Bicycle Market Attractive Market Opportunities In 2030
Bicycles in-Vogue Again as Demand for Environment-friendly Transportation Alternative on Rise
The bicycle market has witnessed consistent growth over the past decade, primarily fueled by two major factors– the growing inclination toward a healthier lifestyle and increasing focus on safeguarding the environment. Although transportation continues to remain the primary application of bicycles, bicycles have garnered considerable popularity as an environment-friendly alternative. In addition, as the shift toward adopting a healthier lifestyle gains momentum across the world, mainly among the millennial population, bicycle sales have experienced exponential rise in the past few years. This trend is likely to continue during the forecast period.
Advancements in technology coupled with the entry of an array of bicycles into the current market landscape are some of the leading factors projected to shape the growth of the bicycle market in the forthcoming decade. Current trends indicate a tectonic shift among consumers toward environment-friendly transportation alternatives, including electric bicycles and cars – a factor that is expected to contribute to the growth of the global bicycle market in the upcoming years. As bicycle manufacturers are increasingly emphasizing on improving rider comfort, adding new features, and improving the overall performance of bicycles, bicycle sales have skyrocketed over the last couple of years.
At the back of these factors, along with growing awareness pertaining to environment protection and increasing focus toward the development of cycling infrastructure in the upcoming and existing urban cities, the global bicycle market is on course to attain a market value of US$ 82 Bn by the end of 2030.
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Surge in Bicycle Rideshare Programs and Increase in Popularity of Bicycles in Cities Worldwide to Aid Market Growth
Technological advancements have played an imperative role in fueling the growth of the global bicycle market. At present, bicycles have hit a peak in terms of popularity, especially in the urban regions of both developed as well as developing countries. The number of self-identified bicyclists around the world has witnessed a drastic increase in the past few years, owing to the benefits of bicycling, growing adoption of environment-friendly transportation system alternatives, and availability of different types of bicycles. Municipalities and governments around the world are increasingly focusing on the development of bicycling infrastructure such as dedicated bicycling lanes to promote bicycling. Furthermore, several pilot programs have been initiated in various cities worldwide to assess the impact of bicycle lanes and infrastructure on the overall nature of traffic across the city. Some of the measures that are currently being implemented include additional parking space for bicycles, new road signs for bicyclists, isolated biking lanes, and traffic lights.
The increasing popularity of bicycle rideshare programs, particularly in North America is another factor that is expected to propel the market for bicycles in the region, as these programs offer short-term public bike rentals via mobile applications. Rideshare programs have garnered considerable popularity, especially in cities with major traffic issues. Some of the major cities in the U.S. wherein bicycle rideshare programs continue to gain popularity include San Francisco, New York, and Washington D.C. Innovations in the biking technology are expected to play a key role in influencing the growth of the bicycle market in the upcoming years.
Moreover, the entry of electric bicycles is anticipated to be a major turning point in the bicycle market, as the demand for cost-efficient, comfortable, and environment-friendly transportation continues to grow.
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Sales of Bicycles Grow During COVID-19 Pandemic
The onset of the novel COVID-19 pandemic has had a positive impact on the overall growth of the global bicycle market. The economic fallout inflicted by the ongoing COVID-19 pandemic in several regions of the world has derailed the growth of several core industrial sectors. However, amid the COVID-19 pandemic, bicycle sales around the globe have surged at an impressive pace. In addition, apart from the rising sales of newly manufactured bicycles, the demand for bicycle repair and maintenance activities has also increased by a considerable margin.
Governments across the world continue to impose stringent regulations on gyms, playgrounds, and other outdoor businesses. Thus, health-conscious consumers have turned toward bicycles to attain their fitness goals. In addition, reduced vehicular traffic due to lockdown, decrease in air pollution, and safer riding environment are some of the other factors expected to contribute toward the expansion of the bicycle market in 2020.
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Analysts’ Viewpoint
The global bicycle market is expected to expand at a healthy CAGR of 5.5% during the forecast period. The market growth can be primarily attributed to factors such as increasing consumer awareness pertaining to the health benefits of cycling, efforts to minimize environmental impact of conventional vehicles, and availability of a range of bicycles. Government initiatives and rise in the number of bicycle rideshare programs, especially in North America and Europe, are some of the other factors that are likely to drive the adoption of bicycles in the forthcoming years.
Bicycle Market: Overview
- A bicycle, also known as a cycle or bike, is a motor-powered or human-powered, single-track vehicle, pedal-driven, having two wheels attached to a frame, one behind the other. Road bicycle, mountain bicycle, hybrid bicycle, touring bicycle, and others are the various types of bicycles. The correct type of bicycle for each user mainly depends on the usage of the bicycle. While purchasing a bicycle, buyers look for specifications such as wheel size, gear type, technology, suspension, and racks. The features determine the usage of the bicycle, its performance, and most importantly, if it is suitable for the user.
- Consumers are increasingly demanding lightweight bicycles, which are easy to ride especially on mountains. Many consumers are demanding technologically advanced products, which means they are looking for innovative features that are meaningful and helpful to meet their riding requirements.
- Furthermore, manufacturing of bicycles with premium technologies such as speedometer, smart watch, and smart display has created a buzz in the market. The use of bicycles among the elderly has also grown in recent times.
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