The global bicycle market in 2022 was US$ 1,300 million and is estimated to be US$ 2,650.23 million in 2023. The bicycle market is expected to increase at a CAGR of 8.92% between 2023 and 2033, totaling around US$ 6,229.4 million by 2033.
The increase in global bicycle market rises as customers prefer bicycles as a form of leisure increase. Maintaining an active and healthy lifestyle, and a life free from numerous ailments, bicycles are considered to be a handy method of exercise that is in great demand among consumers.
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Expansion in the demand for bicycles is rising globally as a result of a boost in public awareness of the health benefits of cycling. Dockless bicycle-sharing programs are gaining popularity at a significant pace among the general public, which is anticipated to support the expansion of the world bicycle market.
Key Takeaways from the Bicycle Market Study
The global bicycle market expanded at a CAGR of 7.42% between 2018 and 2022.
Based on the product segment, the road bicycle market had a revenue share of 70%.
Under the end-user segment, men sector held a significant bicycle market share at 75%.
Based on the technology segment, the conventional sector dominates the market share of 80%.
North America is forecasted at a market share of 42.8%.
Europe’s market is anticipated to increase with a market share of 38.4% in the bicycle market.
“Developments in GPS technology and Mobile App development is one of the key drivers of the bicycle market”, comments a Future Market Insights analyst.
Market Competition
Key players can create and advertise new, better goods at high price points to obtain a continuous competitive edge in the bicycle market. Additionally, a few significant bicycle market players are increasing their bicycle market share by choosing techniques including mergers and acquisitions, partnerships, and collaborations.
Recent Developments Contributing to the Growth of the Bicycle Market
Yulu is an app-based platform that offers on-demand bicycle/e-bike rentals in a few Indian cities. Through a mobile app, the business offers GPS and Bluetooth-enabled bicycles and electric bikes for rent. By scanning the QR code on the bicycle to unlock it, the user can ride after viewing nearby available bicycles on the app.
Pony is an app-based platform for dockless bicycle rentals in a few locations across Europe. The software allows users to find nearby vehicles that are available and lock/unlock them by scanning a QR code. Users may leave the bicycle at any authorized spot when they reach their destination.