Key Trends for Bicycle Industry in 2023

Key Trends for Bicycle Industry in 2023

The global bicycle market size reached US$ 64.4 Billion in 2023. A bicycle is a pedal-driven vehicle consisting of wheels, a carrier, pedals, brakes, a seat, a drive chain, and a handlebar. It decreases stress levels and body fat, improves posture and coordination, strengthens bones, prevents and manages several diseases, and reduces anxiety and depression. Besides this, it also assists in increasing cardiovascular fitness, muscle strength, flexibility and joint mobility. Nowadays, individuals are widely adopting bicycles to travel to nearby places due to the growing awareness about environmental concerns and to ensure a healthy lifestyle.

As per the analysis by IMARC Group, the top trends in the bicycle industry include the growing health consciousness among the masses. This, along with the rising traffic congestion, has encouraged individuals to purchase bicycles to travel safely and timely within the city limits. In addition, the introduction of advanced product variants represents another major growth-inducing factor. Moreover, continual advancements in e-commerce distribution channels and the advent of convenient online delivery models are accelerating the sales of bicycles across the globe. Furthermore, key market players are introducing e-bikes and folding bicycles to expand their product portfolio and strengthen their consumer base. Looking forward, IMARC Group expects the market to reach US$ 98.7 Billion by 2032, exhibiting a CAGR of 4.7% during the forecast period (2024-2032).

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Global Bicycle Industry Trends:

Growing Health Consciousness Among Individuals

The growing health consciousness among the masses and the increasing awareness regarding the importance of fitness and personal health are primarily accelerating the sales of bicycles across the globe. This can also be attributed to the rising prevalence of chronic diseases such as obesity and heart disorders caused by sedentary lifestyles, lack of physical activities, unhealthy dietary habits, stress, and hectic working schedules. As a result, individuals are widely adopting bicycles to reduce weight, improve cardiovascular health, and ensure a healthy lifestyle, which is propelling market growth across the globe.

Introduction of Advanced Product Variants

At present, the key players are introducing electric bicycles that offer higher capacities and longer life despite their smaller sizes than their conventional counterparts. In addition, numerous leading players are heavily investing in research and development (R&D) activities to develop lightweight and affordable bikes. They are also introducing bicycle-sharing systems that are embedded with global positioning systems (GPS) and can operate on a smartphone application, which is accelerating the product adoption rate across the globe. Moreover, various manufacturers are launching folding bikes that are compact in size, customizable, and easily foldable, thus creating lucrative growth opportunities for investors.

Implementation of Favorable Government Initiatives

Nowadays, governments of numerous countries are undertaking various initiatives to minimize carbon emissions released from vehicles. As a result, they are encouraging the adoption of bicycles as the manufacturing process of bikes is significantly less harmful to the environment as compared to the other forms of automobiles. In line with this, governing authorities are also focusing on improving the existing infrastructure to support bicycle commutation.

Rising Traffic Congestion Worldwide

The growing traffic congestion and lack of parking space availability, especially in metropolitan cities, encourage individuals to ride bicycles to avoid long road jams and vehicle queues. Consequently, there has been a growing inclination toward foldable bikes as they are easy to carry and fit in trains, cars, and buses, which in turn, is creating a positive market outlook across the globe.

About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has successfully done multiple projects in the bicycle industry, which has enabled clients to set up and expand their businesses. Some of the company’s offerings include:

  • Market Research
  • Plant setup
  • Plant Expansion
  • Marketing and sales
  • Procurement and Distribution
  • Innovation and Product Development

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