During the forecast period of 2022 to 2032, the bicycle market is projected to grow steadily at a CAGR of 5.8%. The bicycle market is anticipated to increase from US$ 59,882.2 Million in 2021 to US$ 109,511.7 Million by 2032, according to FMI.
One key driver is the growing awareness and concern for environmental sustainability. Bicycles are a clean and green mode of transportation that produces zero emissions. As more individuals and governments prioritize sustainability and seek alternatives to traditional vehicles, bicycles are becoming an attractive option for commuting, short trips, and recreational purposes.
Urbanization is also playing a role in driving bicycle demand. As cities become more congested, there is a growing need for efficient and sustainable transportation solutions. Bicycles offer a convenient and flexible mode of transportation, especially for short-distance trips within urban areas. Governments and city planners are increasingly investing in infrastructure to support cycling, such as dedicated bike lanes and bike-sharing programs, further encouraging bicycle use.
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The creation of dockless bicycle sharing programmes that use mobile apps is the result of recent advancements in GPS technology and mobile app development. Additionally, it is anticipated that the broad adoption of such dockless bicycle-sharing systems will significantly raise demand for bicycles.
Chinese bike-sharing companies are aggressively expanding their operations in Europe to take advantage of the market opportunities for bicycles. This should hasten the growth of the bicycle market throughout the predicted period.
An upsurge in cycling events that are being staged in several countries around Asia, Africa, and the Middle East is boosting sales of road and mountain bikes. Due to the growing traffic congestion and shortage of parking, particularly in metropolitan areas, people are considering utilising bicycles to travel short distances in order to save time.
Key Takeaways from Market Study
The bicycle market is expected to have a CAGR of 4.76% during the forecast period.
The bicycle market is having a market valuation of US$ 1159.6 billion in 2022
The market is segmented based on product, wherein the road bicycle accounted for an adequate global bicycle market share of 40% in 2021.
The market is segmented based on end user, wherein the men segment accounted for a global bicycle market share of 40% in 2021.
The market is segmented based on technology, wherein the conventional segment accounted for a significant global bicycle market revenue share of 80% in 2021.
The Asia-Pacific bicycle market is anticipated to grow at the fastest rate, with a revenue share of 30% during the forecast period.
The Europe bicycle market is expected to grow significantly with a CAGR of 10.4% during the forecast period.
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Competitive Landscape:
Key players in the bicycle market can develop and promote newer, better products at higher price points in order to maintain a competitive edge in the bicycle market. As there are so many important players in the bicycle market, the expansion of the market is highly fragmented and diverse in its structure.
Some of the major participants in the bicycle market are:
Accell Group, Atlas Cycles (Haryana) Ltd., Avon Cycles Ltd., Cervelo, Dorel Industries Inc., Giant Bicycles, Merida Industry Co., Ltd., Specialized Bicycle Components, Inc., SCOTT Sports SA, and Trek Bicycle Corporation.
In order to grow its business in this sector, Beerens Groep NV, a Belgian automotive supplier company, in July 2020, purchased the distributor of a felt brand from its French parent company Skis Rossignol S.A., Van Der Wal.
Pony is a 2017 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.
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