Bicycle Market To Reach USD 226.1 Billion By 2032, Says DataHorizzon Research
The bicycle market size was valued at USD 111.7 Billion in 2023 and is anticipated to grow CAGR at 8.1% to reach USD 226.1 Billion by 2032.
Fort Collins, Colorado, April 08, 2024 (GLOBE NEWSWIRE) --*The popularity of cycling as a hobby attracts more demand for bicycles. *
The *bicycle market* is poised for expansion, driven by several critical factors, including introducing electric bicycles, which cater to elderly users and individuals unable to pedal for long distances. Additionally, there has been a notable uptick in female cyclists, as highlighted by the Cycling UK Organization, attributed to the myriad health benefits associated with cycling. These benefits include enhanced mental well-being, reduced risk of strokes and heart attacks, and improved blood circulation, particularly beneficial during menstruation.
The demand for bicycles surged significantly during the pandemic, with many people turning to cycling for adventure, leisure, and exercise. While cycling was already popular pre-pandemic, its popularity skyrocketed as individuals sought out alternative forms of individual exercise to minimize the risk of infection. Various types of bicycles, such as e-bikes, fat bikes, and geared bikes, contributed to this surge in demand. Additionally, there was a reported increase in hiking and off-roading activities during the pandemic, as individuals sought outdoor spaces to improve their health while adhering to safety guidelines. Overall, the pandemic catalyzed the bicycle market, prompting increased interest and participation in cycling for both recreational and health-related purposes.
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*Segmentation Overview:*
*The global bicycle market has been segmented into product type, technology, design, distribution channel, end-user, and region.*
*Conventional bicycles accounted for a significant market share in 2023*
Based on technology, the bicycle market segmentation includes electric and conventional. Conventional bicycles hold a significant share of the technology segment of the bicycle market. The demand for these bicycles is rising as they are cheaper than electric ones and are readily available. Also, these bicycles are easy to maintain and carry, making it a preferred choice among users.
*Men have been prominent end-users of the bicycle industry based on their preference*
Based on end-user, the bicycle market is segmented into men, women, and children. Men held a significant share of the end-user segment of the bicycle market owing to their preference to cycle to work. The shift in perspective towards short-distance commutes is projected to impact the industry growth significantly.
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*Bicycle Market Report Highlights:*
· The global bicycle market growth is anticipated at a* CAGR of 8.1% by 2032.*
· The demand for bicycles grew tremendously during the pandemic as people invested in bicycles for adventure, leisure, and exercise. Though cycling was famous even before the pandemic, it witnessed exponential growth during the pandemic.
· Europe holds a significant share of the bicycle market, with countries like the Netherlands, Germany, United Kingdom, Denmark, and Sweden accounting for a substantial share in this region.
· Some prominent players in the bicycle market report include Giant Bicycles India, Orbea Corporation, Merida Industry Co. Ltd., Avon Cycles, Hero Cycles, Cervelo Cycles, Accell Group N.V., Derby Bicycle Center, Trek Bicycle Corporation, Mammoth Bikes, and others.
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*About DataHorizzon Research:*
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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