Global Bicycle Market Size Is Estimated To Reach $ 28,667.3 Million By 2027, And Leading Players Updates By Forecast To 2021-2027
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. The non-cargo electric bike segment was the highest contributor to the market, with $12,712.4 million in 2019, and is estimated to reach $17,580.4 million by 2027, at a CAGR of 4.1% during the forecast period.
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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.
Presently, rapid increase has been witnessed in rental bicycle services. From a business perspective, this idea is an innovative way for profit earning, as investment in this business is minimal in comparison to other rental motored vehicles. Furthermore, the maintenance of the bicycles is affordable, which motivates the new service provides to invest in this business. Moreover, from the customer’s point of view, tourists are benefitted the most, as rental bikes are affordable and easily available.
The World Association of Cycling Events (WACE) is one of the biggest bicycle association, which organizes various prestigious and largest bicycle events at a global level. These bicycle events include Cape Town Cycle Tour, TD Five Boro Bike Tour, Vatternunrnad, RideLondon, and Grant Fondo Campagnolo Roma. Thus, increase in bicycling events add to the popularity of these vehicles, which significantly contributes toward the growth of the global market.
Depending on end user, the men segment exhibited the highest growth in 2019, generating revenue of $8,990.5 million, and is estimated to reach $12,301.8 million by 2027, registering a CAGR of 4.0%. This is attributed to increase in interest of sports and leisure activities among men.
By sales channel, the physical stores segment dominated the market in 2019, accounting for $17,628.1 million, and is estimated to reach $20,164.4 million by 2027, at a CAGR of 1.7%. This is attributed to the fact that customers can easily procure required products from physical stores. In addition, customers are given personal attention by the sales staff at these stores.
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Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Sweden, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, Malaysia, Indonesia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
The key market players profiled in the report include Accell Group, Cervélo, Dorel Industries Inc., Giant Bicycle, Merida Industry Co.,Ltd., Olympus Bikes, Scott Sports SA, Specialized Bicycle Components, INC, Trek Bicycle Corporation and Kona Bicycle Company
Key Benefits For Stakeholders
○ The report provides a quantitative analysis of the current market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.
○ In-depth analysis and the bicycle market segments and the market size assist to determine the prevailing the bicycle market opportunity.
○ Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
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