According to a new report published by Allied Market Research, titled, “Bicycle Market by Type, Sales Channel, and End User: Opportunity Analysis and Industry Forecast, 2021–2027,” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.
The global bicycle market size was valued at $20,280.0 million in 2019. Furthermore, the bicycle market growth is projected to reach $28,667.3 million by 2027, registering a CAGR of 4.8% from 2021 to 2027.
Low maintenance cost of bicycles and ample health benefits drive the growth of the global bicycle market. Europe accounted for the highest share in 2019, and is projected to maintain its dominant share in terms of revenue by 2027. The demand for bicycles increased during the Covid-19 pandemic due to rise in health consciousness among consumers and preference for bicycles as economical means to exercise and travel short distances.
Bicycle sports is an ongoing trend in the market. Countries such as the U.S., Paris, and China are some of the leaders in bicycle sports. With surge in demand for bicycles, manufacturers are developing and elevating sports bikes that are light in weight, wheels with strong grip, strong breaks, and aerodynamic design, thus enhancing the cycling experience. In addition, sports bicycles are used in mountain riding and off-road riding as well. This not only promotes bike sports but also provides users with a thrill and adventurous experience. These bicycle trends leads to the rise in bicycle market demand.
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Based on type, the non-cargo non-electric bike segment held the largest share in 2019, contributing to more than three-fifths of the total share, and is expected to maintain its lead position during the forecast period. However, the non-cargo electric bike segment is estimated to witness the highest CAGR of 6.6% from 2021 to 2027.
Based on sales channel, the physical stores segment held the highest market share in 2019, accounting for nearly two-thirds of the global bicycle market, and is expected to maintain its leadership status during the forecast period. However, the online platforms segment is projected to witness the highest CAGR of 5.8% from 2021 to 2027.
Based on region, Europe accounted for the highest share in 2019, holding around two-fifths of the total market share, and is projected to maintain its dominant share in terms of revenue by 2027. On the other hand, Asia-Pacific is expected to manifest the largest CAGR of 6.7% during the forecast period.
Leading players of the global bicycle market analyzed in the report include Accell Group, Cervélo, Dorel Industries Inc., Giant Bicycles, Merida Industries Co., Ltd., Olympus Bikes, Scott Sports SA, Specialized Bicycle Components, Inc., Trek Bicycle Corporation, and Kona Bicycle Company.
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Covid-19 Scenario:
• The demand for bicycles increased during the Covid-19 pandemic due to rise in health consciousness among consumers and preference for bicycles as economical means to exercise and travel short distances.
• The implementation of stringent regulations such as social distancing enforced people to avoid gathering in fitness centers and gyms. This, in turn, led to increased demand for bicycles as means to exercise and remain fit.
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