PUBLISHER: 360iResearch | PRODUCT CODE: 1467941
PUBLISHER: 360iResearch | PRODUCT CODE: 1467941
[183 Pages Report] The Bicycle Market size was estimated at USD 70.64 billion in 2023 and expected to reach USD 76.31 billion in 2024, at a CAGR 8.30% to reach USD 123.48 billion by 2030.
The bicycle encompasses vehicles with two wheels that cover a range of products, including traditional bicycles, electric bicycles, bike components, and related accessories, as well as services such as bicycle rentals, repairs, and maintenance. Increasing environmental awareness worldwide is driving demand for eco-friendly transportation, including transportation. A rising focus on health and fitness is fueling the popularity of recreational cycling, driving the growth of the market. Urbanization and congestion issues have further positioned bicycles as a convenient mode of transportation. Infrastructure limitations and safety concerns associated with bicycles hamper the market growth. The continuous emergence of e-bikes and advancements in design that allow market players to meet evolving consumer preferences are expected to drive the growth of the bicycle market. Additionally, the integration of smart technologies in bicycles presents opportunities for continued market expansion of the bicycle market.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 70.64 billion |
Estimated Year [2024] | USD 76.31 billion |
Forecast Year [2030] | USD 123.48 billion |
CAGR (%) | 8.30% |
Product: Growing adoption of hybrid bikes for commuting and recreational riding
Cargo bikes have gained significant traction with an increased interest in sustainable transport options. They are often built with a reinforced frame and a loading area to accommodate additional weight, making them ideal for delivery services and personal transportation. Hybrid bikes blend the features of road bikes and mountain bikes, resulting in a versatile bicycle perfect for commuting and recreational riding. Their comfort-oriented design appeals to riders who wish for an all-in-one bike. Mountain bikes are tailored for off-road riding and are known for their durability and performance in challenging terrains. Adventure and thrill-seeking individuals prefer these bikes. Road bikes are designed for speed and efficiency on paved surfaces and are commonly used in cycle racing and long-distance riding. They are the go-to option for sports enthusiasts and keen riders.
Technology: Rising preference for electric bicycles with the rising advancements in battery technology
Conventional bicycles, also known as traditional bicycles, are classic pedal-powered vehicles that continue to hold significant market share due to their affordability, health benefits, and widespread adoption. They are typically preferred by fitness enthusiasts, competitive cyclists, and individuals in areas with smooth, well-maintained transportation infrastructure. Electric bicycles, otherwise known as e-bikes, are bicycles equipped with an integrated electric motor used for propulsion. Their popularity has skyrocketed due to their ability to provide a boost during challenging terrain and longer trips. They are often the choice for commuters, older adults, and individuals living in hilly areas.
Distribution Channel: Growing purchase of bicycles from online channels due to the convenience of shopping
Traditional physical stores, known as the offline channel, have been cornerstone structures of the Bicycle market for decades. The advantages of this channel lie in its ability to provide instant gratification to consumers, enable tactile product experience, and personalized sales service. Customers needing an immediate purchase, high-taste sensitivity, or those seeking expert guidance often prefer this channel. The online distribution channel has been a game-changer in the bicycle market. It offers consumers the convenience of shopping from anywhere at any time, a vast product variety, detailed product descriptions, and customer reviews. This channel is popular among younger audiences and novices exploring cycling for the first time.
End-User: Rising adoption of bicycles song men with the rising public interest in sustainable transportation
Children use bicycles for recreational activities or as an introduction to transportation. Bicycles for kids generally focus on safety features, such as stabilizers and adjustable seats, but also combine fun elements, such as those featuring popular characters or colorful designs. Bicycles serve as a means of transportation and as a crucial tool for physical activity and skill development for kids. Kid-friendly designs, safety features, and vibrant aesthetics are pivotal considerations driving the preference within this segment. Men's bikes primarily cater to commuting, competitions, workouts, or mountain biking. In the men's category, the market is characterized by various options, from rugged mountain bikes to sleek road bikes, catering to various preferences and purposes such as commuting or sports. Robustness, speed, and advanced features often influence purchasing decisions. Women's bicycles, on the other hand, have seen a shift toward designs that prioritize comfort and style. Ergonomic frames, lighter materials, and aesthetically pleasing options contribute to the popularity of bicycles among women.
Regional Insights
America showcases the developed landscape for the bicycle market, the significant growth supported by the developed nations, including the U.S. and Canada, followed by Mexico, Brazil, and Argentina. The attributes such as rising interest and expenditure in outdoor adventure activities, cycling events held across the region, focus towards health & fitness, and government support with the aim of sustainability play a vital role in fueling the American bicycle market growth. The bicycle market in the Asia-Pacific region is rapidly growing with the number of cycling tournaments and increasing demand for bicycles by sports enthusiasts. The number of individuals opting for sports bikes has surged in recent years due to the elevating awareness regarding the health benefits of cycling and its ease of operation in strenuous terrains in Asia-Pacific. The bicycles' environmentally friendly nature, lower operational cost, and health benefits have bolstered their adoption in the EMEA. The governments promote bicycles in the region as they are eco-friendly and can help reduce carbon emissions. Cycling policies in the EU, the Sustainable Transport Programme in Egypt, investment strategies for developing cycling infrastructure, and incentives and purchase premiums provided for buyers boost sports bicycle adoption.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Bicycle Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Bicycle Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Bicycle Market, highlighting leading vendors and their innovative profiles. These include Accell Group B.V., Alta Cycling Group, Avon Cycles Ltd., Cervelo Cycles Inc., Cowboy SA, F.I.V. E. Bianchi S.p.A., Factor Bikes, Firefox Bikes Pvt Ltd., Firmstrong Bike Co., Fuji-ta Bicycle Co.,Ltd., Giant Manufacturing Co., Ltd., Hero Cycles Limited, Huffy Corporation, Kona Bikes, Marin Mountain Bikes Inc., Merida & Centurion Germany GmbH, Pedego Inc., Pon Holdings B.V., Pure Fix Cycles, Quality Bicycle Products, SCOTT Sports SA, Seven Cycles, Inc., Specialized Bicycle Components, Inc., Trek Bicycle Corporation, Tube Investments of India Ltd., Yadea Group Holdings Ltd., and Yamaha Motor Corporation.
Market Segmentation & Coverage
1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
1. What is the market size and forecast of the Bicycle Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Bicycle Market?
3. What are the technology trends and regulatory frameworks in the Bicycle Market?
4. What is the market share of the leading vendors in the Bicycle Market?
5. Which modes and strategic moves are suitable for entering the Bicycle Market?