Industry: Automotive
Published Date: January-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 436
Report ID: PMRREP3326
In 2024, the global Bicycle Market will be worth US$ 65,540.7 Million and is projected to expand steadily at a CAGR of 6.0% to reach a market valuation of close to US$ 117,373.5 Million by 2033.
| Attributes | Key Insights |
|---|---|
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Market Size (2023A) |
US$ 62,565.0 Million |
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Estimated Market Size (2024E) |
US$ 65,540.7 Million |
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Projected Market Value (2033F) |
US$ 117,373.5 Million |
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Value CAGR (2024 to2033) |
6.0% |
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Collective Share: Top 3 Countries (2023E) |
57.5% |
In today’s world, people are considering commuting by bicycle for short distances to save time due to growing traffic congestion and short parking spaces, especially in urban cities. Meanwhile, several governments are aggressively building the required infrastructure to facilitate bicycle commuting, so pushing people to choose bicycles. This in turn is driving the global market's growth. Also, recent developments in mobile app development and GPS have led in application based dockless bicycle sharing systems. Due to increased popularity of dockless bicycle sharing systems is expected to significantly increase demand for cycles.
East Asia is anticipated to hold a majority of the share in the market owing to increase in demand for bicycle by end user for various factor such as Growing number of E-bikes and Application of Bicycles in Recreational and Trekking Activities. According to PMR, East Asia will hold 42.9% of the market in 2032.
From 2019 to 2023, the global Bicycle market share expanded at a CAGR of around 4.3%. The government's emphasis on investing in cycling infrastructure development is likely to spur public adoption of bicycles. Almost all industrialized economies are spending heavily on new bike tracks and other cycling infrastructure projects. For instance, local authorities of Ireland in 2021 announced a US$ 240.7 million investment in development facilities for cyclists and walkers; the investment was roughly three times that of funds allocated for urban transportation.
Pollution from emissions from gasoline-powered automobiles has reached unprecedented levels. Meanwhile, green solution suppliers and manufacturers have seen this as an opportunity. Bicycle manufacturers can take advantage of these conditions to expand and grow their business. The use of bicycles as a means of eco-friendly transportation has already gained popularity and is a current trend. According to Persistence Market Research, the market will grow at a 6.0% CAGR through 2033.
“Growing Popularity of Cycling Related Sports to Accelerate Market Growth”
Cycling related activities such as BMX racing, as well as adventure sports such as mountain biking, are having a big impact on global bike sales. The growing number of cycling sports clubs and their appealing marketing techniques are driving various age groups to pursue cycling as a recreational activity, which is likely to drive market expansion in the forecast period.
In addition to this, technical advancements such as linked bikes, the usage of modern materials for lightweight and efficiency, and the development of electrically driven bikes are other in-demand trends that are expected to accelerate market expansion throughout the forecast period.
Across several regions, Governments are enforcing tough emission standards in order to minimize carbon emissions and combat climate change. They are also implementing various scrapping rules for conventional or fossil fuel powered vehicles. As a result, rising uncertainty about the adoption and future use of conventional or fossil fuel powered vehicles, as well as a movement in consumer preference for electric vehicles, are projected to drive market growth in the coming years.
“Powerful Emergence of E-Bike Sales”
Global carbon emissions from gasoline usage have been a key source of concern for environmentalists and governments in recent decades. As a result, global demand for electric bikes is expanding, propelling the industry ahead. In addition to this, the global rise in fuel prices, increasing pollution, and traffic congestion, particularly in urban areas, have increased the popularity of electric bikes in all countries. The rising maintenance and operating expenses of internal combustion vehicles are driving an increase in the popularity of electric bikes.
For Instance, Denmark is the world's most bicycle-friendly country. Nine out of ten persons own a bike, the majority of which are e-bikes, while just four out of ten own a car.
In terms of electric bike awareness and adoption, the U.S. lags behind the European region. Nowadays, practically every traditional bicycle brand, as well as numerous new businesses of cycles, provides an electric bike. Their sales have continuously increased, whereas traditional bicycle sales have considerably decreased. Electric bicycles are presently the most profitable segment of the bicycle industry in Europe and Asia Pacific.
Which is the most prominent market for Bicycle manufacturers?
“China Market to Drive High Sales of Bicycle”
China is one of the most lucrative markets for bicycle makers and suppliers. The Bicycle market in the China is expected to account for approximately 37.2% of global value share in 2024.
Due to a growing preference for bicycles for commuting on university campuses, hospitals, and for recreational purposes, China is expected to emerge as a profitable market. China's stringent laws to reduce greenhouse gas emissions are encouraging people to ride bicycles. In addition to this, China is a major producer of bicycle components, with a variety of market participants present.
Which Country is dominating the South Asia & Pacific Market?
“India is Anticipated to Hold Largest Market Share in the South Asia & Pacific Market”
From 2024 to 2033, India is expected to grow at a CAGR of 9.8%. The market for bicycles in India is expected to rise in the next years due to the rising need for convenient transportation. Due to excessive traffic congestion, consumers are increasingly switching to using bicycles for short-distance commuting. Also, in India key manufacturers are plan to build manufacturing facilities to capitalize on the country's growing demand for innovative bicycles, which will drive market expansion.
Which Bicycle Type Has the Most Potential for Growth in the Bicycle Market?
“Electric Bike Hold the Potential for Growth in the Market”
Electric bicycles offer the strongest growth potential, with an absolute incremental opportunity of more than US$ 22,686.30 Million from 2024 to 2033. Because of its multiple advantages, electric bicycles have emerged as the most practical option for local commuting. Electric bicycles are adopting more swiftly in locations where the number of bicycle riders is already relatively high, such as Denmark, the Netherlands, Denmark, China, and Germany. Electric bicycles, often known as pedelecs, enable a faster commute than regular bicycles and require less human effort to ride.
Which Price Point Is Preferred in the Bicycle Market?
“Mid-Price Range Bicycles is Preferred in Market”
Mid-range bicycles will account for more than 43.2% of the global market value share in 2024. Rising consumer awareness of innovative features, bicycle safety, and increased ride quality are the reasons behind this. Another factor that may significantly contribute to the growth of mid-range bicycles is rising income levels, as well as a reduction of the price gap between low- and mid-range versions.
Prominent corporations are striving for large market shares in the intensely competitive global bicycle business. Several bicycle suppliers are focusing on marketing and sales activities to maintain existing customers and attract new ones in order to increase revenue.
Over the last few years, the bicycle market has seen a variety of expansion strategies adopted by key competitors, including mergers, acquisitions, and collaborations. Bicycle companies are investing in research and development and new products for the future of bicycles in order to increase their revenue share.
| Attribute | Details |
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Forecast Period |
2024 to 2033 |
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Historical Data Available for |
2019 to 2023 |
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Market Analysis |
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Key Regions Covered |
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Key Countries Covered |
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Key Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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Customization & Pricing |
Available upon Request |
By Product Type,
By Technology
By Price
By End Users
By Region
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The Bicycle Market is expected to total US$ 65,540.7 Million in 2023.
The demand for Bicycles will increase by 6.0% during the forecasted period from 2023 to 2033.
Giant Bicycles Inc., Dorel Industries Inc., Accell Group, Tube Investment of India Ltd., and Merida Industry Co. Ltd. and others are the leading market players which hold around 15 to 20% of the market share.
The demand in China is expected to increase by 4.9% CAGR from 2023 to 2033 on a value basis.
U.S., China, and India are the leading countries in the Bicycle Market.
