DUBLIN, Nov. 3, 2022 /PRNewswire/ -- The "Global Bicycle Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global bicycle market was evaluated at US$54.973 billion for the year 2020 and is expected to grow at a CAGR of 6.93% and reach US$87.876 billion by 2027.
The global cycle market is projected to show healthy growth throughout the next five years, primarily on account of the increasing consumer preference for a healthy living lifestyle. Furthermore, there has been an increasing adoption of bicycles in both developed and developing economies owing to the fact that the majority of people are opting for cycling as their daily routine activity and as a form of leisure.
The market is also being driven on account of the growing prevalence of chronic diseases such as CVDs, obesity, and diabetes, among others which is further augmenting the demand for bicycles among the people suffering from these diseases to stay healthy and fit. The recent outbreak of novel coronavirus is also expected to boost the sales of bicycles in many parts of the world as several restrictions have been imposed by the governments across the country, such as social distancing and lockdowns, among others.
This further led to the closure of gyms, parks, and other public places, which led to an upsurge in demand for cycles by fitness maniacs. The constantly growing penetration of electric bicycles further widens the business opportunities for the market players to tap the growing market potential. Also, the growing penetration of bicycle-sharing services and an increase in the number of online platforms in various countries that offer dockless bicycle-sharing systems are fuelling market growth throughout the forecast period.
Rising prevalence of chronic diseases
One of the key factors supplementing the demand for bicycles is the globally growing prevalence of chronic diseases such as obesity, diabetes, and CVDs, among others. This has led to an upsurge in demand for bicycles in many parts of the world because of growing concerns among people regarding a healthy lifestyle with easy exercise and physical activity. Furthermore, bicycling regularly at a medium pace helps mitigate the risk of several chronic diseases. There has been a rapidly growing prevalence of diabetes at the global level.
According to the statistics by the International Diabetes Federation, by the year 2040, one out of ten adults will have diabetes. Additionally, according to the statistics provided by the American Diabetes Association, in 2018, 34.2 million Americans had diabetes, out of which 26.8 million were diagnosed. Cycling is directly associated with mitigating the risk of diabetes in adults as physical activities help people maintain blood sugar levels as it activates around 70% of the muscles in the body. Also, according to the estimates by the World Health Organization, the contribution of chronic diseases to the global disease burden was expected to reach 60% by the year 2020, which was only 43% in 2002.
Additionally, the prevalence of obesity has also grown remarkably in the past years. According to the U.S Department of Health and Human Services, the prevalence of obesity increased to 42.4% by 2017 from 30.55 in 1999. Thus, cycling helps in maintaining physical activity and boosts the metabolism of individuals as well. This, in turn, is also anticipated to positively impact the demand for bicycles in both developed and developing economies of the world.
Participation by market players
The global bicycle market is also being driven by the fact that players in the market are actively taking part in the market in the form of product launches, partnerships, and campaigns to promote the use of bicycles. Thus, all the factors mentioned above are collectively contributing to the positive growth of the market during the next five years.
Road bicycles to hold a significant share
On the basis of type, road bicycles are anticipated to hold a significant share in the market owing to the high adoption of these cycles for daily commutes in both developed and developing economies of the globe. There has constantly been growing road traffic in various metropolitan cities of the world, and the non-availability of parking spaces further acts as a catalyst for the growing demand for easy commutation, which in turn is amplifying the demand for bicycles in many countries. Also, these are considered basic bicycles, which are highly suitable for short distances.
An electric segment to show promising growth
By technology, the conventional segment is projected to hold a considerable amount of market share throughout the next five years. Bicycles are considered one of the most convenient means of short-distance transport, especially in developing economies. Also, the presence of a considerable labor class population in emerging economies such as China, India, Brazil, and Indonesia, among others, is further supporting the growth of conventional cycles throughout the next five years.
Online sales to witness healthy growth
By the distribution channel, the online segment is poised to witness noteworthy growth throughout the next five years, primarily due to the growing penetration of smartphones and the internet in the emerging economies of the world. For instance, according to the statistics from the Organisation for Economic Co-operation and Development, the percentage of households with internet access increased to 71.4% by the year 2019 from 27.1% in the year 2010.
APAC to hold a significant share
Geographically, the Asia Pacific region is expected to hold a significant share in the market throughout the forecast period. The presence of a large low and middle-income population base in countries like India, China, Indonesia, and others is one of the major factors supplementing the dominance of this region in the global bicycle market. Furthermore, the presence of well-established domestic brands such as Atlas Cycles, Hero Cycles, and Giant Bicycles in the countries like India and China further bolsters the market growth in the APAC region during the next five years.
Key Developments in the Market:
- In February 2022, Avon Newage Cycles Pvt. Ltd., a new firm promoted by Avon Cycles Ltd., launched Cambio Bikes, a deluxe bicycle brand, to appeal to the needs of the burgeoning premium bicycles segment. Cambio is a German-developed product with superior functionality, expediency, and aesthetics. It is particularly developed to target lifestyle-conscious customers seeking products with style and quality. To differentiate itself in terms of quality and quantity, the brand added over 5000 bicycles per day to its then daily production of 10000 bicycles from its existing plant in Ludhiana, India.
- In January 2022, Voltrix Mobility, based in Chennai, introduced its first electric bicycle Tresor, which is aimed at urban commuters. Tresor, a pedal-assisted electric bicycle, is equipped with a 250-watt motor and a removable inbuilt lithium-ion battery that helps eliminate the necessity for charging stations. According to the company, it offers a range of 60-80 km per charge, with the highest speed of 25 kmph.
- In September 2021, TVS Motor Company announced an all-cash 132-crore acquisition of EGO Movement, a Switzerland-based electric bicycle. The company acquired 80% of EGO through its Singapore arm, with the remaining 20% held by the Swiss company's founders. The acquisition of the two-and-three-wheeler conglomerate foresees the company's intention to become a personal mobility player with a diverse portfolio, including electric bicycles, the future mobility products with enormous potential in urban cities.
- In January 2022, after the EGO movement, TVS Motor acquired the largest Swiss electric bike firm, the Swiss E-Mobility Group's 75% controlling stake. This acquisition has solidified TVS' presence in the European market.
Competitive Insights
Prominent/major key market players in the global bicycle market include Giant Manufacturing Co. Ltd., Trek Bicycle Corporation, Hero Cycles Limited, Dorel Industries Inc., TI Cycles, and Fuji Bikesamong others. The players in the global bicycle market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players have been covered along with their relative competitive position and strategies.
The report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered, along with the recent deals and investments of these important players in the global bicycle market.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Force Analysis
4.4. Industry Value Chain Analysis
5. Global Bicycle Market Analysis, by Type
5.1. Introduction
5.2. Mountain
5.3. Road
5.4. Hybrid
5.5. Others
6. Global Bicycle Market Analysis, by End-User
6.1. Introduction
6.2. Men
6.3. Women
6.4. Kids
7. Global Bicycle Market Analysis, by Technology
7.1. Introduction
7.2. Conventional
7.3. Electric
8. Global Bicycle Market Analysis, by Distribution Channel
8.1. Introduction
8.2. Online
8.3. Offline
9. Global Bicycle Market Analysis, by Geography
10. Competitive Environment and Analysis
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrativeness
10.3. Mergers, Acquisitions, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. Companies Profiles
11.1. Giant Manufacturing Co. Ltd.
11.2. Trek Bicycle Corporation
11.3. Hero Cycles Limited
11.4. Scott Sports SA
11.5. Merida Industry Co., Ltd
11.6. Cervelo
11.7. TI Cycles
11.8. Fuji Bikes
11.9. Accell Group N.V.
11.10. Olympus Bikes
11.11. Derby Cycle AG
11.12. Cube Bikes
For more information about this report visit https://www.researchandmarkets.com/r/xztttq
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