The bicycle market has witnessed significant growth over the past few years owing to the growing health consciousness among people globally. Bicycles provide an eco-friendly and cheaper mode of transportation for commuting short distances. Moreover, regular cycling helps in managing weight, reducing stress and improving cardiovascular health. Technological advancements have led to the development of different bicycle variants for varied terrains and usage such as road bikes, hybrid bikes, mountain bikes, electric bikes and folding bikes. Features such as multiple gears, ergonomic frames, lightweight materials and anti-theft accessories in bicycles enhance user experience.
The Global bicycle market is estimated to be valued at US$ 79.78 Bn in 2024 and is expected to exhibit a CAGR of 9.2% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the bicycle market are Giant Bicycle Inc., Samchuly Bicycle Co., Ltd., Atlas Cycles Ltd., Tandem Group plc, Derby Cycle, Merida Industry Co. Ltd., Avon Cycles Ltd., Dorel Industries Inc., Trek Bicycle Corporation, Xiaomi, Accell Group, Zhonglu Co. Ltd., and Tube Investment of India Limited.
The growth of cycling tourism and popularity of recreational cycling in Asia Pacific, Middle East, and Africa is expected to open new opportunities in the global bicycle market. Countries are investing in infrastructure such as dedicated cycling lanes to promote cycling.
Bicycle Market Demand manufacturers are expanding their presence across developing markets through strategic partnerships and acquisitions. They are also diversifying their product portfolio with the introduction of technologically advanced electric bicycles and folding bicycles to capitalize on the increasing demand.
Market drivers
The growing health awareness and preference for active lifestyles among consumers is a key driver for the bicycle market. Regular cycling helps in reducing the risk of chronic diseases, managing weight and lowering stress levels. Furthermore, with rising fuel costs and traffic congestion in cities, bicycles provide a cheaper, eco-friendly and space-efficient transportation alternative for short commutes. Governments across countries are encouraging cycling through initiatives such as ‘Cycling Safely to Work’ which is favoring the market growth.
PEST Analysis
Political: The growth of bicycle market is influenced by various government policies and regulations regarding urban mobility and environmental protection. Many governments support non-motorized transportation and have implemented bicycle-friendly infrastructure and lanes.
Economic: Rising disposable incomes and spending capabilities have led more people to opt for bicycles for recreation and fitness. However, fluctuating raw material costs can impact bicycle prices.
Social: Health and wellness trends have increased the popularity of cyclinng as a hobby and sport. People are using bicycles for commute and exercise amid rising obesity and pollution levels.
Technological: Advancements in materials and component design have enhanced bicycles. E-bikes integrate advanced electric propulsion systems for assisted pedaling. Technologies like smartphone connectivity allow monitoring rides.
The Asia Pacific region leads in terms of value contribution to the global bicycle market due to high demand from countries like China, Japan and India. China is the largest producer and consumer of bicycles in the world owing to availability of raw materials, cheap workforce and high domestic demand.
Europe is also a major bicycle market led by countries such as Germany, France and Italy. High cycling culture and supportive infrastructure have boosted the market. Government incentives to use bicycles for commute in cities contribute as well.
The fastest growing regional market for bicycles is North America due to increasing health awareness, recreational cycling activities and eco-friendly commute options. The US market is gaining traction through product innovations, integration of technologies and evolving consumer tastes. Municipal investments in cycling infrastructure further augment the demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice’s dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn