The global bicycle market size is expected to reach USD 119.29 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.2% from 2022 to 2030. Increasing adoption of cycling as a form of leisure and awareness regarding the health benefits associated with cycling are the factors expected to bolster the 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 option for the commute.
Rising emphasis on the use of non-polluting vehicles for short-distance commutes by 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 the near future. Moreover, consumers are rapidly moving toward online distribution channels to buy a bicycle due to several key factors, including doorstep delivery and replacement and the availability of a variety of products. Additionally, due to the outbreak of the COVID-19 pandemic, consumers are mainly focused on avoiding crowded places to prevent themselves from virus infections.
The cargo bikes product segment is expected to emerge as the fastest-growing segment over the forecast period. These happen to be the most basic bicycles that consumers 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 to bode well for the growth in demand over the forecast period. Moreover, dockless bicycle-sharing systems are expected to gain attention in the coming years as they enable users to locate and electronically unlock a nearby bicycle for rent. Produced originally in Europe, these systems are gaining acceptance, especially in Asian countries, including India and China.
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The global market is growing significantly as bike-sharing companies, particularly in Europe and Asia, are investing aggressively in expanding their operations
Based on product, the cargo bikes segment is anticipated to expand at the highest CAGR of22.3% over the forecast period. This high growth rate is mainly attributed to the increasing government initiatives to promote the adoption of cargo bikes for short-distance logistics within a city. In addition, the governments of several countries are offering grants and incentives to drive the adoption of e-cargo bikes
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 contributing to the growth of the electric technology segment
The men end-user segment is expected to expand significantly at the fastest CAGR over the forecast period as men would continue to outnumber women and kids in terms of opting for a bicycle commute. The number of men opting for bicycle commutation was higher than that of women and kids in 2021
Asia Pacific dominated the market in 2021 with a revenue share exceeding 30.0%. 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 market incumbents are Accell Group; Dorel Industries Inc.; Giant Bicycles; Merida Industry Co., Ltd.; and Trek Bicycle Corporation. They dominated the market in 2021 leveraging a continuous emphasis on expanding their market share through mergers and acquisitions
Grand View Research has segmented the global bicycle market on the basis of product, technology, end-user, distribution channel, and region:
Bicycle Product Outlook (Revenue, USD Million, 2017 - 2030)
Bicycle Technology Outlook (Revenue, USD Million, 2017 - 2030)
Bicycle End-user Outlook (Revenue, USD Million, 2017 - 2030)
Bicycle Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)
Bicycle Regional Outlook (Revenue, USD Million, 2017 - 2030)
Middle East & Africa (MEA)
List of Key Players of Bicycle Market
Atlas Cycles (Haryana) Ltd.
Avon Cycles Ltd.
Dorel Industries Inc.
Merida Industry Co., Ltd.
Specialized Bicycle Components, Inc.
SCOTT Sports SA
Trek Bicycle Corporation
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