Bicycle Market Trends and Forecast
Lucintel finds that the future of the global bicycle market looks promising with opportunities in the road bicycle, mountain bicycle, kids bicycle, e-bicycle and other bicycle segments. The global bicycle market is expected to reach an estimated $62 billion by 2030 with a CAGR of 4% 2023 to 2030. The major drivers for this market are raising fuel prices, government programs to build bicycle paths and roads, increasing health concerns/fitness consciousness, growing environmental awareness, and increasing traffic congestion.
Bicycles are fabricated using different raw materials such as aluminum and steel for frames, carbon fiber for lightweight and high performance parts, rubber for tyres, and plastics for parts like pedals and grips. Additionally other substances include leather or synthetic textile for saddles, and foam to pads. These materials are chosen for their strength, durability, and weight properties. Bikes come in many shapes sizes forms based on material quality design, make and brand. Bicycles of the highest class with carbon-fiber frames together with advanced components can be much costlier than the basic models. Contrasted with its rivals prices may range from a couple of hundred dollars up to several thousands dollars depending on product features performance delivered by them as well as a brand name they bear.
• Lucintel forecasts that e-bicycle will remain the largest segment, and it is also expected to witness the highest growth over the forecast period due to the increasing demand for zero emission climates, government regulations, and safety standards for bicycling. Development of cycling infrastructure will have a larger impact on the electric bicycle market in emerging markets in the coming years.
• Europe is expected to remain the largest region and witness the highest growth over the forecast period due to government initiatives to promote sustainable transportation and a healthier lifestyle.
Country wise Outlook for the Bicycle Market
The bicycle market is witnessing substantial growth globally, driven by increased demand from various industries such as mountain bikes, E-bicycles and road bikes. Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below image highlights recent developments by major bicycle producers in key regions: the USA, Germany, China, and the Netherlands.
Emerging Trends in the Bicycle Market
Emerging trends in the bicycle market shaping its future applications and market dynamics:
• Electric Bikes (E-bikes): Electric bicycles have electric motors built in them, which are used to assist the user while pedaling. The popularity of e-bikes is surging as they contribute to reducing traffic congestion and pollution by becoming an alternative for daily commuting. The distance that these bikes can cover has been extended through new battery technologies and faster charging periods.
• Sustainable Materials: The growing consciousness about the environment and the rising demand for sustainable products have necessitated the use of natural materials like bamboo, metals that were recycled and biodegradable constituents. Thus, many eco-friendly bicycles in this line are marketed as green alternatives to nature lovers who ride bicycles.
• Smart Technology: Integration of advanced technologies like GPS, fitness tracking, and smartphone connectivity. Smart bikes offer features such as route mapping, performance monitoring, and theft protection, enhancing the riding experience. Connectivity to apps allows cyclists to track their fitness progress and share data.
• Gravel and Adventure Bikes: Versatile bikes, designed for mixed-terrain, which incorporate features of road and mountain bikes. These bikes are meant for individuals who are interested in adventure cycling and bike packing such that riders can go off-road on tracks or through remote places. They can be used to handle any kind of terrain whether it is smooth pavements or even rough gravel paths.
• Customization: Demand for custom bike designs and parts that are exactly what the buyer wants. When people can personalize their own bikes, they can choose whatever parts they want. 3D printing and modular design, among other production improvements, have contributed to this development by allowing better customization of bicycles
A total of 130 figures / charts and 72 tables are provided in this 178-page report to help in your business decisions. Sample figures with some insights are shown below.
Recent Developments by the Bicycle Suppliers
Recent developments in bicycle by various companies highlight ongoing innovations and advancements across different sectors:
• Smart Technology:
Garmin and Wahoo are integrating advanced GPS navigation and connectivity features into bike computers for enhanced user experience.
• Growth of Bike-Sharing Programs::
Expansion of bike-sharing and rental programs in urban areas worldwide. Companies like Lime, Mobike, and Citi Bike are expanding their fleets and integrating e-bikes to offer more flexible and sustainable urban transportation options.
• Customization:
Companies like Canyon and Velocio-SRAM are offering customizable options, allowing cyclists to personalize bike specifications and aesthetics.
Strategic Growth Opportunities for Bicycle Market
The bicycle market is very dynamic due to its unique properties of being lightweight, strong and thermally stable. Some key strategic growth opportunities for this market include:
• Focus on Sustainable and Lightweight Materials:
Carbon fiber, titanium and other lightweight materials that enhance performance while reducing environmental impact continue to be developed. Companies can differentiate themselves by producing bicycles made from green materials that appeal to environmentalists.
• Urban Mobility Solutions:
Urbanization has resulted in increased bike use which is more sustainable than any other form of transport. In this regard, bicycles are ideal for metropolitan areas where space is limited, as they can take up less room when folded or used for ride-sharing purposes.
• Integration of Smart Technologies:
GPS navigation systems, anti-theft devices and health monitors should be integrated into cycles making them smarter than ever before. New technology that enables consumer electronics will be paramount in marketing strategies whereas many enterprises opt it out due to high costs associated with adoption.
• Expansion in Emerging Markets:
The bicycle industry can tap into emerging markets in order to sell cheaper bikes custom-made for various countries’ infrastructure preferences. They are also changing their perception about using plastics so as to avoid being blamed globally for not having taken any action against climate change yet.
• Collaboration with Mobility Services:
There are several ride-share services that could incorporate bicycles into their services offering alternative age groups a convenient means of transportation. To succeed financially though most carriers will need to target only urban areas which it wants to serve individually rather than globally as well as promoting cycling for commuting within cities.
• Enhanced Retail and Distribution Channels:
Manufacturers who wish to expand market shares have resorted into selling online using platforms like Amazon.com while at the same time establishing specialized stores. Retailers that provide bike servicing are likely to increase sales as a result of this aspect.
• Promotion of Cycling Culture and Events:
Being interested in cycling events, community initiatives, and advocacy campaigns among others helps companies to have a cycling culture and brand loyalty. They can also sponsor local charity rides or promote safety through partnering with influential cycle bloggers in order to create good impression toward the company while capturing some cycling enthusiasts.
Bicycle Market Driver and Challenges
The changing market dynamics are being driven by the demand for health and fitness awareness, environmental sustainability and technological advancements. However, challenges like fluctuating raw material costs and competition from alternative transportation modes.
The factors responsible for driving the bicycle market include:
1. Health and Fitness Awareness: Due to a growing population conscious of their health, which has increased the demand for bicycles by making people aware of the cardiovascular fitness, weight management, and stress reduction that is associated with cycling. This is backed up by worries over inactive routines as well as ebullient health-focused consumer behaviors.
2. Environmental Sustainability: Governments and more importantly consumers feel that bicycles are friendly to the environment due to lack of emissions compared to motor vehicles but also minimal environmental impact. Presently, there is an increasing focus on sustainable transportation modes such as reducing carbon footprints and alleviating urban pollution.
3. Urbanization and Congestion: In crowded cities where parking space is limited, bicycles are seen as a solution for traffic congestion. Urban dwellers have been encouraged through town plans together with policies endorsing cycling infrastructure (such as bike lanes or bike sharing programs) to use bikes in their daily activities.
4. Technological Advancements: Innovations such as advanced gearing systems, e-bikes (electric assist bikes), lightweight materials like aluminum alloys and carbon fiber broaden the appeal plus functionality of bicycles. These advances cater for diverse preferences from shoppers who desire efficiency in commuting to those looking for high-performance riding facilities.
Challenges in the bicycle market are:
1. Fluctuating Raw Material Costs: The cost of materials used in making bicycles like steel and aluminum or other composite materials can fluctuate with global supply chains, market demand or geopolitical issues. Manufacturing costs are directly affected by these shifts resulting into increase or decrease prices of bicycles at store level.
2. Competition from Alternative Transportation Modes: It requires special handling since this material tends to be brittle. Carbonized fibers thus require specialized equipment and knowledge to work with them which is a barrier for other industries that do not have these materials in place.
These drivers and challenges are very important in shaping the dynamics of the global bicycle industry that also influence market strategies, product innovations and consumer behaviors.
Bicycle Suppliers and Their Market Shares
In this globally competitive market, several key players such as Giant Manufacturing Co. Ltd, Merida Industry, PON, and Tube Investment Indian Ltd. dominate the market and contribute to industry’s growth and innovation. These players capture maximum market share. To know the current market share of each of major players Contact Us. If you wish to deep dive in competitive positioning of these players then you can look into our other syndicated market report on “Bicycle Leadership Report".
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies bicycle companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the bicycle companies profiled in this report include.
• Giant Manufacturing
• Merida Industry
• PON
• Tube Investment of India Ltd.
• Ideal Bike Corporation
• Hero Cycles Ltd
• Specialized Bicycle Components
• Trek Bicycle Corporation
• Zhonglu Group Co
These companies have established themselves as leaders in the bicycle market, with extensive product portfolios, global presence, and strong research and development capabilities. They continually strive to enhance their market positions through strategic partnerships, mergers and acquisitions, and product innovations.
The market share dynamics within the bicycle market are evolving, with the entry of new players and the emergence of innovative carbon fiber technologies. Additionally, collaborations between material suppliers, manufacturers, and end-users are fostering technological advancements and expanding market opportunities.
Bicycle Market by Segment
The major sections of the bicycle market that are growing are electric bikes (e-bikes), on account of rising urban commuting and recreational use. Moreover, the segment for gravel and adventure bicycles is expanding due to increased demand for off-road and mixed-terrain rides. Additionally, bicycles made with bamboo or recycled metals are also becoming popular with consumers who care about environmental issues. The final section is customizable bikes which have become a niche industry catering to individuals looking for personalized designs that correspond to their exact specifications.
The bicycle market report is a comprehensive analysis of present trends in the marketplace, drivers of growth, challenges and future prospects across all major segments such as above. It contains one segment type. There are also regional dynamics that are insightful on the major markets for bicycles and their growth potentials. The study includes trends and forecast for the global bicycle market by type and region as follows:
Bicycle Market by Type [Value ($ Million) and Volume (Million Units) from 2018 to 2030]:
• Road Bicycle
• Mountain Bicycle
• Kids Bicycle
• E-Bicycle
• Other Bicycles
Bicycle Market by Region [Value ($ Million) and Volume (Million Units) from 2018 to 2030]:
• North America
o United States
o Canada
o Mexico
• Europe
o Germany
o United Kingdom
• APAC
o China
o India
o Japan
• ROW
o Brazil
Features of the Global Bicycle Market
FAQ
Q1. What is the bicycle market size?
Answer: The global bicycle market is expected to reach an estimated $62 billion by 2030.
Q2. What is the growth forecast for bicycle market?
Answer: The bicycle market is expected to grow at a CAGR of 4% from 2023 to 2030.
Q3. What are the major drivers influencing the growth of the bicycle market?
Answer: The major drivers for this market are health and fitness awareness, environmental sustainability and technological advancements.
Q4. What are the major applications or end use industries for bicycle?
Answer: E-bicycle is the major segment by product for bicycle.
Q5. What are the emerging trends in bicycle market?
Answer: Emerging trends, which have a direct impact on the dynamics of the industry, include electric bikes (e-bikes), sustainable materials, gravel and adventure bikes, and customization.
Q6. Who are the key bicycle companies?
Answer: Some of the key bicycle companies are as follows:
• Giant Manufacturing
• Merida Industry
• PON
• Tube Investment of India Ltd.
• Ideal Bike Corporation
• Hero Cycles Ltd
• Specialized Bicycle Components
• Trek Bicycle Corporation
• Zhonglu Group Co
Q7.Which bicycle product segment will be the largest in future?
Answer: Lucintel forecasts that e-bicycle will remain the largest segment, and it is also expected to witness the highest growth over the forecast period due to the increasing demand for zero emission climates, government regulations, and safety standards for bicycling. Development of cycling infrastructure will have a larger impact on the electric bicycle market in emerging markets in the coming years.
Q8: In bicycle market, which region is expected to be the largest in next 7 years?
Answer: Europe is expected to remain the largest region and witness the highest growth over the forecast period due to government initiatives to promote sustainable transportation and a healthier lifestyle.
Q9. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost