The bicycle market is expected to grow at a CAGR of 5.8% over the forecast period 2022-2032
The growing popularity of e-bikes combined with the increase in the number of national and international cycling events should provide lucrative prospects for bicycle players. Electric bicycles will be an attractive segment during the assessment period of 2022-2032 due to the rapid increase in the number of conscientious consumers.
Over the next few years, China is likely to be a major contributor to the demand and supply of e-bikes. The majority of major bike manufacturers are focused on releasing new models, especially e-bikes and mountain bikes.
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Key insights from market research
- With a CAGR of 8.4%, e-bikes are estimated to be the fastest growing segment under bike type from 2022 to 2032.
- Conventional bicycles are expected to hold the highest share of 73.1% in the tech segment by value in 2022.
- By price, mid-range bikes are expected to enjoy a nearly 41% market share by 2032.
- By end user, men are expected to be the top consumers with a market share of over 45% in 2022.
- By region, the East is expected to hold the highest share of the global market, accounting for over 39% by 2032.
- China is expected to record the highest absolute dollar opportunity of over US$14 billion from 2022 to 2032.
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“The pandemic has triggered an increase in bicycle sales and given political impetus to cycling initiatives, thereby altering the growth curve of the bicycle market,” says an analyst at Persistence Market Research.
The global bicycle market is highly fragmented, with many international and regional companies. Key companies such as Trek Bicycle Corporation, Accell Group and Giant Manufacturing Co. Ltd. dominate the market. The biggest players in this sector are branching out into e-bike production, expanding their regional footprint. Businesses are also benefiting from improved online distribution channels.
Some of the major bicycle manufacturers included in the report are Giant Bicycles Inc., Atlas Cycles Ltd, Derby Cycle Holding GmbH, Trek Bicycle Corporation, Avon Cycles Ltd., Zhonglu Co., Ltd, Accell Group NV, Tube Investments of India Limited, Dorel Industries Inc., Merida Industry Co., Ltd, Tandem Group plc, Samchuly Bicycle Co., Ltd, FIVE Bianchi SpA, Specialized Bicycle Components, Hamilton Industries Pvt. Ltd, Tianjin FUJITA Group Co. Ltd, Ming Cycle Industrial Co. Ltd, Tianjin Flying Pigeon Cycle Manufacture Co., Ltd, Koninklijke Gazelle NV, Tern, Kona United States, Inc., Scott Sports SA, Redline Bicycle, Yadea Group Holdings and Pt. Insert Sena.
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Bikes are becoming more and more popular around the world as people are more environmentally conscious and want to stay in shape. Cycling is increasingly becoming a leisure and recreational activity. It also contributes to the rapid expansion of the global bicycle market.
Other factors impacting the growth of the market include increase in bicycle sharing and rental, development of e-bikes, and growth in cycle tourism. Bike manufacturers are also trying to include new features to improve the user experience. The bikes also benefit from new security measures to help prevent accidents and theft.
Want to know more?
Persistence Market Research, a research and advisory firm, has published an revised market research report on the Bicycle Market which contains a global industry analysis from 2013-2021 and an opportunity assessment for 2022-2032.
The report provides an in-depth analysis of the market across different segments i.e. product type, technology, price, end-user and region.
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