Bicycle Market Size, Share & Trends Analysis Report By Product (Mountain, Hybrid, Road, Cargo), By Technology (Electric, Conventional), By End-user, By Distribution Channel, By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the bicycle market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for bicycle market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of bicycle market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Bicycle Market Categorization:

The bicycle market was categorized into five segments, namely product (Mountain Bikes, Hybrid Bikes, Road Bikes, Cargo Bikes), technology (Electric, Conventional), end-user (Men, Women, Kids), distribution channel (Online, Offline), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The bicycle market was segmented into product, protocols, technology, end-user, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The bicycle market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eleven countries, namely, the U.S.; Canada; the UK.; Germany; France; Italy; China; Japan; India; Brazil; and Mexico.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Bicycle market companies & financials:

The bicycle market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Accell Group - Accell Group manufactures, designs, promotes and sells bicycles, bicycle accessories, and bicycle components. The business is divided into two sections: components and motorcycles. The firm sells children's bicycles, electric bicycles, touring and city bicycles, mountain and race bicycles, exercise equipment, and leisure bicycles. In addition, it sells bicycle seats, bike parts, and locks. The firm works under numerous brands such as Batavus, Haibike, Winora, Lapierre, Ghost, Koga, Sparta, Diamondback, Loekie, Atala, Redline, and XLC, through which the company services to more than 80 nations throughout the globe. The company operates in numerous countries such as Belgium, Turkey, Italy, Germany, France, the Netherlands, the U.K., and the U.S. The corporation operates production plants throughout many nations, including China, Turkey, France, Germany, Hungary, and the Netherlands. Under the ticker code AscX, the company's shares are part of the Amsterdam Smallcap Index and are traded on the Euronext Amsterdam stock market.

• Atlas Cycles (Haryana) Ltd. - Steel tubes and bicycle components are produced, designed, and sold by Atlas Cycles (Haryana) Ltd. Bikes are manufactured and sold under brands including Roar, MTB, ladies, juniors, and kids. With an annual capacity of 4 million cycles, the company's production plant is located in Sahibabad (Ghaziabad), Haryana. British Standards Institution accreditation for the firm includes ISO-9001-2008 certification. In addition to the Netherlands, Germany, Denmark, Bahrain, Kuwait, Iraq, Oman, Saudi Arabia, Qatar, Bangladesh, Myanmar, the UAE, and Sri Lanka, the firm distributes bicycles and bicycle components to several other countries.

• Cervelo - Cervelo develops and produces classic road bikes, time trial bikes, triathlon bikes, and off-road bikes. Products like R5, S5, Soloist, P5, P-Series, PXSeries, R5-CX, Aspero-5, Aspero, and ZHT-5 are among those in the company's portfolio. The firm also sells accessories like bicycle components and soft items. Products from the firm are sold in Australia, Belgium, Canada, Denmark, France, India, and the United States, among other nations

• Dorel Industries Inc. - Dorel Industries Inc. produces and designs bicycles, kids' items, home furniture and other leisure. Dorel Sports, Dorel Home, and Dorel Juvenile are the three reporting segments that the corporation uses to do business. Highchairs, infant car seats, strollers, playpens, baby safety and health aids, swings, and developmental toys are among the products offered by Dorel Juvenile. Global juvenile brands like Safety 1st, Maxi-Cosi, Quinny, and Tiny Love as well as regional brands like Cosco, Bébé Confort, and Infanti promote them. Bicycles, running and cycling clothes, kids' electric ride-on bikes, bicycle trailers, jogging strollers, electric bikes, and associated components and accessories are all available from the Dorel Sports division. A large variety of locally made and imported furniture items, mostly from North America, are included in the Dorel Home category. Along with several retail manufacturing shops in Europe and Australia, the firm runs and controls about 100 retail stores in Chile and Peru. There are 25 nations in which the corporation is present worldwide, including the United States, Canada, Mexico, France, and China. The firm is listed on the Toronto Stock Exchange under the ticker symbol: DII.B.

• Giant Bicycle, Inc. - Giant Manufacturing Co. Ltd. is a division of Taiwanese bicycle makers as well as a manufacturer and designer of women's, road, mountain, lifestyle, and children's bicycles all designed and produced by Giant Bicycles, Inc. In addition, Giant Bicycle, Inc. sells gloves, hats, socks, caps, and helmets; indoor cycling equipment, such as trainers and related accessories; and a variety of accessories, such as bags, pumps, lights, locks, cages, and bike coverings. In addition, the firm sells trailer bikes, kid seats, jogging strollers, and tricycles. The company is found across several continents, including Oceania, Asia Pacific, Europe, and North America. The business is traded on the Taiwan Stock Exchange and is designated with the ticker 9921.

• Merida Industry Co., Ltd - Merida Industry Co., Ltd. deals in bicycle design, production, and marketing. The company also trades electric bikes, bicycle frames, and other associated parts. Complete suspension bikes, hardtail bikes, youth and women's bikes, e-bikes, backpacks, clothing, bike parts, tools, trailers, and other accessories are among the company's main product lines. More than 77 nations, including Argentina, Australia, Austria, Belgium, Brazil, China, Finland, Germany, Korea, the Netherlands, Russia, Switzerland, Taiwan, and the United Kingdom, are home to the company's markets. The firm is traded on the Taiwan Stock Exchange (9914) and the Frankfurt Stock Exchange.

• Specialized Bicycle Components, Inc. - Specialized Bicycle Components, Inc is a manufacturer, distributor, and retailer of bicycle parts and accessories. Under the Specialized brand, the firm sells and advertises its products. Mountain, road, kids, active fitness, and electric bikes are among the company's main product categories. The brand also offers base layers, gloves, shirts, headgear, hoodies, jerseys, bibs and shorts, jackets, and vests for cyclists. In addition, the firm sells components and accessories for bicycles, including drivetrains, handlebars, pedals, seat posts, stems, suspensions, wheels, saddles, and power meters. Worldwide direct and indirect sales channels are used by the corporation to market its product and services. North and South America, Europe, the Middle East, Africa, and Asia are among the continents where the firm has its presence.

• SCOTT Sports SA - SCOTT Sports SA. is renowned producer of bicycles, winter gear, motorsports equipment, and apparel. The company is a subsidiary of Youngone Corporation. Road bikes, mountain bikes, city and urban bikes, trekking cycles, junior bikes, e-bikes, and framesets are among the company's main product categories. Along with goggles, helmets, sunglasses, bags and backpacks, shoes, body protection gear, probes, shovels, and apparel (shirts, jerseys, vests, jackets, bibs, tights, shorts, knickers, pants, gloves, and other accessories), SCOTT Sports SA also sells body protection items. The business also sells gear for off-road and snowmobile motorsports.

• Trek Bicycle Corporation - Trek Bicycle Corporation produces and markets bicycles along with other goods and accessories. The firm works as a subsidiary of Roth Distributing Co., Inc. Under many brand names, including as Trek Bicycle, Bontrager, Electra, Trek Factory Racing, Mansion Hill, and DreamBikes, Trek Bicycle Corporation offers its goods for sale. Key products offered by the firm are bicycles for mountain riding, cross-country riding, cyclocross riding, hybrid riding, city riding, women's riding, children's riding, and custom riding. In addition, the firm sells cycling accessories including baskets, helmets, lights, pumps, rear bike racks, skewers, replacement parts, water bottles, and cages, as well as cycling components like handlebars, saddles, seat posts, tires, and stems. The company uses both direct and indirect sales channels to market its goods both domestically and internationally. Dorel Industries Inc., Giant Manufacturing Company, and Specialized Bicycle Components are some of its rivals.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Bicycle Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2017 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Bicycle Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.