Bicycle Industry Data Book Covers Bicycle, Bicycle Accessories, and Cargo Bikes Market
The global Bicycle industry was estimated at USD 76.01 billion in 2022 and is anticipated to increase at a significant CAGR of 9.5% from 2023 to 2030.
Grand View Research’s bicycle sector data book is a collection of market sizing information & forecasts (2017-2030), key players’ competitive benchmarking analysis, government regulatory data, macro-environmental analysis, and technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
Bicycle Market Insights
The global bicycle market size was valued at USD 64,625.7 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 9.7% from 2023 to 2030. The increase in the number of people opting for bicycling as a form of leisure is anticipated to propel market growth. Preference for bicycles as a convenient form of exercise to ensure a healthy life, free from obesity and other disorders, is expected to further boost the market expansion. The popularity of dockless bicycle-sharing systems has been rising lately. This system allows users to locate a bicycle nearby and unlock it electronically. Incepted originally in Europe, dockless bicycle-sharing systems are gaining popularity, particularly in Asian nations such as India and China.
Furthermore, recent advancements in mobile app development and Global Positioning System (GPS) have resulted in app-based dockless bicycle-sharing systems. Moreover, the growing adoption of such dockless bicycle-sharing systems is anticipated to fuel the demand for cycles significantly. Chinese bicycle-sharing companies are particularly investing and expanding their operations aggressively in European nations to capitalize on the market opportunities. This is expected to boost the market growth in the forthcoming years.
People have started realizing the importance of staying fit and having a healthy life. They have also started realizing that regular bicycling can keep disorders, such as obesity, at bay. The market is likely to grow as more and more people are resorting to bicycling as a regular form of exercise. Events such as Tour de France and Ronde van Vlaanderenare further add to the popularity of these vehicles. Meanwhile, a rise in bicycling events being organized in various countries in Asia, Africa, and the Middle East is fueling the sales of mountain and road bicycles.
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Bicycle Accessories Market Insights
The global bicycle accessories market size was valued at USD 11.43 billion in 2022 and will grow at a compound annual growth rate (CAGR) of 7.8% from 2023 to 2030. The market growth can be attributed to factors, such as health and fitness trends and increasing environmental concerns. As more people take up cycling for transportation, exercise, or leisure, the demand for bicycle accessories has also increased. From helmets, lights, and locks to bags, mirrors, water bottle cages, and pedals, bike accessories are crucial in enhancing the safety, comfort, and functionality of bicycles and cyclists. With the emergence of e-bikes and the growing popularity of cycling among younger generations, the industry is expected to continue its growth in the coming years.
Increase in e-bike sales: E-bikes or electric bikes, have also contributed to the growth of the market. As more people switch to e-bikes for their daily commutes or leisure rides, there is an increasing demand for accessories, such as mounts, integrated lighting, and horn systems, as they help increase the rider’s safety. For example, bicycle lights help cyclists be seen by other road users, especially in low-light conditions or when riding at night. This can be especially important on roads with heavy traffic, where motorists may have difficulty spotting cyclists. In addition, cyclists can reduce the risk of an accident by making themselves more visible by installing appropriate lighting systems.
The high volume of traffic and resulting congestion, coupled with concerns for rider safety and the increasing popularity of cycling, have contributed to a surge in the adoption of bicycle accessories. Other factors driving industry growth include rising interest in cycling sports, growing demand for sports and mountain bikes, and increasing sales of electric bicycles (e-bikes) in emerging markets. As a result, accessories, such as speedometers, mudguards, handlebar grips, LED lights, gloves, helmets, mirrors, and other related products have experienced a rise in demand, leading to projections of rapid expansion in the market.
Go through the table of content of Bicycle Industry Data Book to get a better understanding of the Coverage & Scope of the study
Bicycle Industry Data Book Competitive Landscape
Key companies are investing aggressively; launching new products; introducing new services, such as home delivery of high-end bicycles, after-sales support, and maintenance; and pricing their products and services competitively as part of the efforts to retain their competitiveness. Moreover, a few key market players are expanding their market presence by opting for strategies such as mergers & acquisitions and partnerships and collaborations. For instance, in November 2021, PIERER Mobility AG acquired FELT Bicycles. With this acquisition, PIERER has planned to expand its operations in the North American market for bicycles. This acquisition was intended to serve a customer segment demanding customizing their bicycle according to their individual needs.
Key players operating in the Bicycle Industry are:
- Accell Group
- Atlas Cycles (Haryana) Ltd.
- Avon Cycles Ltd
- Dorel Industries Inc.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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