PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1235961
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1235961
According to Stratistics MRC, the Global Bicycle Market is accounted for $85.0 billion in 2022 and is expected to reach $138.7 billion by 2028 growing at a CAGR of 8.5% during the forecast period. An eco-friendly form of transportation is the bicycle, which exists in a wide range of models, including cargo cycles, electric bikes, and mountain bikes. Cycling is one of the safest forms of transportation because it is so simple to use. The primary goal of significant bicycle associations like Go Out and Tour Somewhere, Easy Rider Bike Club, and Road Soldiers Cycling Club is to develop consumer interest in cycling.
According to the United Nations Conference on Trade and Development (UNCTAD) Handbook of Statistics, the global urban population percentage grew from 51.6% in 2010 to 56.2% in 2020.
The public's adoption of bicycles is anticipated to increase as a result of the government's focus on funding cycling infrastructure development. Almost all developed economies are investing heavily in the construction of new bike lanes and other initiatives to improve the infrastructure for both pedestrians and cyclists. For instance, in 2021, municipal authorities in Ireland announced the allocation of USD 240.7 million for the development of infrastructure for bikes and pedestrians; this amount was over three times that of the financing for urban transportation.
During the projected period, the availability of alternative transport options such as motorcycles, scooters, and other micro-mobility solutions with a longer travel range than e-bikes is predicted to restrain market expansion. Moreover, another problem restricting the market is the delay in deliveries brought on by the lack of semiconductor chips caused by the pandemic.
Global bike sales are being propelled by the rising popularity of cycling-related sports like BMX racing and adventure sports like mountain biking, among others. In addition, the growing number of cycling sports clubs and their alluring marketing tactics are urging people of all ages to take up cycling as a recreational activity, which is anticipated to further accelerate market expansion in the coming years. Additionally, technical advancements like linked bikes, the usage of lightweight, efficient materials, and the development of electrically driven bikes are some of the popular trends that are projected to boost the market's expansion throughout the forecast period.
The market's growth is anticipated to be constrained by the impending lack of infrastructure needed to permit and promote commuting, particularly in growing economies like India. Additionally, the price of composite-made lightweight bicycles is higher, which is not helpful for the future growth of the business.
Markets across the board have suffered as a consequence of the pandemic's spread. Due to closed manufacturing facilities and a disturbed supply chain, this sector also experienced an initial slump. The bicycle industry, however, experienced a boom in the second half of 2020 after initially slowing down, as a result of an unexpected increase in cycling demand. Individuals were influenced to use cycling for commuting, transportation, and leisure activities due to restrictions on accessible leisure activities, public transportation, and stringent social distancing laws. The population's decision to choose cycling for fitness and leisure activities was also affected by COVID-19 and the population's growing health concerns.
Because a hybrid bike is essentially a cross between a road bike and a mountain bike, the hybrid segment had the largest market share and is predicted to continue its dominance during the forecast period. As a result, they are suitable for both commuting on different types of terrain and using for urban road transportation. Moreover, due to their adaptability, hybrid bicycles are growing more popular, which is projected to fuel segment expansion during the projection period.
Over the course of the forecast period, the folding category is expected to grow at a robust pace due to the urban population's preference for folding bikes as a solution to urban traffic congestion and parking shortages. Additionally, these may be folded down to a compact size for simpler storage and transportation. They can even be taken inside buildings or onto public transportation.
Throughout the projected period, Asia Pacific dominated the largest share of the global bicycle market because cycling is a popular form of transportation in many developing Asian nations. The region's market is expanding due to China's high e-bike demand. Additionally, it is projected that the market growth in the coming years will be driven by the rising popularity of bike-sharing services in China as a substitute for public transportation. Moreover, the inclination of the populace toward cycling in urban areas of India, such as Mumbai, Delhi, and others, for transportation and exercise is projected to fuel market expansion in the region.
As increased e-bike sales in the U.S. are the prime reason for the market growth in the region, North America is anticipated to experience the highest market growth during the projected period. The trend toward the adoption of micro-mobility solutions like conventional bikes and e-bikes is being driven by tax incentives provided by the U.S. government, as well as the growing traffic congestion in urban areas across North America.
Some of the key players in Bicycle market include: Hero Cycles Limited, Pedego Inc., Benno Bikes LLC, Ribble Cycles, Bulls Bikes, Giant Manufacturing Co. Ltd, Pon Holdings BV, Dorel Industries Inc., Trek Bicycle Corporation, Accell Group NV, Merida Industry Co., Ltd, Orbea, Mobility Holdings,Ltd, Derby Cycle, Kona Bikes and Brompton Bicycle Inc..
In April 2022, Hero International (HIT), a part of India's Hero Motors Company (HMC), announced adding a new assembly plant in its manufacturing facility in Manchester for Electric bikes. The company will produce high-end, IoT-enabled electric cycles and push bikes for customers in the U.K. and EU.
In April 2022, Giant Bicycle announced the recall of the model year 2021 Giant Cypress DX, Giant Escape 3 Comfort, Liv Flourish FS 1, and Liv Alight 3 Comfort bicycles due to fall and injury hazards.
In July 2021, Trek Bicycle announced the establishment of the Trek Foundation. This established foundation will support public mountain bike trail development and Cycling infrastructure projects.
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Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances