The global bicycles market size was US$ 53.9 billion in 2021. The global bicycles market is forecast to grow to US$ 77.8 billion by 2030, registering a compound annual growth rate (CAGR) of 6.4% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Growing awareness about fitness is driving the growth of the bicycle market. In addition, the demand for bicycles is growing as it is a convenient and cost-effective way of transportation. Thus, the global bicycles market will register unexpected growth during the study period.
The fact that bicycles require fewer parking places is driving the market growth. Moreover, bicycles are simple to operate, and everyone can ride one. Furthermore, they do not require gasoline to operate, which makes them convenient to adopt.
Growing disposable income and rising employment rate will also benefit the global bicycles industry in the coming years.
The increasing prominence of e-bikes will benefit the overall bicycles market during the study period. E-Bicycles are comfortable to ride on overpasses, in mountainous locations, and even on rough roads. Thus, it will accelerate the growth of the market in the coming years.
The increasing population and automobile traffic, which generates pollution, will contribute to the growth of the global bicycles market during the study period.
COVID-19 Impact Analysis
The COVID-19 epidemic has been a severe backdrop for the global bicycle industry. Due to this health emergency, governments all across the world imposed lockdown and banned travel. Companies also began operating on a virtual mode. The educational institution began offering online classes. As a result, the demand for bicycles decreased abruptly.
Bicycle production facilities, shops, trading, and retailing activities were all halted due to government-imposed lockdown in various nations. Moreover, the lack of spare parts created a supply chain gap. Furthermore, the postponement of numerous premium events, cycling tournaments, and Olympics further hampered the market.
Regional Analysis
Asia-Pacific bicycles market is forecast to hold the highest market share due to the growing population and increasing inclination of youth towards fitness. Moreover, North America and Europe are also forecast to register significant growth due to increasing awareness about the health benefits of riding a bicycle.
Competitors in the Market
Market Segmentation
The global bicycle market segmentation focuses on Product, Technology, End-User, Structure, and Region.
Based On Product
Based On Technology
Based On End-User
Based On Structure
Based on Region
