Gear Bicycle Market Expected to Reach $63.5 Billion by 2032—Allied Market Research

The global gear bicycle market was estimated at $ 37265.71million in 2022, and is estimated to garner $ 63464.31million by 2032, witnessing a significant CAGR of 5.9% from 2023 to 2032.

Gear bicycle consist of toothed wheels connected by a chain, enhancing speed and facilitating the rider in overcoming resistance. The primary gear is affixed to the crank, a set of levers housing the pedals. The speed boost results from the tooth ratio between the front and rear gears. Each rotation of the pedals and crank propels the bike wheel forward. Presently, consumers find outdoor sports as an ideal medium of refreshment out of a busy schedule. In addition, associations and sports organizations are promoting bicycle events to encourage not only athletes but also regular cyclists.

Increase in adoption of gear bicycles among men for multiple activities such as sporting, adventures, fun rides, and regular travelling notably contributes toward the growth of the market. Moreover, the Giro d'Italia is one of the sporting competitions that is only for men where gear cycle is used. In addition, a lot of fitness associations encourage riding gear bicycles through competitions, enjoyable rides, and fitness. Consequently, the market for gear bicycles is growing as a result of all these factors.

Increase in health-conscious customers boosts the demand for gear bicycles. Men nowadays prefer using gear bicycles to maintain their fitness. Furthermore, they have are now preferring gear bicycle to commute to work places, as this saves the cost of fuel and time spent in traffic. In addition, in developed nations, customers prefer premium bikes.

Manufacturers 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 gear bicycle industry growth, as these associations organize various rallies and sports events.

There is a substantial rise in the demand for gear bicycle racing among individuals engaging in various physical activities. Furthermore, the ongoing trend towards increased competitive participation is fostering the demand for leisure pursuits like running and cycling globally. Additionally, the emphasis on sports for health benefits, the growing impact of celebrity endorsements, and the prevalence of international sports events are motivating consumers to actively participate in diverse cycling activities. As a result, these factors are anticipated to continue propelling the gear bicycle market throughout the forecast period.

Furthermore, customers demand innovation to improve the experience with bicycles. As a result, manufacturers especially of electric bikes focus on new product launches. Manufacturers are improvisation in internal cabling, SIM built frame, and road style geometry in bikes. Furthermore, the use of bicycles is increasing in postal services and similar delivery services and to commute to office, which significantly contributes toward the market growth. This is attributed to the fact that bicycles serve as an efficient means of travel within short distances.

There is a significant surge in the popularity of gear bicycle racing for diverse physical activities, which is contributing to a rising demand. The prominence of international sports events are motivating consumers to participate in various cycling activities. These sports events motive athletes and regular citizens to adopt cycling. This contributes toward the growth of the global market. Gear cycles are equipped with advanced braking systems, delivering superior stopping power. This feature facilitates easy navigation through busy roads and enables the person to avoid obstacles with increased efficiency.

KEY FINDINGS OF THE STUDY

• By Sales Channel, the Online segment is anticipated to exhibit significant growth in the gear bicycle market in the near future.
• By Application, the Adventure segment is anticipated to exhibit significant growth in the market in the near future.
• By End User, Men segment is anticipated to exhibit significant growth in the market in the near future.
• By Region, LAMEA is anticipated to register the highest CAGR during the forecast period.

Key players covered in the gear bicycle market report include 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.