles are also popular for recreational activities such as leisurely rides through parks or along scenic trails, as well as fitness objectives, as they provide a low-impact cardiovascular workout that builds muscles and improves general health.

It also includes an elaborated competitive scenario and portfolio of key market players. To know the competitive landscape prevailing in the market, an analysis of Porter’s five forces model of the mentioned market is also been included. The study includes market attractiveness analysis, wherein segments are benchmarked based on the market growth rate, size, and attractiveness. The report is prepared using data sourced from in-house databases, and primary and secondary research teams of industry experts.

How Increased Health Awareness Drives the Growth of the Market?

Increasing awareness of the health advantages of regular physical activity, particularly cycling, has been an important driver. Bicycles are viewed as an environmentally benign means of transportation, helping to lower carbon footprints and pollution levels. This environmental consciousness, combined with a drive for better living, is sparking an increase in interest in cycling for recreational and transportation purposes.

Many cities throughout the world are investing in bike infrastructure as urban areas expand to reduce traffic and encourage sustainable urban mobility. This creation of dedicated bike lanes, bike-sharing programs, and other cycling-friendly amenities encourages more people to see bicycles as a viable and convenient mode of transportation, thereby propelling market growth.

Furthermore, the bicycle market has undergone substantial innovation, including the rise of electric bicycles. E-bikes have broadened the possible user pool, including individuals who might be put off by physical exertion or distance. Materials, design, and technology innovations have resulted in lighter, more durable, and more efficient bicycles, which improve the cycling experience and attract a larger audience.

What are the Primary Challenges Impacting the Bicycle Market?

Bicycles compete with a variety of types of mobility, including automobiles, public transportation, and, increasingly, electric scooters and motorcycles. People find it difficult to switch to bicycles in locations where public transportation is efficient, economical, and well-connected. Also, the ease and speed of motorized vehicles frequently outweigh the advantages of cycling, particularly for longer trips or in inclement weather, restricting market growth.

Furthermore, in many places, particularly highly populated urban areas, the lack of dedicated bicycle infrastructure such as bike lanes and parking facilities is a significant barrier. This lack of infrastructure raises safety problems for cyclists, who must share roadways with motor vehicles, increasing the danger of collisions. Ensuring cyclist safety is critical for increasing bicycle utilization, demanding significant investment and urban planning efforts, and hence affecting market growth.

Category-Wise Acumens

What are the Factors Supporting the Dominance of Electric Bicycles?

According to VMR analysis, the electric segment is estimated to hold the largest market share in the technology segment during the forecast period. The adoption of e-bikes is aligned with a global push for sustainability and carbon emission reduction. As cities become more congested, e-bikes’ efficiency and eco-friendliness make them a viable alternative to traditional motor vehicles. E-bikes provide a realistic alternative for decreasing traffic congestion and pollution in cities, while also supporting broader environmental aims and urban mobility policies.

Advancements in battery and motor technology have considerably helped the e-bike market, making e-bikes more accessible, reliable, and affordable. Improvements in lithium-ion batteries have increased range while decreasing weight and charging time, making e-bikes more appealing to a wider audience. These technical improvements have not only enhanced the performance and convenience of e-bikes, but have also made them more affordable than traditional bicycles.

Furthermore, there is a growing trend toward healthier lives, as well as a need for more efficient and flexible ways of transportation. E-bikes appeal to a diverse audience, including elderly folks and those with physical impairments who may find traditional biking too demanding but still wish to reap the benefits of cycling.

How does Hybrid Bicycles Propel the Growth of the Bicycle Market?

The hybrid segment is estimated to dominate the bicycle market during the forecast period. Hybrid bikes are designed to accommodate a wide range of riding circumstances. They combine the qualities of road and mountain bikes, making them appropriate for both paved roads and light off-road trails. This versatility appeals to a wide range of riders, from commuters to leisure riders, who choose a single bicycle that can handle a variety of conditions.

Hybrid bikes have a comfortable riding position that alleviates strain on the rider’s back and neck. They frequently have wider tires than road bikes to improve stability and shock absorption without noticeably reducing speed on pavement. Hybrid bikes appeal to both novice and experienced bikers due to their comfort and ease of usage.

Furthermore, many people are looking for alternate forms of transportation for their everyday commutes as urban areas expand and traffic congestion becomes a bigger problem. Hybrid bikes, with their efficient performance on city streets and capacity to handle light off-road conditions, are ideal for urban commuters. Furthermore, the increase in bike infrastructure investments in cities worldwide reinforces this tendency.

Bicycle  Market: Segmentation

The global bicycle market is segmented into 3 segments and is further divided into sub-segments on the basis of product, technology, end-user, and region.

The product segment is majorly classified into hybrid, road, mountain, and others.

The technology segment includes electric and conventional. End-user the market is majorly classified into men, women, and kids

lastly on the basis of region the market is segmented into North America, Europe, Latin America, Asia Pacific, and MEA. The above segments have been analyzed based on current and future trends and market estimates from 2018 to 2025.

Bicycle Market: Report Scope

The regional segmentation includes the present and forecast demand for North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. Each region has been further segmented into countries such as the U.S, Canada, Mexico, UK, France, Germany, China, India, Japan, South Korea, Brazil, Argentina, and GCC Countries among other countries.

Key Market Players & Competitive Landscape:

Some prominent players in the global bicycle market include:

• Trek Bicycle Corporation

• Cervelo

• Accell Group

• Atlas Cycles (Haryana) Ltd.

• Avon Cycles Ltd.

• Dorel Industries Inc.

• Giant Bicycles

• Specialized Bicycle Components, Inc.

• Merida Industry Co., Ltd.

• SCOTT Sports SA

The report segments the bicycle market as follows:

Bicycle Market: Product Analysis

• Hybrid
• Road
• Mountain
• Others

Bicycle Market: Technology Analysis

• Electric
• Conventional

Bicycle Market: End User Analysis

• Men
• Women
• Kids

Bicycle Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa