Bicycle Market Growth | Global Industry Sales, Supply, Demand, Consumption, Analysis and Forecasts to 2027
Global Bicycle Market is valued at USD 49.74 Billion in 2018 and expected to reach USD 70.10 Billion by 2025 with a CAGR of 6.13% over the forecast period.
Rising attention of customers on health-focused lifestyle, rising trend of an exercising routine, increasing preferences for cycling as a mode of recreation and growing trend of GPS based dockless bicycles are the major factors for driving the growth of Global Bicycle Market.
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Scope of Global Bicycle Market Report-
A bicycle is also known as a two-wheel steering machine or a bike. On a standard bicycle, the wheels are installed in a straight line in a metal frame and the front wheels are fixed in a rotating front fork. The rider sits on the saddle and steers by tilting and turning the handlebars attached to the fork. The foot turns the pedal attached to the crank and the pinion. Power is transmitted via the chain link that connects the sprocket to the rear sprocket. Bikes are by far the most efficient way to convert human energy into mobility.
The first known iteration of the wheeled rickshaw was created before the bicycle became a convenient form of transportation. According to the International Bicycle Foundation (IBF), in 1418, the Italian engineer Giovanni Fontana (or Della Fontana) built a human-powered device composed of four wheels and a loop of rope connected by gears.
Bicycles are used for transportation, entertainment and sports globally. Around the world, bicycles are essential for transporting people and goods in areas where there are few cars. The number of bikes is double that of cars and car sales are three to one at a global level. The Netherlands, Denmark and Japan are actively promoting bikes used for shopping and commuting. In the United States, cycle lanes have been built in many parts of the United States and the United States government encourages bicycles to replace cars.
Global Bicycle Market is segmented on the basis of product type, technology, distribution channel and end-user. On the basis of product type, the market is segmented into mountain, all-terrain, road and hybrid. On the basis of technology, market is segmented into manual, electric, conventional, automatic and others. On the basis of distribution channel, the market is segmented into retailers, online stores, offline stores, convenience sport shops and others. On the basis of end-user, the market is segmented into adults and kids.
The regions covered in this Bicycle market report are North America, Europe, Asia Pacific and rest of the World. On the basis of country, market of Bicycle is subdivided into U.S., Mexico, Canada, U.K., Germany, France, Italy, China, Japan, South East Asia, Africa, etc.
Bicycle Manufacturers:
Bicycle Market report covers major key players in the market like,
Giant Bicycles
Accell Group
Trek Bicycles
Dorel Industries Inc.
Pon Holdings
Hero Cycles
Atala Spa
GT Bike
Firefox cycles
Scott Sports SA
Starkenn Sports
Others.
Global Bicycle Market Dynamics-
Rising attention of customers on health-focused lifestyle to inhibit the problems related to obesity, cholesterol level, blood pressure etc., rising trend of an exercising and fitness routine, increasing preferences for cycling as a mode of recreation and growing trend of GPS based dockless bicycles are the major factors for driving the growth of Global Bicycle Market. As per transport and environment statistics, cars and motor vehicles cause around 57% more pollution in air than bicycles, and motorists breathe 60% more monoxide and carbon than cyclists. Based on the statistics from People For Bikes, cycling to work is equal to spending around 40 minutes daily in a gym, exercising heavily. Also, as per American Journal of Epidemiology, in a study of 75000 women, those who cycled everyday were 35% less vulnerable to die from obesity in the years to come. There has been a 68% increase in the number of bikes purchased in last 20 years.
Moreover, governments in countries, especially in developing economies, are investing hugely in fitness programs and rallies that support environmental programs against traffic pollution, that encourages people to ride a bicycle. There is also a lack of proper parking facility almost everywhere in metro cities that further prompts a person to cover short commutations via bicycle. These are other major factors that are contributing for the growth of Bicycle market.
However, there are advancements in manufacturing bicycles so as to make them light-weight and portable, due to which their cost goes up. Additionally, there is a lack of proper infrastructure for bicycle riding across city routes. All these factors are expected to act as restraints for the growth of Bicycle market.
There is a growing trend of positioning-based bicycles that deploy GPS and various other advanced features to making them more attractive and appealing. Such bicycles are known as dockless bicycles. In this system, a user can detect a bicycle nearby and unlock it using an electronic tool. Development of android phones have further escalated the deployment of application-based cycles, which are expected to offer lucrative opportunities for the growth of Bicycle market. As per National Electric Bike Owner Survey 2017, electronic bikes replaced around 1778 motor vehicle miles, equalling to 9.3 miles per trip, within the last three trips recorded by the people.
North America is expected to remain a dominant region in the Global Bicycle Market.
North America is the dominant region in the market with the largest share of the global Bicycle market, owing to the countries in the region being early adopters of technology due to which bicycles are installed with advanced features like tracking, positioning, app managing etc. Moreover, there is a growing adoption of fitness tools and equipment in the countries like US because of the growing instances of obesity in people as a consequence of unhealthy junk eating habits. Based on statistics, Americans spend nearly 81.2 billion USD to purchase cycles in a year, leading to a generation of 770000 jobs and raising 10 billion dollars from taxes.
Whereas Asia Pacific region is expected to grow at a fastest rate and exhibit a spurring growth in the Bicycle market. The major reasons being low manufacturing costs and rising efforts by the governments of developing economies like China, India, Japan etc. to invest into laying proper infrastructure for bicycle commuting across the countries. Numerous organizations are being held continuously in these countries to promote cycling as a tool to protect environment from air pollution and encouraging fitness programs. Seeing to this, various bicycle companies are making advancements, incorporating technology and adding various innovative attributes to bicycles which is expected to boost the bicycle market in the region. China has the largest number of bikes in the world reaching to nearly 450000000. And a whopping 86% of the total bikes sold in US are imported from China.
Key Benefits of Global Bicycle Market Report-
Global market report covers in depth historical and forecast analysis.
Global market research report provides detailed information about Market Introduction, Market Summary, Global Market Revenue (USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country level.
Global market report helps to identify opportunities in market place.
Global market report covers extensive analysis of emerging trends and competitive landscape.
Global Bicycle Market Segmentation: -
By Product Type: Mountain, All-terrain, Road, Hybrid
By Technology: Manual, Electric, Conventional, Automatic
By Distribution Channel: Retailers, Online stores, Offline stores, Convenience sport shops
By End User: Adults, Kids
By Regional Analysis:
North America, Europe, Asia Pacific, Latin America, Middle East and Africa
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