The global Bicycle Market size is expected to reach USD 119.29 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.2% from 2022 to 2030. Increasing adoption of cycling as a form of leisure and awareness regarding the health benefits associated with cycling are the factors expected to bolster the market growth. Bicycles are being preferred for short-distance commutes as they save considerable time as compared to other vehicles. Moreover, limited parking spaces and growing traffic congestions are prompting people to reconsider bicycles as a primary option for the commute.
Rising emphasis on the use of non-polluting vehicles
for short-distance commutes by governments across the world is anticipated to
positively influence market growth. The fact that bicycles do not emit any
pollutants is projected to drive their demand in the near future. Moreover,
consumers are rapidly moving toward online distribution channels to buy a
bicycle due to several key factors, including doorstep delivery and replacement
and the availability of a variety of products. Additionally, due to the
outbreak of the COVID-19 pandemic, consumers are mainly focused on avoiding
crowded places to prevent themselves from virus infections.
The cargo bikes product segment is expected to emerge
as the fastest-growing segment over the forecast period. These happen to be the
most basic bicycles that consumers prefer owing to their ease of use. These
cycles do not require any sophisticated equipment required by mountain and
hybrid bicycles. This factor is anticipated to bode well for the growth in
demand over the forecast period. Moreover, dockless bicycle-sharing systems are
expected to gain attention in the coming years as they enable users to locate
and electronically unlock a nearby bicycle for rent. Produced originally in Europe,
these systems are gaining acceptance, especially in Asian countries, including
India and China.
Related Press Release@ Bicycle Market Report
Bicycle Market Report Highlights
- The global market is growing significantly as bike-sharing
companies, particularly in Europe and Asia, are investing aggressively in
expanding their operations
- Based on product, the cargo bikes segment is anticipated to expand
at the highest CAGR of22.3% over the forecast period. This high growth
rate is mainly attributed to the increasing government initiatives to
promote the adoption of cargo bikes for short-distance logistics within a
city. In addition, the governments of several countries are offering grants
and incentives to drive the adoption of e-cargo bikes
- Apart from being easy to use, electric bicycles can potentially
shorten the journey time. Moreover, advances in battery technology have
resulted in the advent of lighter rechargeable batteries that can support
longer journeys. These factors are contributing to the growth of the
electric technology segment
- The men end-user segment is expected to expand significantly at the
fastest CAGR over the forecast period as men would continue to outnumber
women and kids in terms of opting for a bicycle commute. The number of men
opting for bicycle commutation was higher than that of women and kids in
2021
- Asia Pacific dominated the market in 2021 with a revenue share
exceeding 30.0%. Governments in Asian nations, particularly Japan, China,
and Singapore, among others, are investing aggressively in establishing
the infrastructure necessary to encourage and support bicycle commutation
- Leading market incumbents are Accell Group; Dorel Industries Inc.;
Giant Bicycles; Merida Industry Co., Ltd.; and Trek Bicycle Corporation.
They dominated the market in 2021 leveraging a continuous emphasis on
expanding their market share through mergers and acquisitions
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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