The global gear bicycle market size was valued at $37.3 billion in 2022, and is projected to reach $63.5 billion by 2032, growing at a CAGR of 5.9% from 2023 to 2032.
Report Key Highlighters:
- The gear bicycle market size study covers 14 countries. The research includes regional and segment analysis of each country in terms of value ($million) for the projected period 2023-2032.
- The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions in order to achieve their most ambitious growth objectives.
- Over 3,700 product literature, annual reports, industry statements, and other comparable materials from major industry participants were reviewed to gain a better understanding of the market.
- The market share is highly fragmented, into several players including Stryder Cycle Private Limited, Accell Group N.V., Trek Bicycle Corporation, Kross Bikes, Colnago Ernesto & C. S.r.l., Giant Bicycles India , Firefox Bikes, Scott Sports SA, Specialized Bicycle Components, Inc., Merida Industry Co., Ltd.
A gear bicycle is an environmentally friendly means of transportation, offered in various types such as electric bikes and mountain bikes. Like cars, cyclists can shift gears to modify their pedaling speed, enhancing efficiency and comfort across different terrains. Operating a geared bicycle is one of the safest methods of travel.
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 region.
The market for gear bicycle is driven by several factors, including surge in health awareness, low maintenance cost of bicycle. However, low demand for gear bikes in developing countries hamper the gear bicycle market growth. In addition, growth of manufacturing designs, surge in outdoor sports presents significant opportunities for market expansion.
Presently, rapid increase has been witnessed in rental bicycle services. From a business perspective, this idea is an innovative way for profit earning, as investment in this business is minimal in comparison to other rental motored vehicles. Furthermore, the maintenance of the bicycles is affordable, which motivates the new service provides to invest in this business. Moreover, from the customer’s point of view, tourists are benefitted the most, as rental bikes are affordable and easily available. All these gear bicycle market trends are likely to witness growth in the forecast period.
The gear bicycle market is segmented into sales channel, application, end user, and region. On the basis of application, the market is classified into adventure and sports. On the basis of sales channel, it is categorized into online and offline. By end user, the market is divided into men and women. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The gear bicycle market share in Asian countries has witnessed significant growth and is poised to offer compelling opportunities in the coming years. In Asia-Pacific, there are various associations, which promote bicycles activities such as sports tournaments, adventures, and touring. Some of the major associations in Asia-Pacific are the Cycling Federation of India and the Chinese Association. These associations not only promote sports and events but also influence customer for usage of bicycles. Furthermore, electric bicycles are gaining high traction in the region. All these bicycles are equipped with gears owing to the customers preference.
In addition to such a competitive environment, customers are offered with attractive price range with better quality and features, thereby promoting the growth of the bicycle market share. Furthermore, the demand for electric bikes has been witnessed to increase in the tourism industries. Tourists rent electric bikes for specific period to time, as these bikes act as the cheapest and easiest means of traveling.
Key Developments in Gear Bicycle Industry
The leading companies are adopting strategies such as acquisition, agreement, expansion, partnership, contracts, and product launches to strengthen their market position. The gear bicycle market analysis covers the below development.
- In September 2021, Stryder Cycle Private Limited, launched Contino ETB 100 and Voltic 1.7 e-bikes. These gear bicycles are manufactured for terrains
Surge in heath awareness:
Bicycle serves as an efficient and accessible exercising tool. Presently, cycling is not only limited to travelling, but is also associated with multiple health benefits. Cycling is primarily an aerobic activity, it works the heart, blood vessels, and lungs. The person performing cycling activity becomes more physically fit overall as a result of deeper breathing, more sweating, and raised body temperature. Furthermore, aged people prefer bicycle as a reliable source of travelling, as usage of bicycles causes less strain in muscles. As a result, the chances of injuries are minimized, thereby propelling the growth of the market.
Frequent cycling lowers the risk of cardiovascular problems by stimulating and improving the heart, lungs, and circulation. Strength, balance, and coordination are all enhanced by cycling. Moreover, it reduces the risk of fractures. Since riding a bike is low-impact and doesn't put a lot of strain on joints. Thus, people opt for gear bicycles as the ride becomes more comfortable.
Low maintenance cost of bicycles:
One of the major reasons for increasing demand for gear bicycle is its low maintenance cost. Gear bicycles run on simple mechanism and do not require resources such as fuels and expensive servicing. This makes gear bicycle a device with minimum maintenance. Moreover, the voucher can be used for the bike repair businesses that are registered under this scheme. Thus, all these factors collectively influenced customers to switch to cycling as a means of travelling, thereby augmenting the growth of the gear bicycle market.
Low demand for gear bikes in developing countries:
Major countries such as the U.S., Japan, and China are the potential markets for gear bicycles. On the contrary, in some developing nations such as India, Nepal, and African countries, the demand for gear bicycles is minimum. This is attributed to the fact that gear bicycles are expensive in a comparison to conventional bikes, as they are battery-powered and are integrated with advanced technology, which incur additional cost, thereby limiting their demand. Moreover, the maintenance of electric bikes is expensive in comparison to traditional bikes. Moreover, in unfavorable weather conditions such as rain and snow, the use of bicycles is inconvenient. In addition, cycling during such weather can result in accidents and severe injuries of the rider.
Growth of manufacturing designs
Technological advancements such as integration of Bluetooth, GPS, anti-theft locks, daily fitness tracker, and durable battery in electric bikes are anticipated to attract a large customer base, which is significantly propelling the market growth. Furthermore, the demand for lightweight bicycle components is increasing. As a result, manufacturers are producing bikes with aluminum or carbon fiber, which reduces the wight of with preinstalled gears in the bikes. Lightweight geared bicycles further promote faster and easier drive. As a result, the demand for lightweight gear bicycles is increasing among cyclists. Moreover, the production of gear bicycles with aluminum or carbon fiber is more affordable, which boosts their sales significantly. Thus, all these factors collectively are anticipated to drive market growth.
Key Benefits For Stakeholders
- This gear bicycle market report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the market analysis from 2022 to 2032 to identify the prevailing market opportunities.
- The 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 market segmentation assists to determine the prevailing 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 market players.
- The report includes the analysis of the regional as well as global market trends, key players, market segments, application areas, and market growth strategies.
Gear Bicycle Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 63.5 billion |
 Growth Rate | CAGR of 5.9% |
 Forecast period | 2022 - 2032 |
 Report Pages | 300 |
 By Sales Channel |
|
 By Application |
|
 By End User |
|
 By Region |
|
 Key Market Players | Giant Bicycles India , MERIDA INDUSTRY CO., LTD., Accell Group N.V., STRYDER CYCLE PRIVATE LIMITED, Colnago Ernesto & C. S.r.l., Firefox Bikes, Trek Bicycle Corporation, SCOTT Sports SA, SPECIALIZED BICYCLE COMPONENTS, INC., Kross Bikes |
E-bikes are the upcoming trend in gear bicycle market in the world.
Adventure is the leading application of gear bicycle market.
APAC is the largest regional market for gear bicycle market.
$37 billion is the estimated industry size of gear bicycle market.
Key players operating in the global gear bicycle market are Stryder Cycle Private Limited, Accell Group N.V., Trek Bicycle Corporation, Kross Bikes, Colnago Ernesto & C. S.r.l., Giant Bicycles India , Firefox Bikes, Scott Sports SA, Specialized Bicycle Components, Inc., Merida Industry Co., Ltd. among others. The leading companies adopt strategies such as product launch, partnership, acquisition, expansion, and collaboration to strengthen their market position.
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