Bicycle Market By Type (Mountain Bikes, Hybrid Bikes, Road Bikes, Cargo Bikes, Others), By Technology (Electric, Conventional), By End-User (Men, Women, Kids), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033
- Published date: Feb 2024
- Report ID: 22815
- Number of Pages: 397
- Format:
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Quick Navigation
- Report Overview
- Key Takeaways
- Driving factors
- Restraining Factors
- Product Analysis
- Technology Analysis
- End User Analysis
- Key Market Segments
- Growth Opportunities
- Trending Analysis
- Regional Analysis
- Key Regions and Countries covered in the report
- Market Share & Key Players Analysis:
- Recent Developments
- Report Scope
Report Overview
The Global Bicycle Market size is expected to be worth around USD 67.4 Billion by 2033, From USD 130.1 Billion by 2023, growing at a CAGR of 6.80% during the forecast period from 2024 to 2033.
The bicycle market encompasses the global production, distribution, and sale of bicycles, including traditional, electric, and performance-oriented models. It addresses the evolving demands of consumers seeking sustainable, efficient, and health-conscious modes of transportation and recreation.
This sector is characterized by its focus on innovation in design, materials, and technology, catering to diverse user needs from urban commuting to competitive sports. Key market drivers include environmental awareness, urbanization trends, and growing health consciousness among consumers.
Key Takeaways
- Market Growth: The Bicycle Market exhibits substantial growth, projected to escalate from USD 67.40 billion in 2023 to USD 130.1 billion in 2033, showcasing a robust Compound Annual Growth Rate (CAGR) of 6.80%.
- Regional Dominance: APAC emerges as the dominant region, commanding a significant 35.7% share, signifying substantial market presence and demand within the bicycle industry in the Asia-Pacific region.
- Segmentation Insights:
- Type Preference: Road Bikes lead with a noteworthy 39.1% share, indicating their prevalence and popularity among consumers in the bicycle market.
- Technology Focus: Conventional technology holds a substantial 74.8% share, emphasizing the widespread use of traditional bicycle technology.
- End-User Specification: Men constitute a significant 46.7% share, highlighting the predominant preference for bicycles among male consumers.
- Steady Market Expansion: The market displays steady and substantial growth, driven by factors such as increased interest in fitness activities, commuting alternatives, and eco-friendly transportation options.
From an analytical perspective, the bicycle market is poised for significant growth, driven by a confluence of socio-economic and environmental factors. The surge in environmental consciousness, coupled with an escalating global emphasis on health and wellness, has propelled bicycles as a preferred mode of transportation and leisure. Urbanization trends and the increasing need for sustainable mobility solutions have further amplified the demand for bicycles, especially in congested city environments where traditional vehicular transport faces logistical challenges.
Consumer interest in micro mobility has flourished during the global COVID-19 pandemic, with many riders valuing hygienic, sustainable, and flexible travel options. This shift is substantiated by a McKinsey analysis revealing that more than 90 cities have adopted policies that indirectly support micro mobility, such as massively building up infrastructure for bicycling. This strategic focus on infrastructure development not only caters to the immediate needs of urban dwellers but also aligns with long-term environmental goals.
However, Supply chain disruptions, fluctuating raw material costs, and competitive pressures require strategic foresight and adaptability from market participants. Success in the bicycle market hinges on stakeholders’ ability to navigate environmental, technological, and infrastructural complexities. Strategic investments in product development, market research, and consumer engagement are essential to capitalize on the burgeoning demand for health-promoting modes of transport.
Driving factors
Increasing Popularity of Cycling Sports Drives Market Growth
The burgeoning interest in cycling sports acts as a pivotal driver for the bicycle market’s expansion. This trend not only cultivates a vibrant community of enthusiasts but also propels demand for specialized bicycles, gear, and accessories. High-profile cycling events, such as the Tour de France and the Giro d’Italia, have significantly raised the profile of cycling, inspiring both amateurs and professionals to engage in the sport.
This increased visibility has a direct impact on market growth, as manufacturers innovate and diversify their product offerings to cater to the performance and customization needs of the cycling sports segment. Moreover, the enthusiasm generated by these sports enhances the market’s visibility, attracting new entrants and encouraging investment in cycling infrastructure, further fueling the cycle of growth.
Rising Fuel Prices Propel Bicycle Market Expansion
Elevating fuel prices have a pronounced effect on consumer transportation choices, significantly contributing to the bicycle market’s growth. As commuting costs rise, individuals seek more economical and sustainable alternatives, positioning bicycles as an attractive option. This shift is not only economically driven but also aligns with broader environmental concerns, as consumers increasingly opt for lower-carbon travel solutions.
The dual impact of financial savings and environmental sustainability resonates with a broad consumer base, driving up demand for bicycles across various segments, including electric bikes, which offer an efficient alternative to motorized vehicles for longer commutes. The convergence of rising fuel costs and environmental consciousness creates a compelling value proposition for bicycles, thereby accelerating market growth.
Restraining Factors
Seasonal Demand Tempers Bicycle Market Growth
The cyclical nature of demand, heavily influenced by seasonal variations, presents a significant restraint in the bicycle market’s growth trajectory. In regions experiencing distinct seasons, demand for bicycles peaks during warmer months, while sales dip notably in colder, inclement weather.
This fluctuation challenges manufacturers and retailers in terms of inventory management, cash flow, and strategic planning. Seasonal demand necessitates a nuanced approach to marketing and product development, pushing companies to diversify their offerings with accessories and gear suited for all-weather cycling or to explore markets in less seasonally affected regions. Despite these strategies, the inherent seasonal nature of cycling activity continues to impose limits on the market’s year-round expansion potential, underscoring the need for innovative solutions to mitigate its impact.
Competition from Other Modes of Transportation Constraints Bicycle Market Expansion
The bicycle market faces stiff competition from other modes of transportation, including public transit, personal vehicles, and emerging micro mobility solutions like electric scooters and car-sharing services.
This competitive landscape can significantly constrain market growth, particularly in urban areas where convenience, speed, and comfort are paramount for commuters. The availability of diverse transportation options can dilute consumer interest in bicycles, especially where cycling infrastructure is underdeveloped or where safety concerns prevail.
Product Analysis
In the By Type segment, Road Bikes held a dominant market position in 2023, capturing more than a 39.1% share. This segment’s leadership is attributed to the increasing popularity of road cycling among both amateur and professional cyclists, driven by its health benefits, the pursuit of outdoor activities, and the global rise in cycling events. Road bikes are prized for their speed, efficiency, and lightweight frames, making them the preferred choice for commuting and competitive racing.
Mountain Bikes followed, with a significant portion of the market. These bikes are designed for off-road cycling, featuring durable frames, suspension systems, and tires with substantial grip, catering to consumers seeking adventure sports and outdoor recreational activities. The growing interest in mountain biking as a form of exploration and fitness contributes to this segment’s robust performance.
Hybrid Bikes emerged as another key sub-segment, blending the characteristics of road and mountain bikes. These bikes offer versatility for consumers looking for a comfortable, all-purpose bicycle suitable for both city commuting and light off-road use. The hybrid bike’s appeal lies in its ability to provide a balanced riding experience, making it an attractive option for a broad demographic seeking flexibility in their cycling activities.
Cargo Bikes, though a smaller segment, have seen increased interest due to the rising demand for sustainable urban freight solutions and the growing popularity of family cycling. These bikes are designed to transport loads, offering an eco-friendly alternative to motor vehicles for local deliveries and personal errands.
Technology Analysis
In the By Technology segment, Conventional bicycles held a dominant market position in 2023, capturing more than a 74.8% share. This substantial market share underscores the enduring preference for traditional, non-electric bicycles among a wide demographic of users.
Conventional bikes’ popularity is attributed to their affordability, ease of maintenance, and versatility, making them accessible to both casual riders and cycling enthusiasts alike. Their widespread use in emerging markets, where cost sensitivity and infrastructure limitations prevail, further bolsters their leading status.
Electric bicycles (e-bikes), while occupying a smaller segment of the market, have witnessed rapid growth, driven by technological advancements, increasing environmental awareness, and supportive government policies promoting sustainable transportation.
E-bikes offer an appealing alternative for commuters and older adults, providing pedal assistance that enables riders to cover longer distances, tackle challenging terrain, and reduce physical strain. The adoption of electric bikes is particularly pronounced in urban areas and among consumers looking for eco-friendly commuting options, signaling a significant potential for market expansion.
End User Analysis
In the By End-User segment, Men held a dominant market position in 2023, capturing more than a 46.7% share. This leading position reflects the high participation of men in both recreational and competitive cycling, driven by a strong interest in outdoor activities, fitness, and sports. The segment benefits from a wide range of bicycles designed to meet the specific performance, comfort, and style preferences of male riders, from road and mountain bikes to hybrids and e-bikes.
Women, representing a significant and growing market segment, have shown increasing interest in cycling, motivated by health and wellness trends, environmental concerns, and the desire for recreational activities. The industry has responded by offering bicycles and gear tailored to women, focusing on ergonomic designs, safety, and aesthetics. This attention to women-specific needs has encouraged more female participation in cycling, contributing to the segment’s expansion.
Kids form an essential part of the bicycle market, with a focus on bicycles that support learning, safety, and fun. This segment caters to the developmental stages of young riders, offering a range of sizes, styles, and safety features that appeal to both children and their parents. The emphasis on promoting cycling from a young age for health, independence, and recreational purposes supports the sustained interest and growth within this segment.
Key Market Segments
By Product
- Mountain Bikes
- Hybrid Bicycle
- Road Bikes
- Cargo Bikes
- Other Products
By Technology
- Electric
- Conventional
By End-User
- Men
- Women
- Kids
Growth Opportunities
Growing Popularity of Cycling Tourism
The burgeoning interest in cycling tourism represents a significant growth opportunity for the bicycle market. This trend is fueled by travelers’ increasing desire for immersive, eco-friendly, and health-conscious vacation experiences. Cycling tourism allows individuals to explore destinations in a more intimate and sustainable manner, appealing to a broad demographic seeking adventure, culture, and nature.
The demand for bicycles suitable for long-distance touring, equipped with durable frames, comfortable seating, and cargo capacity, is expected to rise. Additionally, the growth in cycling tourism encourages investments in infrastructure, such as bike trails and rental services, further stimulating market expansion. This segment’s potential is amplified by partnerships between bicycle manufacturers, tourism boards, and travel agencies, aiming to promote cycling as a key component of tourism offerings.
Innovations in Materials and Design
Technological advancements and innovations in materials and design constitute a major avenue for growth within the bicycle market. The introduction of lightweight, high-strength materials such as carbon fiber and high performance alloys has revolutionized bicycle manufacturing, offering enhanced performance and durability. These innovations cater to the demands of both competitive cyclists and casual riders, seeking efficiency and comfort.
Furthermore, the integration of smart mobility technologies, including GPS navigation, fitness tracking, and electric propulsion, addresses the evolving consumer preferences for connectivity and ease of use. The continuous evolution in bicycle design and functionality not only attracts new customers but also encourages existing cyclists to upgrade, fueling market growth.
Trending Analysis
Accelerated Adoption of Electric Bicycles
In 2023, the Bicycle Market saw a significant uptick in the adoption of electric bicycles (e-bikes), driven by consumer demand for more sustainable, efficient, and flexible transportation options. Technological advancements in battery life and motor efficiency have made e-bikes an increasingly appealing choice for urban commuters, marking a pivotal shift towards e-mobility.
Rising Health Awareness Among Consumers
The global emphasis on health and wellness has propelled cycling to the forefront of physical fitness trends. Individuals worldwide are recognizing cycling’s benefits for both physical health and mental well-being, boosting the demand for bicycles across a spectrum of uses, from daily commuting to competitive sports and leisure activities.
Regional Analysis
In 2023, the global landscape of the bicycle market was notably diverse, with Asia Pacific (APAC) dominating the scene, capturing 35.7% of the market share. This leadership is attributed to the region’s extensive bicycle manufacturing capabilities, burgeoning urban population, and growing environmental consciousness, which have collectively spurred demand for both traditional and electric bicycles.
In North America, a surge in the bicycle market is propelled by an increasing focus on health and wellness, coupled with a demand for sustainable transportation, leading to significant investments in cycling infrastructure and a preference for high-end bicycles.
Europe’s advanced cycling infrastructure and strong bicycle culture, alongside government initiatives for sustainability, have notably accelerated e-bike adoption.
The Middle East & Africa region is observing gradual growth, driven by urbanization and efforts to move away from car-centric transport models, with a rising interest in sports and outdoor activities.
Similarly, Latin America’s market growth is fueled by environmental awareness, urbanization, and initiatives to bolster cycling infrastructure, highlighting a region-wide shift towards embracing bicycles for commuting and leisure, reflective of a global movement towards sustainable and healthy living.
Key Regions and Countries covered in the report
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
In 2023, the global bicycle market landscape was significantly shaped by the activities and innovations of key players, reflecting a competitive and dynamic industry. Hero Cycles Ltd., with its extensive portfolio and strong market presence, continued to dominate in volume, particularly in emerging markets where affordability and brand recognition play crucial roles.
Merida Industry Co., Ltd. and Giant Bicycles stood out for their commitment to innovation and quality, catering to both professional athletes and cycling enthusiasts with their advanced designs and technology.
Orbea and Trek Bicycle Corporation have been instrumental in pushing the boundaries of bicycle engineering and design, focusing on performance, comfort, and sustainability. Their efforts in expanding the market for high-end and custom bicycles have not only elevated the cycling experience but also set new industry standards.
Accell Group, known for its diverse brand portfolio, has effectively capitalized on the growing e-bike segment, demonstrating significant growth through strategic acquisitions and investments in R&D. Similarly, Mobility Holdings, Ltd., and Derby Cycles have shown resilience and adaptability in catering to the evolving consumer preferences towards electric and hybrid models.
BIONX International Corporation, Robert Bosch GmbH, and Yamaha Motor Group have been pivotal in advancing the e-bike segment through their innovative electric drive systems, enhancing the performance and appeal of electric bicycles. Their contributions have been critical in making e-bikes a viable alternative for both commuting and recreational use..
Market Key Players:
- Hero Cycles Ltd.
- Merida Industry Co., Ltd.
- Orbea
- Trek Bicycle Corporation
- Giant Bicycles
- Accell Group
- Mobility Holdings, Ltd.
- Derby Cycles
- BIONX International Corporation
- Robert Bosch GmbH
- Yamaha Motor Group
- KWANG YANG MOTOR CO., LTD.
- Lectric eBikes
Recent Developments
- NOV 23: Automotive giant Mahindra & Mahindra was among the first to invest in intelligent mobility solutions start-up Hornback.
- NOV 23: E-bike reseller Upway receives $30M Series B investment from Korelya Capital.
- MAY 23: Foldable bike brand Brompton received a 19-million-pound ($23.6 million) investment from BGF, an equity capital investment company based in the United Kingdom and Ireland.
Report Scope
Report Features Description Market Value (2023) USD 67.40 Billion Forecast Revenue (2032) USD 130.1 Billion CAGR (2023-2032) 6.80% Base Year for Estimation 2023 Historic Period 2016-2023 Forecast Period 2024-2033 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Product(Mountain Bikes, Hybrid Bicycle, Road Bikes, Cargo Bikes, Other Products), By Technology(Electric, Conventional), By End-User(Men, Women, Kids) Regional Analysis North America: The US and Canada; Europe: Germany, France, The UK, Italy, Spain, Russia & CIS, and the Rest of Europe; APAC: China, Japan, South Korea, India, ASEAN, and the Rest of APAC; Latin America: Brazil, Mexico, and Rest of Latin America; Middle East & Africa: GCC, South Africa, United Arab Emirates, and Rest of Middle East & Africa. Competitive Landscape Hero Cycles Ltd., Merida Industry Co., Ltd., Orbea, Trek Bicycle Corporation, Giant Bicycles, Accell Group, Mobility Holdings, Ltd., Derby Cycles, BIONX International Corporation, Robert, Bosch GmbH, Yamaha Motor Group, KWANG YANG MOTOR CO., LTD., Lectric eBikes Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for: Single User License, Multi-User license (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What are the segments covered in the global bicycle market report?Market.US has segmented the global bicycle market Value (US$ Mn) Analysis by Region, 2022 market by geographic (North America, Europe, APAC, South America, and Middle East and Africa). By product type, market has been segmented into mountain bikes, Giant group, hybrid Bicycle, road bikes, cargo bikes, other products, by technology, market has been further divided into electric, conventional, by end-user, market has been segmented into men, women, & kids, by distribution channel, market has been segmented into online & offline.
Who are the key industry players in the Bicycle market?Accell Group, Atlas Cycles (Haryana) Ltd., Avon Cycles Ltd., Cervelo, Dorel Industries Inc., Giant Bicycle, Merida Industry Co., Ltd., Specialized Bicycle Components, Inc., SCOTT Sports SA, Trek Bicycle Corporation, other key industry major player are the key vendors in the global bicycle market.
Which region is more attractive for vendors in the global bicycle market?APAC accounted the highest revenue share of 30% among the other regions. Therefore, the bicycle market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
What are the key markets for bicycle?Key markets for Bicycle are US, Australia, India, UK, Germany, South Korea, China, and Japan.
- Hero Cycles Ltd.
- Merida Industry Co., Ltd.
- Orbea
- Trek Bicycle Corporation
- Giant Bicycles
- Accell Group NV Company Profile
- Mobility Holdings, Ltd.
- Derby Cycles
- BIONX International Corporation
- Robert Bosch GmbH
- Yamaha Motor Group
- KWANG YANG MOTOR CO., LTD.
- Lectric eBikes
- settingsSettings
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