Bicycle Market

Market Overview:

The global bicycle market size reached US$ 61.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 83.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.

A bicycle is a pedal-driven vehicle with two wheels, pedals, brakes, seat, carrier, drive chain, and handlebar. It helps the rider in decreasing stress levels and body fat levels, improving posture and coordination, strengthening bones, preventing and managing several diseases, and reducing anxiety and depression. Besides this, it also increases cardiovascular fitness, muscle strength, flexibility, and joint mobility. As a result, it acts as a widely preferred form of vehicle for traveling to nearby places.

Bicycle Market Trends:

A significant increase in the prevalence of chronic diseases has resulted in the growing adoption of bicycles around the world to ensure a healthy life. Apart from this, due to the growing traffic congestion and reducing the availability of parking space, especially in metropolitan cities, there is an increase in the overall sales of bicycles. Additionally, with the rising environmental concerns, governing agencies of various countries are undertaking numerous initiatives to minimize carbon emissions that are released from vehicles. As a result, they are focusing on improving the existing infrastructure to support bicycle commutation, which is contributing to the market growth. Furthermore, the growing trend of dockless bicycle-sharing systems that are embedded with global positioning systems (GPS) and can operate on a smartphone application is creating a favorable market outlook. Moreover, the introduction of electric bicycles that offer higher capacities and longer life despite their smaller size compared to their conventional counterparts is acting as another growth-inducing factor. Besides this, the rising cases of coronavirus disease (COVID-19) are positively influencing the sales of bicycles. This can be attributed to a considerable need to avoid public transportation to prevent the spread of the disease.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global bicycle market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, technology, price, distribution channel and end user.

Breakup by Type:

• Road Bicycle
• Mountain Bicycle
• Hybrid Bicycle
• Others
   

Breakup by Technology:

• Electric
• Conventional
   

Breakup by Price:

• Premium
• Mid-Range
• Low-Range
   

Breakup by Distribution Channel:

• Online Stores
• Offline Stores
   

Breakup by End User:

• Men
• Women
• Kids
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Accell Group N.V., Avon Cycles Ltd., Benno Bikes LLC, Cervélo (Pon Holdings B.V.), Dorel Industries Inc., Giant Manufacturing Co. Ltd., Kona Bicycle Company, Merida Industry Co. Ltd., Olympus Bikes, SCOTT Sports SA (Youngone Corporation), Specialized Bicycle Components Inc. and Trek Bicycle Corporation (Roth Distributing Co. Inc.).

Report Coverage:

Key Questions Answered in This Report:

• How has the global bicycle market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the global bicycle market?
• What are the key regional markets?
• What is the breakup of the market based on the type?
• What is the breakup of the market based on the technology?
• What is the breakup of the market based on the price?
• What is the breakup of the market based on the distribution channel?
• What is the breakup of the market based on the end user?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global bicycle market and who are the key players?
• What is the degree of competition in the industry?