According to the latest report by IMARC Group, titled “Bicycle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global bicycle market size reached around US$ 58 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 80 Billion by 2027, exhibiting a CAGR of 5.6% during 2022-2027.
A bicycle is a pedal-driven vehicle with brakes, two wheels, carrier, seat, drive chain, and handlebar. It is helpful to decrease stress and body fat levels, improve posture and coordination, strengthen bones, prevent several diseases, and reduce anxiety and depression. As a result, bicycles are widely used by individuals for health benefits and traveling to nearby places.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The market is primarily driven by the increasing prevalence of chronic diseases, due to which individuals are opting for bicycles to ensure healthy living. In addition, less availability of parking space and growing traffic congestion in metropolitan cities have escalated the product demand. Besides this, governments of numerous countries are promoting the adoption of bicycles to minimize carbon emissions released from vehicles which represents another growth-inducing factor. Furthermore, the introduction of electric bicycles in the market that offers higher capacities and longer life than their conventional counterparts is anticipated to fuel the market growth in the upcoming years.
Breakup by Type:
- Road Bicycle
- Mountain Bicycle
- Hybrid Bicycle
- Others
Breakup by Technology:
- Electric
- Conventional
Breakup by Price:
- Premium
- Mid-Range
- Low-Range
Breakup by Distribution Channel:
- Online Stores
- Offline Stores
Breakup by End User:
- Men
- Women
- Kids
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Accell Group N.V
- Avon Cycles Ltd
- Benno Bikes LLC
- Cervélo (Pon Holdings B.V.)
- Dorel Industries Inc
- Giant Manufacturing Co. Ltd
- Kona Bicycle Company
- Merida Industry Co. Ltd
- Olympus Bikes
- SCOTT Sports SA (Youngone Corporation)
- Specialized Bicycle Components Inc
- Trek Bicycle Corporation (Roth Distributing Co. Inc.)
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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