Bicycle Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Global Bicycle Market is segmented by Type (Road Bicycle, Hybrid Bicycle, All Terrain Bicycle, E-bicycle, and Others Types), Distribution Channel (Offline Retail Stores, and Online Retail Stores), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The report offers market size and forecasts in value (USD million) for the above segments.

Market Snapshot

Bicycle Market Overview
Study Period: 2016 - 2026
Base Year: 2021
Fastest Growing Market: South America
Largest Market: Asia Pacific
CAGR: 4.29 %
Bicycle Market Major Players

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Market Overview

The global bicycle market was projected to register a CAGR of 4.29 % during the forecast period (2021 - 2026).

The sales of bicycles witnessed a slump initially owing to the closure of offline stores across countries due to the COVID-19 pandemic restrictions. However, the demand for bicycles started picking up recently with a significant growth in the number of consumers trying to avoid public transportation due to 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 example, the Dutch e-bike brand VanMoof has seen a significant increase in sales simultaneous to the COVID-19 outbreak in Europe and, latterly, the United States.​

Furthermore, as per the United Kingdom Bicycle Association, between April and June 2020, bicycle sales increased by 63% year-on-year. Sales were strongest for bikes under GBP 1,000, although GBP 1,000+ e-bikes also did well (from a low base) with a sales increase of 150%.

Over the medium term, an increasing number of cycling events and favorable government and employer initiatives are expected to drive the market studied. Furthermore, various governing bodies in the European, Asia-Pacific, and African countries, particularly in South Africa, promote road racing, touring and leisure cycling, track racing, off-road racing events, and mountain cycling events. ​

Apart from the European region, in countries, like China and Japan, e-bikes have grown in prominence. Some of the major reasons considered for adopting and driving e-bikes around the world are their health benefits, avoidance of traffic congestion, environmental benefits, and the increase in demand for e-bikes as sports equipment. ​Furthermore, with consistent technological advancements, the 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 of the speed and battery status, thereby bolstering the market growth over the forecast period.

Scope of the Report

The global bicycle market (henceforth referred to as the market studied), 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).

By Type
Road Bicycle
Hybrid Bicycle
All Terrain Bicycle
E-bicycle
Other Types
By Distribution Channel
Offline Retail Stores
Online Retail Stores
By Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
United Kingdom
Germany
Spain
France
Italy
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
United Arab Emirates
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Increasing Number of Cycling Events

An increasing application base of bicycles in trekking and recreational activities, coupled with a rising number of cycling events, is expected to propel the demand for bicycles in both general and sports bicycles. The increasing influence of celebrity endorsement and increasing media coverage for such events are expected to further fuel 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. For instance, according to the Irish Sports Council, investments made by Sport Ireland toward Cycling Ireland increased from EUR 292.5 thousand in 2015 to EUR 440 thousand in 2019, which encouraged the involvement of consumers in various cycling activities in Ireland.​  

In another instance, Seville's Bicycle Festival of Southern Europe aims to raise awareness about cycling, which had its 21st edition in 2018, with more than 4,000 participants. The ultimate objective of the event was to raise awareness about cycling and increase the uptake of cycling within 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 consumers in cycling, in turn, driving the market growth.

Bicycle Market Key Trends

Increasing Demand for Bicycles from Asia-Pacific

Asia-Pacific is the largest and also the fastest-growing region in the global bicycle market. China, Japan, Australia, India, and South Korea are some of the top contributing countries in the region. Moreover, these countries have started hosting numerous cycling tournaments, which, in turn, may increase the popularity and demand for sports bicycles. For instance, the Asian Cycling Championships is an annual continental cycling championship for road bicycle racing and track cycling since 1963, exclusively for Asian cyclists selected by the national governing body. In addition, there’s a rise in women’s participation rate and government initiatives that are likely to boost the demand for bicycles in the region. Owing to such increased demand, bicycle companies in the market are launching innovative bicycles and accessories, which will lead to significant market growth during the forecast period.

Bicycle Market Growth Rate

Competitive Landscape

The bicycle market is a fragmented and highly competitive market comprising of many international 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 manufacturing of innovative bicycles, embarking on partnerships with other players, mergers & acquisitions and shaping up their online and offline-marketing strategies, to expand their presence in the global arena. 

The companies are also leveraging on the enhanced online distribution channel. Moreover, companies are diversifying their bicycle portfolios by launching bicycles, which are being targeted specifically toward women riders and kids, thus, making them more consumer-centric.

Recent Developments

In 2021, Pon.Bike acquired the Dutch electric cargo bicycle brand Urban Arrow. Urban Arrow is currently active in 20 countries, making it one of the fastest-growing manufacturers of electric cargo bikes around the world.

In 2020, Acell Group's "Sparta" launched a powerful, new speed pedelec. Through the introduction of its d-series (distance series), Sparta is focusing on a whole new target group, namely commuters cycling between their home and workplace. The d-Burst is available as both an e-bike and a speed pedelec with a total capacity of no less than 1125 Wh.

In 2020, Trek Bicycle announced a new partnership with Bike Exchange, an online marketplace. The deal allowed North American Trek dealers to showcase and sell some Trek products online through the BikeExchange.com platform.

In 2020, the Indian consumer bicycle brand, AlphaVector, launched a new range of KTM bicycles in the Indian market. AlphaVector becomes the exclusive distributor of KTM bicycles in the Indian market.

In 2019, Trek Bicycle Corporation launched its new Madone SLR 6 Disc Speed Aero Road Bike with removable aero bars. The new bike is ideal for part-time triathletes and anyone who trains and races on the same rig, especially in hilly regions.

In 2018, Accell Group launched a new haibike and lapierre e-bike range under the Raleigh brand. The new Haibike Sduro e-bike is designed for sports and leisure activities.​

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Road Bicycle

      2. 5.1.2 Hybrid Bicycle

      3. 5.1.3 All Terrain Bicycle

      4. 5.1.4 E-bicycle

      5. 5.1.5 Other Types

    2. 5.2 By Distribution Channel

      1. 5.2.1 Offline Retail Stores

      2. 5.2.2 Online Retail Stores

    3. 5.3 By Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 United Kingdom

        2. 5.3.2.2 Germany

        3. 5.3.2.3 Spain

        4. 5.3.2.4 France

        5. 5.3.2.5 Italy

        6. 5.3.2.6 Russia

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 United Arab Emirates

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Active Companies

    2. 6.2 Most Adopted Strategies

    3. 6.3 Market Share Analysis

    4. 6.4 Company Profiles

      1. 6.4.1 Accell Group

      2. 6.4.2 Trek Bicycle Corporation

      3. 6.4.3 Dorel Industries Inc.

      4. 6.4.4 Pon Holdings BV

      5. 6.4.5 Giant Manufacturing Co. Ltd

      6. 6.4.6 Bulls

      7. 6.4.7 Pedego Inc.

      8. 6.4.8 Benno Bikes LLC

      9. 6.4.9 Ribble Cycles

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. IMPACT OF COVID-19 ON THE MARKET

**Subject to Availability

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Frequently Asked Questions

The Bicycle Market market is studied from 2016 - 2026.

The Bicycle Market is growing at a CAGR of 4.29% over the next 5 years.

South America is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Trek Bicycle Corporation, Dorel Industries Inc., Pon Holdings BV​, Accell Group ​, Giant Manufacturing Co. Ltd. are the major companies operating in Bicycle Market.

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