Bicycle Market - Global Industry Analysis (2018 - 2020) - Growth Trends and Market Forecast (2021 - 2026)

The global bicycle market has been put under the spotlight as urban mobility gets reimagined. The growing demand for sustainable transportation is expected to create a positive impact on the global demand for bicycles. Congestion in urban areas is expected to play a critical role in the expansion of bicycle sales during the forecast period of 2021 and 2026. According to the publisher, the global bicycle market is expected to be worth US$100.8 Bn by 2026 from US$42.4 Bn in 2018. Analysts estimate that the market will surge at a CAGR of 12.7% between the assessment period as the sentiment to be environment-conscious intensifies.

Key Insights into Global Bicycle Market:

• Multi-purpose bicycle is the fastest-growing type segment and is expected to continue to register the robust CAGR of 14.9% in terms of value between 2021 and 2026.
• In terms of value, the road bicycle segment is estimated to account for the highest value share in 2021.
• The mountain bicycle segment is also expected to reflect a favourable growth, registering a value CAGR of 11.7% between 2021 and 2026.
• The hybrid bicycle segment is also expected to register robust growth over the forecast period. The segment is anticipated to create an incremental opportunity worth US$10,310 Mn between 2021 and 2026.
• In 2021, APAC was the largest share of the bicycle market and is expected to grow at an annual rate of 14% in terms of value between 2021 and 2022.

Fitness Drives Sales of Bicycles Amongst Most Urbanites

The global bicycle market has been steadily growing as cycles are being viewed as the simplest form of exercise amongst the urbanites. Easy to use, affordable, and convenient, bicycles redefined ideas of fitness regimes during the 2020 COVID-19 lockdown. With no outdoor activities, closed gymnasiums, and a ban on physical classes, bicycles become an uncontested solution towards remaining fit. As the trend continues with a lesser number of people returning to offices, cycling is expected to be a popular activity to maintain good health. A generally growing awareness about cardiovascular diseases and obesity-related conditions are also expected to propel the global bicycle market in the coming years, predict analysts.

Adoption of e-Bikes for Delivery Fleets Stoke Market Growth

Interestingly, there has been a welcome change in urban mobility and last-mile delivery fleets. The adoption e-bikes that save on fuel, time, and initial investments has carved its niche in the global bicycle market. E-bikes offering good speed are expected to make their mark in the market as these are exceptionally affordable options for several delivery companies. Furthermore, a growing number of people are likely to use e-bikes for the sheer convenience their offer in terms of mobility. Less polluting and less costly in the long run, the e-bike segment is definitely expected to have a significant impact on the global bicycle market in the coming years.

Europe and Asia Pacific Show Keen Interest in Global Bicycle Market

Countries such as Germany, Denmark, and the Netherlands have been the trendsetters in the global bicycle market, giving the Europe market a leg up. Government subsidies for the adoption of e-bikes are expected to steer this regional market in an upward direction. Meanwhile, Asia Pacific has historically been a key end user of bicycles as the working class continues to use bicycles as a mode of transport and commute in rural parts. The introduction of electric bicycles is expected to lure in a new demographic towards Asia Pacific bicycle market as the younger generation picks up the responsibility of making lifestyle changes for the environment.

Some of the key players operating in the global bicycle market are Accell Group, Dorel Industries Inc., Giant Bicycles, Merida Industry Co., Ltd, and Trek Bicycle Corporation and many others.