Bicycle Market: Current Analysis and Forecast (2022-2028)
Emphasis on Type (Mountain bikes, Hybrid Bikes, Road Bikes, Cargo Bikes and Others); Technology (Electric and Conventional); End-Users (Men, Women and Kids)); Distribution Channel (Online and Offline); and Region/Country
Global Bicycle Market is expected to grow at a significant rate of around 6% during the forecast period 2022-2028. 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.
Table of Contents
Research Methodology for the Bicycle Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global bicycle market were the three major steps undertaken to create and analyze the adoption of bicycles in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global bicycle market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the bicycle market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the bicycle market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, technology, end-user, and distribution channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the bicycle market. Further, we conducted factor analysis using dependent and independent variables such as type, technology, end-user, and distribution channel of bicycles. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the bicycle market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global bicycle market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the bicycle market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global bicycle market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global bicycle market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, technology, end-user, and distribution channel in the global bicycle market.
The main objective of the Global Bicycle Market Study
The current & future market trends of the global bicycle market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the bicycle market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, technology, end-user, and distribution channel.
- Define and analysis of the regulatory framework for the bicycle
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the bicycle market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the bicycle market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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