Global Bicycle Market is expected to foresee significant growth. Europe to lead the growth!
- Vikas Kumar
- January 12, 2023
- AUTOMOTIVE, NEWS
- Bicycle Market, Bicycle Market Analysis, Bicycle Market Growth, Bicycle Market Share, Bicycle Market Size, Bicycle Market Trend
- 0 Comments
A bicycle is considered as an eco-friendly mode of transportation, available in range of varieties such as cargo bikes, electric bikes, and mountain bikes. Bicycle is simple to operate, good for health and considered as safest mode of transport. Bicycle market is gaining traction due to hosting of various sports activities, fun activities, bike rallies. In addition, increasing urban road congestion, rising awareness among the population regarding the health benefits and rising trend of mountain trekking are driving the growth of the market. For instance, 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
The Seat Belt Retractor Market is expected to grow at a steady rate of around 6% owing to the growing environmental concern among the populace. The growing concern about the safety of environment is also considered as the driving factor of the market.
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Based on type, the market is segmented into mountain bikes, hybrid bikes, road bikes, cargo bikes and others. The hybrid held largest share of market in 2020 and is expected dominate the market throughout the forecast period. A hybrid bicycle is basically a mix of mountain and road bike. The factors such as highly suitable for urban road transport, growing popularity of adventure sports, hiking activities, and recreational activities are driving the growth of the market.
Based on technology, the market is categorized into electric and conventional. Among these, the conventional category held largest share in 2020. Conventional bikes are most used worldwide as they have low cost and suitability for exercise, affordable and eco-friendly and sports and fitness-related application make them highly adopting segment.
Based on end-user, the market has been classified into men, women, and kids. The men category is to witness higher CAGR during the forecast period. The segment is expected to rise as more mens use bikes for fitness, exercise, commuting, adventure sports, and recreational activities. Therefore, among men, hybrid, e-bikes, and mountain bikes are preferred.
Based on distribution channel, the market has been classified into online and offline. The offline category is to witness higher CAGR during the forecast period. The segment is expected to rise as more consumers believe to physically check the quality before buying bikes, increasing number of offline stores, provides different varieties of bikes. Hence, these are the factors driving the growth of the market. For instance, in November 2021, BLive announced its foray into offline multi-brand retail segment with the launch of a facility in Hyderabad and said that it is looking to roll out over 100 such stores in the next three years.
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For a better understanding of the market adoption of the bicycle 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. APAC to grow with high CAGR during forecast period. One of the main forms of transportation in developing Asian nations is cycling. In Asia Pacific, China held the largest market share. The region’s market is expanding due to China’s high e-bike demand. Additionally, it is projected that the market growth in the next years would be influenced by the rising popularity of bike-sharing services in China as a substitute for public transportation. In addition, the inclination for cycling among Indian urban dwellers, particularly those in Mumbai, Delhi, and other cities, is projected to boost market expansion in the area.
Some of the major players operating in the market include Giant Bicycles, Trek Bicycle Corporation, Kalkhoff Werke, Brompton Bicycle Ltd, Avon Cycles Ltd., Kona Bikes, Accell Group, TII, Dorel Industries, and MERIDA BIKES
Global Bicycle Market Segmentation
Market Insight, by Type
- Mountain Bikes
- Hybrid Bikes
- Road Bikes
- Cargo Bikes
- Others
Market Insight, by Technology Type
- Electric
- Conventional
Market Insight, by End-users
- Men
- Women
- Kids
Market Insight, by Distribution Channel
- Online
- Offline
Market Insight, by Region
- North America
- US
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
- Giant Bicycles
- Trek Bicycle Corporation
- Kalkhoff Werke
- Brompton Bicycle Ltd
- Avon Cycles Ltd.
- Kona Bikes
- Accell Group
- TII
- Dorel Industries
- MERIDA BIKES
