The health, environmental, and economic benefits of cycling to boost the market growth – Technavio
NEW YORK, NY, November 15, 2023 /24-7PressRelease/ — The global bicycle market size is estimated to grow by USD 22.69 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of almost 6.32% during the forecast period. Cycling offers numerous benefits for health, the environment, and finances. It helps prevent various health issues and is cost-effective compared to vehicles. Moreover, bicycles contribute to reducing pollution and are environmentally friendly. These advantages are expected to drive increased demand for bicycles in the market. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 51%. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report
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Global Bicycle Market – Segmentation Assessment
Technavio has segmented the market based on type, Product (On-road and track bicycles, Off-road bicycles, and X-road and hybrid bicycles), End-user (Adults and Children), Distribution Channel (Offline and Online), and Geography (APAC, Europe, North America, South America, and Middle East and Africa).
The On-road and Track Bicycles segment, valued at USD billion in 2017, was the largest segment. Bicycles designed for on-road use are crafted for smooth surfaces, emphasizing efficiency and speed with lightweight frames and slender tires. Their geometry and lowered handlebars prompt riders to lean forward, enabling an aerodynamically favorable position. These bikes, equipped with thin tires and efficient gear systems, facilitate swift and efficient long-distance rides.
By geography, the global bicycle market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global bicycle market.
The APAC is expected to contribute 51% to the global market’s growth. The growth is driven by numerous factors, including the rising demand for bicycles, an increasing focus on health, growing environmental concerns to reduce CO2 emissions, urbanization leading to traffic congestion, and a surge in personal transportation usage. Countries like China, Japan, India, and New Zealand are expecting a rising preference for bicycles as people become more health conscious. Cycling clubs across APAC are organizing national road and track events, boosting the sport’s popularity.
Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021) and forecast market size (2023 to 2027) – Download a Sample Report
Global Bicycle Market – Market Dynamics
Key factor driving market growth
• Cycling offers health benefits by reducing the risk of various diseases and maintaining overall fitness for all ages.
• Economically, bicycles are a cost-effective alternative to vehicles, saving on gasoline, insurance, and maintenance expenses.
• Environmentally, cycling reduces noise and air pollution, emitting zero greenhouse gases, making it an eco-friendly choice.
• These factors indicate a projected surge in demand for bicycles, driven by their health, economic, and environmental advantages, boosting market expansion.
Leading trends influencing the market
Increasing popularity of bicycle rental services is the market trend. Rapid urbanization and rising incomes in emerging economies are increasing car sales, causing traffic congestion, and prompting a global shift towards bicycles. Governments, such as Japan, is are encouraging people to opt for bicycles for commuting. Rental services offer flexible access without ownership costs, with companies like Brompton Bike Hire Ltd. and Beats Snow Sports providing diverse options. There is a rise in rental companies due to increased bicycle acceptance, driving demand for new bicycles, yet potentially hindering market growth by limiting new bicycle use.
Major challenges hindering the market growth
The increase in the number of bicycle accidents is a challenge hindering market growth. The global rise of cyclists has expanded due to initiatives in countries like the UK, the Netherlands, Australia, Japan, South Korea, and Canada, offering dedicated pathways for cyclists’ use. However, this rise has seen a parallel increase in cycling accidents, with the Netherlands reporting 33.63% of fatalities in 2018. Most affected were individuals aged 50 to 60. Reasons include vehicle-cyclist conflicts during turns, poorly maintained roads causing accidents, and reckless vehicle driving. These accidents, lacking clear guidelines for cyclists and amidst growing vehicular traffic, set a discouragement to bicycle adoption, potentially impacting the market growth.
Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report
What are the key data covered in this Bicycle Market report?
• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Bicycle Market between 2023 and 2027
• Precise estimation of the size of the Bicycle Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Bicycle Market industry across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Bicycle Market vendors
Childrens Bicycle Market: The children’s bicycle market size is estimated to grow at a CAGR of 5.36% between 2023 and 2028. The market size is forecast to increase by USD 4,883.58 million.
Sports Bicycle Market: The sports bicycle market size is estimated to grow at a CAGR of 6.19% between 2022 and 2027. The market size is forecast to increase by USD 5.52 billion.
1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Product
7. Market Segmentation by End-User
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
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