According to the report, the global bicycle market grew substantially in 2023. Aided by the rising environmental consciousness, increasing health awareness, and urbanisation trends, the market is projected to further grow at a CAGR of 6.5% between 2024 and 2032 reaching a value of approximate USD 106.98 billion by 2032..
Bicycles have been an integral mode of transportation for centuries, providing a simple, efficient, and environmentally friendly means of commute. Beyond transportation, bicycles have transcended into various segments, including fitness, sports, leisure, and even as a symbol of sustainability. The bicycle's inherent eco-friendly and health benefits, combined with its adaptability, make it an invaluable asset in both developed and developing regions of the world.
The intensified global focus on reducing carbon emissions and fostering sustainable transport methods has been a central driver for the bicycle market growth. As cities become increasingly congested, and pollution levels rise, urban planners and governments are promoting cycling as a viable alternative to motorised transportation. Enhanced cycling infrastructure, including dedicated bicycle lanes, parking facilities, and public bike-sharing programs, further boost bicycle adoption.
Moreover, the surging awareness regarding the health benefits linked to regular cycling is spurring the bicycle market demand. Cycling is a cardiovascular activity that aids in weight management, muscle toning, and overall physical well-being. The escalating global health concerns, like obesity and cardiovascular diseases, combined with a renewed interest in outdoor activities post-pandemic, have heightened the demand for bicycles.
The realm of sports and recreation also witnesses bicycles' undiminished appeal. The increasing number of cycling events, races, and recreational trails attest to the sport's global popularity. This has further pushed advancements in bicycle technology, leading to the development of specialised bicycles, such as mountain bikes, racing bikes, and electric bicycles. The electric bicycle or e-bike, which incorporates a motor to assist pedalling, has emerged as a groundbreaking segment within the bicycle market. E-bikes have made cycling accessible to a broader demographic, including older adults and those living in hilly terrains, amplifying the bicycle market share.
In line with global sustainability goals, innovations in bicycle manufacturing emphasise eco-friendly materials and processes. Bicycles made from bamboo, recyclable metals, and bioplastics are gaining traction, catering to an environmentally conscious consumer base. These innovations not only reduce the carbon footprint of production but also meet the evolving demands of the modern cyclist.
Furthermore, the bicycle market is poised to benefit from the growing interest in eco-tourism and bike tours. As travellers seek immersive and sustainable experiences, many choose bicycles as their primary mode of exploration. This trend not only promotes local economies but also emphasises the bicycle's role in sustainable tourism.
Bicycles have been an integral mode of transportation for centuries, providing a simple, efficient, and environmentally friendly means of commute. Beyond transportation, bicycles have transcended into various segments, including fitness, sports, leisure, and even as a symbol of sustainability. The bicycle's inherent eco-friendly and health benefits, combined with its adaptability, make it an invaluable asset in both developed and developing regions of the world.
The intensified global focus on reducing carbon emissions and fostering sustainable transport methods has been a central driver for the bicycle market growth. As cities become increasingly congested, and pollution levels rise, urban planners and governments are promoting cycling as a viable alternative to motorised transportation. Enhanced cycling infrastructure, including dedicated bicycle lanes, parking facilities, and public bike-sharing programs, further boost bicycle adoption.
Moreover, the surging awareness regarding the health benefits linked to regular cycling is spurring the bicycle market demand. Cycling is a cardiovascular activity that aids in weight management, muscle toning, and overall physical well-being. The escalating global health concerns, like obesity and cardiovascular diseases, combined with a renewed interest in outdoor activities post-pandemic, have heightened the demand for bicycles.
The realm of sports and recreation also witnesses bicycles' undiminished appeal. The increasing number of cycling events, races, and recreational trails attest to the sport's global popularity. This has further pushed advancements in bicycle technology, leading to the development of specialised bicycles, such as mountain bikes, racing bikes, and electric bicycles. The electric bicycle or e-bike, which incorporates a motor to assist pedalling, has emerged as a groundbreaking segment within the bicycle market. E-bikes have made cycling accessible to a broader demographic, including older adults and those living in hilly terrains, amplifying the bicycle market share.
In line with global sustainability goals, innovations in bicycle manufacturing emphasise eco-friendly materials and processes. Bicycles made from bamboo, recyclable metals, and bioplastics are gaining traction, catering to an environmentally conscious consumer base. These innovations not only reduce the carbon footprint of production but also meet the evolving demands of the modern cyclist.
Furthermore, the bicycle market is poised to benefit from the growing interest in eco-tourism and bike tours. As travellers seek immersive and sustainable experiences, many choose bicycles as their primary mode of exploration. This trend not only promotes local economies but also emphasises the bicycle's role in sustainable tourism.
Market Segmentation
The market can be divided based on product, price, technology, end user, and region.Market Breakup by Product
- Mountain Bicycles
- Hybrid Bicycles
- Road Bicycles
- Others
Market Breakup by Price
- Premium
- Mid-Range
- Low Range
Market Breakup by Technology
- Electric
- Conventional
Market Breakup by End User
- Men
- Women
- Kids
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global bicycle market. Some of the major players explored in the report are as follows:- Accell Group
- Cycling Sports Group, LLC
- Avon Cycles Limited
- Giant Bicycles
- Merida Industry Co., Ltd.
- SCOTT Sports SA
- Trek Bicycle Corporation
- Hero Cycles
- Santa Cruz Bicycles, LLC
- Marin Mountain Bikes Inc.
- Others
Table of Contents
1 Preface2 Report Coverage - Key Segmentation and Scope4 Key Assumptions7 Opportunities and Challenges in the Market15 Value Chain Analysis17 Key Trends and Developments in the Market
3 Report Description
5 Executive Summary
6 Market Snapshot
8 Global Bicycle Market Analysis
9 North America Bicycle Market Analysis
10 Europe Bicycle Market Analysis
11 Asia Pacific Bicycle Market Analysis
12 Latin America Bicycle Market Analysis
13 Middle East and Africa Bicycle Market Analysis
14 Market Dynamics
16 Competitive Landscape
List of Key Figures and Tables
Companies Mentioned
- Accell Group
- Cycling Sports Group LLC
- Avon Cycles Limited
- Giant Bicycles
- Merida Industry Co. Ltd.
- SCOTT Sports SA
- Trek Bicycle Corporation
- Hero Cycles
- Santa Cruz Bicycles LLC
- Marin Mountain Bikes Inc.
Methodology
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