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The high-end bicycle market is estimated to grow at a CAGR of 6.16% between 2023 and 2027. The size of the market is forecast to increase by USD 5.03 billion. The growth of the market depends on several factors, including the reduced costs of lithium-ion batteries, the increasing traffic congestion, and government policies and initiatives promoting bicycles.
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This high-end bicycle market report extensively covers market segmentation by Product (hybrid bikes, mountain bikes, road bikes, track bikes, and other bikes), Distribution Channel (offline and online), and Geography (North America, APAC, Europe, 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 2018 - 2022.
The hybrid bikes segment is estimated to witness significant growth during the forecast period. Hybrid bikes tend to boost the growth of the global high-end bicycle market during the forecast period. A hybrid bicycle is a combination of a mountain bike, a touring bike, and a road bike. Hybrid bicycles are ideal for riding over various types of terrain, and thus, they can be used for commuting on a day-to-day basis.
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The hybrid bikes segment was the largest and was valued at USD 3.68 billion in 2018. Companies such as Trek Bicycle Corp. and Dorel Industries Inc. are focusing on increasing their share in the market through hybrid bikes. The availability of hybrid bikes, both conventional and electric bikes, is expected to drive the growth of the segment. Due to the above-mentioned factors, the hybrid bikes segment is expected to witness an accelerating growth momentum and remain the largest segment of the market during the forecast period.
The rising global popularity of track bicycle racing is a key trend influencing market growth. As people increasingly seek diverse physical activities, bicycle racing has gained prominence. The ongoing trend of track competitions is further propelling the demand for recreational sports like cycling and running on a global scale. Additionally, the health benefits associated with sports, the influence of celebrity endorsements, and the impact of global sporting events are motivating consumers to engage in various cycling-related activities.
Dolan Bikes, for example, caters to a broad spectrum of riders, from beginners to national and international champions, offering track bikes suitable for Sprint, Pursuit, Madison, Kierin, or Omnium events. The success of the Dolan track range across these events contributes significantly to market growth during the forecast period.
The substantial rise in motorbike adoption poses a significant challenge to market growth. Factors such as improved standards of living, rising incomes, and the affordability of motorbikes contribute to the increased demand for these vehicles. Motorbikes with internal combustion engines, including mopeds and scooters, are available at lower prices compared to premium high-end bicycles. The growing adoption of electric motorcycles and scooters is fueled by advancements in lithium-ion battery capacity and the cost-effectiveness of owning these vehicles.
This trend, coupled with a rising demand from women who prefer lightweight and gearless motor and electric vehicles, imposes constraints on market growth during the forecast period.
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APAC is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The high-end bicycle market in North America has secured the largest revenue share, attributed to factors such as a substantial number of vendors and the rising disposable income among a significant portion of the population. According to The World Bank Group, the region experienced an 8.97% increase in GDP per capita (current USD) in 2021 compared to 2020. Notably, the GDP per capita of the United States rose by 8.29% during the same period. Additionally, the Organization for Economic Co-operation and Development (OECD) reports significant increases in disposable incomes for people in Mexico, the US, and Canada over recent years.
Moreover, the market is capitalizing on the growing adoption of smartphones and the Internet in the region. Companies are increasingly embracing e-commerce retailing and expanding into new geographical areas within North America. Consequently, factors like dual-income households, rising disposable income, a diverse range of bicycles, and an increasing focus on health and fitness collectively contribute to the growth of the high-end bicycle market in North America throughout the forecast period.
Companies 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.
Accell Group NV, BH BIKES Europe SL - The company offers high-end bicycles under brands such as Haibike, Winora, Ghost, Batavus, Koga, Lapierre, Raleigh, Sparta, Babboe and Carqon.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
High-End Bicycle Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.31% |
Market growth 2024-2028 |
USD 5.03 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.15 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 33% |
Key countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accell Group NV, BH BIKES Europe SL, Cicli Pinarello Srl, DAHON North America Inc., Dorel Industries Inc., Giant Manufacturing Co. Ltd., Greenwit Technologies Ltd., Grimaldi Industri AB, Kalkhoff Werke GmbH, 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, Specialized Bicycle Components Inc., Storck Bicycle GmbH, Trek Bicycle Corp., and Youngone Corp. |
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, Market condition analysis for forecast period |
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. |
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