The bicycle market will exceed 180 billion US dollars by 2030

According to Precedence Research, the global bicycle market size is expected to exceed approximately $180 billion by 2030 and expand to grow at a compound annual growth rate of 7.36% from 2022 to 2030.

TOKYO, May 12, 2022 (GLOBE NEWSWIRE) – World Bicycle market size $95 billion in 2021, according to a new report study. The demand for bikes remains strong in 2021. Below are some sales insights revealing the strong growth of the motorcycle market over the past few years:

• The global bicycle market is expected to reach $180 billion by 2030

• Asia Pacific bicycle market was valued at US$17.69 billion in 2021

• According to technology, the traditional segment captured 80% of the revenue share in 2021

• The electric bike segment is expected to grow at the highest compound annual growth rate of 10.3% from 2022 to 2030

• By product, road bike segment captured 40% market share in 2021

• Online distribution channel captured 50% of the market share in 2021

• Europe is expected to grow at a compound annual growth rate of 10.5% from 2022 to 2030

• More than 1.9 billion adults were overweight in 2016

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The Asia Pacific region accounts for nearly 30% of the global bicycle market

Asia Pacific is home to the largest population in the world. Having a huge consumer base, increasing health awareness, increasing number of obese population, increasing disposable income, presence of many leading bicycle manufacturers and increasing government spending towards developing bicycle friendly infrastructure are the notable drivers of bicycle market in Asia Pacific region. Countries such as Japan, Singapore and China are investing heavily in building infrastructure to promote short-distance cycling. Moreover, the increasing dependence on electric bicycles among people for their convenience and ease of commuting over long distances is increasing the demand for electric bicycles. The increasing popularity of bicycle sharing systems in the Asia Pacific region is expected to drive further market growth during the forecast period. The growing awareness among the population to stay healthy, active and fit is promoting the adoption of cycling as an appropriate form of recreational activity and exercise. Therefore, the Asia Pacific bicycle market is expected to remain dominant throughout the forecast period.

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Report scope

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What are the key trends in the global bicycle market?

The rise in the number of cycling events is a major trend in the market which is expected to accelerate the growth of the market during the forecast period. For example, Cycling Ireland is an event that promotes leisure cycling, racing and touring. Sports Council of Ireland says Sport Ireland invested €440,000 in 2019 towards cycling in Ireland. This event encourages the adoption of cycling among the population in Ireland. Moreover, the increasing media coverage and celebrity endorsement is greatly influencing the population to indulge in cycling for its health and fitness benefits. Therefore, the growing awareness among the population regarding the benefits of cycling and the increasing number of cycling events across the globe are the major trends that are expected to drive the growth of the global bicycle market in the foreseeable future.

What are the key challenges in the global bicycle market?

The increasing number of road traffic accidents in the large market such as Asia Pacific and the lack of adequate bicycle infrastructure in many countries are the main challenges faced by manufacturers that may restrict the adoption of bicycles among the people. According to the World Health Organization, about 93% of road accidents occur in low- and middle-income countries. Moreover, the availability of alternatives to commuting and many other modes of indulging in fitness activities may hamper the adoption of bicycles. Young people are more inclined towards gyms and fitness centers to stay active and fit and may refrain from indulging in cycling activities, which may hamper the growth of the bicycle market during the forecast period.

Europe expects the strongest growth rate of 10.5% during the forecast year (2022-2030)

The growing awareness among the European population regarding the benefits of cycling is leading to the growth of the bicycle market. The growing popularity of cycling as a sport and the increasing number of cycling events in the region are expected to boost market growth. Events like the Ronde van Vlaanderenare and the Tour de France are the most popular cycling events in Europe. Countries such as France, Italy, Denmark and Belgium are investing heavily in the development of cycling infrastructure which is expected to boost the demand for bicycles in Europe in the near future.

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Best bike manufacturers in 2021

Trek Bicycle Corporation, Accell group, SCOTT Sports SA and Atlas Cycles Ltd. and Specialized Bicycles Components, Inc. and Avon Cycles Ltd. and Merida Industry Co. Ltd. and Cervel, Giant Bicycles, and Dorel Industries Inc. One of the leading bicycle manufacturers in the global bicycle market.

Market segmentation

High School

• Hybrid bikes

• mountain bikes

• cargo bikes

• Road bikes

• all terrain bike

• e-bike

• Aharon

by technology

By distribution channel

by end user

at the price

• Expensive

• mid-range

• low range

by geography

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