A $78 billion global opportunity for bicycles by 2026

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Editing: 20; Published: February 2022

Executive Pool: 5970
Companies: 870 – Players covered include Accell Group NV; Currie Technologies®; Raleigh Ltd. ; Winora Staiger GmbH; American Sports Corporation; Atlas Cycles (Haryana) Ltd. ; Avon Cycles Ltd. ; Campagnolo Srl; Cycleurope AB; Dorel Industries Inc.; Cannondale Bicycle Corporation; Pacific Cycle Group; Schwinn bicycles; Fox Factory, Inc.; Giant; Hamilton Industries Pvt. ltd. ; Hero Cycles Ltd.; Huffy Corporation; Merida Industry Co., Ltd. ; Montague Corp.; MS Bhogal and Sons; Santa Cruz bikes; Shimano, Inc.; Specialty Bike Components, Inc.; SRAM LLC; Tandem Group plc; IT Cycles India; Trek Bicycle Corp. and others.
Blanket: All major geographies and key segments
segments: Product Segment (Hybrid Bikes, Road Bikes, Mountain Bikes, Youth Bikes, Other Bikes, Parts & Accessories); End use (transportation, leisure, racing, fitness training, other end uses)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Netherlands; Rest of Europe; Asia Pacific; Australia; India; South Korea; Rest of Asia Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UNITED ARAB EMIRATES; Rest of Middle East; Africa.

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ABSTRACT-

Global bicycle market to reach $78 billion by 2026
The growing consumer trend to maintain a healthy lifestyle, technological advancements, new product launches, growing global health awareness, environmental benefits of cycling, rising fuel/energy prices and Government initiatives are the major factors driving the demand in the market. The initiatives taken by the governments of various countries in terms of establishing the necessary infrastructure and the growing number of cycling events are also driving the demand for various types of bicycles. The popularity of e-bikes is increasing day by day, boosted by the launch of a range of e-bike styles and models. The pandemic is expected to cause a long-term shift in consumer preferences and significantly benefit the market in years to come. The bicycle industry saw a noticeable increase in sales as people avoided using public transport due to the risk of infection. The market received notable boost from most bicycle categories, including adult lifestyle bikes and mountain and commuter bikes. The trend has also prompted various cities to make room to accommodate the increased number of cyclists by adding new bike lanes and closing streets to cars.

Amid COVID-19 crisis, Global Bicycles Market Estimated at US$60.8 billion in 2022, is expected to reach a revised size of 78 billion US dollars by 2026, growing at a CAGR of 6% over the analysis period. Hybrid bikes, one of the segments analyzed in the report, is expected to register a CAGR of 7.6% and reach US$34.7 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the road bike segment is readjusted to a revised CAGR of 4.4% for the next 7-year period. Hybrid bikes are gaining popularity among different age groups due to the many advantages that the type of bike offers in terms of user-friendliness, comfort and stability. Hybrid bikes provide a very comfortable riding experience on a variety of road surfaces, while combining the characteristics of a mountain bike, a touring bike and a road bike. The growing propensity for cycling as part of leisure activities is likely to drive the growth of the hybrid bicycle market. Road bikes include bikes designed to travel at high speed on paved roads. The segment also covers sports bikes or racing bikes. Innovations such as electronic shifting, disc brakes and extended gear range have dramatically changed the riding experience for cyclists.

The US market is estimated at $9.9 billion in 2022, when China is expected to reach $16.5 billion by 2026
The bicycle market in the United States is estimated at US$9.9 billion in the year 2022. Chinathe second largest economy in the world, is expected to reach a projected market size of US$16.5 billion by 2026 with a CAGR of 7.7% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 4% and 4.4% respectively over the analysis period. In Europe, Germany is expected to grow at around 4.6% CAGR. Cross-country cycling is very popular in the United States and many new bike paths are being developed to cater to this segment. The popularity of mountain bikes also reflects this trend. While older users tend to use bicycles, especially e-bikes as local transportation, younger people use bicycles for recreational purposes such as cross-country cycling. Bicycles are the most affordable means of transport and are therefore popular in developing countries. The congestion, affordability and easy maneuverability of the bikes make Japan a major market.

Mountain bike segment to reach $11.9 billion by 2026
A mountain bike or MTB, also known as a mountain bike or all-terrain bicycle (ATB), is a bicycle designed for off-road cycling. The wheels used in mountain bikes are designed wide and knobby for shock absorption and good traction on rough terrain. The popularity of mountain bikes can be attributed to two main factors. The first is the inclusion of mountain biking in the Olympics since 1996. The second reason is the promotion of mountain biking by the ski resort industry. In the global mountain bike segment, United States, Canada, Japan, China and Europe will drive the CAGR of 6% estimated for this segment. These regional markets representing a combined market size of US$6 billion will reach a projected size of 9 billion US dollars at the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific should reach US$2.4 billion by 2026, while Latin America will grow at a CAGR of 6.2% over the analysis period.

Continued

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