Bicycle Market Size, Share & Trends Analysis Report By Product (Mountain, Hybrid, Road), By Technology (Electric, Conventional), By End User (Men, Women, Kids), By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global bicycle market size was valued at USD 54.44 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 7.0% from 2021 to 2028. The increase in the number of people opting for bicycling as a form of leisure is anticipated to propel the growth. Preference for bicycles as a convenient form of exercise to ensure a healthy life, free from obesity and other disorders, is expected to further drive the market expansion. The popularity of dockless bicycle-sharing systems has been rising lately. This system allows users to locate a bicycle nearby and unlock it electronically. Incepted originally in Europe, dockless bicycle-sharing systems are gaining popularity, particularly in Asian nations such as India and China.

Furthermore, recent advancements in mobile app development and Global Positioning System (GPS) have resulted in app-based dockless bicycle-sharing systems. Moreover, the growing adoption of such dockless bicycle-sharing systems is anticipated to fuel the demand for cycles significantly. Chinese bicycle-sharing companies are particularly investing and expanding their operations aggressively in European nations to capitalize on the market opportunities. This is expected to boost market growth further in the forthcoming years.

People have started realizing the importance of staying fit and having a healthy life. They have also started realizing that regular bicycling can keep disorders, such as obesity, at bay. The market is likely to grow as more and more people are resorting to bicycling as a regular form of exercise. Events, such as Tour de France and Ronde van Vlaanderen, are further adding to the popularity of these vehicles. Meanwhile, a rise in bicycling events being organized in various countries from Asia, Africa, and the Middle East is fueling the sales of the mountain as well as road bicycles.

The growing traffic congestions and shortage of parking space, particularly in metropolitan cities, is prompting people to consider bicycle commutation for short distances to save time. At the same time, various governments are aggressively rolling out the infrastructure necessary to support bicycle commutation, thereby encouraging people to opt for bicycles. However, the looming lack of the infrastructure necessary to support and encourage bicycle commutation, particularly in developing economies, such as India, is anticipated to hinder the growth of the bicycle market. Similarly, lightweight bicycles made using composite materials make them expensive, which does not bode well for market expansion.

The outbreak of COVID-19 is certainly expected to favor the market growth in coming years as several governments around the globe are significantly promoting bicycles as one of the safest-medium of transportation, which helps people to maintain social distancing. Besides, governments across key countries such as the U.K and Italy are providing subsidies on the purchase of new bicycles during the pandemic. Therefore, the government support in form of initiatives and subsidies coupled with growing awareness regarding benefits offered by bicycles bodes well for the market growth over the next few years.

Technology Insights

The conventional segment accounted for the largest revenue share of 85.2% in 2020 and is expected to remain dominant over the forecast period. The high market share is attributable to various factors such as less repair and maintenance cost of conventional bicycles as compared to electric bicycles. Also, while bicycle has been a convenient mode of transport, bicycling has been emerging as a leading sporting and leisure activity, especially in the women segment over the past few decades. At present, conventional bicycles for women are dominating the global market in terms of technology.

The electric segment is expected to emerge as the fastest-growing segment expanding at a CAGR of over 8% over the forecast period since electric bicycles are easy to operate. Electric bicycles can also ensure faster journeys as compared to their conventional counterparts. Additionally, the latest batteries used in electric bicycles can offer higher capacities and longer life despite the smaller size. Such maintenance-free batteries add to the ease of use of electric bicycles. Hence, consumers are expected to prefer them.

Product Insights

The road bicycle segment accounted for the largest revenue share of 41.1% in 2020 and is expected to remain dominant over the forecast period. The growth can be attributed to the fact that these are the most basic vehicles, which do not need any sophisticated accessories, such as those required by racing, mountain, or other special-purpose bicycles. The growing trend among people to customize road bicycles for specific purposes is also expected to contribute to the segment growth in the forthcoming years.

Meanwhile, the mountain bicycle segment is also expected to grow significantly over the forecast period, as consumers, particularly millennials, continue to opt for mountain bicycling as a form of leisure and adventure. Furthermore, the number of women and kids entering sports is increasing steadily and is likely to influence segment growth across the globe. Besides, the establishment of new mountain bicycling circuits coupled with growing media coverage for such events is expected to further fuel segment growth.

Distribution Channel Insights

The offline distribution channel segment accounted for the largest market share of 54.1% in 2020. The high market share is attributed to the presence of a large number of consumers opting to purchase from offline channels/stores due to the availability of test-drive options. Offline stores also offer personalized/customized buying options, wherein consumers can choose their personalized/customized bicycle designs and colors. Also, it allows customers to get the product instantly. Moreover, the availability of various branded bicycles in local supermarkets or other stores is likely to drive this channel's demand in the forthcoming years.

The online distribution channel is expected to emerge as the fastest-growing segment growing at a CAGR of over 9.5% over the forecast period. The growing penetration of smartphones and the internet in the emerging economies, including Brazil, China, India, and Mexico, will further boost consumer engagement in online stores. Moreover, the internet's increasing penetration is also encouraging vendors to sell their products in the untapped market through online platforms such as Ali Express, Amazon, and Flipkart. Besides, online channels provide attractive discounts on every product, which attract consumers to purchase online.

End-user Insights

The men segment accounted for the largest market share of 45.0% in 2020. It is also expected to emerge as the fastest-growing segment over the forecast period as the number of men riding bicycles continues to be higher than the number of women and kids. Men have historically outnumbered women in the use of bicycles for commutation. As per statistical data presented by the Department for Transport U.K., in 2019, on average, the U.K. men population made 25 cycling trips in a year as compared to 10 cycling trips by women population in the same year.

However, bicycle makers are continuously simplifying the cycling mechanism and installing efficient gear systems and shock absorbers. Such developments are particularly enticing women to opt for bicycling for leisure. Women have also been participating aggressively in bicycling events for the past few years. As a result, the women segment is projected to witness steady growth. It is anticipated to expand at a CAGR of over 6.8% over the forecast period.

Regional Insights

Asia Pacific emerged as the dominant segment in 2020 with a revenue share exceeding 33%. The region is also expected to emerge as the fastest-growing segment expanding at a CAGR of over 8.0% in the forthcoming years. Nations, such as China, Japan, and Singapore, emphasize rolling out the infrastructure necessary to encourage and support bicycle commutation. Some of the cities in Asia, such as Tokyo, are known for their lowest accident rates and are hence considered ideal cities for urban bicycling. Moreover, Chinese bicycle-sharing companies are aggressively targeting, countries, such as India and Australia, to expand their operations. As a result, the demand for bicycles is expected to rise in the forthcoming years.

Europe is expected to witness significant growth over the forecast period. Europe is home to some of the cities that are considered ideal for bicycle commutation. Some of the most popular bicycling events, such as Tour de France and Ronde van Vlaanderen, are also organized in Europe. European nations, including Belgium, Denmark, France, and Italy, are aggressively rolling out the infrastructure to support and encourage bicycle commutation and are contributing significantly towards the growth of the regional market.

Key Companies & Market Share Insights

Major players operating in the market include Accell Group; Dorel Industries Inc.; Giant Bicycles; Merida Industry Co., Ltd; and Trek Bicycle Corporation. These companies are investing aggressively; launching new products; introducing new services, such as home delivery of high-end bicycles, after-sales support, and maintenance; and pricing their products and services competitively as part of the efforts to retain their competitiveness. For instance, in June 2019, Trek Bicycle Corporation introduced the all-new Madone SLR 6 Disc Speed. The bicycle is integrated with removable aero bars and specially designed for riding in hilly areas with winding roads. Moreover, few key market players are expanding their market presence with opting strategies such as mergers & acquisitions and partnerships and collaborations. For instance, in May 2019, SCOTT Sports SA announced an acquisition of Bold Cycles Ltd, a provider of sophisticated technological frame solutions as well as custom-made bicycle products. This acquisition was intended to serve a customer segment demanding customizing their bicycle according to their individual needs. Some prominent players operating in the global bicycle market are:

• Accell Group

• Atlas Cycles (Haryana) Ltd.

• Avon Cycles Ltd.

• Cervelo

• Dorel Industries Inc.

• Giant Bicycles

• Merida Industry Co., Ltd

• Specialized Bicycle Components, Inc.

• SCOTT Sports SA

• Trek Bicycle Corporation

Bicycle Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For this study, Grand View Research has segmented the global bicycle market report based on product, technology, end-user, distribution channel, and region:

• Bicycle Product Outlook (Revenue, USD Million, 2016 - 2028)

  • Mountain Bicycle

  • Hybrid Bicycle

  • Road Bicycle

  • Others

• Bicycle Technology Outlook (Revenue, USD Million, 2016 - 2028)

  • Electric

  • Conventional

• Bicycle End-user Outlook (Revenue, USD Million, 2016 - 2028)

  • Men

  • Women

  • Kids

• Bicycle Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)

  • Online

  • Offline

• Bicycle Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa