What are the significant segments operating in the global Bicycle market?

The global bicycle market size was valued at USD 59.33 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.2% from 2022 to 2030. The increase in the number of people opting for bicycling as a form of leisure is anticipated to propel the market growth. Preference for bicycles as a convenient form of exercise to ensure a healthy life, free from obesity and other disorders, is expected to further boost the market expansion. The popularity of dockless bicycle-sharing systems has been rising lately. This system allows users to locate a bicycle nearby and unlock it electronically. Incepted originally in Europe, dockless bicycle-sharing systems are gaining popularity, particularly in Asian nations such as India and China.

Furthermore, recent advancements in mobile app development and Global Positioning System (GPS) have resulted in app-based dockless bicycle-sharing systems. Moreover, the growing adoption of such dockless bicycle-sharing systems is anticipated to fuel the demand for cycles significantly. Chinese bicycle-sharing companies are particularly investing and expanding their operations aggressively in the European nations to capitalize on the market opportunities. This is expected to boost the market growth in the forthcoming years.

Gather more insights about the market drivers, restrains and growth of the Global Bicycle Market

People have started realizing the importance of staying fit and having a healthy life. They have also started realizing that regular bicycling can keep disorders, such as obesity, at bay. The market is likely to grow as more and more people are resorting to bicycling as a regular form of exercise. Events such as Tour de France and Ronde van Vlaanderenare further add to the popularity of these vehicles. Meanwhile, a rise in bicycling events being organized in various countries from Asia, Africa, and the Middle East is fueling the sales of mountain and road bicycles.

The growing traffic congestions and shortage of parking space, particularly in metropolitan cities, are prompting people to consider bicycle commutation for short distances to save time. At the same time, various governments are aggressively rolling out the infrastructure necessary to support bicycle commutation, thereby encouraging people to opt for bicycles. However, the looming lack of the infrastructure necessary to support and encourage bicycle commutation, particularly in developing economies, such as India, is anticipated to hinder the growth of the market. Similarly, lightweight bicycles made using composite materials make them expensive, which does not bode well for the market expansion.

The outbreak of COVID-19 is certainly expected to favor the market growth in the coming years as several governments around the globe are significantly promoting bicycles as one of the safest-medium of transportation, which helps people to maintain social distancing. Besides, governments across key countries such as the U.K and Italy are providing subsidies on the purchase of new bicycles during the pandemic. Therefore, the government support in the form of initiatives and subsidies, coupled with growing awareness regarding benefits offered by bicycles, bodes well for the market growth over the next few years.

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• Micro-mobility Market - The global micro-mobility market size was valued at USD 25.42 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 13.7% from 2021 to 2028.Factors such as increasing road congestion, rising oil & gas prices, ease of parking, and saturation within the automotive sector are expected to drive market growth during the forecast period.
• Positioning Systems Market - The global positioning systems (GPS) market size was estimated at USD 37.9 billion in 2017. It is anticipated to progress at a CAGR of 18.4% during the forecast period. Increasing penetration of smartphones along with rising GPS-enabled vehicles is projected to bolster the growth of the market during the forecast period.

Bicycle Market Segmentation

Grand View Research has segmented the global bicycle market on the basis of product, technology, end-user, distribution channel, and region:

• Bicycle Product Outlook (Revenue, USD Million, 2017 - 2030)

o   Mountain Bikes

o   Hybrid Bikes

o   Road Bikes

o   Cargo Bikes

o   Others

• Bicycle Technology Outlook (Revenue, USD Million, 2017 - 2030)

o   Electric

o   Conventional

• Bicycle End-user Outlook (Revenue, USD Million, 2017 - 2030)

o   Men

o   Women

o   Kids

• Bicycle Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

o   Online

o   Offline

• Bicycle Regional Outlook (Revenue, USD Million, 2017 - 2030)

o   North America

o   Europe

o   Asia Pacific

o   Latin America

o   Middle East & Africa

Market Share Insights

November 2021: PIERER Mobility AG acquired FELT Bicycles. With this acquisition, PIERER has planned to expand its operations in the North American market for bicycle. This acquisition was intended to serve a customer segment demanding customizing their bicycle according to their individual needs.

June 2019: Trek Bicycle Corporation introduced the all-new Madone SLR 6 Disc Speed. The bicycle is integrated with removable aero bars and specially designed for riding in hilly areas with winding roads.

Key Companies profiled:

Some prominent players in the global Bicycle market include

• Accell Group
• Atlas Cycles (Haryana) Ltd.
• Avon Cycles Ltd.
• Cervelo
• Dorel Industries Inc.
• Giant Bicycles
• Merida Industry Co., Ltd.
• Specialized Bicycle Components, Inc.
• SCOTT Sports SA
• Trek Bicycle Corporation

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