Bicycle market size to grow from USD 97.20 billion in 2020 to USD 147.24 billion in 2027 grow at a CAGR of 6.1% in the 2020-2027 period. This growth is ascribable to factors such as the increasing focus on developing eco-friendly cycles by the manufacturers and the rising incidence of obesity among the population that promotes bicycle riding globally.
Increasing Prevalence of Obesity to Favor Growth
According to the World Health Organization (WHO), in 2019, about 38 million children under the age group of 5 were found to be suffering from obesity. The increasing incidence of obesity among the younger population is propelling the need to adopt a healthy lifestyle across the globe. Moreover, focus on improving health and fitness, people globally turn towards recreational activities such as cycling, walking, and others that are likely to favor the demand for advanced bicycles. Furthermore, the manufacturers are keen on introducing sustainable cycle products to cater to the growing demand for eco-friendly cycles contributing to the global bicycle market growth in the forthcoming years.
A bicycle is either a human-powered or a motor-powered vehicle consisting of two wheels attached to a frame. They are a principal medium of transportation in several countries across the globe. Having undergone tremendous changes since its inception. Moreover, manufacturers are more focused on introducing safe and comfortable riding vehicles for the population globally.
Bicycle Market Key Companies Analyzed in this Report Are Hero Motocorp Ltd. (New Delhi, India), Roth Distributing Co. Ltd. (Minnesota, U.S.), Dorel Industries Inc. (Westmount, Canada), Kona Bikes (Washington, U.S), Chimera Investments LLC. (Cambiago, Italy), Pon Holdings BV (Toronto, Canada), Grimaldi Industri AB (Treviglio, Italy), Orbea Corporation (Mallabia, Spain), The Raleigh Bicycle Company (Eastwood, U.K.), Accel Group N.V. (Heerenveen, Netherland).
Road Segment Held 35.38% Market Share in 2019
Moreover, road segment, based on type, is expected to gain momentum owing to the growing number of bicycle riding commuters that are preferring several types of cycles such as mountain bikes, electric bikes, and others for their daily cycling routine on roads.
The mountain segment is expected to showcase considerable growth during the forecast period due to the growing demand for sports and adventurous activities that favor the adoption of mountain bikes worldwide. The hybrid segment is primarily driven by growing consumer awareness regarding the availability of multi-purpose hybrid bikes that can be used for their daily road commute and hiking activities.
The wide availability of alternative traveling choices such as bus, trains, autos, and others are likely to hamper the key market growth. Trade restrictions related to the bike/cycle components and accessories within different countries across the globe are expected to hamper their production process at the production sites of the associated companies. Additionally, the higher cost of the e-vehicles coupled with the lack of charging facilities is anticipated to restrain the market growth.
Positive governmental support regarding the development of the paddle cycle sharing facilities is likely to ease the demand for the product among the local population. For instance, in September 2020, the City of Austin, Government of Texas, U.S. partnered with Austin-based Capital Metropolitan Transportation Authority to revamp an ‘Austin BCycle’ Bike share program that includes the installation of a newer bike station in the city.
Emergence of the various online bike booking platforms in web portals and mobile applications such as Uber Bike, Yulu, and others is likely to propel the usage of vehicles. Moreover, factors such as the growing global urbanization rate and evolving bike fashion trends are further expected to drive the bicycle market growth.
Moreover, Asia-Pacific to Remain at Forefront
Among all the regions, Asia-Pacific is expected to remain dominant and hold the highest position in the global market during the forecast period. This dominance is attributable to the presence of large production facilities that enables the manufacturers to develop innovative bikes in the region between 2020 and 2027.
Moreover, market in Europe is expected to experience significant growth backed by favorable government initiatives to develop charging infrastructure for electric bicycles in the region between 2020 and 2027.
List of the Companies Operating in the Market:
- Hero Motocorp Ltd. (New Delhi, India)
- Roth Distributing Co. Ltd. (Minnesota, U.S.)
- Dorel Industries Inc. (Westmount, Canada)
- Kona Bikes (Washington, U.S)
- Chimera Investments LLC. (Cambiago, Italy)
- Pon Holdings BV (Toronto, Canada)
- Grimaldi Industri AB (Treviglio, Italy)
- Orbea Corporation (Mallabia, Spain)
- The Raleigh Bicycle Company (Eastwood, U.K.)
- Accel Group N.V. (Heerenveen, Netherland)
Global Bicycle Market Segmentation:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
Table Of Content:
1.1. Moreover, Research Scope
1.2. Moreover, Market Segmentation
1.3. Moreover, Research Methodology
1.4. Moreover, Definitions and Assumptions
3.1. Moreover, Market Drivers
3.2. Moreover, Market Restraints
3.3. Moreover, Market Opportunities
Moreover, Key Insights
4.1. Key Industry Developments – Moreover, Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Moreover, Analysis
4.3. Moreover, SWOT Analysis
4.4. Moreover, Technological Developments
4.5. Moreover, Value Chain Analysis
4.6. Moreover, Impact of COVID-19 on Bicycle Market
Global Bicycle Market Analysis, Moreover, Insights and Forecast, 2017-2028
5.1. Key Findings / Moreover, Summary