The global bicycle market Valued at US$ 45.08 Bn in 2015, the global bicycles market will be primarily driven by massive sales in the most lucrative regional market i.e. Asia Pacific. Estimated to reach a value of US$ 62.39 Bn by the end of 2024, the global market for bicycles will expand at a CAGR of 3.7% over 2016-2024.
Increasing preponderance of obesity and growing fitness concern among the global population will remain the key factors sustaining the demand for bicycles on a global level. Increasing awareness about the health benefits of bicycling will continue to compel a sizeable consumer population to purchase bicycles in the near future. A majority of consumers are inclining toward leading an environment-friendly lifestyle, which is another factor boosting sales of bicycles across the globe. Soaring fuel prices is another key factor that will continue to result in growing preference for bicycles over automobiles.
Growing awareness about depleting natural resources and the global need to support a sustainable lifestyle especially in urban areas, will further bolster the market for bicycles over the next few years. People in developing, densely populated countries are increasingly choosing bicycles over bikes and cars in order to avoid heavy traffic conditions during their daily commute. This will play a vital role in directing an increasing population to purchase bicycles during the forecast period.
However, bicycles are often unsuitable for long-distance journeys, which highlights a long-term challenge to market growth. Moreover, poor road infrastructure and a network will also remain a major growth inhibitor for the bicycles market.
Based on product type, the global bicycles market is classified as sports, road, mountain, and hybrid. Among these, a hybrid segment is identified to dominate over others, with over 38% market value share. Road and mountain cycles segments will also account for sizeable revenue shares of nearly 25%. At an estimated CAGR of 4.0% through 2024, the hybrid segment will possibly reach beyond US$ 25.0 Bn.
By technology, conventional bicycle segment will continue to win over electric bicycle segment, in terms of revenue share. With over 81% value share through 2024, a conventional segment is likely to outsell the electric segment. On the basis of end-user, men will continue to represent the dominant segment with over 45% value share in 2016, followed by kids and women.
Considering price, the mid-range segment will remain the leading with over 55% share of the entire market revenues in 2016 and ahead. Attributed to unaffordability among consumers in emerging economies, a low-range segment will remain the second largest one with over 28% value share, followed by the most expensive i.e. premium-range segment.
By region, the global market for bicycles is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. According to Persistence Market Research’s regional analysis, the global bicycle market will observe continued dominance of APAC with over 63% market value share post-2016. China is expected to remain the leading country, driving the Asian bicycles market. Europe and North America will remain the next key markets, with a collective market revenue share of over 32% throughout the forecast period.
Some of the key players on the competitive landscape of the global bicycle market are Atlas Cycles Ltd., Zhonglu Co. Ltd., Giant Bicycle Inc., Merida Industry Co. Ltd., Trek Bicycle Corporation, Tandem Group PLC., Tube Investment of India Limited, Avon Cycles Ltd., Derby Cycle, Accell Group, Dorel Industries Inc., and Samchuly Bicycle Co, Ltd.
Long-term Outlook: Global bicycles market to see gradual growth by 2024 end. Hybrid bicycles to gain higher traction, APAC to continue dominance in global bicycles market over 2016-2024.