Bicycle Market Analysis | Coherent Market Insights

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BICYCLE MARKET ANALYSIS

• Bicycle Market, By Product Type (Sports, Road,
  Mountain, and Hybrid(Sports Mountain)), By
  Technology (Electric and Conventional), By End
  User (Men, Women and Kids), By Price (Premium,
  Mid-Range and Low Range) and by Region (North
  America, Latin America, Europe, Asia Pacific,
  Middle East and Africa) - Size, Share, Outlook,
  and Opportunity Analysis, 2020 - 2027

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• The global Bicycle Market was valued at US
  51,770.6 Mn in 2019 and is forecast to reach a
  value of US 69,574.6 Mn by 2027 at a CAGR of
  3.7 between 2020 and 2027.

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Market Drivers

• Increasing awareness among consumers regarding
  health benefits of bicycle is expected to drive
  growth of the global bicycle market during the
  forecast period
• Modern lifestyle and hectic schedules have
  forced people to work without ample exercise.
  With increasing intake of junk food, health
  issues such as obesity are arising at a very
  early age. According to the World Health
  Organization (WHO), in 2014, 114 nations
  including Europe, Middle East, and the Americas
  were having over half of the adult population
  obese. On the contrary, a healthy and more
  nature-friendly lifestyle is becoming more and
  more popular with raising awareness about the
  hazards caused by obesity. Many studies have
  revealed that bicycling burns around 500 700
  calories per hour. Various countries have started
  adopting bicycle riding as an effective way of
  burning fat and maintaining normal body mass.
  Even Doctors advise the general public around the
  world to use bicycles as a must-have tool for
  living a healthy life, whether they are obese or
  not. Thus, these factors are expected to drive
  growth of the market in the near future.

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• Significant increase in oil prices and rising
  need to prevent natural resources are expected to
  propel the global bicycle market growth over the
  forecast period
• The major disadvantage offered by bicycles is
  that it does not require external fuel or source
  of supply to drive. Since the natural resources
  are limited and draining rapidly, adopting
  bicycles is crucial to avoid depletion of
  resources. In order to save oil and fuel,
  customers more often tend to cycle to the
  distances which are close enough for them.
  Furthermore, consumers are also saving a
  significant amount of money by not expending on
  fuel, and also there is no need for a driving
  license for cycling. Hence, these factors are
  expected to propel the global bicycle market
  growth over the forecast period.

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• Asia Pacific held dominant position in the
  global Bicycle market in 2019, accounting
  for 63.2 share in terms of value, followed by
  Europe, North America, Middle East and Africa and
  Latin America respectively
• Figure 1 Global Bicycle Market Share () in
  terms of Value, By Region, 2019

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Bicycle Market - Impact of Coronavirus (Covid-19)
Pandemic

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• Many countries around the globe such as India,
  Spain and Italy have imposed nationwide lockdown.
  For Instance, India have imposed lockdown from 25
  March to 1 June till the further notice. In India
  all the social gathering events such as bicycle
  racing events are prohibited during the lockdown
  period.
• Moreover, there is also shortage of manpower at
  the bicycle manufacturing facilities due to the
  lockdown. The demand of bicycle is also expected
  to decrease in the year 2020 due to the
  nationwide lockdown. In some areas of India,
  roaming on the streets without any prior
  permission is prohibited. Owing to all these
  factors, COVID-19 is expected to be a challenge
  for the market growth during the year 2020.

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Market Dynamics- Restraint

• Unsuitability for longer distances is expected to
  restrain growth of the global bicycle market
  during the forecast period
• Commutation by bicycles is ideal and suitable
  for shorter distances, as the human capacity to
  cycle is limited. The energy to be exerted for
  cycling for longer distances is comparatively
  higher, and thus its a very tiresome task.
  Moreover, the speed of bicycles is limited,
  whereas automobiles go faster and destination can
  be reached sooner. Thus, these factors are
  expected to restrain growth of the market during
  the forecast period.
• Lack of dedicated cycling tracks is expected to
  hinder the global bicycle market growth over the
  forecast period
• The major challenging inhibiting growth of the
  market is the lack of an ample number of
  dedicated cycling tracks. Emerging economies are
  laying emphasis on creating a bicycle-friendly
  world and safe cycling tracks so that there are
  no accidents and injuries to the consumers and
  safety is assured. Moreover, in countries such as
  Brazil, India, and Indonesia, where population is
  higher, there are very few dedicated cycling
  tracks built by authorities. Hence, these factors
  are expected to hinder the global bicycle market
  growth over the forecast period.

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Market Opportunities

• Constantly increasing demand for cleaner and
  faster mode of transportation can present major
  growth opportunities
• The pollution caused due to the emission from
  fuel-driven vehicles has increased significantly
  in the recent past. On the contrary, it has
  presented a massive opportunity for green
  solution providers and manufacturers to
  capitalize on the market. The bicycle
  manufacturers can exploit these conditions as an
  opportunity to expand and increase their
  business. The eco-friendly mode of transport with
  bicycle as a medium has already gained popularity
  and is a prominent trend in European countries
  like Denmark, Netherlands, and the U.K.
• High growth of tourism industry can provide
  lucrative business opportunities
• Tourism industry has witnessed massive growth in
  numerous economies. Cycle tourism provides major
  opportunities for manufacturers to gain a
  competitive edge in the market. There has been
  global increase in the construction of cycle
  tourism projects in various countries to generate
  a good source of revenue for the country. For
  instance, in Germany and France, the average
  annual turnover from the cycling tourism is
  approximately 11 billion Euros and the revenue is
  expected to increase in the near future due to
  increased infrastructural and extension
  activities going on in the cycling tracks and
  lanes.

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• Figure 2 Global Bicycle Market Value (US Mn),
  2016 2027

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Market Trends

• Advent of bicycles in corporate sector to endorse
  eco-friendly transportation
• In developed regions such as Europe and North
  America, many corporate offices have started
  using bicycles and electric vehicles as a mode of
  transport inside their campuses and is mandatory
  that every employee should follow this, in order
  to enhance air quality and minimize pollution
  index inside the campuses. The U.S. Green
  Building Council (UGBC) is supporting corporate
  offices to be leader in energy and environment
  design or LEED.
• Improved material science has facilitated the
  manufacturing of ultra-lightweight bicycles
• Advancements in material science have allowed
  manufacturers to fabricate ultra-lightweight
  bicycles. The new technology and advanced
  methodology used for the manufacturing of such
  bicycles has found increasing application in the
  manufacturing of sports and mountain bicycles.
  For instance, in June 2016, Canyon Bicycles GmbH
  launched Canyon Ultimate CF SLX, which has the
  lightest frame and is one of the strongest too in
  racing bicycle category.

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Competitive Section

• Key players operating in the global bicycle
  market are Giant Bicycle Inc., Samchuly Bicycle
  Co., Ltd., Atlas Cycles Ltd., Tandem Group plc,
  Derby Cycle, Merida Industry Co. Ltd., Avon
  Cycles Ltd., Dorel Industries Inc., Trek Bicycle
  Corporation, Xiaomi, Accell Group, Zhonglu Co.
  Ltd., and Tube Investment of India Limited.

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Key Developments

• Key companies in the market are involved in
  capacity and business expansion, in order to
  enhance the market presence. For instance, in
  April 2020, Avon Cycles Ltd. inaugurated two
  showrooms in Ludhiana, India.
• Major market players are focused on product
  launches, in order to expand product portfolio.
  For instance, in March 2018, Trek Bicycle
  Corporation launched a collection of road,
  hybrid, and mountain bicycles in the Indian
  market.

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