According to the latest report by IMARC Group, titled “Bicycle Market: Global Industry Trends, Size, Growth, Opportunity and Forecast 2022-2027,” The global bicycle market size reached around US$ 58 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 80 Billion by 2027, exhibiting a CAGR of 5.6% during 2022-2027.
Industry Definition and Application:
Bicycles are driven by pedals and usually comprise two wheels, a seat, a carrier, brakes, a drive chain, and a handlebar. Cycling regularly offers a range of health benefits, including reducing stress and fat levels, strengthening bones, relieving symptoms of depression, and preventing various diseases. At present, bicycles are gaining immense traction to travel short-distance due to increasing awareness among individuals about environmental issues and the importance of maintaining a healthy lifestyle.
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Bicycle Market Trends:
The global bicycle market is primarily driven by the surging adoption of bicycles for maintaining an active lifestyle owing to the rising prevalence of chronic diseases. Moreover, the escalating demand for bicycles due to increasing traffic congestion on roads and a decrease in parking space availability, especially in metropolitan cities, is positively influencing the market growth. Additionally, several favorable initiatives by governments of numerous countries to minimize carbon emissions from vehicles and a rising focus on enhancing existing infrastructure to support bicycle commutation has catalyzed the market growth. Furthermore, the increasing trend of dockless bicycle-sharing systems equipped with GPS and smartphone applications are contributing to the market growth. Other factors, including the introduction of electric bicycles that offer higher capacities and longer life, the rising need to avoid public transportation amid the coronavirus outbreak, and rising health consciousness among people, are also anticipated to propel the market growth.
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 with Key Player:
- 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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