PUBLISHER: SkyQuest | PRODUCT CODE: 1270807
PUBLISHER: SkyQuest | PRODUCT CODE: 1270807
Global Bicycle Market size was valued at USD 59006 million in 2021 and is poised to grow from USD 64625.7 million in 2022 to USD 135020.2 million by 2030, growing at a CAGR of 9.7% in the forecast period (2023-2030).
The increase of the market is anticipated to be driven by the rise in the number of people opting to bike as a leisure activity. It is projected that consumer preference for bicycles as a practical form of exercise to ensure a healthy life free from obesity and other disorders will further boost market expansion. Programmes for sharing bicycles without docks have grown in popularity recently. By employing this method, users can locate nearby bicycles and remotely unlock them. The popularity of dockless bicycle sharing systems, which were first launched in Europe, is growing, especially in Asia, particularly in China and India.
A dockless bicycle sharing system that uses an app has also been made possible by recent advancements in GPS and mobile app development. Additionally, it is anticipated that the widespread usage of such dockless bicycle-sharing systems will significantly raise bicycle demand. Chinese bike-sharing companies are expanding their operations and making quick investments in European nations in order to capitalise on market opportunities. In the ensuing years, this ought to hasten market expansion.
People are becoming more aware of the need of maintaining a healthy lifestyle. They are starting to comprehend the advantages of regular cycling in reducing illnesses like obesity. The market will grow as more people choose cycling as their primary form of exercise. Events like the Tour de France and the Ronde van Vlaanderen help spread awareness of these vehicles even more. Increased cycling competitions taking place in many countries throughout Asia, Africa, and the Middle East are helping to raise sales of road and mountain bikes.
Due to growing traffic congestion and a lack of parking, particularly in metropolitan areas, many are considering utilising bicycles to commute short distances in order to save time. In order to encourage people to choose bicycles, numerous governments are rapidly building the infrastructure needed to support bicycle commuting at the same time. The absence of the infrastructure needed to support and encourage bicycle commuting, particularly in emerging countries like India, is predicted to limit market growth. This is detrimental to the growth of the market, much as how expensive lightweight bicycles made of composite materials are.
Top-down and bottom-up approaches were used to estimate and validate the size of global Bicycle Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.
The Global Bicycle Market is segmented based on Type, Distribution Channel, technology, End-user, and Region. Based on the Product Type, the Global Bicycle Market is segmented as Mountain, Hybrid, Road, Cargo, and Other. Based on the Distribution Channel, the Global Bicycle Market is segmented as Online and offline mode. Based on technology, the global Bicycle market is segmented as Electric and conventional. Based on End-user, the Global Bicycle is segmented as Women, Men, and Kids. Based on Region Bicycle Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Rising bicycle use as a leisure activity and a preference for bicycles as a useful form of exercise to ensure a healthy life are significant factors affecting the expansion of the bicycle market. Running market increase is mostly caused by the rising level of governmental support for the creation of bike-sharing infrastructure. The worldwide bicycle market is expected to grow as a result of the rapid rise in oil prices and the increased understanding of the need to protect the environment.
Lack of designated bike lanes is one of the main factors limiting the demand for bicycles. A well-connected international road network is necessary for the global bicycle market to function effectively. Manufacturers and the government are still putting a lot of effort into creating bike lanes and networks for safe riding, so this has been a big problem.
It is expected that the proliferation of the primary industry will be hampered by the accessibility of other forms of transportation, such as buses, trains, cars, and others. It is predicted that trade restrictions on bicycle accessories and parts among the various countries may impede output at the production sites of the associated firms. In addition, it is predicted that the high cost of e-vehicles and the absence of changing facilities will restrict market growth.
Bicycle commuting is attractive and acceptable for shorter distances because people have limited cycling skills. Cycling is a particularly taxing activity since it demands an unreasonably higher level of effort across longer distances. Additionally, bicycles have a maximum speed limit, but cars can go further and faster. These obstacles are therefore expected to limit market expansion during the projection period.
A significant increase in the frequency of chronic diseases has led to a growing acceptance of bicycles as a means of maintaining a healthy lifestyle. Additionally, there is an increase in bicycle purchases generally as a result of worsening traffic congestion and a lack of parking spaces, particularly in urban areas.
The recognition of health and wellness is being aided by the popularity of outdoor sports like football, badminton, and cycling competitions. By utilising manufacturing processes and technological advancements like GPS, aerodynamic design, and anti-theft technologies, the bike' user experience is further improved. These trends will affect how the bicycle business develops in the future.