Fact.MR states the global sales of bicycles are expected to surpass US$ 130 Bn by registering a CAGR of 8% in the forecast period 2022-2032. The growing importance of a healthy lifestyle along with improving infrastructure is driving the sales of bicycles. In addition, initiatives by government to reduce CO2 emissions is playing a key role in the adoption of bicycles.
Historically, from 2017 to 2022, the global sales of bicycles exceeded US$ 60 Bn by the end of the aforementioned period, inclining at a CAGR of 7%. The onset of the COVID-19 pandemic disrupted the supply and demand chain for various end user industries. Moreover, restrictions on movements across various countries affected the sales of bicycles. Thus, the sales of the same dipped in the initial quarter of the pandemic. With the world gaining back normalcy, the sales of bicycles are expected to upsurge.
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Key Takeaways from the Market Study
- By product, road bicycles are expected to gain more than 45% market share for bicycle market.
- By distribution channel, offline channels are expected to hold more than 50% market share for bicycle market.
- Bicycle industry expected to register a CAGR of 12% in Europe.
- Bicycle industry expected to possess nearly 33% market share throughout Asia Pacific.
- Global bicycle market sales are expected to be valued at US$ 64 Bn by 2022-end
“Increasing health concerns amid prevalence of lifestyle disorders is prompting individuals to opt for sporting activities, which is widening growth prospects for bicycles to a major extent,” opines a Fact.MR analyst.
Key Segments Covered in the Bicycle Market Industry Report
- Mountain Bikes
- Road Bikes
- Cargo Bikes
- Hybrid Bikes
- Other Bicycles
- Electric Bicycles
- Conventional Bicycles
By End User
- Bicycles for Men
- Bicycles for Women
- Bicycles for Kids
By Distribution Channel
- Online Bicycle Sales
- Offline Bicycle Sales
Prominent manufacturers are emphasizing on introducing newly designed bikes, strategic collaborations and initiation of different campaigns. In addition, there is also emphasis on incorporating sustainability in manufacturing practices, considering the need to reduce carbon footprint. Some notable developments are as follows:
- In 2020, Accell Group launched “New Purpose: Cycling moves the world forward.” Also, the company’s plant in Herenveen that produces bicycles for the European market will transition to solar energy. This is expected to reduce 1,100 tonnes of CO2.
- In June 2019, Trek Bicycle Corporation introduced the all-new Madone SLR 6 Disc Speed. The bicycle is integrated with removable aero bars and specially designed for riding in hilly areas with winding roads.