Bicycle Market Analysis

Global Bicycle Market Overview:

Bicycle Market Size was valued at USD 68.17 billion in 2021. The industry is projected to grow from USD 72.36 Billion in 2022 to USD 116.55 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.14% during the forecast period (2024 - 2030). Increase in bicycle experience zones and Increasing popularity of E-Bikes among tourists are driving the market growth.

 Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Bicycle Market Trends

Increase in bicycle experience zones to boost market growth

Bicycle organizations and premium bicycle manufacturing companies are working on developing premium bicycle-specific experience zones to encourage the adoption of these vehicles in North America and Europe. Such experience zones feature artificially created tracks and multiple undulations, slush pits, inclines, and obstacles, which help create an exciting trail for premium users to experience the thrill of riding a premium. Furthermore, major premium vehicle manufacturers are organizing events to increase awareness of experience zones. The facilities also provide special assistance and training to premium riders to make them familiar with using a premium. Experience zones promote off-roading culture and encourage amusement park owners and entrepreneurs to explore adventure sports as a business vertical in the countries of North America and Europe. Moreover, there have been increasing routes and circuits, which arranges bicycle races every year to endorse bicycle off-roading as an adventure sport.

The increase in the number of bicycle experience zones in various countries, coupled with the presence of many riding circuits in the countries of North America and Europe, contributes to the growth of the premium market all over the world. Thus, the increase in bicycle experience zones is expected to drive the Bicycles market during the forecast period. In September 2020, Colnago announced the beginning of the cycling event series, the Haute Route series in Brazil in March with nine events across four continents. Such initiatives by companies are gradually expected to boost the sales of premium bicycles in such regions. Thus, the increase in bicycle experience zones is expected to drive the growth of the Bicycles market during the forecast period.

The increase in the number of bicycle experience zones in North America and European countries, coupled with many riding circuits, contributes to the growth of the Bicycles market. In addition, increasing popularity of E-Bikes among tourists is another factor driving the growth of the market revenue.

Bicycle Market Segment Insights:

Bicycle Type Insights

The Bicycle market segmentation, based on type, includes e-Bike and conventional Bikes. The conventional bikes segment dominated the market in 2021. The e-bike segment is projected to be the faster-growing segment during the forecast period, 2024-2030. This is due to the increasing preference for e-Bikes because of rising crude oil prices. For instance, in some European countries such as the Netherlands, Germany, and Sweden, authorities are considering e-bike tourism as a healthy and sustainable option. Furthermore, e-bikes allow people to participate in active travel and enable several riders to travel together. Additionally, bike share systems and city tours are also projected to drive the demand for e-bikes. Hence, growing adoption of e-bikes positively impacts the market growth.

Application Insights

The Bicycle market data has been bifurcated by Application into racing, transportation tools, and recreation. The recreation segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2030. The recreation segment includes bicycle touring, children’s rides, and mountain biking. These types of bicycles have flat handlebars and rugged frames and components. Mountain bikes generally have a suspension to assists cyclists in navigating rocky mountain trails. Children’s bicycles are scaled down to be safe and suitable for young learners. The recreation segment is expected to be the largest and second fastest-growing market during the review period, registering a CAGR of 5.16%.

January 2021: Louis Vuitton has introduced a premium range in collaboration with Tamboite, which will be available in January 2021. This collection will combine uniqueness with handcrafted quality and elegance, and it will be available in four eye-catching colors: yellow, blue, black, and red. It will be available in two distinct configurations. This approval has further broadened the growth opportunity for the industry.

Figure 1: Bicycle Market, by Application, 2024 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Regional Insights

By Region, the study segments the market into North America, Europe, Asia-Pacific and Rest of the World. North America Bicycle market accounted for USD 8.71 billion in 2021 and is expected to exhibit an 4.13% CAGR during the study period. This is attributed to the by technological advancements in the industry across the region.

Further, the major countries studied are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Bicycle Market Share By Region 2024 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Bicycle market accounts for the second-largest market share due cycling gaining popularity among the youth due to increasing health consciousness and the rising trend of adventure sports. Further, the Germany Bicycle market held the largest market share, and the UK market was the fastest growing market in the European region

The Asia-Pacific Bicycle Market is expected to grow at a CAGR of 5.7% from 2024 to 2030. This is due to population growth, rising per capita disposable income, and improving living standards are driving the market in the region. Moreover, China Bicycle market held the largest market share, and the India Bicycle market was the fastest growing market in the Asia-Pacific region.

For instance, India Bicycle market is a significant market for bicycles in Asia-Pacific due to increased recreational and off-road activities. There has been a rise in demand for bicycles in the tourism industry for use in tough terrains, ranging from deserts to deep snow. The increasing purchasing power of consumers, population growth, and the rising popularity of adventure sports are fueling the demand. Companies such as Hero Cycles Limited and Avon Cycles are focusing on the expansion of manufacturing units in the country. Several multinational companies, including component suppliers, are investing in India due to low labor costs. Moreover, the support of the government in the form of lower excise duties and R&D infrastructure also acts as a key driver for the growth of the market.

The trend in the country has decreased among the middle as well as the highly earned, along with a focus on fitness as well as adventure biking priorities. Growing congestion, industrialization, and sustainability are pushing increasing cycling demand in India.  Hence, Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2024–2030.

Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Bicycle market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the Bicycle industry to benefit clients and expand the Bicycle market sector is to manufacture locally to reduce operating costs. In recent years, it has provided medicine with some of the most significant benefits.

In April 2022, a new assembly factory will be added to Hero International's (HIT), a division of India's Hero Motors Company (HMC), electric bike manufacturing business in Manchester. For consumers in the UK and EU, the company will manufacture premium, IoT-enabled electric and push bikes. In three years, the new plant is expected to produce 50,000 bikes and be operational by August 2022.

In April 2022, Giant Cypress DX, Giant Escape 3 Comfort, Liv Flourish FS 1, and Liv Alight 3 Comfort bicycles from the model years 2021 and 2022 have all been recalled because of potential fall and injury hazards. Nearly 86 instances of the cycle's handlebar loosing have been made to the manufacturer, including three reports of riders falling off the bike.

Key Companies in the Bicycle market include

• NYCeWheels Inc.


• Specialized Bicycle Components


• Easy Motion USA


• Tube Investments of India Limited


• Hero Cycles Limited


• V.E. Bianchi SpA


• Derby Cycle


• Trek Bicycle Corporation


• Avon Cycles


• Tianjin Fuji-ta Group Co. Ltd


• Moustache Bikes


• Merida


• Accell Group


• Giant Bicycles among others

Bicycle Industry Developments

March 2024: The brand-new complete carbon eOne-Sixty CF, larger range alloy eOne-Sixty Lite, and adaptable aluminum eOne-Forty Lite are the three all-new Shimano EP801-powered bikes that Merida has added to their roster.

Bicycle market segmentation:

Type Outlook

• E-Bikes


• Conventional Bikes

Application Outlook

• Racing


• Transportation Tools


• Recreation

Regional Outlook

• 
  
  Middle East
  
  


• 
  
  Africa
  
  


• 
  
  Latin America