Bicycle Market

Introduction

Bicycles are used as an effective tool to curb pollution, globally, and are widely promoted by authorities as an environmentally-friendly transportation medium. Traffic congestion, which is a callous impact of urbanization, is a major concern for commuters across the world.

Traffic jams have increased tremendously over the years, globally. By cycling, people could avoid massive traffic congestions and reach their destination comparatively faster. These factors are anticipated to contribute toward the growth of the bicycle market over the coming years.

Elevated Adoption of e-Bikes in European Countries

In addition to government laws and regulations that implement the provision of subsidies for the adoption of e-bikes, European countries such as Germany, Denmark, and the Netherlands have appropriate cycling infrastructure. 54,000 e-bikes were sold in 2015 with an impressive 24% growth as compared to the previous year according to the Dutch industry-association, which took sales to around 276,000 e-bikes, excluding speed ones.

The Netherlands accounted for 20% of the overall sales of electric bicycles in Europe. Attributing to the fact that the elderly population of the country accounts for around 18.2% of the total population, e-bikes are a feasible option for this segment of the population. The electric bicycle market in Asia Pacific is driven by the expansion of manufacturing facilities.

Low manufacturing cost in many countries of the Asia Pacific region will attract many new investors, which will further boost the growth of the electric bicycle market in this region

Better Technology in Material Science Enabling Manufacturing of Ultra-lightweight Bicycles

Rapid industrialization and the introduction of new materials that are extremely light, but very strong, have transformed manufacturing in the bicycle industry. New technology and advanced methodology used for the manufacturing of such bicycles have found increasing application in the manufacturing of sports and mountain bicycles.

For instance, Canyon Ultimate CF SLX, ranked second at the Tour de France by Movistar’s Nairo Quintana, and the total weight was only 6.7 kg. This bicycle was launched in 2016, in the latest version of racing bicycles, which has the lightest but one of the strongest frames.

Investments in Electric Bicycle Market to Tap Opportunities Offered by High-Potential Latin America Market

Entrepreneurs in countries of Latin America, such as Mexico, are investing in the augmentation of the electric bicycle market in the country. Low labor cost and favourable business conditions in the region are expected to attract numerous manufacturers in the coming years.

Moreover, governments of countries in the region are making bilateral business relationships with numerous countries across the globe, with emphasis on liberalizing trade through the formation of free trade agreements. This will create opportunities for the augmentation of the electric bicycle market in Latin America over the forecast period.

Expansion in General Fabrication and Low Manufacturing Cost

The electric bicycle market in Asia Pacific is driven by the expansion of manufacturing facilities and general growth of automotive, construction, and oil & gas industries in the Asian subcontinent. Low manufacturing cost in many countries of the Asia Pacific region will attract many new investors, which will further boost the growth of the electric bicycle market in this region

The COVID-19 pandemic is currently impacting the global economy at various levels, and the manufacturing industry has not been spared. The outlook remains uncertain for the remaining half of the year, as the virus and its impact on production, demand, and supply chains is anticipated to impede overall bicycle market growth.

Analysts’ Viewpoint

While the COVID-19 outbreak has been sending shockwaves throughout the cycling industry, it looks like the pandemic will have an extensive impact on new bicycle sales in the near term. Some of the biggest cycling events and yearly tournaments have already been suspended for 2020. Bicycle shops remain shut, and the cycling and sports industry continues to witness a standstill, with it being considered ‘non-essential’. The bicycle market, along with the new sales of bicycle accessories and parts, is poised to be measurably impacted by the global pandemic. Recovery however can be expected through the last quarter of 2020, or latest, by the first quarter of 2021. Manufacturers can target the European market for increased sales and profits.

Key Segments of Bicycle Market

PMR’s study on the bicycle market is divided into five significant segments- product, technology, price, end user, and region. This report offers comprehensive data and information about important market dynamics and growth parameters related to these categories.

Key Questions Answered in Report

• How much is the bicycle market worth?

  The bicycle market is estimated to be worth US$ 111 Bn by the year 2031.

• What will be the demand outlook?

  The global bicycle market is expected to witness a CAGR of 6.5% between 2021 and 2031.

• What was the last 5 year market CAGR?

  The global bicycle market witnessed a CAGR of 5% between 2015 and 2020.

• What are the key trends of bicycle market?

  The latest trend pertains to inclination towards smart bicycles.

• What is driving the demand for bicycles?

  Growing awareness about physical fitness coupled with concerns about the environment is driving the demand for bicycles.

• What is the market share of top 5 players?

  The top 5 players like Hero Motocorp Ltd., Roth Distributing Co. Ltd., Dorel Industries Inc., Kona Bikes, and Chimera Investments LLC account for more than 30% of the market share.

• What are the top 5 countries driving demand?

  The top 5 countries driving demand include the US, Canada, Italy, Spain, and The Netherlands.

• What is North America’s market Outlook?

  North America holds more than 25% of the market share in terms of production.

• At what percentage bicycle market is going to register growth in Europe?

  Europe is expected to register growth at the rate of 4% in the bicycle market between 2021 and 2031.

• What are the key market statistics in Korea and Japan?

  Japan and South Korea are expected to continue bolstering the market for the Asia-Pacific in bicycle market between 2021 and 2031.