Bicycles

Bicycles

Global Bicycles Market to Reach US$96.6 Billion by 2030

The global market for Bicycles estimated at US$65.0 Billion in the year 2023, is expected to reach US$96.6 Billion by 2030, growing at a CAGR of 5.8% over the analysis period 2023-2030. Road Bikes, one of the segments analyzed in the report, is expected to record a 5.5% CAGR and reach US$29.8 Billion by the end of the analysis period. Growth in the Mountain Bikes segment is estimated at 6.1% CAGR over the analysis period.

The U.S. Market is Estimated at US$11.0 Billion While China is Forecast to Grow at 7.6% CAGR

The Bicycles market in the U.S. is estimated at US$11.0 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$21.5 Billion by the year 2030 trailing a CAGR of 7.6% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.5% and 4.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.6% CAGR.

Global Bicycles Market - Key Trends & Drivers Summarized

Bicycles are human powered pedal cycles equipped with light fame, mounted on two wired spoke wheels attached with a seat to sit, handlebars to steer, brakes to stop, pedals to pedal. Bicycles have been the basic mode of transport in many countries for several years, as they are inexpensive, convenient, do not cause pollution and are generally easy to maintain. Over the years, bicycles have evolved significantly, from simple, single-speed models to complex machines equipped with advanced technologies. Modern bicycles are designed for various uses, including road biking, mountain biking, commuting, and touring. They come in different styles such as road bikes, mountain bikes, hybrids, and electric bikes (e-bikes), each tailored to specific terrains and riding preferences. Materials used in bicycle construction have also advanced, with frames now commonly made from lightweight yet durable materials like aluminum, carbon fiber, and titanium, enhancing performance and comfort.

The advancements in bicycle technology over the past few years have not only made cycling a more attractive option for millions but have fundamentally transformed the cycling experience in terms of speed, comfort, and safety. From predictive analytics to electrification and beyond, these innovations are reshaping how cities and their inhabitants envision transportation and recreation. Innovations such as quick-release skewers, carbon fiber frames, and GPS computers have fundamentally altered cycling, making it faster, safer, and more enjoyable. These advancements, developed over decades, continue to evolve, offering cyclists an ever-improving array of features and capabilities. Innovations in materials science are expected to yield even lighter and stronger bike frames, while the integration of smart technologies promises to enhance navigation, safety, and performance. Environmental sustainability remains a key focus, with the industry exploring more eco-friendly materials and manufacturing processes to minimize the carbon footprint of bicycle production.

The growth in the bicycle market is driven by several factors, including advances in bicycle technology, such as the rise of e-bikes and smart cycling gear, all of which are attracting new users and enhancing the riding experience. Bicycle industry, over the years, has evolved driven by factors such as growing environmental concerns over greenhouse gas emissions, rising fuel/energy prices, and increasing emphasis on health, wellbeing and longevity, which helped the rapid adoption of cycling as a popular mode of exercise on par with aerobics and yoga. The market has long been benefited from the evergreen popularity of cycling as a preferred leisure activity. The increasing awareness of environmental issues and the push for sustainable urban transportation solutions are encouraging more people to choose bicycles over motor vehicles, particularly for short commutes. Most of the city roads, motorways and highways across the globe are struggling to cope with the rapid growth in number of vehicles, resulting in traffic congestions. Traffic congestions most often leads to fuel wastage, increase in vehicular accidents, rise in carbon emissions, and loss of working hours, thus aiding market growth. Government initiatives and infrastructure investments aimed at promoting cycling as a healthy and eco-friendly mode of transportation are also boosting market growth. The growing interest in cycling as a competitive sport and recreational activity continues to fuel market expansion, supported by a robust community of enthusiasts and ongoing innovation in bicycle technology.

Select Competitors (Total 242 Featured) -

• Accell Group B.V.
• Amer Sports Corporation
• Avon Cycles Ltd.
• Cycleurope AB
• Cycling Sports Group, Inc. (dba Cannondale)
• Fox Factory, Inc.
• Giant Manufacturing Co. Ltd.
• Hamilton Industries Pvt. Ltd.
• Hero Cycles Ltd.
• Huffy Corporation
• Merida Industry Co., Ltd.
• Montague Corporation
• Pacific Cycle Group
• Raleigh UK Limited
• Santa Cruz Bicycles
• Schwinn Bikes
• Specialized Bicycle Components, Inc.
• Tandem Group plc
• TI Cycles of India
• Trek Bicycle Corporation
• Winora Staiger GmbH

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