Published by Uma Rajagopal
Posted on February 21, 2022
At an impressive CAGR of 12.7% between 2021 and 2026, global bicycle market is forecast for the revenue of over US$100 Bn to be reached by the end of forecast period. While e-bikes continue to create a boom worldwide, production of ultra-lightweight bicycles is expected to contribute a major share to the overall market value. Growing introduction of innovative materials will push the prospects of lightweight, and sturdy sports bicycles, racing bicycles, and mountain bicycles as suggested by a new report released by Fairfield Market Research.
The report highlights that there has been a growing attempt around raising awareness regarding cycling over the past decade. Surging investments in a host of cycling events, tournaments, and bicycle rallies will remain instrumental to the market build-up. Rising inclusion of bicycles in trekking, and recreational activities will also favour market growth. Supportive government initiatives, especially in key European nations, are likely to remain the significant contributors to promotion of bicycle touring, track and road racing, bicycle off-road racing, and leisure cycling events. Broadening media coverage, and celebrity endorsements are further projected to encourage bicycle sales worldwide.
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Europeans Make a Mark in e-Bikes Segment to Push Bicycles Market Growth
Although sales saw a heavy slump amid the lockdowns during the initial months of the COVID-19 pandemic, they soon picked up pace owing to consumer reluctance for public transport facilities and increasing health concerns. People have been looking at bicycles as a healthy, dependable, and cost-efficient mobility alternative, which is expected to bode well for bicycle market growth in long term. The United Kingdom Bicycle Association reveals that bicycle sales were the strongest between April and June in the year of pandemic itself, 2020. E-bikes also proved to be a notable contributor to overall market growth, year on year. Germany, the Netherlands, and Denmark are likely to showcase exceptional growth potential attributing to their established cycling infrastructure, and supportive government regulations for e-bike customers.
Market Attractiveness of Asia Pacific Remains Intact
Given the Asian subcontinent experiencing remarkable progress in terms of the growth of manufacturing, automotive, oil and gas, and construction domains over the recent past, the region definitely holds magnificent opportunities for investors, and other stakeholders in bicycle market as well. The foremost factor attracting potential market participants is the cheaper manufacturing costs, and labour. China’s strongest position as the manufacturing hub remains intact even after the huge setback post-pandemic, which will remain the chief supportive factor for bicycle market in Asia Pacific. Besides, Japan, India, Australia, and South Korea are also foreseen to represent important Asian markets to target for companies making bicycles, and bicycle accessories. More people here are inclining toward e-bikes to reap health benefits in addition to avoid peak time traffic congestions. Growing popularity of sports bicycles in the region will also favour market expansion in the region.
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Major Players in Global Bicycle Market
Several regional, and international brands have been driving competition in the fragmented landscape of bicycle market. Giant Manufacturing Co. Ltd., Trek Bicycle Corporation, Pon Holdings BV, Accell Group, and Dorel Industries Inc. constitute some of the significant companies competing in global bicycle space. Manufacturing brands have been focused on innovative, lightweight bicycle models, which is likely to give rise to an effective interoperability model wherein several new M&A, partnership deals will take place between the biggies and smaller companies striving to strengthen their foothold at regional, as well as global market levels. In a bid to enhance their market presence, offline, and online marketing strategies will play out as a winning imperative for companies operating in bicycle market.
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