The size of the bicycle market will exceed approximately US$180 billion by

Tokyo, May 12, 2022 (GLOBE NEWSWIRE) — The world bicycle market size was accounted for at US$95 billion in 2021, according to a new report study. The demand for bicycles remains strong in 2021. Some sales insights revealing the strong growth of the bicycle market over the past few years are listed below:

  • The value of the global bicycle market is expected to reach $180 billion by 2030
  • The Asia-Pacific bicycle market was valued at US$17.69 billion in 2021
  • By technology, the conventional segment accounted for 80% of revenue share in 2021
  • The e-bike segment is expected to grow at the highest CAGR of 10.3% from 2022 to 2030
  • By product, the road bike segment captured a 40% market share in 2021
  • The online distribution channel accounted for 50% market share in 2021
  • Europe is expected to grow at a CAGR of 10.5% from 2022 to 2030
  • More than 1.9 billion adults were overweight in 2016

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About 30% of the global bicycle market captured by Asia-Pacific

Asia-Pacific is home to the largest population on the globe. The presence of a huge consumer base, growing health awareness, rising obese population, increasing disposable income, presence of several major bicycle manufacturers, and increasing government spending for development of bicycle-friendly infrastructure are the main drivers of the bicycle market in Asia-Pacific. Region. Countries like Japan, Singapore, and China are investing aggressively in building infrastructure to promote short-distance bicycle commuting. Also, the increasing adoption of e-bikes by the people for its convenience and ease of traveling over long distances is driving the demand for e-bikes. The rising popularity of dockless bike sharing systems in the Asia-Pacific region is expected to further fuel the market growth over the forecast period. Growing public awareness to stay healthy, active and fit is driving the adoption of cycling as a convenient form of leisure activity and exercise. Hence, the Asia-Pacific bicycle market is expected to remain dominant throughout the forecast period.

Report scope

Report attributes Details
Market size in 2021 $95 billion
CAGR 7.36% from 2022 to 2030
The biggest market Asia Pacific
Fastest growing market Europe
Segments Covered
  • Product
  • Technology
  • Distribution channel
  • Final user
  • Price
  • Region

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What are the main trends in the global bicycle market?

Rising number of cycling events is a major market trend that is expected to accelerate the growth of the market over the forecast period. For example, Cycling Ireland is an event that promotes recreational cycling, racing and tourism. The Irish Sports Council said Sport Ireland invested €440,000 in 2019 in Cycling Ireland. This event promotes the adoption of cycling by the Irish population. Moreover, the increasing media coverage and celebrity endorsements are greatly influencing people to engage in cycling for its health and fitness benefits. Hence, growing awareness among the people about the benefits of cycling and growing number of cycling events across the globe are the major trends that are expected to drive the growth of the global bicycle market in the foreseeable future.

What are the main challenges in the global bicycle market?

Rising number of road accidents in the large market like Asia-Pacific and lack of bicycle-friendly infrastructure in several countries are the major challenges faced by manufacturers which may restrict the adoption of bicycles by the population. According to the World Health Organization, approximately 93% of road accidents occur in low- and middle-income countries. Additionally, the availability of alternatives to commuting and various other means of indulging in fitness activities can hinder the adoption of bicycles. Young people are more inclined to frequent gyms and fitness centers to stay active and fit and may refrain from engaging in cycling activities, which may hamper the growth of the bicycle market during the period of forecast.

Europe predicts the highest growth rate of 10.5% in the forecast year (2022-2030)

Increased awareness of the European population about the benefits of cycling is driving the growth of the bicycle market. The rising popularity of cycling as a sport and the growing number of cycling events in the region are expected to drive the growth of the market. Events like the Ronde van Vlaanderenare and the Tour de France are the most popular cycling events in Europe. Countries like France, Italy, Denmark and Belgium are investing heavily in the development of cycling infrastructure, which is expected to boost the demand for bicycles in Europe in the near future.

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The best bike manufacturers in 2021

Trek Bicycle Corporation, The Accell Group, SCOTT Sports SA, Atlas Cycles Ltd., Specialized Bicycles Components, Inc., Avon Cycles Ltd., Merida Industry Co. Ltd., Cervel, Giant Bicycles and Dorel Industries Inc. are the major manufacturers of bicycles. in the global bicycle market.

Market segmentation

By product

  • Hybrid bikes
  • Mountain bike
  • Cargo bikes
  • Road bikes
  • Mountain bike
  • Electric bike
  • Others

By technology

By distribution channel

Per end user

By price

  • Prime
  • Midrange
  • Low end

By geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

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