Global bicycle market was valued at US$ 45.08 Bn in 2015 and is expected to witness a CAGR of 3.7% over the forecast period to reach US$ 62.39 Bn in 2024.
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Factors influencing the global bicycle market growth
In 2014, 114 nations including Europe, Middle East, and the Americas were having over half of the adult population obese. Meanwhile, a healthy and more nature-friendly lifestyle is gaining attraction and people are becoming more aware about the hazards caused by obesity across the globe. One of the major advantages of using bicycles is that there is no need of any external fuel or source of supply to drive the system. Moreover, the world is facing a problem in preserving the natural resources and hence in some course in future there will always a possibility of depletion of resources. In order to save oil and fuel, customers more often tend to cycle to the distances which are close enough for them. By cycling, people could avoid massive traffic congestion and reach their destination comparatively faster.
Global bicycle market segmentation and forecast
Global bicycle market can be segmented on the basis of product type, technology, end user, and price. On the basis of product type, global bicycle market can be segmented into sports, road, mountain, and hybrid. The hybrid bicycle segment is estimated to account for major share in the overall market due to high demand from the users for recreational, commuting, and trekking purposes. On the basis of technology, global bicycle market can be segmented into conventional and electric. There is a high demand for conventional bicycles in the developing countries due to less disposable income and more middle class and labor population. Furthermore, electric bicycles are expected to gain traction in the overall market and register a significant CAGR due to integration of E-bikes with mountain and sports bikes. On the basis of end user, global bicycle market can be segmented into men, women, and kids. With high participation of women in the bicycle market, women bicycle segment in the global bicycle market is expected to witness a CAGR of 4.3% over the forecast period. On the basis of price, global bicycle segment can be segmented on the basis of premium, mid-range, and low range. The premium bicycle segment is anticipated to exhibit a CAGR of 4.8% over the forecast period due to higher adoption of electric bicycles across the globe.
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Global bicycle market forecast by region
APAC accounts for a major share in the total market value in 2015 due to high demand and consumption of bicycles in China and other countries in the region. Moreover, Europe is anticipated to register the highest CAGR over the forecast period and estimated to account for a significant market share in the overall bicycle market. Cycling infrastructure, government subsidiaries, etc. are some of the major factors driving the growth of bicycle market in the Europe region. China holds 99% share of the total bicycles imported to North America. Electric bicycles or E-bikes are the type of bicycles integrated with an electric motor which can be propelled by a pedal. E-bikes have gone through many technological changes such as implementing sophisticated tools for production and enhanced quality which may be the driving factor of global bicycle market.
On the basis of regions, the global bicycle market can be segmented into North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. APAC dominate the market with over 63% of the overall bicycle market share in 2015 which is mainly attributed to the high use of bicycles in China with mature market for E-bikes. Furthermore in terms of value, Europe and North America also accounts for significant share in the global bicycle market and are anticipated to register a CAGR of 4.9% and 3.9% respectively between 2016 and 2024.
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Key market players dominating the global bicycle market
Some of the market participants identified in the global bicycle market include Giant Bicycle Inc., Atlas Cycles Ltd., Derby Cycle, Avon Cycles Ltd., Trek Bicycle Corporation, Zhonglu Co. Ltd., Tube Investment of India Limited, Accell Group, Dorel Industries Inc., Merida Industry Co. Ltd., Tandem Group plc., and Samchuly Bicycle Co, Ltd.