Global Bicycle Market Statistics: USD 115.8 Billion Value by 2032
Summary:
- The global bicycle market size reached USD 79.8 Billion in 2023.
- The market is expected to reach USD 115.8 Billion by 2032, exhibiting a growth rate (CAGR) of 4.1% during 2024-2032.
- Asia Pacific leads the market, accounting for the largest bicycle market share.
- Road bicycle represents the majority of the market share in the type segment as it is widely utilized to commute shorter distances.
- Conventional holds the biggest share in the bicycle industry.
- Mid-range remain a dominant segment in the market due to rising preferences for affordable solutions.
- Offline stores account for the leading application segment.
- Men exhibits a clear dominance, which can be attributed to the rising participation in cycling events.
- The rising focus on health and wellness is a primary driver of the bicycle market.
- Environmental sustainability concerns and technological advancements are reshaping the bicycle market.
Industry Trends and Drivers:
- Growing Focus on Health and Wellness:
The escalating demand for bicycles due to the rising awareness among individuals about health and fitness is propelling the market growth. They provide a cardiovascular workout while being low impact, making them accessible to a broad demographic. The fitness industry is capitalizing on this trend, with apps and wearables that track cycling performance, as well as virtual biking communities that enhance the experience. Health campaigns advocating physical activity are also encouraging people to adopt cycling as part of a healthier lifestyle. This health-driven push is leading to a rise in demand not only for traditional bicycles but also for advanced options like electric bikes (e-bikes), which allow longer and less strenuous rides.
- Environmental Sustainability Concerns:
Bicycles are gaining traction among eco-conscious consumers as sustainable alternatives to vehicles. People are actively looking for ways to reduce their carbon footprint on account of climate change awareness. Bicycles do not emit pollutants, making them an ideal green transportation option for short to medium commutes. E-bikes have the ability to produce a smaller carbon footprint as compared to cars. Apart from this, governing agencies of several countries are launching incentive programs that support the purchase of bicycles, especially e-bikes, for eco-friendly commuting. These initiatives align well with global sustainability goals, making bicycles a top choice for eco-conscious buyers around the world.
- Technological Advancements:
The advent of electric bicycles (e-bikes) is appealing to a wider audience who might otherwise avoid traditional cycling. E-bikes allow for easier and longer rides, reducing physical strain and making cycling more accessible to older riders or those with limited mobility. Technological improvements, including longer battery life, faster charging, and lighter materials, are making e-bikes more convenient and efficient. With options that include hybrid models or those tailored for specific terrains, e-bikes meet various consumer needs, ranging from daily commuting to recreational activities. In addition, this technology-driven trend is attracting both seasoned cyclists and newcomers, expanding the market’s reach significantly.
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Bicycle Market Report Segmentation:
Breakup By Type:
- Road Bicycle
- Mountain Bicycle
- Hybrid Bicycle
- Others
Road bicycle account for the majority of shares as it is widely utilized to commute shorter distances.
Breakup By Technology:
- Electric
- Conventional
Conventional dominates the market on account of its ability to improve cardiovascular health.
Breakup By Price:
- Premium
- Mid-Range
- Low-Range
Mid-range represents the majority of shares due to rising preferences for affordable solutions.
Breakup By Distribution Channel:
- Online Stores
- Offline Stores
Offline stores hold the majority of shares because of the increasing focus on proper guidance prior to purchasing.
Breakup By End User:
- Men
- Women
- Kids
Men exhibits a clear dominance, which can be attributed to the rising participation in cycling events.
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
Asia Pacific enjoys the leading position owing to a large market for bicycle driven by favorable government initiatives.
Top Bicycle Market Leaders:
The bicycle market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:
- 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.
- Trek Bicycle Corporation (Roth Distributing Co. Inc.)
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