Bicycle Market Size to Grow USD 28,667.3 Million by 2027 at a CAGR of 4.8% | Valuates Reports
BANGALORE, India, April 22, 2021 /PRNewswire/ -- The Global Bicycle Market is segmented by Type (Cargo Electric Bike, Non-cargo Electric bike, Cargo Nonelectric Bike, and Non-cargo Nonelectric Bike), Sales Channel (Online Platforms and Physical Stores), and End User (Men, Women, and Kids). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports in the Bicycles & Accessories Category.
The global bicycle market size was valued at USD 20,280.0 Million in 2019. According to the bicycle market analysis the market is estimated to reach USD 28,667.3 Million by 2027. The bicycle market forecasted a growing CAGR of 4.8% from 2021 to 2027.
Major factors driving the growth of bicycle market are:
- The rise in disposable income and surge in consumer spending on the bicycle industry.
- Rise in health consciousness among consumers and preference for bicycles as economical means of exercising and travelling short distances.
- Increase in demand for electric bikes and cargo bikes as electric bikes are safe, easy to operate, are low in maintenance and no license required.
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BICYCLE MARKET TRENDS
The rise in disposable income and increased consumer spending on bicycles are driving the bicycle market size. Furthermore, demand for electric bikes and cargo bikes is growing rapidly in developing countries, owing to the fact that electric bikes are clean, simple to ride, and require little maintenance.
Since bicycles do not need a driver's license and consumers of all ages can ride them, there is an increase in adoption, thereby driving the bicycle market size.
Furthermore, the COVID-19 pandemic has also increased the adoption of the bicycle. This is due to an increase in consumer health awareness and a preference for cycling as a cost-effective way to exercise and ride short distances.
Global cycling events such as the Tour de France, Vuelta a Espana, UCI Road World Championships, and Paris-Roubaix are becoming more common. Athletes and ordinary people alike are encouraged to ride bicycles as a result of these sporting activities. This makes a significant contribution to the growth of the bicycle market size.
Bicycles help you get to your destination on time, saving money on gas, and carrying additional weight. These advantages of the bicycle are expected to further propel the bicycle market size.
Technological upgrades are expected to create lucrative growth opportunities for the manufacturers in the bicycle market. Manufacturers of bicycles are focused on technological advances such as Bluetooth integration, GPS, more robust batteries, improved gear-shifting features, balancing ventilation, and aerodynamics. Users' driving experiences are improved by these technological advances.
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BICYCLE MARKET SHARE
The electric bike segment dominated the market in terms of type. This is due to the demand for electric bikes in major countries such as Japan, China, the United States, and the Netherlands. On the other hand, the Cargo Electric bike segment is expected to be the fastest-growing segment.
The kids' segment is the largest revenue contributor in terms of end-users. Manufacturers are launching bicycles with new ideas to target kids based on their interests and trends.
Based on the region, Europe is expected to be the most dominant regional segment. Increasing environmental issues and aggressive marketing strategies promote cycling as an environmentally friendly mode of transportation, which is leaving more people to choose cycling as a mode of transportation. e-bicycles are currently in higher demand than traditional ones in the region.
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BICYCLE MARKET SEGMENTATION
By Type
- Cargo Electric bike
- Non-Cargo Electric bike
- Cargo Nonelectric bike
- Non-cargo Non Electric bike
By Sales Channel
- Online Platforms
- Physical Stores
By End User
- Men
- Women
- Kids
By Type
- Cargo electric Bike
- Non-cargo Electric Bike
- Cargo non electric Bike
- Non-cargo non electric Bike
By Sales Channel
- Online Platforms
- Physical Stores
By End User
- Men
- Women
- Kids
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Russia
- Italy
- Spain
- The Netherlands
- Sweden
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Malaysia
- Indonesia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
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Who are the key players in the bicycle market?
- Accell Group
- Cervélo
- Dorel Industries Inc.
- Giant Bicycle
- Merida Industry Co Ltd
- Olympus Bikes
- SCOTT Sports SA
- Specialized Bicycle Components Inc
- Trek Bicycle Corporation
- Kona Bicycle Company
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SIMILAR REPORTS
- In 2020, the global Electric Bicycles market size was USD 9527.1 Million and is forecast to be USD 11780 Million in 2027, growing at a CAGR of 3.6% during the 2021-2027.
- The Fixed-Gear Bicycle Market is segmented by Type Carbon, Aluminium, Steel, by Application Professional Athletes, Amateurs and by various regions.
- Kids Bicycle Market is segmented by Type Less Than 12 inches, 12-16 inches, 16-20 inches, 20-24 inches, by Application 2-5 Years Old, 5-7 Years Old, 7-9 Years Old, 9-12 Years Old and by various regions.
- Sports Bicycle Market is segmented by Type Mountain Bicycles, Cyclo-Cross Bicycles, Road Racing Bicycles, Track Racing Bicycles, by Application Kids, Adults and by various regions.
- In 2020, the global Mountain Bicycles market size was USD 6221 Million and is forecast to be USD 8336.7 Million US in 2027, growing at a CAGR of 5.0% during the 2021-2027.
- In 2020, the global Pedelec market size was USD 15820 Million and is forecast to be USD 38750 Million in 2027, growing at a CAGR of 16.1% during 2021-2027.
- The Bicycle Apparels Market is segmented by Type Topwear, Gloves, Bottomwear, Accessories, by Application Men, Women, Children and by various regions.
- Folding Bicycles Industry is segmented by Type 20 Inch, 24 Inch, 26 Inch, Other size, by Application Men, Women, Children and by various regions.
- Electric Cargo Bikes Industry is segmented by Type Two Wheeled, Three Wheeled, Four Wheeled, by Application Courier & Parcel Service Provider, Large Retail Supplier, Personal Transportation, Waste, Municipal Services and by various regions.
- Cargo Bike Market is segmented by Type Electric Cargo Bike, Regular Cargo Bike, by Application Family, Commercial and by various regions.
- Family Cargo Bikes Market is segmented by Type Electric Family Cargo Bike, Non-electric Family Cargo Bike, by Application Home Use, Business Use and by various regions.
- Freight Bicycle Market is segmented by Type Electric Freight Bicycle, Regular Freight Bicycle, by Application Family, Commercial and by various regions.
- Family Freight Bicycle Market is segmented by Application Groceries, Family Pets, Children and by various regions.
- Lithium Battery Electric Bicycle Drive Motor Market is segmented by Type Hub Motor, Mid Motor, by Application OEM, Aftermarket and by various regions.
- The Bicycle Ergometer Market is segmented by Type Medical Type, Sports Type, by Application Health Clubs / Gym, Home Consumers, Hotel Gym, Medical Centers / Hospitals and by various regions.
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