APAC Bicycle Market Size
|Base Year For Estimation||2022|
|Market Size (2023)||USD 25.41 Billion|
|Market Size (2028)||USD 34.47 Billion|
|CAGR (2023 - 2028)||6.29 %|
*Disclaimer: Major Players sorted in no particular order
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APAC Bicycle Market Analysis
The Asia-Pacific Bicycle Market size is expected to grow from USD 25.41 billion in 2023 to USD 34.47 billion by 2028, at a CAGR of 6.29% during the forecast period (2023-2028).
An increasing number of cycling events and favorable government and employer initiatives are expected to drive the market studied. Furthermore, there are various governing bodies in Asia-Pacific, such as The Cycling Federation of India and The Chinese Cycling Association, which promote road racing, touring and leisure cycling, track racing, off-road racing events, and mountain cycling events. All age groups especially youngsters and baby boomers are more interested in cycling activities in the region. In December 2022, the Cycling Federation of India announced its 19th senior, junior, and sub-junior mountain bike cycling race in India. The race will happen in February 2023.
Countries like China and Japan are some of the leading countries where e-bikes have grown their prominence. Some major reasons considered for adopting and driving e-bikes around the Asia-Pacific are health benefits, avoidance of traffic congestion, environmental benefits, and increased demand for e-bikes as sports equipment. Due to the demand, global market players are launching their products in the Asia-Pacific region. For instance, In December 2021, the electric vehicle manufacturing company E-Motorrad launched its electric bikes in Nepal and Japan. The market is expected to grow over the medium term owing to increasing consumer awareness about fitness and health, pollution and environmental conditions, and a rise in disposable incomes in the region.
APAC Bicycle Market Trends
This section covers the major market trends shaping the APAC Bicycle Market according to our research experts:
Continuation of Increasing Demand for Bicycles in India
Cycling is and has been a major mode of mobility in India. These days, due to an increase in pollution and health reasons, people are opting to use bicycles instead of cars and bikes. Additionally, cycling sports are also gaining popularity among all the generations in India. The government and the Cycling Federation of India are launching new cycle races and championships to promote the use of bicycles. For instance, in December 2022, the Cycling Federation of India announced its 27th senior, junior, and sub-junior road cycling championship. The championship is supposed to be in January 2023 at Sinner, Nasik, Maharashtra. Furthermore, due to adult and child obesity in India, the demand for cycles is increased as it helps in weight loss. Considering the demand for products, foreign companies are launching their products in the Indian market. For instance, in February 2022, New Zealand Bicycle brand Avanti entered the Indian market in association with Scott Sports India and launched the Avanti Giro FM1 bike. The bike is made for men, women, and kids.
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Increasing Inclination Toward E-Bicyles
E-bicycle features an electric motor to power, which has taken off over the last few years with numerous models available in the market, produced by various regional and global manufacturers. Moreover, there has been a continuous focus on innovation in the e-bikes segment by the major manufacturers. E-bikes are being launched and sold in the market in different types, such as e-mountain bicycles, e-road bikes, and e-hybrid bikes. E-mountain bikes are bicycles with electric motors. For instance, in January 2022, Lifestyle e-mobility startup VAAN Electric Moto Pvt. Ltd launched its all-new electric bicycle in India. The e-bike is available in two variants - Urbansport and Urbansport Pro.
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APAC Bicycle Industry Overview
The Asia-Pacific bicycle market is highly fragmented and comprises many international and regional players. The market is dominated by some key players, like Merida Industry Co. Ltd, Hero Cycles Limited, and Giant Manufacturing Co. Ltd. The major companies in this market are venturing into manufacturing and innovating in the e-bicycles department, increasing their presence in the Asian countries. Keeping the growth potential of the Asia-Pacific bicycle market, the major players are adopting various strategies to capture market shares.
APAC Bicycle Market Leaders
*Disclaimer: Major Players sorted in no particular order
APAC Bicycle Market News
- In June 2022, Ninety One Cycles launched a new Black Arrow 700C bike. The features of the bike include a 7-speed EZ fire rear shifter, a hybrid fork for jerk absorption, and a Shimano 7-speed gear set. The cycle comes with 160mm disk brakes and high-traction nylon tires.
- In April 2022, Micro mobility user Neuron Mobility launched its fleet of 250 of its safety-first E-Bike in Sydney, Australia. To help the riders, Neuron e-bikes have google maps in them. Through this, the nearest Neuron E-bike can be spotted including directions to get there, and the time required to reach the destination.
- In October 2021, Hero Motor (HMC), Hero Cycles' parent company, formed a joint venture with Yamaha, a Japanese two-wheeler manufacturer, to produce electric motors for e-bikes for the global market. The joint venture is the next step in Hero and Yamaha's strategic alliance to collaborate in the e-cycle product segment, which was formed in September 2019.
APAC Bicycle Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 Road Bicycles
5.1.2 Hybrid Bicycles
5.1.3 All Terrain Bicycles
5.1.5 Other Types
5.2 Distribution Channel
5.2.1 Offline Retail Stores
5.2.2 Online Retail Stores
5.3.5 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Bridgestone Corporation
6.3.2 HMC Group
6.3.4 Merida Bikes
6.3.5 Giant Bicycles
6.3.6 Accell Group
6.3.7 Dorel Industries Inc.
6.3.8 Benno Bikes LLC
6.3.9 Pedego Inc.
6.3.10 Avon Cycles Ltd
6.3.11 Neuron Mobility
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
APAC Bicycle Market Research FAQs
How big is the Asia-Pacific Bicycle Market?
The Asia-Pacific Bicycle Market size is expected to reach USD 25,408.88 million in 2023 and grow at a CAGR of 6.29% to reach USD 34,470.5 million by 2028.
What is the current Asia-Pacific Bicycle Market size?
In 2023, the Asia-Pacific Bicycle Market size is expected to reach USD 25,408.88 million.
Who are the key players in Asia-Pacific Bicycle Market?
Bridgestone Corporation, Nixeycles, HMC Group, Giant Bicycles and Merida Bikes are the major companies operating in the Asia-Pacific Bicycle Market.
APAC Bicycle Industry Report
Statistics for the 2023 APAC Bicycle market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. APAC Bicycle analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.