Bicycle Market Overview: 2027
The global bicycle market size was valued at $ 20,280.0 million in 2019, and is estimated to reach $ 28,667.3 million by 2027, growing CAGR of 4.8% from 2021 to 2027. A bicycle is an eco-friendly mode of transportation, which is available in a rage of varieties such as cargo bikes, electric bikes, and mountain bikes. Bicycle is simple to operate and is considered as one of the safest modes for travelling. Furthermore, major bicycle associations include Go Out and Tour Somewhere, Easy Rider Bike Club, and Road Soldiers Cycling Club share a major motive to increase the interest of customers toward cycling. Thus, they are involved in hosting various sports tournaments, fun activities, bike rallies, and competitions, which motivates customers for bicycle use. Moreover, the trend in bicycle sports is gaining traction in in Europe and North America. This is attributed to the fact that majority of the tournaments such as Tour de France and LoToJa are held in these regions.
Market Value Projections and Insights:
- The non-cargo non-electric bike segment held the major share owing to its cost effectiveness, simplicity and low maintenance.
- The physical platforms hold the major share due to its wide accessibility and personalized Service.
- The high demand for the men's segment in the bicycle market is attributed to high participation rates and active lifestyle trends.
The electric bike segment is rapidly growing as technology advances and consumers seek more convenient and efficient modes of transportation. E-bikes offer added benefits such as ease of use, extended range, and the ability to tackle varied terrains, making them increasingly popular among commuters and recreational cyclists alike. Moreover, increased awareness of environmental issues and a growing preference for sustainable transportation options are driving demand for bicycles. As consumers seek to reduce their carbon footprint, bicycles are viewed as a practical and eco-friendly alternative to motorized vehicles.
However, the upfront cost of high-end bicycles, including electric bikes and performance models, can be a significant barrier for many consumers. While these bikes offer advanced features and technology, the price point may limit their accessibility to a broader audience. Furthermore, the development and expansion of cycling infrastructure in urban areas present a significant bicycle market opportunity. Investments in bike lanes, bike-sharing programs, and improved safety measures can encourage more people to cycle, thereby increasing demand for bicycles and related accessories. This trend supports both commuter cycling and recreational activities, fostering growth in the bicycle market.
By Type
Cargo Electric bike segment was the fastest growing segment.
Industry Highlights
- Growing consumer preference for electric bikes due to their convenience and efficiency has increased the demand for e-bikes.
- Higher consumption in urban areas driven by cycling infrastructure improvements and bike-sharing programs has shown surge in urban cycling.
- Manufacturers are incorporating new technologies, such as electric drivetrains and smart features, into bicycles.
- Consumers are spending more on high-performance bicycles, including e-bikes and specialty models.
The bicycle market is experiencing notable growth driven by several key trends. The demand for electric bikes (e-bikes) is rising as consumers seek convenience and efficiency, while an increasing number of people use bicycles for fitness and recreational purposes. Technological advancements, including electric drivetrains and smart features, are becoming standard in production, reflecting a focus on innovation. Additionally, there is a significant shift towards sustainability, with production emphasizing eco-friendly materials and manufacturing practices. Consumer spending is also increasing, particularly on premium bicycles and cycling accessories, reflecting a growing investment in high-quality and advanced products. These factors collectively highlight the dynamic evolution of the bicycle market and its response to evolving consumer preferences and environmental considerations.
By Sales Channel
Online platforms was the fastest growing segment.
Key Areas Covered in the Report:
- The bicycle market is highly competitive, with numerous global and local brands vying for market share through innovation, pricing, and marketing strategies.
- Increasing consumer interest in e-bikes and fitness cycling drives higher consumption rates.
- Companies are focusing on technological advancements, such as electric drivetrains and smart features, while also investing in sustainability and eco-friendly production practices.
- There is a growing preference for high-performance and premium bicycles, including e-bikes, as well as a strong demand for cycling accessories and gear.
- Challenges include managing supply chain disruptions, ensuring quality control, and navigating the complexities of integrating new technologies while maintaining cost efficiency.
The bicycle market is marked by intense competition as brands strive to capture market share through innovation and strategic pricing. Consumption patterns are shifting towards electric bikes (e-bikes) and fitness cycling, driven by urban growth and improved infrastructure. Companies are leveraging strategies that include technological advancements, such as integrating electric drivetrains and smart features, and a strong emphasis on sustainability to appeal to eco-conscious consumers. Consumer preferences are gravitating towards high-performance and premium bicycles, alongside a growing demand for cycling accessories. However, businesses face value chain challenges such as managing supply chain disruptions, ensuring quality control, and balancing the integration of new technologies with cost-efficiency. These dynamics shape the competitive landscape and operational strategies within the bicycle market.
By End User
Kids was the fastest growing segMent.
Topics discussed in the report:
- Diverse Bicycle Types and Innovations
- Challenges from Alternative Transportation Modes
- Growth of Independent Bicycle Brands
- Bicycles as Lifestyle and Performance Products
- Differentiation Between Standard and Advanced Bicycles
- Impact of Urban Mobility Trends
- Focus on Sustainability
Segment Overview:
The bicycle market is segmented into type, sales channel, end user, and region. Depending on type, the bicycle market is categorized into cargo electric bike, non-cargo electric bike, cargo nonelectric bike, and non-cargo nonelectric bike. On the basis of sales channel, it is bifurcated into online platforms and physical stores. By end user, it is segregated into men, women, and kids. Region wise, it is analyzed across North America (U.S., Mexico, and Canada), Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Sweden, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, Malaysia, Indonesia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
The non-cargo, non-electric bike segment remains a dominant force in the bicycle market due to its simplicity and cost-effectiveness. These bikes are favored for their affordability, requiring no battery or electric components, which reduces both initial costs and maintenance. They cater to a broad range of consumers, from casual riders to fitness enthusiasts, and are versatile enough for various uses, including commuting and recreational cycling. The established bicycle market presence and extensive availability of these bikes further contribute to their popularity. Additionally, the growing focus on sustainable transportation aligns with the eco-friendly nature of non-electric bikes, reinforcing their appeal. This segment's resilience in the face of technological advancements highlights its enduring relevance and widespread consumer preference.
Comparative Matrix of Key Segments:
Parameters | Cargo Electric Bike
| Non-Cargo Electric Bike | Cargo Non-Electric Bike | Non-Cargo Non-Electric Bike |
Market Share | Moderate, growing due to increased demand for efficient cargo solutions | Significant, driven by urban commuting and recreational use | Niche but stable, catering to specific transport needs | High, as they are the most traditional and versatile |
Distribution Channels | Specialized retailers, online platforms, and direct sales | Online platforms, sporting goods stores, and bike shops | Specialty bike stores, online, and direct sales | General retailers, sporting goods stores, and online platforms |
Challenges | High cost, limited range compared to non-electric | Higher price point compared to non-electric models, battery life concerns | Heavier and bulkier, limiting use to specific applications | Less advanced features, competition from electric bikes |
Key Players | Rad Power Bikes, Yuba Bikes, Riese & Müller | Trek, Specialized, Giant | Xtracycle, Yuba Bikes, Surly | Trek, Giant, Specialized |
Regional Dynamics and Competition
In North America and Europe, there's a significant push towards sustainable transportation, driven by growing environmental awareness and investment in cycling infrastructure. This has increased demand for electric bikes and high-performance models. In contrast, emerging markets in Asia, particularly China and India, are seeing rapid urbanization and infrastructure development, creating opportunities for both non-electric and electric bikes. Additionally, the rise of bike-sharing programs in cities worldwide is fueling growth in bicycle usage. The focus on cycling as a solution for urban mobility challenges, combined with advancements in technology and sustainability efforts, presents promising opportunities across regions. Each region's specific needs and preferences drive the trends and growth in their respective bicycle markets.
By Region
Europe was the dominant regional segment
Some of the major players analyzed in this report of global bicycle market are Accell Group, Cervélo, Dorel Industries Inc., Giant Bicycle, Merida Industry Co.,Ltd., Olympus Bikes, Scott Sports SA, Specialized Bicycle Components, INC, Trek Bicycle Corporation and Kona Bicycle Company.
Bicycle Market News Release:
- In 2022, Accell Group reached an agreement to acquire a portion of Dorel Sports, which includes brands like Cannondale, GT, and Schwinn.
- Cervélo frequently introduces high-performance road and triathlon bikes, focusing on innovation and technological advancements.
- Dorel Industries has acquired several bicycle brands to broaden its portfolio and reach different bicycle market segments.
- Merida focuses on releasing innovative bikes, including new mountain and road models with advanced features.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the bicycle market segments, current trends, estimations, and dynamics of the bicycle market analysis from 2022 to 2032 to identify the prevailing bicycle market opportunities.
- The bicycle market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the bicycle market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the bicycle market players.
- The report includes the analysis of the regional as well as global bicycle market trends, key players, market segments, application areas, and market growth strategies.
Bicycle Market Report Highlights
| Aspects | Details |
 By Type |
|
 By Sales Channel |
|
 By End User |
|
 By Region |
|
 Key Market Players | DOREL INDUSTRIES INC., CERVÉLO, TREK BICYCLE CORPORATION, OLYMPUS BIKES, KONA BICYCLE COMPANY, .MERIDA INDUSTRY CO., LTD., ACCELL GROUP, SCOTT SPORTS SA, GIANT Bicycles, SPECIALIZED BICYCLE COMPONENTS, INC. |
Analyst Review
The global bicycles market is expected to exhibit high growth potential, as bicycles are used in activities such as sports, travelling, and leisure. Furthermore, bicycles low maintenance vehicles, which save fuel cost and minimize the time spent in traffic. These properties make the bicycle accessible for all age groups. Furthermore, by observing these trends in the bicycle market, manufactures are incorporating modifications in the upcoming bikes. The modification includes aluminum and carbon body for a light bodyweight of bikes, aerodynamics in design for faster rides, and durable battery. Furthermore, these improvements in the quality of bikes are done at a reasonable rate. Furthermore, bicycle associations notably contribute toward the market growth, as these associations organize various rallies and sports events. These events promote the member of the association to be a cyclist. Moreover, due to these associations, consumers find bicycle as a tool for exercise and fun, which positively impact the growth to the global market.
The global bicycle market is projected to reach $28,667.3 million by 2027, registering a CAGR of 4.8% from 2021 to 2027
The CAGR of 4.8% is estimated from year 2021 to 2027.
The base year calculated in the global bicycle market report is 2019.
According to the report top 10 companies of global bicycle market are Accell Group, Cervélo, Dorel Industries Inc., Giant Bicycle, Merida Industry Co.,Ltd., Olympus Bikes, Scott Sports SA, Specialized Bicycle Components, INC, Trek Bicycle Corporation and Kona Bicycle Company.
The segments of global bicycle market are segmented by type as Cargo electric bike, Non-cargo electric bike, Cargo nonelectric bike and Non-cargo nonelectric bike. Based on the sales channel online platforms and physical stores. By end-user the market is fractioned into men, women and kids. Region-wise market is divided into North America, Europe, Asia-Pacific and LAMEA.
With the growing adaptation of outdoor sports such as football, badminton and bicycle racing promotes the health and fitness. Furthermore, the technological advancements and manufacturing designs such as anti-theft feature, GPS, aero-dynamic design and light weight body provides the customer experience with the bicycles. These trends will shape the global bicycle market in the future.
The Europe region holds the maximum market share in the global bicycle market.
The emergence of health benefits and the low maintenance cost of the bicycle are the driving factor of the market. Whereas, the low demand for electric bikes in developing countries and ineffectiveness of bicycles in bad climate are the factors negatively affecting the growth of the market.
The Covid-19 pandemic in 2020 least affected the market growth of the bicycle market. As the bicycles were used by the customer as an exercising tool. With exercising tool the bicycle provided fun and leisure to the customer. Moreover, during the lockdown pandemic the bicycles was one of the most safe and affordable medium for exercising. These factors were fuelling the growth in the global bicycle market during Covid-19.
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