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Bicycle Market Size 2022 Growth Statistics, Industry Demand, Revenue and Forecast 2030 | (CAGR) of 4.9%

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Report Ocean published the latest research report on the Bicycle market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Bicycle market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, key regions, and growth rate.

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The global bicycle market size was US$ 21,639.7 million in 2021. The global bicycle market size is forecast to reach US$ 31,487.5 million by 2030, growing at a compound annual growth rate (CAGR) of 4.9% during the forecast period from 2022 to 2030.

Bicycles are an environmentally beneficial way of transportation. It also comes in a variety of styles, including cargo bikes, electric bikes, and mountain bikes. A bicycle is easy to ride and is one of the safest ways of transportation. Furthermore, significant bicycle clubs such as Go Out and Tour Somewhere, Easy Rider Bike Club, and Road Soldiers Cycling Club all have the same goal in mind: to boost customer interest in cycling. As a result, they arrange a variety of sports events, recreational activities, bike rallies, and competitions to encourage people to ride bicycles.

Factors Influencing Market Growth

  • Among the factor driving the global market include the growing disposable income and rising consumer spending in the bicycle industry.
  • Cycling in adverse weather conditions is unsafe, and the lower durability of batteries in electric bikes may slow down the overall market growth.
  • The primary factor fueling the global market includes that these bicycles do not need a driving license, allowing consumers of various age groups to drive these bikes.

Impact Analysis of COVID-19

The COVID-19 pandemic had a minimal impact on the global bicycle market. The growth in health consciousness among people and preference for bicycles as cheaper means of exercising and traveling short distances has increased the demand. In addition, the execution of stringent standards such as social distancing during the COVID-19 pandemic has forced individuals to avoid gathering in gyms and travel via public transport, which, in turn, increased the demand for bicycles.

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Regional Insights

The Asia Pacific region held dominant in the market in 2021 and is forecast to maintain its position during the forecast period. Countries like China, Japan, and Singapore highlight moving out the infrastructure essential to promote and support bicycle commutation. Major cities in the region are known for their lower casualty rates, considered ideal cities for urban bicycling. In addition, Chinese bicycle-sharing firms are aggressively targeting countries such as India and Australia in order to grow their operations. Thus, these factors are forecast to fuel the market growth in the region.

Leading Competitors

The leading prominent companies profiled in the global bicycle market are:

  • Accell Group
  • Cervélo
  • Dorel Industries Inc.
  • Giant Bicycles
  • Merida Industries Co., Ltd.
  • Olympus Bikes
  • Scott Sports SA
  • Specialized Bicycle Components, Inc.
  • Trek Bicycle Corporation
  • Kona Bicycle Company
  • Other Prominent Players

Scope of the Report

The global bicycle market segmentation focuses on Type, Sales Channel, End-Users, and Region.

Segmentation based on Type

  • Cargo Electric Bike
  • Non-Cargo Electric Bike
  • Cargo Nonelectric Bike
  • Non-Cargo Nonelectric Bike

Segmentation based on Sales Channel

  • Online Platforms
  • Physical Stores

Segmentation based on End-Users

  • Men
  • Women
  • Kids

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Segmentation based on Region

  • North America
  • The U.S.
  • Canada
  • Mexico
  • Europe
  • Western Europe
  • The UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Western Europe
  • Eastern Europe
  • Poland
  • Russia
  • Rest of Eastern Europe
  • Asia Pacific
  • China
  • India
  • Japan
  • Australia & New Zealand
  • ASEAN
  • Rest of Asia Pacific
  • Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
  • South America
  • Brazil
  • Argentina
  • Rest of South America

What factors are taken into consideration when assessing the key market players?

  • The report analyzes companies across the globe in detail.
  • The report provides an overview of major vendors in the market, including key players.
  • Reports include information about each manufacturer, such as profiles, revenue, product pricing, and other pertinent information about the manufactured products.
  • This report includes a comparison of market competitors and a discussion of the standpoints of the major players.
  • Market reports provide information regarding recent developments, mergers, and acquisitions involving key players.

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