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The global bicycle market size was USD 65.43 billion in 2019. The global impact of COVID-19 has been unprecedented and staggering, with bicycles witnessing a positive demand shock across all regions amid the pandemic. Based on our analysis, the global bike market will exhibit a stellar growth of 48.55% in 2020. The market is projected to grow from USD 97.20 billion in 2020 to USD 147.24 billion in 2027 grow at a CAGR of 6.1% in the 2020-2027 period. The sudden fall in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
People use bicycles for their daily commute purposes and other activities such as exercise, sports, and hiking. The growing awareness regarding the health benefits of paddling among the people is primarily driving the demand. Consumers are looking for vehicles to ride in a safer, comfortable, and environmentally friendly mode. This is likely to motivate the associated companies to develop different kinds of innovative paddle cycle products. The emergence of shared mobility businesses has given rise to the demand for such daily commute vehicles.
Growing Consumer Focus towards Fitness amid COVID-19 Pandemic to Bolster Sale Revenues
Strong consumer demand towards the various kinds of exercise-related items such as indoor and outdoor bike/cycle, dumbbells, rowers, and other gym equipment to maintain health & fitness during the COVID-19 pandemic is likely to skyrocket the demand for bike/cycles. Additionally, the lack of public mobility vehicles such as trains, buses, and others due to lockdown restrictions has further spiked the consumer’s interest in buying such vehicles.
However, sudden supply chain disruptions in the automobile industry during the pandemic period is expected to impose severe challenges to the overall industry’s growth. These challenges primarily include tightening cash flows between the small-scale equipment distributor companies associated with this market. The growing popularity of the remote style of working among corporate professionals and others is likely to reduce the daily number of road commuters in various countries across the globe. This is expected to hamper the demand among the professional consumer segment.
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Growing Popularity for Eco-friendly Bicycles is a Prominent Trend
Companies are keenly focusing on introducing sustainable and high-performing paddle cycles to provide an environment-friendly commutation option to the users. For instance, in January 2019, the largest European bamboo bike brand, My Boo, launched a waterproof, UV-resistant, and sustainable bamboo material-based bike/cycle in Germany, Austria, and Switzerland. Additionally, the growing leisure and hiking trend among the population is expected to drive the demand for such kinds of products.
Increasing Governmental Focus to Build Cycling Infrastructure to Augment Growth
Positive governmental support regarding the development of the paddle cycle sharing facilities is likely to ease the demand for the product among the local population. For instance, in September 2020, the City of Austin, Government of Texas, U.S. partnered with Austin-based Capital Metropolitan Transportation Authority to revamp an ‘Austin BCycle’ Bike share program that includes the installation of a newer bike station in the city.
The emergence of the various online bike booking platforms in web portals and mobile applications such as Uber Bike, Yulu, and others is likely to propel the usage of such vehicles. Other factors such as the growing global urbanization rate and evolving bike fashion trends are further expected to drive the bicycle market growth.
Continual launch of Advanced Bicycle Editions to Propel Market Growth
Nowadays, companies are mainly focusing on introducing automated speed control & anti-theft features in the design of paddle cycles to provide an athletic and highly performing vehicle to the people. Electric bikes can effectively provide speed control and anti-theft features to the users. For instance, in June 2020, Charge Bikes, a U.K.-based bike manufacturer, launched the latest technology-based electric bike to make accessible such innovative cycles to the people. Additionally, the evolution of the bikes made up of cyclocross breaks to the advanced hydraulic disk brakes have attracted the consumer’s attention towards buying the advanced paddle cycles.
Wide Availability for Alternative Travelling Choices to Limit Growth
The wide availability of alternative traveling choices such as bus, trains, autos, and others are likely to hamper the key market growth. Trade restrictions related to the bike/cycle components and accessories within different countries across the globe are expected to hamper their production process at the production sites of the associated companies. Additionally, the higher cost of the e-vehicles coupled with the lack of charging facilities is anticipated to restrain the market growth.
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Road Segment to Hold Major Share Owing to a Large Number of Daily Road Commuters.
The road segment holds a major share of the market due to many daily road bicycle commuters across the globe. This results in the large consumption of such vehicles among the people for their daily commutation purposes. According to the data published by the CyclingUK Organization, in 2018, on an average, over four-fifths of cycling takes place on minor rural roads, and 58% on minor urban roads per year by people of Great Britain for their daily commutation purposes.
Additionally, the features such as lightweight frames and small tires of such bikes help the riders to achieve maximum speed with minimal paddling efforts. This is further likely to drive the growth of a road segment.
The mountain segment is expected to showcase considerable growth during the forecast period due to the growing demand for sports and adventurous activities that favor the adoption of mountain bikes worldwide.
The hybrid segment is primarily driven by growing consumer awareness regarding the availability of multi-purpose hybrid bikes that can be used for their daily road commute and hiking activities.
Conventional Segment to Hold a Significant Share Owing to its Cost Effectiveness
The conventional segment is expected to exhibit a significant share of the global market due to its cost-effectiveness over e-bikes. Additionally, another factor such as less repair and maintenance cost of such types of bike makes the segment exhibit a major share of the market.
The fastest growth of the electric segment is attributed to the increasing availability of technologically innovative electric bicycles that are anticipated to attract consumers to buy such bikes. Additionally, people can more effectively ride such bikes with minimal effort & time and are most suitable for mountaineering or hiking activities over another type. This is likely to drive the segmental growth.
Large Inclination of Men Population towards Cycling to Lead to Segment Growth
The men segment holds a major share of the market as the men population is more inclined towards bike/cycle riding over other segments. According to the statistical data presented by the Department of Transportation Government of the U.K., in 2018, on an average, the U.K. men population within the age group of 40 to 49 made 35 cycling trips in a year over to that of 15 trips by female population within the similar age group. Additionally, the men's growing inclination towards hiking and leisure activities is further driving the segmental growth.
The kids & women segment is expected to showcase considerable growth during the forecast period owing to the increasing trend of holiday bicycling among households in the countries such as the U.S., Denmark, Norway, and others.
Asia Pacific Bicycle Market Size, 2019 (USD Billion)
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In 2019, Asia Pacific stood at USD 22.83 billion. The largest share of the Asia Pacific region is attributed to the presence of large production facilities in countries such as China, Japan, and India. This is likely to support the consumption rate of the paddle cycles in the Asian region. According to the Ministry of Economic, Trade, and Industry (METI) data, in 2018, Japan's bicycle production value reached USD 579.61 million, up from USD 556.60 million in 2017. Additionally, the various road cycling events by the various sport governing bodies in the region further support the demand for paddle cycles in the region. For instance, in March 2020, the Asian Cycling Federation launched its 40th road cycling championship event at Cyberjaya, Malaysia.
The market in Europe is expected to showcase considerable growth during the forecast period. This is attributed to the positive governmental support regarding the development of the paddle cycle charging facilities in the countries such as Norway, the U.K., and Germany, leading to the increasing demand for electric cycles in the region. For instance, in May 2020, the U.K. government proposed spending nearly USD 2,000 million in developing cycling and walking infrastructural facilities in the U.K. Additionally, growing recreational and outdoor exercise trends among the region's population is further driving the market growth in the region.
North America is expected to gain momentum backed by the large consumer spending for the various outdoor recreational activities such as paddle cycling, surfing, bike riding, and others in the countries such as the U.S. and Mexico that is leading to considerable revenues from the bikes in the region. According to the data presented by the Bureau of Economic Analysis, Government of the U.S., in 2019, the U.S. outdoor recreational economy from the consumer spending reached USD 459.8 billion. Additionally, the growing adoption of electric vehicles in countries such as the U.S. and Canada is likely to drive the demand for automated paddle cycles among the region's population.
The South American market is primarily driven by the increasing import volume of bikes in countries such as Argentina and Columbia. This is likely to support the consumption rate of the product in the region. According to the data presented by the Ministry of Foreign Affairs Government of the Netherland, in 2018, there were 22.13 million units of bicycles imported into Argentina, compared to 17.09 million units in 2017.
Brazilian consumers largely prefer bike paddling and walking as their regular commutation options over cars to avoid air pollution from the four wheeler’s carbon emission. This is likely to support the demand for the paddle cycles among these consumers. Additionally, the rising popularity of the folded electric paddle bikes among the population has added impetus to the market growth in the South America region.
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Recent launches of the virtual bicycling-related initiative by the associated governing bodies and companies in Dubai and UAE are expected to increase the consumers’ interest in in-house paddling activity in these countries. This, in turn, is likely to propel the demand for bikes for fitness in the Middle East region. For instance, in April 2020, Dubai Sports Council introduced a virtual cycling campaign, Be Fit, Be Safe, to spread awareness regarding the health benefits of paddling among the country's population. Additionally, the increasing income of the population in countries such as Saudi Arabia and South Africa is further supporting the market growth in the region.
Product Innovation Coupled with Expansion Strategies by Major Companies to Penetrate Market
The prominent manufacturers and bike-sharing companies such as Hero Motocorp Ltd., Dorel Industries Inc. Ofo, and others are mainly focusing on introducing innovative e-bikes to provide a seamless riding experience to the users. Additionally, they are striving to expand their business in the international markets to cope with global competition. For instance, in March 2018, a Chinese bike-sharing start-up company, Ofo, invested USD 850 million with a Chinese e-commerce giant Alibaba.com to expand its shared-mobility business in overseas markets such as France, Japan, U.S., and other 20 countries.
An Infographic Representation of Bicycle Market
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The global market report provides a detailed bicycle industry analysis and focuses on key aspects such as competitive landscape, type, technology, and end-user areas. Besides this, it offers insights into the various bicycle market trends and highlights key industry developments. In addition to these mentioned factors, it encompasses several other factors that have contributed to the growth of the market in recent years.
ATTRIBUTE | DETAILS |
Study Period | 2016-2027 |
Base Year | 2019 |
Forecast Period | 2020-2027 |
Historical Period | 2016-2018 |
Unit | Value (USD Billion) |
By Type |
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By Technology |
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By End-User |
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By Geography | North America (By Type, Technology, End-User, and by Country)
Europe (By Type, Technology, End-User, and by Country)
Asia Pacific (By Type, Technology, End-User, and by Country)
South America (By Type, Technology, End-User, and by Country)
The Middle East and Africa (By Type, Technology, End-User, and by Country)
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Fortune Business Insights says that the global market size was USD 65.43 billion in 2019 and is projected to reach USD 147.24 billion by 2027.
In 2019, Asia Pacific stood at USD 22.06 billion.
Registering a CAGR of 6.1%, the market will exhibit steady growth during the forecast period (2020-2027).
Based on type, the road segment is set to lead the market.
The increasing government support to build bike-sharing infrastructure is a key driver for the growth of the market.
Hero Motocorp Ltd., Roth Distributing Co. Ltd., Dorel Industries Inc. are some of the major players in the global market.
Asia Pacific dominated the market in terms of share in 2019.
The growing popularity of eco-friendly paddle cycles is likely to drive the adoption of these products.