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Bicycle Market worth USD 154.43 billion by 2030, registering a CAGR of 7.81% - Report by Market Research Future (MRFR)

·5-min read

New York, Dec. 07, 2021 (GLOBE NEWSWIRE) -- Bicycle Market Overview: According to a comprehensive research report by Market Research Future (MRFR), Bicycle Market Information By Type (e-Bikes and Conventional Bikes), By Application (Racing, Transportation Tools and Recreation) – Global Forecast 2030” , the market is projected to be worth USD 154.43 billion by 2030, registering a CAGR of 7.81% during the forecast period (2022 to 2030), the market was valued at USD 59.17 billion in 2021.

List of Key companies profiled in the Bicycle Market research report are -

  • NYCeWheels Inc.

  • Specialized Bicycle Components

  • Easy Motion USA

  • Tube Investments of India Limited

  • Hero Cycles Limited

  • I.V.E. Bianchi SpA

  • Derby Cycle

  • Trek Bicycle Corporation

  • Avon Cycles

  • Tianjin Fuji-ta Group Co. Ltd

  • Moustache Bikes

  • Merida

  • Accell Group

  • Giant Bicycles

  • Cannondale

  • Among others.

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Market Research Future’s Review on Bicycle Market

The bicycle market is witnessing continually rising revenues. The broad uptake of these small, lightweight vehicles drives the market growth. Besides, rising electric vehicle infrastructure development activities as a part of smart city projects increase the market demand. With government initiatives for micro-mobility proliferation, the market is projected to garner significant traction over the next few years.

MRFR suggests that it’s a crucial time for investments in the bicycle industry. The market witnesses rising demand for new automated bicycle solutions. The e-mobility projects and EV charging infrastructure in public spaces are boosting worldwide. Amid the emerging bike culture worldwide, bicycles are now considered an alternative mode of transportation in the new normal.

People prefer bicycles and public transportation to prioritize private motor vehicles on roads in cities or municipalities. Stringent lockdowns imposed in 2020 led to increased bicycle sales due to the suspension of public transportation. Governments are increasingly taking up initiatives to restructure and redesign streets to accommodate the influx of bicycles.

Governments are also introducing programs that dictate transportation departments to develop bicycle lane networks, including sidewalk upgrades, crossing improvements, parking racks, off-street shelters, service centers, and specialized traffic signs and signals. Such bills seek to establish the proper infrastructure to make biking on roads safe for all. These bike programs also promote bike-friendly communities nationwide.

Post-quarantine scenario, biking is seen as the primary mode of transportation for many people due to the limited public transport to ensure social distancing. These bill mandates public works and highway departments to identify and create a network of bicycle lanes connected to essential destinations like workplaces, medical facilities or groceries, schools, banks, and others.

Browse In-depth Market Research Report (188 pages) on
Bicycle Industry

COVID 19 Impacts on the Market

The onset of Coronavirus impacted the bicycle industry positively. On one side, where lockdown mandates disrupted the supply chain. Manufacturers faced various problems, including obtaining raw materials & components required for the production, attracting workers from quarantines, and delivering end products to the markets.

On the other hand, people were increasingly seen turning up to bicycles to maintain fitness during the lockdown. Also, following the onset of the pandemic, many cities were seen adapting their infrastructure rapidly to provide more space for bicycles, e-bikes, and e-scooters.

People are increasingly realizing that switching to eco-friendly transport can support a healthy environment and achieve better air quality, curtailing harmful vehicle emissions. The bicycle market demand is anticipated to pick up further following the uplift of the lockdown in many countries.

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The report segments market dynamics into types, applications, and regions. The type segment is sub-segmented into conventional bikes, e-bikes, and others. The application segment is sub-segmented into racing, recreation, transportation tools, and others. The region segment is bifurcated into the Americas, Asia-Pacific, MEA, Europe, and rest-of-the-world.

Regional Analysis

The Asia Pacific region dominates the global bicycle market. Factors such as the ample availability of raw materials and cost-competitive workforces are major driving forces behind the regional market growth. Besides, the presence of key players such as Avon Cycles and Hero Cycles Ltd. boosts the market size.

Rapidly developing countries such as Singapore, China, Japan, and India are rolling out the necessary infrastructure to support and encourage bicycle riders. Moreover, bicycle-sharing companies are targeting Australia and India to expand their operations. Furthermore, investments in research & development and a large user base create substantial traction for the bicycle market in the region.

Competitive Analysis

The bicycle market is estimated to witness significant strategic approaches, such as expansion, collaboration, mergers & acquisitions, and advanced technology integration. Leading market players make strategic investments in driving research and development activities and fostering their expansion plans.

For instance, recently, on Nov.24, 2021, Porsche (Germany), a leading global automaker, announced the acquisition of a majority stake in Greyp Bikes, a Croatian electric bicycle (e-bike) manufacturer, to broaden its electric and digital offerings. This majority takeover of Greyp will help Porsche to further expand its activities in the sector.

Porsche strives to foster sustainable mobility and is consistently driving forward its e-mobility strategy. The company has acquired continuing its effort to acquire stakes in more companies.

Segmentation of Market covered in the research:

Bicycle Market Information By Type (e-Bikes and Conventional Bikes), By Application (Racing, Transportation Tools and Recreation) – Global Forecast 2030

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