by The bicycle market comprises bicycles that are a sustainable and environment-friendly mode of transport. Bicycles provide a healthy and convenient way of commuting while reducing traffic congestion and carbon emissions. They come in various styles for both recreational and utility purposes.
The Global Bicycle Market is estimated to be valued at US$ 79.78 Bn in 2024 and is expected to exhibit a CAGR of 9.2% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the 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. Rapid urbanization and increasing health consciousness among people have propelled the demand for bicycles globally. Moreover, supportive infrastructure developments for cycling and shared bicycle services have boosted the market. Governments across regions are also encouraging cycling for its environmental benefits which is facilitating the expansion of bicycle market worldwide.
Market key trends
One of the major Bicycle Market Trends gaining momentum in the bicycle market is the preference for sustainable cycling. With growing environmental concerns, bicycles are emerging as one of the most sustainable modes of transportation. Their carbon-free mobility helps reduce pollution and dependency on non-renewable resources. Various governments are incentivizing bicycle usage and infrastructure to promote sustainability. Major bicycle manufacturers are also focusing on eco-friendly sourcing and production. Features like electric assist are further encouraging the adoption of bicycles for daily commuting as well as casual cycling. The trend towards sustainable cycling will continue to drive the growth of global bicycle market over the coming years.
Porter’s Analysis
Threat of new entrants: The cycling market has moderate threat of new entrants due to requirement of large investments and established brand recognition of existing players. However, specialty and customized products can attract new players.
Bargaining power of buyers: Buyers have high bargaining power in the cycling market due to availability of substitutes and undifferentiated products. Buyers can negotiate on price easing threat for established brands.
Bargaining power of suppliers: Component manufacturers have moderate bargaining power due to availability of substitute components and outsourcing opportunities for manufacturers. Established manufacturers can negotiate for bulk and specialized components.
Threat of new substitutes: Substitutes like electric vehicles pose minimal threat currently due to niche markets and compliance issues. Specialized models have very fewer substitutes.
Competitive rivalry: The market has high competitive rivalry due to well established global players and price sensitive buyers. Innovation and niche segments keep competition alive.
Geographical Regions:
North America is currently the largest geographical region for bicycle market holding around 35% of the total market share in terms of value. The region is dominated by United States where cycling is a popular recreation and commuting activity encouraged through dedicated infrastructure and urban planning. Increasing health awareness, eco-friendly trends and marketing by global manufacturers further contribute to high demand.
Asia Pacific is emerging as the fastest growing region for bicycle market expected to surpass North America by 2027. Countries like China, India and Indonesia are witnessing rising cycling activities driven by growing middle class, increasing health awareness, promotion of non-motorized transport and development of dedicated cycling lanes. Specialized models and electric bicycles especially are attracting buyers in Asia Pacific region which provides huge opportunities for established as well as local players. Government initiatives to promote cycling similarly boost the demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn
