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Bicycle Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

  • ID: 4703950
  • Report
  • June 2022
  • Region: Global
  • 145 Pages
  • Mordor Intelligence

FEATURED COMPANIES

  • Accell Group
  • Benno Bikes LLC
  • Bulls
  • Dorel Industries Inc.
  • Hero Cycles Limited
  • Pedego Inc.
The bicycle market is projected to register a CAGR of 4.29% during the forecast period 2022-2027.

The sales of bicycles witnessed a slump initially owing to the closure of offline stores worldwide due to the COVID-19 pandemic-induced restrictions. However, the demand for bicycles started picking up recently with significant growth in the number of consumers trying to avoid public transportation due to fear of contracting the virus. Moreover, with the growing health-consciousness among consumers, bicycles are now seen as an increasingly dependable and healthy mobility option. For example, Dutch e-bike brand VanMoof saw a significant rise in sales in line with the COVID-19 outbreak in Europe and, later, in the United States.​

Furthermore, as per the United Kingdom Bicycle Association, between April and June 2020, bicycle sales increased by 63% year-on-year. Sales were strongest for bikes under GBP 1,000, although GBP 1,000+ e-bikes also did well (from a low base) with a sales increase of 150%. However, in the middle of 2021, there was an increase in the number of cycling events. Favorable government and employer initiatives are expected to drive the market studied over the forecast period. Furthermore, various governing bodies in Europe, Asia-Pacific, and Africa, particularly South Africa, promote road racing, touring and leisure cycling, track racing, off-road racing, and mountain cycling events. ​

Apart from the European region, in countries like China and Japan, e-bikes have grown in prominence. Some of the major reasons considered for adopting and driving e-bikes worldwide are their health benefits, avoidance of traffic congestion, environmental benefits, and the increase in demand for e-bikes as sports equipment. ​Furthermore, with consistent technological advancements, key manufacturers, such as Accell Group and Giant Manufacturing Co., are focusing on enhancing the overall user interface by designing and developing bicycles that can integrate with the rider’s smartphone and provide real-time information on the speed and battery status, thereby boosting the market growth over the forecast period.

Key Market Trends


Increasing Number of Cycling Events


An increasing application base of bicycles in trekking and recreational activities, coupled with a rising number of cycling events, is expected to boost the demand for both general and sports bicycles. The increasing influence of celebrity endorsement and increasing media coverage for such events are expected to further fuel market growth.​ Furthermore, various governing bodies in European countries, such as Cycling Ireland, promote road racing, touring and leisure cycling, track racing, and off-road racing events. For instance, according to the Irish Sports Council, investments by Sport Ireland toward Cycling Ireland increased from EUR 292.5 thousand in 2015 to EUR 440 thousand in 2019, encouraging consumers’ involvement in various cycling activities in Ireland.​ The ultimate objective of the event was to raise awareness about cycling and increase the uptake of cycling within the city. Such awareness campaigns also boost the growth of the market studied. Moreover, international sports events, such as cycling championships, also encourage the involvement of consumers in cycling, in turn, driving the market growth.



Asia-Pacific Holds Significant Market Share


Asia-Pacific is the largest and fastest-growing region in the global bicycle market. China, Japan, Australia, India, and South Korea are some of the leading countries in the region. Moreover, these countries have started hosting numerous cycling tournaments, which, in turn, may increase the popularity and demand for sports bicycles. For instance, the Asian Cycling Championships has been an annual continental cycling championship for road bicycle racing and track cycling since 1963, exclusively for Asian cyclists selected by the national governing bodies of the countries that take part. Factors such as the rise in women’s participation rates and government initiatives are likely to boost the demand for bicycles in the region. Owing to such increased demand, bicycle companies in the market are launching innovative bicycles and accessories, which is expected to lead to significant market growth during the forecast period.



Competitive Landscape


The bicycle market is fragmented and highly competitive, with many global and regional players. Major players in the market include Giant Manufacturing Co. Ltd, Accell Group, Trek Bicycle Corporation, Dorel Industries Inc., and Pon Holdings BV. These key players are venturing into the manufacturing of innovative bicycles, embarking on partnerships with other players, mergers and acquisitions, and shaping up their online and offline marketing strategies, to expand their presence in the global market. The companies are also leveraging the growth of online distribution channels. Moreover, companies are diversifying their portfolios by launching bicycles targeted specifically toward women riders and kids, thus, making them more consumer-centric.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support


This product will be delivered within 2 business days.

FEATURED COMPANIES

  • Accell Group
  • Benno Bikes LLC
  • Bulls
  • Dorel Industries Inc.
  • Hero Cycles Limited
  • Pedego Inc.

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Road Bicycle
5.1.2 Hybrid Bicycle
5.1.3 All Terrain Bicycle
5.1.4 E-bicycle
5.1.5 Other Types
5.2 By Distribution Channel
5.2.1 Offline Retail Stores
5.2.2 Online Retail Stores
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 Germany
5.3.2.3 Spain
5.3.2.4 France
5.3.2.5 Italy
5.3.2.6 Russia
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Accell Group
6.4.2 Trek Bicycle Corporation
6.4.3 Dorel Industries Inc.
6.4.4 Pon Holdings BV
6.4.5 Giant Manufacturing Co. Ltd
6.4.6 Bulls
6.4.7 Pedego Inc.
6.4.8 Benno Bikes LLC
6.4.9 Hero Cycles Limited
6.4.10 Ribble Cycles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS8 IMPACT OF COVID-19 ON THE MARKET

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A selection of companies mentioned in this report includes:

  • Accell Group
  • Trek Bicycle Corporation
  • Dorel Industries Inc.
  • Pon Holdings BV
  • Giant Manufacturing Co. Ltd
  • Bulls
  • Pedego Inc.
  • Benno Bikes LLC
  • Hero Cycles Limited
  • Ribble Cycles

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