Growth, Size, and In-Depth Study of Bicycle Market Business
The global bicycle market is expected to grow at a CAGR of 5.8% over the forecast period 2022-2032 to reach a valuation of over US$109 billion by 2032.
NEW YORK, UNITED STATES, INDIA, June 22, 2022 /EINPresswire.com/ — Cycling is preferred by a majority of health conscious individuals as well as a recreational sport. “Bikes” are not only effective in combating obesity and digestive problems, they are also cost effective. These benefits have been recognized by developing economies that have promoted cycling on a war footing.
The growing popularity of e-bikes combined with the increase in the number of national and international cycling events should provide lucrative prospects for bicycle players. Electric bicycles will be an attractive segment during the assessment period of 2022-2032 due to the rapid increase in the number of conscientious consumers.
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Over the next few years, China is expected to be a major contributor to the demand and supply of e-bikes. The majority of major bike manufacturers are focused on releasing new models, especially e-bikes and mountain bikes.
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Key insights from market research
With a CAGR of 8.4%, e-bikes are estimated to be the fastest growing segment under bike type from 2022 to 2032.
Conventional bicycles are expected to hold the highest share of 73.1% in the tech segment by value in 2022.
By price, mid-range bikes are expected to enjoy a nearly 41% market share by 2032.
By end user, men are expected to be the top consumers with a market share of over 45% in 2022.
By region, the East is expected to hold the highest share of the global market, accounting for over 39% by 2032.
China is expected to register the highest absolute dollar opportunity of over US$14 billion from 2022 to 2032.
“The pandemic has triggered a surge in bicycle sales and given political impetus to cycling initiatives, effectively altering the growth curve of the bicycle market,” says an analyst at Persistence Market Research.
The global bicycle market is highly fragmented, with many international and regional companies. Key companies such as Trek Bicycle Corporation, Accell Group and Giant Manufacturing Co. Ltd. dominate the market. The biggest players in this sector are branching out into e-bike production, expanding their regional footprint. Businesses are also benefiting from improved online distribution channels.
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Some of the major bicycle manufacturers included in the report are Giant Bicycles Inc., Atlas Cycles Ltd, Derby Cycle Holding GmbH, Trek Bicycle Corporation, Avon Cycles Ltd., Zhonglu Co., Ltd, Accell Group NV, Tube Investments of India Limited, Dorel Industries Inc., Merida Industry Co., Ltd, Tandem Group plc, Samchuly Bicycle Co., Ltd, FIVE Bianchi SpA, Specialized Bicycle Components, Hamilton Industries Pvt. Ltd, Tianjin FUJITA Group Co. Ltd, Ming Cycle Industrial Co. Ltd, Tianjin Flying Pigeon Cycle Manufacture Co., Ltd, Koninklijke Gazelle NV, Tern, Kona USA, Inc., Scott Sports SA, Redline Bicycle, Yadea Group Holdings and Pt Inserted Sena.
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Global motorcycle market revenue totaled US$124 billion in 2021, with annual growth for 2021 of 4%. The market is expected to grow 1.5 times over the next ten years to reach a valuation of US$181 billion by 2031.
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