|Study Period:||2016 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||Asia Pacific|
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The bicycle market was valued USD at USD 60,707.02 million in 2020, and it is projected to witness a CAGR of 4.20 % during the forecast period (2021 - 2026).
There is a significant growth in the demand for bicycles due to COVID-19, as now consumers try to avoid public transportation due to fear of contracting the virus. Moreover, with growing health-conscious 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.
As per the UK 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%.
Bicycle sales have been booming across much of the world during the coronavirus crisis, with many local and national governments either starting or accelerating plans for catering to cyclists.
The COVID-19 pandemic is giving retailers a boost as consumers avoid public transport because of the risk of infection. For example, the bicycle maker Stevens in Hamburg, Germany, confirms that manufacturers are currently experiencing a complete sellout of their products.
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.
Scope of the Report
A bicycle is a vehicle consisting of two wheels held in a frame, one behind the other, propelled by pedals and steered with handlebars attached to the front wheel. The market studied is 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 (USD million).
|All Terrain Bicycle|
|By Distribution Channel|
|Offline Retail Stores|
|Online Retail Stores|
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. Moreover, international sports events, such as cycling championships, also encourage the involvement of consumers in cycling, in turn, driving the market growth.
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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.
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The bicycle market is a highly competitive market and comprises many international and regional players. The market is dominated by key players, like Accell Group, Trek Bicycle Corporation, and Giant Manufacturing Co. Ltd. Giant Manufacturing Co. Ltd led the global market. The major companies in this market are venturing into the manufacturing of e-bicycles, thereby increasing their presence in the global arena. The companies are also leveraging on the enhanced online distribution channel. For instance: In 2019, Accell Group introduced a three-track omni-distribution model, in line with consumers’ focus on e-bikes. The new distribution model includes launching a centrally operated e-commerce platform that may replace individual brand websites in Europe, setting up experience centers to test e-bikes, and rolling out mobile bicycle service. 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.
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 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 By Type
5.1.1 Road Bicycle
5.1.2 Hybrid Bicycle
5.1.3 All Terrain Bicycle
5.1.5 Other Types
5.2 By Distribution Channel
5.2.1 Offline Retail Stores
5.2.2 Online Retail Stores
5.3 By Geography
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
*List Not Exhaustive
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Accell Group
6.4.2 Trek Bicycle Corporation
6.4.3 Dorel Industries Inc.
6.4.4 Pon Holdings BV
6.4.5 Giant Manufacturing Co. Ltd
6.4.7 Pedego Inc.
6.4.8 Benno Bikes LLC
6.4.9 Ribble Cycles
6.4.10 Riese and Muller GmbH
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Bicycle Market market is studied from 2016 - 2026.
What is the growth rate of Bicycle Market?
The Bicycle Market is growing at a CAGR of 4.2% over the next 5 years.
Which region has highest growth rate in Bicycle Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Bicycle Market?
Asia Pacific holds highest share in 2020.
Who are the key players in Bicycle Market?
Trek Bicycle Corporation, Dorel Industries Inc., Pon Holdings BV, Accell Group , Giant Manufacturing Co. Ltd. are the major companies operating in Bicycle Market.