According to the latest report by IMARC Group titled, “Bicycle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global bicycle market size reached around US$ 58 Billion in 2021. A bicycle is an eco-friendly pedal-driven vehicle with two wheels, pedals, seat, carrier, brakes, drive chain, and handlebar. Regular cycling assists in decreasing stress and fat levels, strengthening bones, relieving symptoms of depression, and preventing several diseases. Nowadays, bicycles are preferred for traveling to nearby places due to the growing awareness among individuals about environmental concerns and to ensure a healthy lifestyle.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Bicycle Market Trends:
The market is primarily driven by the rising prevalence of chronic diseases due to a lack of physical activities. In addition, the increasing traffic congestion and lesser availability of parking spaces, especially in metropolitan cities, have led to an escalated demand for bicycles. Besides this, governments of numerous countries are undertaking various initiatives to minimize carbon emissions released from heavy vehicles, thereby strengthening the market growth. Moreover, the emerging trend of dockless bicycle-sharing systems embedded with global positioning systems (GPS) that can operate on a smartphone application is also creating a positive market outlook across the globe. Furthermore, with the global outbreak of coronavirus disease (COVID-19) pandemic, individuals are becoming more inclined toward using bicycles for shorter distances to avoid public transportation and prevent the spread of the disease. On account of these factors, IMARC Group expects the market to exhibit a CAGR of 5.6% during the forecast period (2022-2027).
- Based on the type, the market has been classified into road, mountain, hybrid, and other bicycles.
- On the basis of the technology, the market has been bifurcated into electric and conventional.
- The market has been segregated based on the price into premium, mid-range, and low-range.
- Based on the distribution channel, the market has been segmented into online and offline stores.
- On the basis of the end user, the market has been categorized into men, women, and kids.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and the Middle East and Africa.
- 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.).
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