IMARC Group, a leading market research company, has recently releases report titled “Bicycle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global bicycle market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the bicycle market?
The global bicycle market size reached US$ 61.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 83.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
What is the bicycle?
A bicycle is an eco-friendly pedal-driven vehicle with two wheels, pedals, seat, carrier, brakes, drive chain, and handlebar. Regular cycling assists in decreasing stress and fat levels, strengthening bones, relieving symptoms of depression, and preventing several diseases. Nowadays, bicycles are preferred for traveling to nearby places due to the growing awareness among individuals about environmental concerns and to ensure a healthy lifestyle.
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What are the growth prospects and trends in the bicycle industry?
The market is primarily driven by the rising prevalence of chronic diseases due to a lack of physical activities. In addition, the increasing traffic congestion and lesser availability of parking spaces, especially in metropolitan cities, have led to an escalated demand for bicycles. Besides this, governments of numerous countries are undertaking various initiatives to minimize carbon emissions released from heavy vehicles, thereby strengthening the market growth. Moreover, the emerging trend of dockless bicycle-sharing systems embedded with global positioning systems (GPS) that can operate on a smartphone application is also creating a positive market outlook across the globe. Furthermore, with the global outbreak of coronavirus disease (COVID-19) pandemic, individuals are becoming more inclined toward using bicycles for shorter distances to avoid public transportation and prevent the spread of the disease. On account of these factors, IMARC Group expects the market to exhibit a CAGR of 5.2% during the forecast period (2023-2028).
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Road Bicycle
- Mountain Bicycle
- Hybrid Bicycle
Breakup by Technology:
Breakup by Price:
Breakup by Distribution Channel:
- Online Stores
- Offline Stores
Breakup by End User:
Breakup by Region:
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Accell Group N.V.
- Avon Cycles Ltd.
- Benno Bikes LLC
- Cervélo (Pon Holdings B.V.)
- Dorel Industries Inc.
- Giant Manufacturing Co. Ltd.
- Kona Bicycle Company
- Merida Industry Co. Ltd.
- Olympus Bikes
- SCOTT Sports SA (Youngone Corporation)
- Specialized Bicycle Components Inc.
- Trek Bicycle Corporation (Roth Distributing Co. Inc.).
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