IMARC Group's report titled "Bicycle Market Report by Type (Road Bicycle, Mountain Bicycle, Hybrid Bicycle, and Others), Technology (Electric, Conventional), Price (Premium, Mid-Range, Low-Range), Distribution Channel (Online Stores, Offline Stores), End User (Men, Women, Kids), and Region 2024-2032". The global bicycle market size reached US$ 64.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 98.7 Billion by 2032, exhibiting a growth rate (CAGR) of 4.7% during 2024-2032.
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Factors Affecting the Growth of the Bicycle Industry:
- Health and Wellness Trends:
With an increasing emphasis on leading healthier lifestyles, more people are turning to cycling as a form of exercise. Bicycling offers an effective cardiovascular workout that strengthens muscles and improves overall fitness. As individuals are prioritizing physical activities to maintain their health, the demand for bicycles as a means of exercise is growing. Cycling is an excellent way to manage weight as it burns calories and promotes fat loss. As obesity rates are rising, many individuals are seeking sustainable and enjoyable ways to maintain a healthy weight. Bicycling provides a low-impact, accessible option for individuals of all fitness levels to engage in regular physical activity and manage their weight effectively.
- Technological Advancements:
Innovations in materials science are leading to the development of lighter, stronger, and more durable materials for bicycle frames, components, and accessories. Materials, such as carbon fiber, titanium, and advanced alloys, are enabling manufacturers to produce bicycles that are both high-performance and lightweight, improving speed, agility, and comfort for riders. Electronic shifting systems, such as Shimano Di2 and SRAM eTap, are replacing traditional mechanical shifting mechanisms with electronic components. These systems offer precise and effortless gear changes, improving shifting performance and reliability, particularly in challenging riding conditions.
- Environmental Concerns:
Bicycles are an environment friendly mode of transportation that produces zero emissions during use. With increasing awareness about the impact of greenhouse gas emissions on climate change, individuals are seeking sustainable alternatives to traditional vehicles. Choosing bicycles for commuting, errands, and recreational activities helps reduce carbon emissions, contributing to environmental conservation efforts. Bicycles support the concept of active transportation, which prioritizes human-powered modes of travel over motorized vehicles.
Leading Companies Operating in the Global Bicycle Industry:
- Accell Group N.V.
- Avon Cycles Ltd.
- Benno Bikes LLC
- Cervélo (Pon Holdings B.V.)
- Dorel Industries Inc.
- Giant Manufacturing Co. Ltd.
- Kona Bicycle Company
- Merida Industry Co. Ltd.
- Olympus Bikes
- SCOTT Sports SA (Youngone Corporation)
- Specialized Bicycle Components Inc
- Trek Bicycle Corporation (Roth Distributing Co. Inc.)
Bicycle Market Report Segmentation:
By Type:
- Road Bicycle
- Mountain Bicycle
- Hybrid Bicycle
- Others
Road bicycle represents the largest segment due to its versatility, suitability for various terrains, and popularity among both recreational and competitive cyclists.
By Technology:
- Electric
- Conventional
Conventional accounts for the majority of the market share as traditional bicycles without electric assistance remain widely accessible, affordable, and familiar to consumers.
By Price:
- Premium
- Mid-Range
- Low-Range
Mid-range exhibits a clear dominance in the market owing to its balance between quality and affordability, appealing to a broad range of consumers seeking reliable bicycles without premium price tags.
By Distribution Channel:
- Online Stores
- Offline Stores
Offline stores hold the biggest market share driven by the opportunity to physically inspect, test, and purchase bicycles, providing a personalized and tactile shopping experience that online channels may lack.
By End User:
- Men
- Women
- Kids
Men dominate the market on account of their higher participation rates in cycling activities, including commuting, recreational riding, and competitive racing.
Regional Insights:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific enjoys the leading position in the bicycle market, which can be attributed to large population sizes, increasing urbanization, government initiatives promoting cycling infrastructure, and cultural preferences for bicycles as a mode of transportation and recreation.
Global Bicycle Market Trends:
Advancements in battery technology, improved range, and increased awareness about the benefits of bicycles for commuting and recreation are propelling the market growth. People are seeking environment sustainable transportation options, leading to a rise in the demand for bicycles as a low-carbon mode of travel. Manufacturers are responding by using eco-friendly materials and production methods. As cities are expanding and traffic congestion is rising, governments worldwide are investing in cycling infrastructure, such as bike lanes and bike-sharing programs, fostering a conducive environment for bicycle use in urban areas.
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