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Asia-Pacific dominates the global bicycle market, holding a share of over 45% - Actual Market Research
Featured Companies
1. ATLAS CYCLES (HARYANA) LIMITED
2. Avon Cycles Limited
3. Hero Cycles Limited
4. Abici Bikes
5. A-Bike
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Global Bicycle Market Research Report, 2022-2027, published by Actual Market Research, is segmented by Type (Road Bicycle, Mountain Bicycle, Hybrid Bicycle, E-Bicycle , and Others); by Demographic (Men, Women, and Kids), and by Geographic Region. The market stood at around USD 63 billion in 2021, which is anticipated to reach USD 88 billion by 2027. Further, the market is estimated to grow at a more than 5% CAGR for the 2022–2027 period. Drivers of the bicycle market are buyers shifting preference toward cycling as a sport, leisure, and cardio activity. The Middle East & Africa region which is expected to have the highest share contribution by the hybrid bicycles during the upcoming timeframe. Asia-Pacific is the largest and also the fastest-growing region in the global bicycle market. China, Japan, Australia, India, and South Korea are some of the top contributing countries in the region. Moreover, these countries have started hosting numerous cycling tournaments, which, in turn, will increase the popularity and demand for sports bicycles. In addition, there’s a rise in women’s participation rate and government initiatives that are likely to boost the demand for bicycles in the region. Owing to such increased demand, bicycle companies in the market are launching innovative bicycles and accessories, which will lead to significant market growth during the forecast period. 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. Men have historically outnumbered women in the use of bicycles for commutation. The men cycle category held to nearly half of the market in 2021. 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. Up until recently, the independent dealer was heavily relied upon and nearly the sole source of distribution. However, things have changed, and it starts with looking at modern consumer behavior, as online shoppers are increasingly becoming more comfortable buying bicycles over the internet. Many manufacturers are taking advantage of this trend by finding alternative sales channels and innovative delivery models to have closer relationships with the end consumer. With the likes of Trek, Giant, and Specialized even seeking to open up specialized stores and online modes to allow direct buying, the segment is anticipated to witness prominent market growth by 2027. However the retail shop segment holds the dominance in the market. The leading manufacturers such as Accell Group, Trek Bicycle Corporation, Dorel Industries Inc., and Giant Manufacturing Co. Ltd., in the market, are focusing on leveraging opportunities posed by the emerging markets like Thailand and India, and also to expand their revenue base all over the global market. Companies are using digital and social media advertisements to make consumers aware of the new product launches in the market. Major companies present in the market Abici, A- Bike, Accell Group, Amer Sports, Atlas Cycles (Haryana) Ltd, Bridgestone Cycle, Caloi, Campagnolo, Cannondale, Cervelo Cycles, Cube Cycles, Curtlo Cycles, Derby Cycle, Dorel Industries Inc., Tianjin Fuji-ta Bicycle Co.,Ltd., Giant Bicycles, Hero Cycles Limited, Merida Bikes International, My Boo, Orbea Corporation, Scott Sports, Specialized Bicycle Components, Inc., STRiDA Cycles, XDS Shenzhen Xidesheng Bicycles Co., Ltd Considered in this report • Geography: Global • Historic year: 2016 • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • Global Bicycle market with its value and forecast along with its segments • Region & Country-wise toy market analysis • Various divers and challenges • Ongoing trends and developments • Five force models • Top profiled companies • Strategic recommendation Regions & Countries covered in the report • North America (USA, Canada, Mexico) • Europe (UK, France, Italy, Germany, Spain) • Asia-Pacific (Japan, Australia, China, India) • Latin America (Brazil, Argentina, Colombia) • Middle-East & Africa (UAE, Saudi Arabia, Qatar, South Africa) Segment covered in the report By Type •Road Bikes • Mountain Bikes • Hybrid Bikes • E-bikes • Others (Kids, standard, maas) By End User •Men •Women •Kids By Bikers Type •Highly Engaged •Engaged •Leisure •Travel By Sales Channel •Retail Shops (Specialized, Sport) •Multi-brand •Online The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual reports of companies, and analyzing the government- generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have verified the details obtained from secondary sources. Intended audience This report can be useful to Industry consultants, manufacturers, suppliers, associations & organizations related to bicycle products industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
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