The global bicycle market in 2022 was USD 1,300 Million and is estimated to be USD 2,650.23 Million in 2023. The bicycle market is expected to increase at a CAGR of 8.92% between 2023 and 2033, totaling around USD 6,229.4 Million by 2033.
The increase in global bicycle market rises as customers prefer bicycles as a form of leisure increase. Maintaining an active and healthy lifestyle, and a life free from numerous ailments, bicycles are considered to be a handy method of exercise that is in great demand among consumers.
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Expansion in the demand for bicycles is rising globally as a result of a boost in public awareness of the health benefits of cycling. Dockless bicycle-sharing programs are gaining popularity at a significant pace among the general public, which is anticipated to support the expansion of the world bicycle market.
Key Takeaways from the Bicycle Market Report:
- The global bicycle market expanded at a CAGR of 7.42% between 2018 and 2022.
- Based on the product segment, the road bicycle market had a revenue share of 70%.
- Under the end-user segment, men sector held a significant bicycle market share at 75%.
- Based on the technology segment, the conventional sector dominates the market share of 80%.
- North America is forecasted at a market share of 42.8%.
- Europe’s market is anticipated to increase with a market share of 38.4% in the bicycle market.
Market Competition:
Key players can create and advertise new, better goods at high price points to obtain a continuous competitive edge in the bicycle market. Additionally, a few significant bicycle market players are increasing their bicycle market share by choosing techniques including mergers and acquisitions, partnerships, and collaborations.
Leading Key Players:
- 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
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Recent Developments Contributing to the Growth of the Bicycle Market
- Yulu is an app-based platform that offers on-demand bicycle/e-bike rentals in a few Indian cities. Through a mobile app, the business offers GPS and Bluetooth-enabled bicycles and electric bikes for rent. By scanning the QR code on the bicycle to unlock it, the user can ride after viewing nearby available bicycles on the app.
- Pony is an app-based platform for dockless bicycle rentals in a few locations across Europe. The software allows users to find nearby vehicles that are available and lock/unlock them by scanning a QR code. Users may leave the bicycle at any authorized spot when they reach their destination.
Bicycle Market Segmentation:
By Product Type:
- Comfort
- Cruiser
- Mountain
- Hybrid
- Road
- Cargo
- Youth
By Technology:
- Electric
- Conventional
By Price:
- Low Range
- Medium range
- Premium
By End User:
- Kids
- Men
- Women
By Region:
- North America
- Europe
- Asia Pacific
- The Middle East & Africa
- Latin America
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