Hybrid designs and developed infrastructure will increase global bicycle sales to US$138 billion by 2032: Fact.MR
NEW YORK, February 21, 2022 /PRNewswire/ — A recent Fact.MR report anticipates the global bicycle market to grow at a CAGR of 27% over the forecast period 2022-2032. The estimated market valuation should be $60 billion in the 2022 evaluation period.
According to the World Health Organization (WHO), safe cycling infrastructure is a pathway to greater health equity. For the poorest urban division, which often cannot afford private vehicles, bicycles can provide a form of transportation while reducing the risk of heart disease, stroke, certain cancers , diabetes and even death. As a result, enhanced active transport is not only healthy; it is also fair and profitable.
Additionally, according to the latest scientific research, cycling outdoors can improve cognitive functioning and well-being in older adults, which, in turn, has boosted the adoption of cycling as a regular fitness regimen. .
Want a detailed understanding of how the market works? Request a sample here
Currently, there are approximately 1 billion bicycles in the world, which is equivalent to as many passenger cars. Due to their long lifespan and ease of driving, the trend is expected to continue for several generations. The development of infrastructure in many countries as well as the customization of bicycles are positively influencing the demand for bicycles. In addition, cycling tournaments in Europe like Tour-da-France create lucrative business opportunities for bicycle manufacturers.
Similarly, the holding of the United Nations World Conference on Sustainable Transport in beijing promoted the adoption of cycling and made the best bike a reality. The COVID-19 pandemic has changed global transport requirements, prompting cities to modify their transport systems, with bicycles playing a vital role in providing an economical and non-polluting alternative.
Investments in urban infrastructure, including protected lanes and other measures to promote safety and counter long-standing automobile hegemony, are key drivers for the growth of the bicycle market.
Base year value (2021A)
Estimated annual value (2022E)
Projected year value (2032F)
World growth rate (2022-2032)
Key points to remember:
- By product, road bikes are expected to gain more than 45% market share for the bicycle market.
- By distribution channel, offline channels are expected to hold more than 50% market share for the bicycle market.
- The bicycle industry is expected to register a CAGR of 12% in Europe.
- The bicycle industry is expected to own nearly 33% market share in the whole Asia Pacific.
- Sales in the global bicycle market are expected to be valued at $64 billion by 2022-end
- Many health benefits associated with cycling have inspired people to make cycling a hobby and an investment to stay healthy. Due to the changing nature of work, a sedentary lifestyle has increased obesity, heart problems and diabetes in people across various age groups.
- Additionally, changing exercise preferences have motivated people to cycle. This, in turn, increased the demand for bicycles.
- Increased traffic in metropolitan cities and increased pollution increase the danger for outdoor cyclists. Also, the increasing number of road accidents creates fear among cyclists, thus preferring other forms of exercise to maintain fitness and gain health benefits.
The various major Bicycle market players are focused on offering various marketing strategies adopted by major players such as mergers and acquisitions, expansions, collaborations, and partnerships.
- In 2020, Accell Group launched “New Purpose: Cycling Moves the World Forward”. In addition, the company’s factory in Herenveen which produces bicycles for the European market will switch to solar energy. This should reduce 1,100 tonnes of CO2.
- In June 2019, Trek Bicycle Corporation has introduced the all-new Madone SLR 6 Disc Speed. The bike is integrated with removable aero bars and specially designed to ride in hilly areas with winding roads.
Top Companies Featured by Fact.MR
- Accell Group
- Atlas Cycles
- Avon Cycles Ltd.
- Dorel Industries Inc.
- Giant bikes
- Merida Industry Co.
- Specialized bicycle components
- SCOTT Sports SA
- Trek Bicycle Corporation
More Valuable Bike Market Information:
Fact.MR in its report offers a market analysis of the global Bicycle market analyzing the forecast period till 2022 and beyond. This survey reveals the growth of Sports in Bicycle Market with detailed segmentation as follows:-
- By product
- Mountain bike
- Road bikes
- Cargo bikes
- Hybrid bikes
- Other Bikes
- By technology
- Electric bikes
- Conventional bicycles
- Per end user
- Men’s bikes
- Women’s bikes
- Children’s bikes
- By distribution channel
- Online Bike Sales
- Offline Bike Sales
To stay “ahead” of your competitors, buy the report now!
Key Questions Covered in the Bicycle Market Report
- What is the growth scenario of the global Bicycle market?
- How high is global demand expected to reach during the forecast period?
- What has been the last 5 years CAGR for demand in the bicycle market?
- Who are the key players in the global bicycle market?
- What is the most leading region in the bicycle market?
Explore Fact.MR’s sports coverage –
Men’s Bike Market Trend: Men’s bicycles offer a sustainable mode of transportation with health, environmental and price benefits. However, the bicycle is not the most suitable option for long journeys because it works mainly on the force generated manually by the cyclist.
Analysis of the women’s bicycle industry: From travel to wellness, bikes are rolling out in large numbers, capturing the interests of rural dwellers as well as high-spending urban consumers, especially women. The health benefits associated with cycling will continue to drive growth in global sales of women’s bicycles.
Kids’ Bikes Market Forecast: A number of children’s bicycle brands have sprung up with improved looks and performance, such as Islabikes, Frog and Pinnacle, attracting children’s interest and boosting bicycle sales. Children tend to own a bicycle more often than any other age group. The above-mentioned factors might influence the growth of the market in the near future.
Scope of Bicycle Parking Racks Market: The positive public perception on the adoption of cycling as an activity, combined with a growing carbon consciousness regarding the reduction of automobile use, are broader developments influencing the bicycle parking rack market.
Market research and consulting agency that makes the difference! That’s why 80% of Fortune 1000 companies trust us to make their most critical decisions. We have offices in the United States and Dublinwhile our global headquarters are located in dubai. Although our experienced consultants use the latest technology to extract hard-to-find information, we believe that our USP is the trust our clients place in our expertise. Covering a wide range – from automotive and Industry 4.0 to healthcare and retail, our coverage is extensive, but we ensure that even the most niche categories are analyzed. Contact us with your goals and we will be a competent research partner.
USA sales office
11140 Rockville pike
Rockville, MD 20852
Tel: +1 (628) 251-1583
E: [email protected]