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The high-end bicycle market is estimated to grow at a CAGR of 6.16% between 2022 and 2027. The size of the market is forecast to increase by USD 4.79 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.
This 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 (APAC, North America, Europe, Middle East and Africa, and South America). 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 declining cost of lithium-ion batteries is notably driving the market growth, although factors such as the high maintenance cost of e-bikes may impede the market growth. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a decrease in demand for the market during the COVID-19 pandemic, a holistic analysis of drivers will help companies refine marketing strategies to gain a competitive advantage.
The declining cost of lithium-ion batteries is the key factor driving the global high-end bicycle 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 pedalling, 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 global high-end bicycle 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 global high-end bicycle 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.
Our analysis of the Life Cycle of the market indicates a movement from the innovator’s stage to the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries including the US, China, Germany, the UK, and France. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.
Global High-End 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
Accell-group The company offers high-end bicycles under its brands, such as Haibike, Winora, Ghost, Batavus, Koga, Lapierre, Raleigh, Sparta, Babboe, and Carbon.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 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 market share growth by the hybrid bikes segment will be significant 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 different types of terrain, and thus, they can be used for commuting on a day-to-day basis. These bicycles have a flat handlebar similar to mountain bikes instead of the drop bar found in road bicycles. Therefore, hybrid bicycles are equipped with brake and gear components similar to mountain bicycles.
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The hybrid bikes segment showed a gradual increase in market share with USD 3.80 billion in 2017 and continued to grow by 2021. These cycles are lightweight and have thinner wheels and smooth tires (like road bikes), which allow riders to gain higher speed with less exertion while riding on roads. Owing to their stability, comfort, and ease of use, hybrid bikes have gained significant popularity among cyclists, casual riders, commuters, as well as children. In addition, hybrid bicycles have a more upright riding position, which makes riding more comfortable and safer in traffic. Furthermore, our report provides a brief analysis of the historical and forecast market share and their segments along with the reasons for growth from 2017 to 2027.
The growth of this segment is primarily attributed to the increasing adoption of High-End Bicycles, which is driven by an increase in the global demand for the High-End Bicycle Industry.
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North America is projected to contribute 35% of market growth by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
In 2022, North America accounted for the largest revenue share of the market owing to factors such as the availability of a large number of vendors and the growing disposable income of a major share of the population. As per The World Bank Group, the GDP per capita (current USD) in the region increased by 8.97% in 2021 compared to 2020. The GDP per capita in the US increased by 8.29% in 2021 compared to 2020. As per the Organisation for Economic Co-operation and Development (OECD), the disposable incomes of the people in Mexico, the US, and Canada have also increased significantly in the past few years. For instance, the annual disposable income in Mexico increased by 1.1%, while the annual disposable income in the US and Canada increased by 2.1% and 3.0%, respectively. The growing disposable income is allowing people to opt for high-end bicycles for various applications
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. The outbreak of COVID-19 led to a surge in demand for high-end bicycles in North America. The outbreak of COVID-19 in the region led to the imposition of lockdowns in several countries in 2020. This led to a slowdown in the supply chain process and reduced the production and sales of bicycles across the region, which was primarily attributed to the restrictions imposed during the lockdowns. As people had to follow social distancing norms, they showed a reduced preference for public transportation, which increased the demand for high-end bicycles in North America. Moreover, vendors are expanding in the region due to the increasing demand for high-end bicycles, such as electric bicycles (e-bikes). Such factors are expected to drive the growth of the regional high-end bicycle market during the forecast period.
Our report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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High-End Bicycle Market Scope |
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Report Coverage |
Details |
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Page number |
168 |
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Base year |
2022 |
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Historical year |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.16% |
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Market growth 2023-2027 |
USD 4.79 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
5.78 |
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Regional analysis |
North America, APAC, Europe, South America, and the Middle East and Africa |
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Performing market contribution |
North America at 35% |
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Key consumer countries |
US, China, Germany, the UK, and France |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
Accell Group NV, BH BIKES Europe SL, Cicli Pinarello Srl, DAHON North America Inc., Derby Cycle Holding GmbH, Dorel Industries Inc., Giant Manufacturing Co. Ltd., Greenwit Technologies Ltd., Grimaldi Industri AB, Klever Mobility Europe GmbH, Kona Bicycle Co., LOOK Cycle International, Marin Mountain Bikes Inc., Merida Industry Co. Ltd., Samchuly Bicycle Co. Ltd., Santa Cruz Bicycles LLC, SCOTT Sports SA, Specialized Bicycle Components Inc., Storck Bicycle GmbH, and Trek Bicycle Corp. |
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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 Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 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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