The global bicycle market size is expected to reach USD 75.47 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 6.1% over the forecast period. Increasing adoption of cycling as a form of leisure and awareness regarding the health benefits associated with cycling are expected to bolster market growth. Bicycles are being preferred for short distance commutes as they save considerable time as compared to other vehicles. Moreover, limited parking spaces and growing traffic congestions are prompting people to reconsider bicycles as a primary commute option.
Rising emphasis on the use of non-polluting vehicles for short distance commutes by the governments across the world is anticipated to positively influence market growth. The fact that bicycles do not emit any pollutants is projected to drive their demand in near future.
The road bicycle is expected to emerge as the fastest-growing segment over the forecast period. Road bicycles happen to be the most basic bicycles that people prefer owing to their ease of use. These cycles do not require any sophisticated equipment required by mountain and hybrid bicycles. This factor is anticipated o bode well for growth over the forecast period.
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Further key findings from the report suggest:
The global bicycle market is growing significantly as bike sharing companies, particularly in Europe and Asia, are investing aggressively in expanding their operations
Mountain bicycle segment is anticipated to expand at a CAGR exceeding 4% over the forecast period. Rising popularity in line with the increasing media coverage for mountain bicycle racing events and the establishment of new mountain biking circuits are expected to drive the growth
Apart from being easy to use, electric bicycles can potentially shorten the journey time. Moreover, advances in battery technology have resulted in the advent of lighter rechargeable batteries that can support longer journeys. These factors are attributed to the growth of the electric bicycle segment
The number of men opting for bicycle commutation was higher than that of women and kids in 2017. The men segment is expected to expand significantly at a CAGR of over 5.0% over the forecast period as men would continue to outnumber women and kids in terms of opting for bicycle commutation
Asia Pacific was the dominated the market in 2017 with a market share exceeding 25% in terms of revenue. Governments in Asian nations, particularly Japan, China, and Singapore among others, are investing aggressively in establishing the infrastructure necessary to encourage and support bicycle commutation
Leading incumbents of the bicycle market are Accell Group, Dorel Industries, Giant Bicycles, Merida, and Trek Bicycles among others. They dominated the market in 2017 leveraging a continuous emphasis on expanding their market share through mergers and acquisitions.
Grand View Research has segmented the global bicycle market based on product, technology, end user, and region:
Bicycle Product Outlook (Revenue, USD Million, 2014 - 2025)
Bicycle Technology Outlook (Revenue, USD Million, 2014 - 2025)
Bicycle End User Outlook (Revenue, USD Million, 2014 - 2025)
Bicycle Regional Outlook (Revenue, USD Million, 2014 - 2025)
Middle East & Africa
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