Bicycle Subscription Market To Witness Stellar CAGR During Forecast Period 2022 - 2031 : Fact.MR

As per industry analysis by Fact.MR, a market research and competitive intelligence provider, the global market for bicycles stood at US$ 58 Bn in 2020, wherein, around 140 Mn bicycles are produced annually across the globe. The market is set to reach a valuation of little over US$ 127 Bn by 2030, with a projected growth of above 8% CAGR.

The European market holds the highest share of around 1/3 of the total bicycle market, and COVID-19 has also had a positive impact in Europe. As more and more people are shifting to bicycles post the pandemic effect, the bicycle subscription market will gain momentum over the coming half-decade.

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Key Takeaways from Market Study

Chinese bicycles are priced lower than Indian-made ones by nearly 15%, as raw materials contribute nearly 70-80% to the cost of manufacturing, and that is where China takes the lead due to abundant availability.

In 2018, the worldwide e-bike market was valued US$ 20 Bn, and it is expected to reach US$ 40 Bn by 2025.

Between January and November 2020, Vietnam exported around 150,000 e-bikes to Europe, while Turkey shipped nearly 50,000 units to the EU.

From 4.3 Mn in 2019 to 5.2 Mn in 2020, total market volume of e-bikes and bicycles climbed 17% in Germany.

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Market Development Scenario: Are Investments the Driving Force?
In March 2021, Zoomo raises around US$ 12 Mn from funding from a new investor group and also a few existing to expand into new regions and further modify and advance its e-bike platform for enterprises. Similarly in August 2020, US$ 11 Mn through series A funding was raised totalling around US$ 26 Mn in the last 2 years.

VanMoof, an Amsterdam-based firm, raised US$ 128 Mn in a Series C fundraising round in 2021. Electric bikes, which are highly popular in various countries, are designed and sold by the firm. In comparison to the company's Series B, the Series C is a significant step forward. VanMoof raised US$ 40 Mn in a Series B funding last year.

Bike Club has decided to raise more funding to expand its service. By early 2022, the company wants to double the number of bikes to between 50,000 and 60,000. It has secured US$ 8.8 Mn in debt financing from Triple Point, a U.K. investment business, to fund the next phase of its long-term expansion aspirations.

In January 2021, MyByk, a public bicycle-sharing company, through pre-series A received US$ 1 Mn from Avon Cycle and other investors. It now intends to incorporate public transit into its services and smartphone app. In order to shift to a Mobility as a Service (MaaS) platform, MyByk is looking for state governments to for collaboration.

In 2020, Yulu, an electric vehicle micro mobility service provider, announced a fresh capital of US$ 4 Mn in equity finance, led by Rocketship, a U.S.-based venture capital firm, and current investors. The new investment in the midst of the COVID-19 problem validates the new-age mobility firms' growth potential. The new investment will be utilised to strengthen its mobility platform, develop innovative solutions, and enable quick growth.

Dance announced the closing of US$ 17.7 Mn Series A funding round in October 2020, led by HV Holtzbrinck Ventures, one of Europe's largest venture capital firms. Dance is a prominent player and has developed a network that does not need users to own a pricey bike and provides a rentable bicycle or e-bike in their locality.

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Winning Strategy

As the volume of bicycles is rising, bicycle subscription providers are leveraging the trend of healthy and fit lifestyle that has been adopted by people. Advertisement and marketing campaigns are drafted in such an approach to reach individual- as well as enterprise-level customers.

As the market is in its introduction phase, a large number of commercial giants have invested in bicycle subscription platforms, making it the most attractive industry in terms of revenue generation, Furthermore, prominent players have used plan customization as a crucial tactic because it helps end users feel unique in their bicycle subscriptions and are likely to stay more on the platform.

Source - https://www.factmr.com/report/bicycle-subscription-market

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