New York, US, May 29, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Bicycle Market Information by Type, Application, and Region - Forecast till 2030", According to MRFR’s projections, the market for bicycles will surge from USD 72.36 billion in 2022 to USD 116.55 billion by 2030, at a steady rate of 6.14% from 2022 to 2030.
Bicycle Market Overview
A bicycle is a machine used for exercising to promote a healthy life free from obesity and other illnesses are anticipated to further fuel the bicycle market expansion. Dockless bike-sharing programs have recently become more and more popular. A bicycle can be located nearby and electronically unlocked using this technology. Dockless bicycle-sharing programs, which were initially developed in Europe, are becoming more and more well-liked, especially in Asian countries like China and India.
Market Competitive Landscape:
The renowned firms in the bicycle industry are
- NYCeWheels Inc.
- Specialized Bicycle Components
- Easy Motion USA
- Tube Investments of India Limited
- Hero Cycles Limited
- V.E. Bianchi SpA
- Derby Cycle
- Trek Bicycle Corporation
- Avon Cycles
- Tianjin Fuji-ta Group Co. Ltd.
- Moustache Bikes
- Merida
- Accell Group
- Giant Bicycles
- Among others.
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May 2023
With the release of a limited special edition of the high-end YDX-Moro 07 eMTB, Yamaha is commemorating the 30th anniversary of the first bicycle to provide riders help from a battery-powered electric motor.
Bicycle Market COVID 19 Analysis
Due to limited commercial activities globally and stay-at-home orders, the COVID-19 pandemic had a substantial influence on the bicycle market. Leaders in the global industry put a lot of work into reorganizing their production process and supply chain to accommodate the delivery of vital medical supplies.
Bicycle manufacturers were forced by the epidemic to forgo big auto exhibitions and racing events in 2020 and instead focus on alternate channels like digital premieres.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 116.55 billion |
| CAGR during 2022-2030 | 6.14% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Key Market Opportunities | Government Initiatives for the Construction of Cycle Lanes |
| Key Market Dynamics | Increase in bicycle experience zones Increasing popularity of E-Bikes among tourists |
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Nonetheless, several producers made numerous important choices following COVID-19 and withdrew from international trade exhibitions in 2020. The pandemic situation is improving, but the worldwide market is rebounding and is anticipated to stay in the growth stage over the projection period.
Bicycle Market USP Covered:
Market Drivers:
Bicycle sales first experienced a decline as a result of the closure of offline stores worldwide as a result of limitations brought on by the COVID-19 epidemic. After the pandemic, however, there has been a noticeable increase in customers attempting to avoid public transport out of fear of getting the virus, and the demand for bicycles has just started picking up and virtually returned to normal. Additionally, with customers becoming more health conscious, bicycles are now viewed as a trustworthy and healthful form of transportation. The Dutch e-bike manufacturer VanMoof, for instance, raised almost USD 128 million from venture capitalists in September 2021 as sales of battery-powered bikes (e-bikes) increased threefold during the pandemic.
Furthermore, towards the middle of 2021, there were more cycling-related events. Positive government and employer initiatives are anticipated to drive the market under study throughout the course of the projected period. Various regulatory bodies also support road racing, touring and leisure cycling, track racing, off-road racing, and mountain riding events in Europe, Asia-Pacific, and Africa, particularly South Africa.
E-bikes have become more popular outside of Europe in places like China and Japan. The rising demand for e-bikes as sporting equipment is one of the main factors pushing e-bike adoption and use around the world. Other important factors are the environmental benefits, reduced traffic congestion, and improved health. Furthermore, with ongoing technological developments, important manufacturers are concentrating on improving the overall user interface by designing and developing bicycles that can integrate with the rider's smartphone and provide real-time information on the speed and battery status. Examples of these manufacturers include Accell Group and Giant Manufacturing Co. As a result, during the course of the projected period, the aforementioned are anticipated to fuel market expansion.
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Market Restraints:
The bicycle market expansion can be hampered by the impending lack of the infrastructure required to support and promote bicycle commuting, particularly in developing economies like India. Similar to how expensive lightweight bicycles constructed of composite materials are, this is not good for the market's expansion.
Bicycle Market Segmentation
By Type
E-bikes and traditional bikes are included in the market segmentation for bicycles, with respect to the type. In 2021, the market was dominated by the traditional bike segment. During the forecast period, 2022-2030, the e-bike segment is anticipated to increase at a quicker rate. This is brought on by people's growing desire for electric bikes as a result of increased crude oil prices. For instance, e-bike tourism is being looked at by authorities in various European nations like the Netherlands, Germany, and Sweden as a healthy and environmentally friendly option. E-bikes also make it possible for multiple riders to travel together and encourage active transportation. The demand for e-bikes is also anticipated to be driven by city tours and bike-share programs. Consequently, increasing e-bike use has a beneficial effect on market expansion.
By Application
Racing, transportation tools, and recreation are the three application segments of the bicycle market. Recreation was the market's largest sector in 2021 and is anticipated to grow at the fastest rate from 2022 to 2030. Children's rides, mountain biking, and bicycle touring are all included in the recreation category. These bikes have sturdy frames and parts, flat handlebars, and flat pedals. Mountain bikes typically incorporate suspension to help riders negotiate steep mountain trails. To make them safe and appropriate for young learners, children's bicycles are scaled down. During the review period, the recreation category is anticipated to increase at a CAGR of 5.16%, making it the largest and second-fastest-growing market.
Bicycle Market Regional Insights
In 2021, the North American bicycle market was valued at a whopping $8.71 billion and is anticipated to grow at a 4.13% CAGR. This is explained by regional technological improvements in the bicycle market.
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Some of the cities that are deemed perfect for bicycle commuting are found in Europe. Europe also hosts some of the most well-known cycling competitions, including the Tour de France and Ronde van Vlaanderen. Belgium, Denmark, France, and Italy are vigorously building the infrastructure to support and promote bicycle commuting, and they are making a big contribution to the expansion of the local market.
The bicycle market in the Asia Pacific is climbing up the growth trajectory at the fastest pace. Some of the top nations in the region include China, Japan, Australia, India, and South Korea. Additionally, these nations have begun to stage a lot of cycling competitions, which could boost interest in and demand for sports bicycles. For instance, the Asian Cycling Championship was established in 1963 as an annual continental competition for track and road cycling, open only to Asian cyclists chosen by the national governing bodies of the participating nations. The region's demand for bicycles will increase as a result of factors like rising female sports participation rates and government efforts. Additionally, innovative bicycles and accessories are being introduced by bicycle manufacturers as a result of the rising demand, which will expand the bicycle market.
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