The bicycle market size will reach over $100 billion by the end of 2026,
London, Nov. 04, 2022 (GLOBE NEWSWIRE) — As the world shifts its focus to limiting carbon emissions and accelerating the move away from gas-powered vehicles, bicycle sales have soared at a considerable. With cycling being promoted as good health and fitness, a mobility solution and a sustainable way of life, global bicycle market is expected to grow over 12.7% between 2021 and 2026. Fairfield Market Research in its recently released report suggests that the bicycle market will reach $100.8 billion in revenue by the end of 2026. The role of governments will be critical in shaping the bicycle market and creating a host of successful business opportunities around the world, the report says. A growing awareness of the growing importance of cycling in the modern lifestyle is expected to keep sales afloat, which will be further complemented by the increasing innovation frequently introduced to the market. As bicycles increasingly become an integral part of activities such as trail rides, recreational events, and fundraisers, adoption will continue to be dynamic, in turn driving the growth of the bicycle market.
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Key Research Insights
- The size of the global bicycle market was recorded at around US$42.4 billion in 2018
- Versatile bike sales are expected to grow at nearly 14.9% CAGR through the end of 2026
- The Asia-Pacific market continues its steady growth and is expected to show annual growth of around 14% in 2022 compared to that recorded in 2021
Overview of segmental analysis
Analysis of various market segments profiled in the report reveals that Multi-Purpose Bike will emerge as the fastest growing segment among all types of Bikes and by the end of 2026, the segment will witness a growth of 14, 9%. Road bikes, however, continue to account for the largest share of market revenue. The report also indicates thriving growth prospects for mountain bikes which are expected to register growth of around 11.7% through the end of 2026. E-bikes that provide riders with greater comfort are expected to pave the way for new sources of revenue in the bicycle market over the next few years. Hybrid bikes, on the other hand, will register an impressive growth rate in demand over the projection period. The report attributes this growth to additional opportunity estimated at more than US$10 billion between 2021 and 2026.
Main highlights of the report
- The market will benefit from a collective push from the growing buzz around e-bikes and the soaring rate of production in the case of ultra-light bicycle models
- Innovative launches in racing, mountain and sports bikes are shaping the bicycle market, while new material introductions are also influencing market performance
- New business opportunities will appear on the horizon as more consumers opt for the greater convenience of e-bikes
Regional Analysis Overview
The bicycle market has witnessed a steady expansion across Asia-Pacific, primarily due to the desirably low manufacturing costs and cheaper labor in the region. The report puts China in the lead, followed by Japan, India, Australia and South Korea. Investments are expected to rise on top of growing interest from bicycle and accessory manufacturers in the highly lucrative Asian markets. Moreover, the report marks an increase in the sales of sports and electric bicycles, which would also remain a strong driver for the growth of the Asia-Pacific bicycle market. On the other hand, Europe will stay on the train due to robust consumer adoption of cycling. While the report clearly attributes this dominance to government initiatives that promote cycle tourism as a healthy, reliable and cost-effective mobility solution. Additionally, the market here will continue to be driven by the various cycling events, recreational cycling, road and track racing, as well as off-road racing. Europe is expected to remain a high-potential market throughout the assessment period, capitalizing on ever-increasing medical coverage, celebrity endorsements and supportive cycling infrastructure. The region is currently experiencing a boom around e-bikes.
Key players in the global bicycle market
Accell Group, Dorel Industries Inc. Hero Cycles Ltd, Giant Bicycles, Cervelo, Merida Industry Co., Olympus Bikes, Scott Sports SA, Kona Bicycle Company, Specialized Bicycle Components, Inc., Trek Bicycle Corporation
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|forecast year||2021 – 2026|
|Market size in 2018||US$42.4 billion|
|Estimated market size in 2026||US$100.8 billion|
|Key players||Accell Group, Dorel Industries Inc., Hero Cycles Ltd, Giant Bicycles, Cervelo, Merida Industry Co., Olympus Bikes, Scott Sports SA, Kona Bicycle Company, Specialized Bicycle Components, Inc., Trek Bicycle Corporation|
- Mountain bike
- Versatile bike
- Road bike
- North America
- Latin America
- Middle East and Africa
- Hero Cycles Ltd.
- Accell Group
- Dorel Industries Inc.
- Giant bikes
- Merida Industry Co., Ltd.
- Olympus Bikes
- Scott Sports SA
- Specialty Bike Components, Inc.
- Trek Bicycle Corporation
- Kona Bike Company
- Market estimates and forecasts
- Market dynamics
- Industry trends
- Competition Landscape
- Analysis by product
- Technological analysis
- End-use analysis
- Distribution analysis
- Regional analysis
- Analysis by country
- Analysis of key trends
- COVID-19 Impact Analysis
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