Bicycles in-Vogue Again as Demand for Environment-friendly Transportation Alternative on Rise

The bicycle market has witnessed consistent growth over the past decade, primarily fueled by two major factors– the growing inclination toward a healthier lifestyle and increasing focus on safeguarding the environment. Although transportation continues to remain the primary application of bicycles, bicycles have garnered considerable popularity as an environment-friendly alternative. In addition, as the shift toward adopting a healthier lifestyle gains momentum across the world, mainly among the millennial population, bicycle sales have experienced exponential rise in the past few years. This trend is likely to continue during the forecast period.

Advancements in technology coupled with the entry of an array of bicycles into the current market landscape are some of the leading factors projected to shape the growth of the bicycle market in the forthcoming decade. Current trends indicate a tectonic shift among consumers toward environment-friendly transportation alternatives, including electric bicycles and cars – a factor that is expected to contribute to the growth of the global bicycle market in the upcoming years. As bicycle manufacturers are increasingly emphasizing on improving rider comfort, adding new features, and improving the overall performance of bicycles, bicycle sales have skyrocketed over the last couple of years.

At the back of these factors, along with growing awareness pertaining to environment protection and increasing focus toward the development of cycling infrastructure in the upcoming and existing urban cities, the global bicycle market is on course to attain a market value of US$ 82 Bn by the end of 2030.

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Surge in Bicycle Rideshare Programs and Increase in Popularity of Bicycles in Cities Worldwide to Aid Market Growth

Technological advancements have played an imperative role in fueling the growth of the global bicycle market. At present, bicycles have hit a peak in terms of popularity, especially in the urban regions of both developed as well as developing countries. The number of self-identified bicyclists around the world has witnessed a drastic increase in the past few years, owing to the benefits of bicycling, growing adoption of environment-friendly transportation system alternatives, and availability of different types of bicycles. Municipalities and governments around the world are increasingly focusing on the development of bicycling infrastructure such as dedicated bicycling lanes to promote bicycling. Furthermore, several pilot programs have been initiated in various cities worldwide to assess the impact of bicycle lanes and infrastructure on the overall nature of traffic across the city. Some of the measures that are currently being implemented include additional parking space for bicycles, new road signs for bicyclists, isolated biking lanes, and traffic lights.

The increasing popularity of bicycle rideshare programs, particularly in North America is another factor that is expected to propel the market for bicycles in the region, as these programs offer short-term public bike rentals via mobile applications. Rideshare programs have garnered considerable popularity, especially in cities with major traffic issues. Some of the major cities in the U.S. wherein bicycle rideshare programs continue to gain popularity include San Francisco, New York, and Washington D.C. Innovations in the biking technology are expected to play a key role in influencing the growth of the bicycle market in the upcoming years.

Moreover, the entry of electric bicycles is anticipated to be a major turning point in the bicycle market, as the demand for cost-efficient, comfortable, and environment-friendly transportation continues to grow.

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Sales of Bicycles Grow During COVID-19 Pandemic

The onset of the novel COVID-19 pandemic has had a positive impact on the overall growth of the global bicycle market. The economic fallout inflicted by the ongoing COVID-19 pandemic in several regions of the world has derailed the growth of several core industrial sectors. However, amid the COVID-19 pandemic, bicycle sales around the globe have surged at an impressive pace. In addition, apart from the rising sales of newly manufactured bicycles, the demand for bicycle repair and maintenance activities has also increased by a considerable margin.

Governments across the world continue to impose stringent regulations on gyms, playgrounds, and other outdoor businesses. Thus, health-conscious consumers have turned toward bicycles to attain their fitness goals. In addition, reduced vehicular traffic due to lockdown, decrease in air pollution, and safer riding environment are some of the other factors expected to contribute toward the expansion of the bicycle market in 2020.

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Analysts’  Viewpoint

The global bicycle market is expected to expand at a healthy CAGR of 5.5% during the forecast period. The market growth can be primarily attributed to factors such as increasing consumer awareness pertaining to the health benefits of cycling, efforts to minimize environmental impact of conventional vehicles, and availability of a range of bicycles. Government initiatives and rise in the number of bicycle rideshare programs, especially in North America and Europe, are some of the other factors that are likely to drive the adoption of bicycles in the forthcoming years.

Bicycle Market: Overview

  • A bicycle, also known as a cycle or bike, is a motor-powered or human-powered, single-track vehicle, pedal-driven, having two wheels attached to a frame, one behind the other. Road bicycle, mountain bicycle, hybrid bicycle, touring bicycle, and others are the various types of bicycles. The correct type of bicycle for each user mainly depends on the usage of the bicycle. While purchasing a bicycle, buyers look for specifications such as wheel size, gear type, technology, suspension, and racks. The features determine the usage of the bicycle, its performance, and most importantly, if it is suitable for the user.
  • Consumers are increasingly demanding lightweight bicycles, which are easy to ride especially on mountains. Many consumers are demanding technologically advanced products, which means they are looking for innovative features that are meaningful and helpful to meet their riding requirements.
  • Furthermore, manufacturing of bicycles with premium technologies such as speedometer, smart watch, and smart display has created a buzz in the market. The use of bicycles among the elderly has also grown in recent times.

Market: DrBicycle ivers, Opportunities, and Restraints

  • Demand within the global bicycle market is expected to rise to new heights in the near future. The use of bicycles is not restricted to a particular section or an age group, and this is a strong driver of market demand. Youngsters have been a prominent consumer group within this market, which is a key consideration from the perspective of market growth.
  • Demand for e-bicycles are rising due to increasing fuel prices and supportive government initiatives. Moreover, health conscious people are also preferring e-bicycles, as it helps in reducing harmful gases unlike other vehicles that work on petrol or diesel. This is expected to create new opportunity for the overall market during the forecast years.
  • Lack of infrastructure necessary to encourage and support bicycle commutation, mainly in emerging economies (such as India), is projected to hamper the growth of the bicycle market

Bicycle Market Segmentation

  • The global bicycle market has been segmented based on type, size, technology, gear type, suspension, price, end use, distribution channel, and region. In terms of type, the global bicycle market has been divided into road bicycle, mountain bicycle, hybrid bicycle, touring bicycle, fitness bicycle, cruiser bicycle, cyclocross bicycle, and others. Based on size, the market has been classified into XXS, XS, S, M, L, XL, and XXL.
  • Based on technology, the market has been classified into conventional and electric. In terms of gear type, the market has been classified into without gear and with gear. In terms of suspension, the market has been classified into front suspension, full suspension, and no suspension. Based on price, the market has been classified into low, medium, and high.
  • In terms of end use, the market has been classified into men, women, and kids. In terms of distribution channel, the bicycle market has been split into online and offline. The online distribution channel is further divided into e-Commerce websites and company-owned websites. The offline distribution channel is bifurcated into multi brand stores, specialty stores, and others.
  • Based on region, the global bicycle market has been divided into North America (U.S., Canada, and Rest of North America), Europe (Western Europe [Germany, the U.K., France, Italy, Spain, the Netherlands, Belgium, Luxembourg, Nordic Countries, and Rest of Western Europe], Eastern Europe [Poland, Russia, and Rest of Eastern Europe], and Rest of Europe), Asia Pacific (China, Japan, India, ASEAN, Australia, New Zealand, and Rest of Asia Pacific), Middle East & Africa (GCC Countries, Southern Africa, Northern Africa, and Rest of Middle East & Africa), and Latin America (Brazil, Mexico, Peru, Chile, and Rest of Latin America)

Bicycle Market: Competition Landscape

  • Presence of major players in the bicycle market leads to competition among companies. Many companies are focusing on expanding their geographies, new product launches, technological advancement, and mergers & acquisition in order to ensure high product visibility, consumer recall, and also to enlarge their consumer base and share of the global bicycle market.
  • Some of the key players operating in the bicycle market are -
    • BMC Switzerland AG
    • Boardman Bikes Ltd
    • Cannondale Bicycle Corporation (Cycling Sports Group, Inc.)
    • Firefox Bikes
    • Fuji Bike Worldwide
    • Giant Bicycle
    • SCOTT Sports SA
    • Shimano Inc.
    • Specialized Bicycle Components, Inc.
    • Trek Bicycle Corporation

Bicycle Market – Scope of the Report

Transparency Market Research’s recent report on the bicycle market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the bicycle market analyzes the scenario for the period 2020 - 2030, wherein 2019 is the base year and 2015 to 2018 is historical data. The report enables readers to make important decisions with regard to their business, through a wealth of information enclosed in the study.

This TMR study on the bicycle market provides data on the developments undertaken by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of strengths, weaknesses, threats, and opportunities, along with trends and restraints in the landscape. Presented in a clear sanctioned manner, the report on the global bicycle market gives readers an individual understanding of the market. 

The study discusses the underlying trends and impact of various factors that drive the global bicycle market, along with their influence on the evolution of the market.

The study also offers Porter’s Five Force Analysis, value chain analysis, key trend analysis, SWOT analysis, COVID-19 impact analysis, and technology overview of the global bicycle market in order to highlight the crucial growth tactics and opportunities for market players.

Key Questions Answered in This Report on Bicycle Market

  • How much revenue will the bicycle market generate by the end of the forecast period?
  • What application of bicycles is likely to gain the maximum market share by 2030?
  • What regions currently contribute the maximum share to the overall bicycle market?
  • What are the indicators expected to drive the global bicycle market?
  • Which region is likely to be a lucrative market during the forecast period?
  • What are the essential strategies incorporated by key stakeholders in the global bicycle market to expand their geographical presence?
  • What are the major advancements witnessed in the global bicycle market?

The report answers these questions and more about the global bicycle market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.

Bicycle Market – Research Methodology

TMR report’s on the global bicycle market is based on a complete and comprehensive evaluation of the market backed by secondary and primary sources. The competitive scenario of the global bicycle market is supported by an assessment of different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data and current trends, researchers of the global bicycle market arrive at predictions and estimations, and calculate the forecast for the market.

The report uses an analytical triangulation method to estimate the numbers and figures of the global bicycle market with both bottom-up and top-down approaches.

The detailed assessment of the global bicycle market, along with an overview of the landscape is provided based on a careful examination of the avenues related to this market. Analysts’ conclusions on how the global bicycle market is set to grow are based on carefully vetted primary and secondary sources. 

Bicycle Market – Segmentation

The report on the global bicycle market provides information on the basis of type, size, technology, gear type, suspension, price, end use, distribution channel, and region.

Type

  • Road Bicycle
  • Mountain Bicycle
  • Hybrid Bicycle
  • Touring Bicycle
  • Fitness Bicycle
  • Cruiser Bicycle
  • Cyclocross Bicycle
  • Others

Size

  • XXS
  • XS
  • S
  • M
  • L
  • XL
  • XXL

Technology

  • Conventional
  • Electric

Gear Type

  • With Gear
  • Without Gear

Suspension

  • Front Suspension
  • Full Suspension
  • No Suspension

Price

  • Low
  • Medium
  • High

End Use

  • Men
  • Women
  • Kids

Distribution Channel

  • Online
    • e-Commerce Websites
    • Company-owned Website
  • Offline
    • Multi Brand Stores
    • Specialty Stores
    • Others

Region

  • North America
  • Western Europe
  • Eastern Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

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Bicycle Market

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