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Bicycle Market Size to Surpass Around US$180 Billion by 2030

Precedence Research

Precedence Research

According to Precedence Research, the global bicycle market size is projected to surpass around US$180 billion by 2030 and expanding growth at a CAGR of 7.36% from 2022 to 2030.

Tokyo, May 12, 2022 (GLOBE NEWSWIRE) — The global bicycle market size was accounted for at US$95 billion in 2021, as per new report study. Demand for bicycle remains strong in 2021. Some sales insight revealing the strong growth of bicyclemarket during the past few years are listed below:

  • The global bicycle market value is expected to reach US$180 billion by 2030

  • Asia Pacific bicycle market was valued at US$17.69 billion in 2021

  • By technology, the conventional segment accounted for 80% of the revenue share in 2021

  • The electric bike segment is expected to grow at the highest CAGR of 10.3% from 2022 to 2030

  • By product, the road bicycle segment captured a market share of 40% in 2021

  • The online distribution channel accounted for 50% of the market share in 2021

  • Europe is expected to grow at a CAGR of 10.5% from 2022 to 2030

  • More than 1.9 billion adults were overweight in 2016

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Approximately 30% of the Global Bicycle Market Captured by Asia Pacific

Asia Pacific is the home to the largest population of the globe. The presence of huge consumer base, rising health awareness, growing obese population, rising disposable income, presence of several leading manufacturers of bicycles, and rising government expenditure towards the development of bicycle-friendly infrastructure are the prominent drivers of the bicycle market in Asia Pacific region. The nations like Japan, Singapore, and China are aggressively investing in building the infrastructure to promote bicycle commutation for short distances. Furthermore, the growing adoption of the electric bicycles among the people for their convenience and easy commute for long distances is increasing the demand for the electric bicycles. The rising popularity of the dockless bicycle sharing systems in the Asia Pacific region is expected to further fuel the growth of the market during the forecast period. The rising awareness among the population to stay healthy, active, and fit is increasing the adoption of bicycles as a convenient form of leisure activity and exercise. Therefore, the Asia Pacific bicycle market is expected to remain dominant throughout the forecast period.

Scope of the Report

Report Attributes

Details

Market Size in 2021

$95 Billion

CAGR

7.36% from 2022 to 2030

Largest Market

Asian-Pacific

Fastest Growing Market

Europe

Segments Covered

  • Product

  • Technology

  • Distribution Channel

  • End User

  • Price

  • Region

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What are the key trends in the Global Bicycle Market?

Rise in the number of cycling events is a major trend in the market which is expected to accelerate the growth of the market during the forecast period. For instance, Cycling Ireland is an event that promotes leisure cycling, racing, and touring. Irish Sports Council stated that Sport Ireland made an investment of EUR 440 thousand in 2019 towards Cycling Ireland. This event promotes the adoption of cycling among the population in Ireland. Furthermore, the rising media coverage and celebrity endorsements are significantly influencing the population to indulge in cycling for its health benefits and fitness. Therefore, the rising awareness among the population regarding the advantages of cycling and rising number of cycling events across the globe are the major trends that are expected to drive the growth of the global bicycle market in the foreseeable future.

What are the key challenges in the Global Bicycle Market?

The rising number of road traffic accidents in the big market like Asia Pacific and the lack of bicycle-friendly infrastructure in several nations are the major challenges faced by the manufacturers that may restrict the adoption of the bicycles among the people. According to the World Health Organization, around 93% of the road accidents occur in the low and middle income countries. Furthermore, the availability of alternatives to commute and various other mediums to indulge in fitness activities may hamper the adoption of the bicycles. The youth population are more inclined towards the gyms and fitness centers to stay active and fit and may refrain themselves from indulging in cycling activities, which may hamper the growth of the bicycle market during the forecast period.

Europe Forecast the Strongest Growth Rate of 10.5% during the Forecast Year (2022-2030)

The increased awareness among the European population regarding the benefits of cycling is driving the growth of the bicycle market. The rising popularity of cycling as sports and growing number of cycling events in the region is expected to foster the market growth. The events like Ronde van Vlaanderenare and Tour de France are the most popular cycling events in Europe. The countries like France, Italy, Denmark, and Belgium are heavily investing in the development of cycling infrastructure which is expected to increase the demand for the bicycles in Europe in the upcoming future.

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Top Bicycle Manufacturers in 2021

Trek Bicycle Corporation, Accell group, SCOTT Sports SA, Atlas Cycles Ltd., Specialized Bicycles Components, Inc., Avon Cycles Ltd., Merida Industry Co. Ltd., Cervel, Giant Bicycles, and Dorel Industries Inc. are the prominent bicycle manufacturers in the global bicycle market.

market segmentation

By Product

  • Hybrid Bikes

  • mountain bike

  • Cargo Bikes

  • road bikes

  • All Terrain Bicycle

  • E bike

  • Others

By Technology

By Distribution Channel

By End User

ByPrice

  • Premium

  • mid-range

  • low-range

By Geography

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