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The global bicycle market size is estimated to grow at a CAGR of 6.32% between 2022 and 2027. The size of the market is forecast to increase by USD 22,693.71 million. The market's growth is driven by various factors such as the rise in bicycle sports events, the recognized health and environmental benefits of cycling, and supportive government policies and initiatives promoting bicycles.
This report extensively covers market segmentation by product (on-road and track bicycles, off-road bicycles, and x-road and hybrid bicycles), end-user (adults and children), distribution channel (offline and online), propulsion (manual bicycles and motor-assisted bicycles), and Geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing number of bicycle sports events is notably driving the market growth, although factors such as an increase in the number of product recalls may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing number of bicycle sports events worldwide is driving market growth.
These events, including amateur and professional races held in Europe, the US, and Asia, attract participants in two categories: under 23 years and over 23 years. Prominent races like the Tour de France, Giro D'Italia, Vuelta a España, and Olympic Games (featuring road, track, and BMX events) contribute to the surge in demand for bicycles. With these events occurring annually, the demand for bicycles is expected to increase during the forecast period.
The market is witnessing a growing demand for titanium-based bicycles, driving the market growth.
Titanium, widely used in aerospace applications, offers exceptional properties for bicycle frames. With half the weight and nearly double the strength of steel frames, titanium provides durability and resilience to external impacts. Its natural titanium dioxide coating prevents oxidation and rust, maintaining performance and aesthetics even in harsh environments. The high stiffness-to-weight ratio of titanium enhances uphill efficiency and sprint performance. These advantages have led to increased adoption among professional riders, contributing to the market's positive growth trajectory.
The increase in the number of product recalls is the major challenge impeding market growth.
A product recall occurs when a manufacturer requests a return of its product from customers due to design defects, safety concerns, or labelling errors. Manufacturers recall their products if a defect affects a large number of customers or poses safety concerns. These recalls are governed by customer protection regulatory bodies of countries. For instance, the US Consumer Product Safety Commission regulates the safety of bicycles.
In April 2022, Giant Bicycle recalled the Giant Cypress DX, Giant Escape 3 Comfort, Liv Flourish FS 1, and Li Alight 3 Comfort bicycles from the model year 2021, owing to fall and injury concerns. The firm has received approximately 86 instances of the handlebars loosening on the cycle, including three incidents of a rider falling off the bicycle. In January 2021, Retailer Academy Sports + Outdoors recalled four of its house-brand bike models due to faulty front wheel locking hardware. This can have a severe effect on its financials. Recalls can also result in trust issues among customers, which, in turn, restrict customers from opting for the products. This can lead to a decrease in the revenue of the market during the forecast period.
Based on product, the market is segmented into on-road and track bicycles, off-road bicycles, and X-road and hybrid bicycles. The market share growth by the on-road and track bicycle segment will be significant during the forecast period. On-road bicycles are intended for paved roads. These bicycles consist of thin tires and lightweight frames that are designed to maximize efficiency and speed. The geometry and dropped handlebars of these bicycles make riders lean forward during riding. This enables them to ride in an aerodynamically correct position. The lightweight frames, gears, and thin tires of these bicycles enable riders to efficiently cover long distances at high speed. Hence, these types of bicycles are best suited for experienced cyclists. These bicycles are also used for touring cities as they offer comfort while travelling long distances.
The on-road and track bicycle segment has witnessed steady growth, reaching a market share of USD 22,775.53 million.
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A track bicycle is optimized for racing on outdoor tracks or velodromes. Unlike on-road bicycles, these are fixed-gear bicycles. Hence, they consist of a single-gear ratio and do not have brakes and freewheels. The tires of these bicycles are inflated and narrow. This helps in reducing rolling resistance. There are three different types of track bicycles that are suited for different events, namely sprint events, endurance events, and time trial/pursuit events. Hence, the above-mentioned factors are expected to fuel the growth of the on-road and track bicycle segment in the market during the forecast period.
APAC is projected to contribute 51% by 2023.
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.The bicycle market in APAC is expected to grow at the fastest rate compared to other regions. Factors such as the rising demand for bicycles, increase in health consciousness, growing environmental concerns to reduce CO2 emissions, rising urbanization and traffic congestion, and increase in the use of personal transportation are expected to drive the growth of the market in APAC during the forecast period. Another factor that is driving the growth of the regional market is the increasing number of dual-income households in APAC. In addition, vendors in the regional market are expanding their footprints by launching new bicycles.
In 2020, the outbreak of COVID-19 negatively impacted various economic activities in the region. However, factors such as the initiation of large-scale vaccination drives, the lifting of lockdown measures, and the declining number of COVID-19 cases have led to the resumption of various business operations, such as offline distribution channels of leisure products, which has increased the demand for bicycles in the region. Such factors are expected to drive the growth of the regional market during the forecast period.
Bicycle Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Bicycle Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Merida Industry Co. Ltd. - The company offers bikes, e-bikes, and components for mountains and different terrains. Through domestic operations, the company operates the manufacturing and sale of products in Taiwan. The company also operates the manufacturing and sale of products in Europe.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Bicycle Market Scope |
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Report Coverage |
Details |
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Page number |
189 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.32% |
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Market growth 2023-2027 |
USD 22,693.71 million |
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Market structure |
Fragmented |
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YoY growth (%) |
5.5 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 51% |
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Key countries |
US, China, Japan, Germany, and The Netherlands |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Accell Group NV, BH BIKES EUROPE SL, Cicli Pinarello Srl, DAHON North America Inc., Kalkhoff Werke GmbH, Tube Investments of India Ltd., Giant Manufacturing Co. Ltd., Greenwit Technologies Ltd., Hero Cycles Ltd., Klever Mobility Europe GmbH, Kona Bicycle Co., LOOK Cycle International, Marin Mountain Bikes Inc., Merida Industry Co. Ltd., Samchully Co. Ltd., Santa Cruz Bicycles LLC, SCOTT Sports SA, Specialized Bicycle Components Inc., Storck Bicycle GmbH, Trek Bicycle Corp., Yamaha Motor Co. Ltd., Brompton Bicycle Ltd., SB Bike, Fiido, VAAN, and Vassla AB |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Market Segmentation by Distribution Channel
9 Market Segmentation by Propulsion
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Trends
13 Vendor Landscape
14 Vendor Analysis
15 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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