Bicycle Market Size
|Study Period:||2018 - 2028|
|Fastest Growing Market:||Asia-Pacific|
*Disclaimer: Major Players sorted in no particular order
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Bicycle Market Analysis
The bicycle market is projected to register a CAGR of 4.09% over the upcoming five years.
The sales of bicycles initially witnessed a slump due to the closure of offline stores worldwide due to the COVID-19 pandemic-induced restrictions. However, after the pandemic, the demand for bicycles started picking up recently and almost came back to normal, with significant growth in consumers trying to avoid public transportation due to a fear of contracting the virus. Moreover, with the growing health consciousness among consumers, bicycles are now seen as an increasingly dependable and healthy mobility option. For instance, in September 2021, the Dutch e-bike brand VanMoof raised over USD 128 million from venture capitalists as sales of battery-powered bikes (e-bikes) tripled during the pandemic.
Furthermore, the number of cycling events increased in the middle of 2021. Over the forecast period, favorable government and employer initiatives are expected to drive the market studied. In addition, various governing bodies in Europe, Asia-Pacific, and Africa, particularly South Africa, promote road racing, touring and leisure cycling, track racing, off-road racing, and mountain biking events.
Besides the European region, in countries like China and Japan, e-bikes have gained prominence. Some of the significant reasons considered for adopting and driving e-bikes worldwide are their health benefits, the avoidance of traffic congestion, the environmental benefits, and the increased demand for e-bikes as sports equipment. Furthermore, with consistent technological advancements, key manufacturers, such as Accell Group and Giant Manufacturing Co., are focusing on enhancing the overall user interface by designing and developing bicycles that can integrate with the rider’s smartphone and provide real-time information on the speed and battery status. Therefore, the aforementioned are expected to propel market growth over the forecast period.
Bicycle Industry Segmentation
A bicycle is a vehicle with two wheels in tandem, usually propelled by pedals connected to the rear wheel by a chain and having handlebars for steering and a saddlelike seat. The bicycle market has been segmented by type, distribution channel, and geography. By type, the market is segmented into road bicycles, hybrid bicycles, all-terrain bicycles, e-bicycles, and other types. By distribution channel, the market is segmented into offline retail stores and online retail stores. The report also provides a regional analysis of North America, Europe, Asia-Pacific, South America, and Middle East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value in (USD million).
|All Terrain Bicycle|
|Offline Retail Stores|
|Online Retail Stores|
Bicycle Market Trends
This section covers the major market trends shaping the Bicycle Market according to our research experts:
Increasing Number of Cycling Events
The increasing application of bicycles in trekking and recreational activities, coupled with a rising number of cycling events, is expected to boost demand for both general and sports bicycles. The growing influence of celebrity endorsements and increased media coverage of such events are expected to drive market growth. Furthermore, various governing bodies in European countries, such as Cycling Ireland, promote road racing, touring and leisure cycling, track racing, and off-road racing events. According to the Irish Sports Council, Sport Ireland's investments in Cycling Ireland increased from EUR 440 thousand in 2021 to EUR 520 thousand in 2022, encouraging consumers to participate in various cycling activities in Ireland. The event's ultimate goal was to raise cycling awareness and increase cycling adoption in the city. Such awareness campaigns also boost the growth of the market studied. Moreover, international sports events, such as cycling championships, also encourage the involvement of people in cycling, which is expected to drive market growth.
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Asia-Pacific Holds Significant Market Share
Asia-Pacific is the largest and fastest-growing region in the bicycle market. China, Japan, Australia, India, and South Korea are some of the leading countries in the region. Moreover, these countries have started hosting numerous cycling tournaments, which may increase the popularity and demand for sports bicycles. For instance, the Asian Cycling Championship has been an annual continental championship for road bicycle racing and track cycling since 1963, exclusively for Asian cyclists selected by the national governing bodies of the participating countries. Factors such as the rise in women’s sports participation rates and government initiatives are likely to boost the demand for bicycles in the region. Moreover, due to increased demand, bicycle companies in the market are launching innovative bicycles and accessories, which is expected to lead to significant market growth during the forecast period.
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Bicycle Industry Overview
The bicycle market is fragmented and highly competitive, with many global and regional players. Major players in the market include Giant Manufacturing Co. Ltd, Accell Group, Trek Bicycle Corporation, Dorel Industries Inc., and Pon Holdings BV. These key players are venturing into the manufacturing of innovative bicycles, embarking on partnerships with other players, mergers and acquisitions, and shaping up their online and offline marketing strategies to expand their presence in the global market. The companies are also leveraging the growth of online distribution channels. Moreover, companies are diversifying their portfolios by launching bicycles targeted specifically toward women riders and kids, thus making them more consumer-centric.
Bicycle Market Leaders
Trek Bicycle Corporation
Dorel Industries Inc.
Pon Holdings BV
Giant Manufacturing Co. Ltd.
Accell Group N.V.
*Disclaimer: Major Players sorted in no particular order
Bicycle Market News
- August 2022: Porsche announced a new partnership with Pon Holdings' Ponooc Investment BV to develop an e-bike drive system in the upcoming few years.
- July 2022: Pedego Electric Bike Shop, opened near the W&OD Trail in Leesburg, Virginia, United States, is the brand's first location in Loudoun County. A total of 16 different bike models from the Pedego brand will be available in the shop. Furthermore, the brand would also offer services for Pedego brand bikes, rentals, accessories, and tours.
- June 2022: Trek Bicycle Corporation acquired Folsom Bike, a locally owned and operated bike company. The stores offer brands like Trek, Electra, Niner, Cervelo, Giant, Liv, Momentum, Pinarello, and Pivot.
Bicycle Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the 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 Bicycle
5.1.2 Hybrid Bicycle
5.1.3 All Terrain Bicycle
5.1.5 Other Types
5.2 Distribution Channel
5.2.1 Offline Retail Stores
5.2.2 Online Retail Stores
5.3.1 North America
184.108.40.206 United States
220.127.116.11 Rest of North America
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 Rest of Asia-Pacific
5.3.4 South America
188.8.131.52 Rest of South America
5.3.5 Middle East and Africa
184.108.40.206 United Arab Emirates
220.127.116.11 South Africa
18.104.22.168 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Accell Group NV
6.3.2 Trek Bicycle Corporation
6.3.3 Dorel Industries Inc.
6.3.4 Pon Holdings BV
6.3.5 Giant Manufacturing Co. Ltd
6.3.6 Bulls Bikes
6.3.7 Pedego Inc.
6.3.8 Benno Bikes LLC
6.3.9 Hero Cycles Limited
6.3.10 Ribble Cycles
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Bicycle Market Research FAQs
What is the study period of this market?
The Bicycle Market is studied from 2018 - 2028.
What is the growth rate of Bicycle Market?
The Bicycle Market is growing at a CAGR of 4.09% over the next 5 years.
Which region has highest growth rate in Bicycle Market?
Asia-Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Bicycle Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in Bicycle Market?
Trek Bicycle Corporation, Dorel Industries Inc., Pon Holdings BV, Giant Manufacturing Co. Ltd., Accell Group N.V. are the major companies operating in Bicycle Market.
Bicycle Industry Report
Statistics for the 2023 Bicycle market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. 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.