Published on: November 22, 2019
A bicycle also called as bike is a two-wheeler vehicle and is an eco-friendly and inexpensive way of commute. Manual pedal bicycles do not require any external fuel or supply source whereas electric-driven bicycles (with 250 W motor) are assisted by electric power and have the option to be manually pedalled.
We have categorized the bike market as a part of the overall leisure products market. The leisure products market covers manufacturers of leisure products and equipment including sports equipment, bicycles and toys.
The global bicycle market is expected to reach USD 46.06 billion by 2023 growing at a CAGR of 3.94%. Bicycling as a fitness trend, investment in bicycle parking infrastructure, and continuous innovation in bicycle industry are few of the prominent factors which are expected to drive the growth of the market during the forecast period. Based on product type, on-road and track bicycle segment dominates the global bike market with almost 45% of the global market share. The continuous innovation in the market has led to the introduction of more advanced and lightweight products. Further, the growing popularity of bicycle races and triathlons has increased the demand for track bicycles. Based on technology, the global bicycle market is dominated by manual bicycle segment with more than 60% of the global market share. However, due to the growing popularity of e-bikes, the motor-assisted bicycle segment registered the highest growth.
Based on geography, APAC region dominated the global bicycle market with around 40% of the global market share closely followed by European region with around 35% of the global share. The growing demand for bicycles in tier-2 and tier-3 cities in APAC countries is one of the prime factors driving the growth of the market. Moreover, a great number of APAC countries including China, Indonesia, and Malaysia are generating significant demand for e-bikes which is expected to drive the growth of the market during the forecast period.
The global bike market can be segmented into the following:
Many factors are expected to drive growth in the bike market during the forecast period. Our analysis identifies the following factors to be driving the growth in the bike market:
With growing awareness toward personnel health and environmental benefits, the popularity of cycling is gaining momentum. People have adopted cycle as a sports interest and leisure activity. To further push this momentum, many global organizations are conducting various events like Eastbourne cycling Festival which is encouraging people to take up biking as a hobby.
Initially, motor-based two-wheelers, tricycle, and four-wheelers and above were considered as the prime mode of transportation. However, with growing fuel prices and heavily congested traffic, people are shifting toward bicycle as a prime mode of transportation.
The bicycle market is witnessing continuous technological advancements. The use of laser, sensors, velocity lights and introduction of foldable electric bicycles are few of the technological developments that are expected to drive the growth of the market during the forecast period.
One of the latest trends in the global bike market is the introduction of technology that helps to design recyclable and reusable bicycle frames using thermoplastic resins instead of traditional raw materials like steel and aluminium. This process is also fully automated which helps in the increased production and shorter lead times.
Meanwhile, the vendors operating in the market face numerous challenges in increasing their sales and improving profitability. Some of those challenges are:
The most common raw materials used in bicycle manufacturing include aluminium, steel and rubber. The prices of all these raw materials are highly volatile. Moreover, increasing market competition has resulted in significant R&D investments in order to launch innovative products at regular intervals to remain competitive in the market. All these factors have reduced the margins for the market vendors.
Bicycle industry is one of the prominent factors driving the growth of the MSME industry in multiple developing countries like India, Malaysia, and Indonesia. However, due to cheap imports, most of the market share of bicycle and bicycle components is dominated by countries like China and Sri Lanka. A similar type of trend can also be witnessed in multiple Latin American countries. Hence, the growing popularity of cheap imports presents a prominent challenge for home-grown market for multiple countries.
Our reports on the global bike market cover several large and small vendors active in the market including Accell Group NV, Dorel Industries Inc., Giant Manufacturing Co. Ltd., Insera Sena, and Merida Industry Co. Ltd.
Investment, partnership, acquisitions, and introduction of new products are some of the strategies adopted the manufacturers in the global bike market.
Following are few of the major developments in the market:
Backed with competitive intelligence and benchmarking, our bike market research report is designed to provide entry support, customer and M&A assessment, as well as go-to-market strategy support.
LinkedIn
Facebook 
Twitter
Email
Reddit
Tumblr
Quora
Pinterest
WhatsApp