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The high-end bicycle market size is estimated to grow by USD 5.03 billion at a CAGR of 6.31% between 2023 and 2028. 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. The high-end bicycle market, specifically e-bikes, is experiencing significant growth in Europe and developing Asian countries. These advanced bicycles, which offer battery-powered assistance when pedaled, enable riders to tackle hills and rough terrain effortlessly. Modern e-bikes come with technologically advanced batteries that retain charge for extended periods and support fast charging options, addressing past adoption challenges. Vendors like Klever Mobility Europe GmbH expand their product offerings, catering to various applications with ranges like the Q RANGE for mountain climbing and the B RANGE for inner-city use. E-bikes' low energy consumption saves commuters time and money. Government initiatives and subsidies further boost market growth, eliminating obstacles and fostering widespread adoption during the forecast period.
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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.
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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.
The market is flourishing within the cycling industry, attracting cycling enthusiasts with its fine craftsmanship and high-performance offerings. These bicycles utilize premium materials such as lightweight carbon fiber, titanium, and sophisticated alloys, ensuring aerodynamic designs and precision engineering. Sophisticated suspension, gearboxes, and powerful brakes enhance strength, durability, and agility, while electronic components and electronic shifting systems represent technological innovation and smart connectivity. The market sees a boom in innovation, driven by technological development and lightweight materials. E-bikes contribute to this growth, emphasizing efficiency and sustainability. Overall, high-end bicycles, with their advanced parts and accessories, deliver superior overall performance, catering to the modern cyclist’s demand for cutting-edge technology and exceptional riding experience.
The declining cost of lithium-ion batteries is the key factor driving the market growth. The growing popularity of e-bikes in Europe and most of the developing Asian countries is expected to drive the growth of the market during the forecast period. E-bikes are one of the most advanced types of high-end bicycles. E-bikes provide a battery-powered assist when the rider pedals the bicycle. On pedaling, the pedal-assist activates the motor in the e-bike and allows the rider to ride uphill and cruise over tough terrain with ease. These bikes allow riders to manage (increase and decrease) the speed easily and do not tire out riders.
Factors such as the need to charge the battery constantly have hindered the adoption of e-bikes in the past. However, the availability of technologically advanced batteries, which retain their charge for a long period of time, and the availability of fast-charging options support the adoption of e-bikes. E-bike vendors are investing heavily in expanding their product portfolios. Moreover, favourable government initiatives and subsidies for e-bikes are expected to eliminate the current challenges faced by e-bikes, which will support market growth during the forecast period.
The smart features in high-end bikes will fuel the market growth. The global high-end bicycle market is currently undergoing significant technological advances. One of the major trends in the market is the increasing number of smart features being offered by the vendors of high-end bicycles. Vendors are not just developing smart bikes but are also developing ways to incorporate smart features in their existing range of bikes.
Most e-bikes are equipped with intelligent assistance techniques that allow users to connect their bicycles to their smartphones. Argon 18, one of the vendors in the market, offers high-end bicycles that are considered smart bikes. These smart bikes comprise 30 aerodynamic sensors and calculate muscle oxygenation and lactic acid levels of the rider. These sensors also capture and study heart rate variability. The above factors will drive market growth during the forecast period.
The high maintenance cost of e-bikes is a major challenge to the market growth. The high maintenance cost of e-bikes is a major challenge for the growth of the market. E-bikes, despite gaining significant popularity globally in recent years, face a threat from their adoption in developing countries. Although in Europe, the e-bike market is witnessing strong growth, the market in developing countries of APAC and South America witnesses various challenges, such as the lack of proper infrastructure.
The lack of necessary infrastructure to support and encourage commuters to use e-bikes is significantly limiting the sales of these high-end bicycles. Many developing countries do not have bicycle lanes and lock systems in public areas to prevent the theft of bicycles. These factors are also limiting the adoption of high-end bicycles. However, the major problem faced by the market is the high maintenance cost associated with high-end bicycles like e-bikes. E-bikes run on batteries, which require constant charging and regular maintenance. In addition, the low running range and high maintenance and repair costs of e-bikes are expected to hinder their adoption, thereby posing a threat to the growth of the high-end bicycle market during 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.
Bicycle Market: Bicycle Market Analysis APAC, Europe, North America, South America, Middle East and Africa - China, US, Japan, Germany, The Netherlands - Size and Forecast
Bicycle Carbon Wheel Market: Bicycle Carbon Wheel Market Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, Japan, Germany, France - Size and Forecast
Mountain Bike Market: Mountain Bike Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, Germany, UK, France - Size and Forecast
The market is experiencing significant growth due to technological developments and the rise of E-bikes with eco-friendly features like pedal assistance. Unlike conventional bikes, these models boast streamlined designs and lighter batteries. E-specific components are expanding cycling possibilities, making luxury bikes more attractive. Features such as built-in sensors, custom fitting services, 3D scanning, and biomechanical analysis enhance rider experience. AI-powered training programs further personalize cycling routines.
Bicycle gearboxes, including gearing systems, hub gears, and derailleur gears, optimize rotational speed and torque. The automation industry contributes to advancements in power transmission, power train, and speed control for high-speed bicycles. These innovations support torque multiplication, inertia matching, and overall safety, reducing the risk of fatal accidents. As a result, high-end bicycles and gear bicycles are becoming more sophisticated and efficient.
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 Forecasting, 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 the market 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
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 Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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