Men have historically outnumbered women in the use of bicycles for commutation. The men cycle category held to nearly half of the market, accounting to more than USD 24 Billion in monetary terms. However, bicycle makers are continuously simplifying the cycling mechanism and installing efficient gear systems and shock absorbers. Such developments are particularly enticing women to opt for bicycling for leisure. Women have also been participating aggressively in bicycling events for the past few years. According to the report Global Bicycle Market Outlook, 2020-25, published by Actual Market Research, the bicycle market was recorded at 107.01 Million Units in the year 2015, which is expected to grow with a CAGR of less than 4% by the forecasted period.
Increasing the application base of bicycles in trekking and recreational activities, coupled with a soaring number of cycling events will specifically uplift the demand for sports bicycles in the future. However, Greater availability and a growing market of refurbished bicycles are the challenges of the market. For example in the USA, people use bikes for slimming and better feeling because cycling burns 600 calories an hour, but in China or other countries people use bikes mostly for transportation needs. For these reasons in some countries, bikes are especially popular.
Rapidly progressing infrastructure spending is also taking the form of establishing e-bike recharge stations and increasing bicycle parking and hiring stations; especially near metro stations to ease multimodal transportation is thus driving the overall market.
While the mountain bikes dominate the market by value, the road bikes dominate by volume. Even though the mountain bikes have a considerable fan globally, the price of the segment is higher than the road bikes, and the demand is limited to the professional and adventure riders. Thus, the mountain bikes are being recorded to hold a share of over 25% by value and less than 25% of the market by volume.
Asia-Pacific is the fastest-growing region in the global bicycle market, holding a share of over 45% in volume terms in the year 2020. China, Japan, Australia, India, and South Korea are some top contributing countries in the region. These countries have hosted many cycling tournaments, which will increase the popularity and demand for sports bicycles. A few years ago, bicycles were indisputable icons of Amsterdam, Copenhagen, or Barcelona. However, cycles have now made their way through Latin American cities’ maze of street vendors, parks, and streets that are not always apt for pedaling. Yet, the region holds the lowest share in terms of both value and volume. Nevertheless, with the inclining attitude towards the bicycle sharing schemes, the region is excepted to contribute to over 6% by the end of the forecasted period.