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Hybrid Designs & Developed Infrastructure Will Augment Global Sales of Bicycles, Reaching US$ 138 Bn by 2032: Fact.MR

Hybrid Designs & Developed Infrastructure Will Augment Global Sales of Bicycles, Reaching US$ 138 Bn by 2032: Fact.MR

NEW YORK, Feb. 21, 2022 /PRNewswire/ — A recent Fact.MR reports anticipates the global bicycle market to grow at a CAGR of 27% during the forecast period 2022-2032. The estimated market valuation is expected to be USD 60 Bn in the assessment period 2022.

According to the World Health Organization (WHO), safe infrastructure for cycling is a pathway for achieving greater health equity. For the poorest urban division, who often cannot afford private vehicles, cycling can provide a form of transport while lowering the risk of heart disease, stroke, certain cancers, diabetes, and even death. Accordingly, improved active transport is not only healthy; it is also equitable and cost-effective.

Moreover, as per the latest scientific research, biking outside can improve cognitive functioning and well-being for older adults, this, in turn, has boosted the adoption of cycling as a regular fitness regime.

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Currently, there are an estimated 1 billion bicycles in the world, which is equal to as many passenger cars. Owing to their long-lasting life span and ease-to-drive, the trend is likely to stay for several generations. Development in infrastructure across numerous countries along with customization of bicycles is positively influencing the demand for bicycles. Besides, cycling tournaments in Europe like Tour-da-France are creating lucrative business opportunities for bicycle manufacturers.

Likewise, the occurrence of the United Nations Global Sustainable Transport Conference in Beijing has promoted the embrace of cycling and made better biking a reality.  The COVID-19 pandemic has altered global transportation requirements, prompting cities to about-turn their transport systems, with bicycles playing a vital role in offering an economical and non-polluting alternative.

Investments in city infrastructure, including protected lanes and other measures to promote safety and counter the long-standing hegemony of the automobile, are the prominent driving factors for the growth of the bicycle market.

Report Attributes

Details

Base Year Value (2021A)

USD 60 Billion

Estimated Year Value (2022E)

USD 64 Billion

Projected Year Value (2032F)

USD 138 Billion

Global Growth Rate (2022-2032)

CAGR 8%

Key Takeaways:

  • By product, road bicycles are expected to gain more than 45% market share for bicycle market.
  • By distribution channel, offline channels are expected to hold more than 50% market share for the bicycle market.
  • Bicycle industry is expected to register a CAGR of 12% in Europe.
  • Bicycle industry is expected to possess nearly 33% market share throughout the Asia Pacific.
  • Global bicycle market sales are expected to be valued at US$ 64 Bn by 2022-end

Growth Drivers

  • Numerous health benefits associated with cycling have influenced people to take cycling as a hobby and as an investment for staying healthy. Due to changing work nature, a sedentary lifestyle has increased obesity, heart-related problems, and diabetes in people across various age groups.
  • Moreover, changing preferences for exercising has motivated people to cycle. This, in turn, has increased the demand for bicycles.

Key Restraints:

  • Increasing traffic in the metro cities and rising pollution are increasing danger for the outdoor cyclists. Besides, the burgeoning number of road accidents creates a fear among the riders, thereby preferring other forms of exercise to maintain fitness and gain health benefits.

Competitive Landscape

The various leading players in the Bicycle market focus on offering various marketing strategies adopted by key players such as mergers and acquisitions, expansions, collaborations, and partnerships.

  • In 2020, Accell Group launched “New Purpose: Cycling moves the world forward.” Also, the company’s plant in Herenveen that produces bicycles for the European market will transition to solar energy. This is expected to reduce 1,100 tonnes of CO2.
  • In June 2019, Trek Bicycle Corporation introduced the all-new Madone SLR 6 Disc Speed. The bicycle is integrated with removable aero bars and specially designed for riding in hilly areas with winding roads.

Key Companies Profiled by Fact.MR

  • Accell Group
  • Atlas Cycles
  • Avon Cycles Ltd.
  • Cervelo
  • Dorel Industries Inc.
  • Giant Bicycles
  • Merida Industry Co.
  • Specialized Bicycle Components
  • SCOTT Sports SA
  • Trek Bicycle Corporation

More valuable Insights on Bicycle Market:

Fact.MR, in its report, offers a market analysis of the global Bicycle market analysing the forecast period through 2022 and beyond. This survey reveals the growth of Sports in the Bicycle Market with detailed segmentation as follows: –

  • By Product
    • Mountain Bikes
    • Road Bikes
    • Cargo Bikes
    • Hybrid Bikes
    • Other Bicycles
  • By Technology
    • Electric Bicycles
    • Conventional Bicycles
  • By End User
    • Bicycles for Men
    • Bicycles for Women
    • Bicycles for Kids
  • By Distribution Channel
    • Online Bicycle Sales
    • Offline Bicycle Sales

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Key Questions Covered in the Bicycle Market Report

  • What is the global bicycle market growth scenario?
  • How far is the global demand expected to reach over the forecasted period?
  • What was the last 5-year CAGR for the demand in the demand in the bicycle market?
  • Who are the prominent players in the global bicycle market?
  • Which is the most leading region in the bicycle market?

Explore Fact.MR’s Coverage on the Sports Domain –

Men’s Bicycle Market Trend: Men’s bicycles offer a sustainable mode of transportation with health, environmental and price benefits. However, the bicycle is not the most suitable option for long-distance travelling as it mainly runs on the force that is manually generated by the rider. 

Women’s Bicycle Industry Analysis: From travel to wellness, bicycles are rolling out in heavy numbers, capturing the interests of countryside residents as well as high-spending, urban consumers, particularly women. Health benefits associated with bicycling will keep instrumenting the global sales growth of women’s bicycles.

Kids Bicycle Market Forecast: A number of kids bicycle brands have emerged, with improved appearances and performance, such as Islabikes, Frog, and Pinnacle, attracting the interest of kids and boosting sales of bicycles. Children tend to own a bicycle more likely than any other age group. The aforementioned factors might influence the growth of the market in the near future.

Bicycle Parking Racks Market Scope: Positive public perception on taking up bicycling as an activity, combined with growing carbon consciousness about reducing the use of automobiles are broader developments influencing the bicycle parking rack market.

About Fact.MR

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SOURCE Fact.MR

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