The global bicycle market is growing at a considerable CAGR of 6.5% during the forecast period. Time-efficient for a short distance and economical is considered as the prime factors affecting and driving the market. The increasing preference of people for non-polluting vehicles along with a growing number of events associated with cycling is also estimated to be the key factors that are contributing significantly towards the growth of the market. However, unsuitable for traveling a long distance is the major factor constraint that is hindering the growth of the global bicycle market across the globe. 

Moreover, emerging advanced bicycles along with rising government support is also enhancing the demand for bicycles that are creating opportunities in the market. New product launches in the market are likely to drive the growth of the global bicycle market. For instance, in February 2021, Giant Bicycles had introduced the XtC Advanced SL 29 that is a World Champion edition frameset considered to be super light and is having advanced SL-grade composite. These Bicycles support gaining stiffness-to-weight ratio provided to any Hardtail mountain bike with ultra-efficient pedaling power along with precise handling on the trail provided in it.

Impact of COVID-19 Pandemic on the Global Bicycle Market 

The global bicycle market is hardly hit by the COVID-19 pandemic since December 2019. The COVID-19 pandemic in the major economies had brought a lot of disruption. However, due to the COVID-19 pandemic, people have increased focus on their health aspects along with shifting towards online channels for doorstep delivery in order to avoid crowded places for preventing themselves from infections which are also supporting the recovery of the market. 

Segmental Outlook 

The global bicycle market is segmented based on product type, technology, and distribution channel. Based on product type, the market is segmented into mountain bicycle, hybrid bicycle, and road bicycle, and other. By technology, the market is segmented into electric and conventional. Further, based on distribution channel the market is segmented into online channel and offline channel.

Global Bicycle Market Share by Product Type 2020 (%)

Based on the product type, mountain bicycle holds a significant share in the market segment. The mountain bicycle offers more comfort so that its riders can conveniently continue opting for this bicycle as a form of leisure and adventure. Additionally, a large number of people entering sports are likely to boost the segment and the mountain bicycle reduces the risk of diseases and stress on joints which in turn is expected to further fuel segment growth.

Regional Outlooks 

The global bicycle market is analyzed based on the geographical regions that are contributing significantly towards the growth of the market. Based on the geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America held a considerable share in 2020 in the global bicycle market. Some factors that are boosting the market growth in North America are rising spending in activities such as cycling for preventing diseases. As per the National Institutes of Health, the most number of deaths occurring in the US is due to obesity and overweight. Around 300,000 deaths every year are caused due to obesity in the country. Additionally, controlling air pollution along with the purpose of reducing weight are some of the other factors that are boosting the growth of the market. Moreover, Europe is also providing infrastructure to support and encourage bicycle commuting that is acting as pivotal for the growth of the market in a particular region.

Global Bicycle Market, by Region 2021-2027

Asia-Pacific will have Considerable Growth in the Global Bicycle Market 

Asia-Pacific region is expected to witness significant growth opportunities for the market. Increasing usage of sports bicycles for the purpose of cycling tournaments is likely to drive the growth of the regional market. Additionally, key market companies expanding their reach with their bringing of new and innovative bicycles along with accessories and various government initiatives are also promoting the market. Moreover, rising air pollution in this region, especially in South Korea, China, and India are also increasing activity associated with cycling are also supporting the market.

Market Player Outlook

Key players of the global bicycle market are Accell Group, Avon Cycles Ltd., Bridgestone Cycle Co. LTD., Dorel Industries Inc. and MERIDA BIKES. To survive in the market, these players adopt different marketing strategies such as product launches and mergers and acquisitions. For instance, in March 2021, Giant Bicycles had introduced Revolt that is considered to be a lightweight ALUXX aluminum frame that is made up of versatile gravel geometry. Additionally, the presence of a D-Fuse seat post along with technologies that are handlebar in order to hold shocks and vibrations on rough roads and dirt are also provided.

In November 2019, Pon Holdings B.V. along with Dutch national railway company NS are working together for the purpose of making transportation more sustainable through the carrier tricycles that can be availed quickly and at various locations.

In September 2019, one of the American cycling brands named Trek Bicycle Corp. had enlarged its reach in around 125 cities across India. Through this, the company will add on around 20-25 retail stores every year with an objective to be present in 125 cities by 2022 and will offer premium and super-premium bicycles across the country. 

The Report Covers

    • Market value data analysis of 2020 and forecast to 2027.

    • Annualized market revenues ($ million) for each market segment.

    • Country-wise analysis of major geographical regions.

  • Key companies operating in the global bicycle market based on the availability of data, information related to new product launches, and relevant news is also available in the report.

   • Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

    • Analysis of market entry and market expansion strategies.

    • Competitive strategies by identifying ‘who-stands-where in the market.