Bicycle Market Analysis 2020: By Keyplayers Giant Bicycle Inc., Samchuly Bicycle Co., Ltd., Atlas Cycles Ltd., Tandem Group plc, Derby Cycle, Merida Industry Co. Ltd., Avon Cycles Ltd., Dorel Industries Inc., Trek Bicycle Corporation, Xiaomi, Accell Group

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Market Overview

A bicycle or bike is a human-powered or pedal-driven vehicle, with two wheels attached to a frame. Bicycles are used for various purposes including sports, daily commute, and adventure sports. There are different types of bicycles available in the market including mountain bikes, road bikes, sports bikes, and hybrid bikes. Although bicycles have been used since the 19th century, it has evolved massively over the years, with the production of lighter and faster bikes. Different accessories are now being added to bicycles such as luggage carriers, front-mounted baskets, child seats, training wheels, etc.

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The global Bicycle Market was accounted for US$ 51,770.6 Mn in terms of value and 151,764 Thousand Units in terms of volume in 2019 and is expected to grow at CAGR of 3.7% for the period 2020-2027.

Competitive Section

Key players operating in the global bicycle market are Giant Bicycle Inc., Samchuly Bicycle Co., Ltd., Atlas Cycles Ltd., Tandem Group plc, Derby Cycle, Merida Industry Co. Ltd., Avon Cycles Ltd., Dorel Industries Inc., Trek Bicycle Corporation, Xiaomi, Accell Group, Zhonglu Co. Ltd., and Tube Investment of India Limited.

Market Dynamics- Drivers

1. Increasing awareness among consumers regarding health benefits of bicycle is expected to drive growth of the global bicycle market during the forecast period

Modern lifestyle and hectic schedules have forced people to work without ample exercise. With increasing intake of junk food, health issues such as obesity are arising at a very early age. According to the World Health Organization (WHO), in 2014, 114 nations including Europe, Middle East, and the Americas were having over half of the adult population obese. On the contrary, a healthy and more nature-friendly lifestyle is becoming more and more popular with raising awareness about the hazards caused by obesity. Many studies have revealed that bicycling burns around 500 – 700 calories per hour. Various countries have started adopting bicycle riding as an effective way of burning fat and maintaining normal body mass. Even Doctors advise the general public around the world to use bicycles as a must-have tool for living a healthy life, whether they are obese or not. Thus, these factors are expected to drive growth of the market in the near future.

2. Significant increase in oil prices and rising need to prevent natural resources are expected to propel the global bicycle market growth over the forecast period

The major disadvantage offered by bicycles is that it does not require external fuel or source of supply to drive. Since the natural resources are limited and draining rapidly, adopting bicycles is crucial to avoid depletion of resources. In order to save oil and fuel, customers more often tend to cycle to the distances which are close enough for them. Furthermore, consumers are also saving a significant amount of money by not expending on fuel, and also there is no need for a driving license for cycling. Hence, these factors are expected to propel the global bicycle market growth over the forecast period.

Market Opportunities

1. Constantly increasing demand for cleaner and faster mode of transportation can present major growth opportunities

The pollution caused due to the emission from fuel-driven vehicles has increased significantly in the recent past. On the contrary, it has presented a massive opportunity for green solution providers and manufacturers to capitalize on the market. The bicycle manufacturers can exploit these conditions as an opportunity to expand and increase their business. The eco-friendly mode of transport with bicycle as a medium has already gained popularity and is a prominent trend in European countries like Denmark, Netherlands, and the U.K.

2. High growth of tourism industry can provide lucrative business opportunities

Tourism industry has witnessed massive growth in numerous economies. Cycle tourism provides major opportunities for manufacturers to gain a competitive edge in the market. There has been global increase in the construction of cycle tourism projects in various countries to generate a good source of revenue for the country. For instance, in Germany and France, the average annual turnover from the cycling tourism is approximately 11 billion Euros and the revenue is expected to increase in the near future due to increased infrastructural and extension activities going on in the cycling tracks and lanes.

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Market Trends

1. Advent of bicycles in corporate sector to endorse eco-friendly transportation
In developed regions such as Europe and North America, many corporate offices have started using bicycles and electric vehicles as a mode of transport inside their campuses and is mandatory that every employee should follow this, in order to enhance air quality and minimize pollution index inside the campuses. The U.S. Green Building Council (UGBC) is supporting corporate offices to be leader in energy and environment design or LEED.

2. Improved material science has facilitated the manufacturing of ultra-lightweight bicycles
Advancements in material science have allowed manufacturers to fabricate ultra-lightweight bicycles. The new technology and advanced methodology used for the manufacturing of such bicycles has found increasing application in the manufacturing of sports and mountain bicycles. For instance, in June 2016, Canyon Bicycles GmbH launched Canyon Ultimate CF SLX, which has the lightest frame and is one of the strongest too in racing bicycle category.

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