Bicycles: Mid-range Variants to Enjoy High Market Share across Regions
Bicycle Market Segmentation By Product Type – Mountain Bike, Hybrid/Cross, Road, Comfort, Youth, Cruiser, Electric.
NEW YORK, NEW YORK, UNITED STATES, April 24, 2023 /EINPresswire.com/ — The Bicycle Market is a rapidly growing global market that encompasses various types of bicycles, including road bikes, mountain bikes, hybrid bikes, electric bikes, and others. Bicycles are increasingly being recognized as a sustainable mode of transportation that promotes health, fitness, and environmental sustainability. The bicycle market is driven by factors such as increasing awareness about the health benefits of cycling, growing urbanization, rising concerns about environmental pollution and congestion, and advancements in bicycle technologies.
The global bicycle market is anticipated to reach a market size of roughly US$ 117.37 billion by 2033, up from an estimated 2023 value of US$ 65.54 billion. This growth is predicted to continue at a CAGR of 6.0%. The market growth can be attributed to increasing consumer demand for bicycles as a mode of transportation, rising popularity of electric bikes, and growing awareness about the health benefits of cycling.
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Trends and Opportunities
Growing popularity of electric bikes: Electric bikes, also known as e-bikes, are gaining popularity due to their ability to provide assisted pedaling and extend the reach of cycling to a wider demographic. The demand for e-bikes is expected to grow significantly, presenting opportunities for manufacturers and retailers in the bicycle market.
Sustainable and eco-friendly initiatives: Increasing concerns about environmental sustainability and the need to reduce carbon emissions are driving the demand for bicycles as a green mode of transportation. Governments and organizations are implementing initiatives to promote cycling and create cycling-friendly infrastructure, which presents opportunities for the bicycle market.
Advancements in bicycle technologies: The bicycle industry is witnessing advancements in technologies related to materials, aerodynamics, connectivity, and safety, which are improving the performance, comfort, and safety of bicycles. These advancements are driving innovation in the bicycle market, creating opportunities for manufacturers to develop new and improved products to cater to changing consumer preferences and demands.
Growing demand for urban and commuter bikes: Urbanization and increasing traffic congestion in cities are driving the demand for urban and commuter bikes that are designed for efficient and convenient transportation within urban areas. This presents opportunities for manufacturers to develop specialized urban and commuter bikes that cater to the needs of urban dwellers.
Online sales and direct-to-consumer (DTC) model: The growth of e-commerce and online sales channels has disrupted the traditional retail landscape, including the bicycle market. Many consumers now prefer to purchase bicycles online, and DTC sales models are gaining popularity among manufacturers. This trend presents opportunities for manufacturers to leverage online channels and the DTC model to reach a wider customer base and increase sales.
Focus on sustainability and circular economy: Increasing awareness about sustainability and circular economy principles is driving the demand for bicycles that are made from environmentally friendly materials, can be recycled or repurposed, and have a longer lifespan. Manufacturers are focusing on sustainability and circular economy practices, such as using recycled materials, promoting repairability, and adopting eco-friendly manufacturing processes, to cater to environmentally conscious consumers and gain a competitive edge.
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Challenges
High competition: The bicycle market is highly competitive, with numerous global and regional players vying for market share. This intense competition can result in pricing pressures, reduced profit margins, and challenges in establishing brand differentiation.
Infrastructure and regulatory barriers: The lack of adequate cycling infrastructure in many regions, including dedicated cycling lanes, parking facilities, and safety measures, can pose challenges to the growth of the bicycle market. Additionally, regulatory barriers, such as licensing requirements, safety regulations, and import/export restrictions, can also impact the market dynamics and pose challenges to manufacturers and retailers.
High initial cost of electric bikes: While electric bikes are gaining popularity, they often come with a higher price tag compared to conventional bicycles. The high initial cost of electric bikes can be a barrier to adoption for some consumers, especially in price-sensitive markets.
Competitive Landscape
The bicycle market is highly competitive, with a large number of global and regional players competing for market share. Some of the key players in the market include Giant Bicycles Inc., Atlas Cycles Ltd, Derby Cycle Holding GmbH, Trek Bicycle Corporation, Avon Cycles Ltd, Zhonglu Co., Ltd, Accell Group N.V., Tube Investments of India Limited, Dorel Industries Inc., Merida Industry Co., Ltd, Tandem Group plc, Samchuly Bicycle Co., Ltd, F.I.V.E. Bianchi S.p.A, Specialized Bicycle Components, Hamilton Industries Pvt. Ltd, Tianjin FUJITA Group Co. Ltd, Ming Cycle Industrial Co. Ltd, Tianjin Flying Pigeon Cycle Manufacture Co., Ltd, Koninklijke Gazelle N.V., Tern, Kona USA, Inc., Scott Sports SA, Redline Bicycle, Yadea Group Holdings, Pt. Insera Sena
Market Segmentation
• Type: The bicycle market can be segmented into road bikes, mountain bikes, hybrid bikes, electric bikes, and others.
• Technology: Bicycles can be categorized based on the technology used, such as conventional bicycles and electric bicycles.
• Distribution Channel: Bicycles are sold through various distribution channels, including specialty stores, online channels, and mass merchants.
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Regional Insights
North America, including the United States and Canada, is a prominent market for bicycles. The region has a growing trend of cycling as a mode of transportation, increasing demand for electric bikes, and a well-developed cycling infrastructure in many cities.
Europe is another significant market for bicycles, with countries like the Netherlands, Denmark, and Germany known for their strong cycling culture and well-established cycling infrastructure. The region also has a growing market for electric bikes and government initiatives to promote cycling as a sustainable mode of transportation.
The Asia-Pacific region, including countries like China, Japan, and India, is witnessing significant growth in the bicycle market. Rapid urbanization, increasing awareness about health and fitness, and growing concerns about pollution and congestion are driving the demand for bicycles in the region.
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About PMR – Automotive and Transportation
The Automotive and Transportation division of PMR provides exclusive coverage and actionable insights about the automotive and transportation industry encompassing the automotive, aviation, shipping and marine, and railway sectors. Market findings and competition intelligence of OEM, aftermarket, services, and technology landscape have helped numerous industry stakeholders’ right from automakers, component manufacturers, channel partners, and service providers in taking informed decisions and keeping them up-to-date with market behavior.
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