Bicycle Market: Current Analysis and Forecast (2022-2028)

Global Bicycle Market is expected to grow at a significant rate of around 6% during the forecast period. A bicycle is a two-wheeled vehicle with handlebars for steering, a saddle-like seat, and is often propelled by pedals connected to the back wheel by a chain. Bicycles are frequently promoted by authorities as an ecologically friendly mode of transportation and are utilized as an efficient strategy to reduce pollution across the world. The factors such as growing disposable income and increased consumer expenditure on the bicycle sector, bikes are safe, simple to use, and require little maintenance are driving the growth of the market. The market players are expanding approach and operations to boost up the growth of the market. For instance, in November 2021, PIERER Mobility AG acquired FELT Bicycles. With this acquisition, PIERER has planned to expand its operations in the North American market for bicycles

Giant Bicycles, Trek Bicycle Corporation, Kalkhoff Werke, Brompton Bicycle Ltd, Avon Cycles Ltd., Kona Bikes, Accell Group, TII, Dorel Industries, and MERIDA BIKES. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst type, road bikes category to witness higher CAGR during the forecast period"

Based on type, market is segmented into mountain bikes, hybrid bikes, road bikes, cargo bikes and others. Road bike category to witness higher CAGR during the forecast period. The factors such as lightweight and designed for swift riding on roads, quite affordable, requires less maintenance, used for commercial purpose like delivery are driving the growth of the market.

"Amongst technology, the electric to grow with higher CAGR during forecast period'

On the basis of technology, the market is categorized into electric and conventional. Among these, the electric to grow with higher CAGR during the forecast period. The declining battery prices and government initiatives to promote green mobility and the increasing number of tax benefits and subsidies on the purchase of e-bikes worldwide are driving the growth of the segment. For instance, the cost of lithium-ion batteries witnessed an 85% drop in the past decade.

"Amongst distribution channel, the online category held significant share of the market in 2020''

Based on distribution channel, the market is categorized into the market is categorized into online and offline. Among these, the online segment held significant share of the market in 2020. The growing popularity of e-commerce in majority of regions, offers and discounts provide by e-commerce sectors and convenience like home delivery are the major factors driving the growth of the market.

"Europe to grow with higher CAGR during forecast period."

For a better understanding of the market adoption of the All-Terrain Vehicle industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Europe to held significant share of the market in 2020. Cycling is being promoted by governments in all European economies as an effective mobility solution that simultaneously solves environmental, traffic, and public health issues. Additionally, governments in Europe have been offering tax breaks and incentives for the purchase of new e-bikes, which is also expected to fuel industry expansion. The development of bike infrastructure has seen an increase in funding from European governments. All these factors are anticipated to fuel market growth in Europe in the next years.

Reasons to buy this report:

The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

The report presents a quick review of overall industry performance at one glance.

The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.

Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level analysis of the industry.

Customization Options:

The global bicycle market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.