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The sports bicycle market size is estimated to grow at a CAGR of 6.19% between 2022 and 2027. The market size is forecast to increase by USD 5,527.73 million. The growth of the market depends on several factors such as increasing fuel prices, the popularity of bicycle rental programs, and the premiumization of bicycles.
This sports bicycle market report extensively covers market segmentation by application (adults and kids), product (mountain bicycles, cyclo-cross bicycles, road racing bicycles, and track bicycles), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report consists of historic market data from 2017 to 2021.
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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 increasing fuel prices are driving growth in the sports bicycle market. In recent years, there has been a significant increase in fuel prices and they are still fluctuating. With an increase in the price of fuel, the demand for sports bicycles has increased. Sports bicycles are equipped with gear that helps manage the speed better, making it easier to ride on mountain trails, overpasses, and rough roads.
However, most Europeans now use bicycles as their mode of commute to work, particularly with city governments constructing bike-friendly streets. Thereby, such factors are expected to contribute to the growth of the global sports bicycle market during the forecast period.
The development of innovative products is a key trend in the sports bicycle market. Significant growth will be achieved in the market due to technological innovations in sports bicycles. Numerous companies are now launching innovative and technologically advanced sports bicycles and accessories such as the integration of geographical positioning unit (GPS) tracking devices in bicycles.
Moreover, the lack of adequate traction while riding sports bicycles has been a major problem faced by cyclists. To address this issue, in June 2021, SCOTT Sports SA launched a twin-lock suspension system. It works by connecting the shock, fork, and frame to provide traction control and lock off from tire motion. Hence, the above-mentioned factor is expected to fuel the market's growth in focus during the forecast period.
The hike in import duties is a major challenge in a sports bicycle market. It is likely that the increased import duties on bicycles in India have a negative impact on the global sports bicycle market, as it has led to price increases for this type of bicycle., which will be passed on to the customers. Consumers of high-end sports bicycles must pay an even higher price than the consumers of other bicycles.
Moreover, a few of the parts used in bicycles that are meant for importing are not available easily; the companies must source these parts from other countries. As a result, this means that consumers currently receive only a small proportion of the cost. Hence, a few factors are expected to hamper the growth of the market in focus during the forecast period.
The market research 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 Sports Bicycle Market Customer Landscape
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- The company offers Sports bicycles 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.
The adult segment is estimated to witness significant growth during the forecast period. This is due to the increase in the number of adults (20 to 60) who have enthusiasm among themselves or better health. Traditionally, biking is popular with the younger generation, but not so for those over 50 years of age.
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The adult segment was the largest segment and was valued at USD 8,808.28 million in 2017. Most elderly people are adopting cycling for health and fitness, recreation, or adventure. Declining enthusiasm regarding car ownership among young adults and increasing health awareness in countries such as the US, Europe, India, and Australia have led to a rise in sports bicycle sales. Bicycles are primarily used for transport and for the purposes of leisure, like mountain bike riding or road cycling.
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North America 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 sports bicycle market in North America accounts for the largest share of the global sports bicycle market and is expected to grow at a much faster pace. As more people in the region are getting involved in cycling activities like riding bicycles as a way of exercise, the number of cyclists is increasing in North America.
In addition, the rising interest in recreational sports activities such as mountain biking and road racing is having a positive impact on the growth of the sports bicycle market in North America. The US Department of Transportation and the Federal Highway Administration have conducted numerous programs to facilitate biking. Over the years, road designs and traffic policies in this country have become more supportive of cycling. Overall, the growth of the sports bicycle market in North America is expected to increase during the forecast period.
The pandemic of COVID-19 in 2020 initially impacted the regional market negatively. However, as people sought outdoor and socially distant activities, demand for sports bicycles increased. Trek and Specialised both reported record sales, reflecting this trend. As COVID-19 vaccines continued, the regional market witnessed a shift in 2021. While demand remained strong, supply chain issues persisted, hurting bicycle availability and pricing. The regional market is predicted to perform well during the forecast period, owing to the continued interest in outdoor activities and healthy lifestyles. The market can also be driven by online sales channels and bike-sharing programs. Owing to all these factors, the market in focus is expected to witness growth during the forecast period.
The sports bicycle market 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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Sports Bicycle Market Scope |
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Report Coverage |
Details |
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Page number |
160 |
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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 6.19% |
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Market growth 2023-2027 |
USD 5,527.73 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.7 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 33% |
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Key countries |
US, Canada, China, Germany, and the UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Accell Group NV, Advanced Sports Inc., Alta Cycling Group, F.I.V.E. Bianchi Spa, Firmstrong Bikes, Giant Manufacturing Co. Ltd., Jamis Bikes, Kona Bicycle Co., Marin Mountain Bikes Inc., Merida Industry Co. Ltd., ORBEA S. COOP. LTDA, Pure Fix Cycles, LLC, R.C. Jenson, Inc., Rockstar Industries, Seven Cycles Inc., Tianjin Fuji ta Group Co. Ltd., Trek Bicycle Corp., Youngone Corp., Dorel Industries Inc., and Hero MotoCorp Ltd. |
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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 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 Application
7 Market Segmentation by Product
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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