Bicycle Industry To Rise Up Due To Increase In The Number Of People Opting For Bicycling
Bicycle Industry Data Book Covers Bicycle, Bicycle Accessories and Cargo Bikes Markets.
The global bicycle industry size was valued at USD 76.01 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 9.5% from 2023 to 2030.
Access the Global Bicycle Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies.
Bicycle Market Growth & Trends
The global bicycle market size is anticipated to reach USD 135.02 billion by 2030, registering a CAGR of 9.7% over the forecast period, according to a new report by Grand View Research, Inc. Increasing adoption of cycling as a form of leisure and awareness regarding the health benefits associated with cycling are the factors expected to bolster the market growth. Bicycles are being preferred for short-distance commutes as they save considerable time as compared to other vehicles. Moreover, limited parking spaces and growing traffic congestions are prompting people to reconsider bicycles as a primary option for the commute.
Rising emphasis on the use of non-polluting vehicles for short-distance commutes by governments across the world is anticipated to positively influence market growth. The fact that bicycles do not emit any pollutants is projected to drive their demand in the near future. Moreover, consumers are rapidly moving toward online distribution channels to buy a bicycle due to several key factors, including doorstep delivery and replacement and the availability of a variety of products. Additionally, due to the outbreak of the COVID-19 pandemic, consumers are mainly focused on avoiding crowded places to prevent themselves from virus infections.
Cargo Bicycles Market Growth & Trends
The global cargo bicycles market size is expected to reach USD 12,061.0 million by 2030, according to a new report by Grand View Research, Inc. Furthermore, the market is projected to advance at a significant CAGR of 22.3% from 2022 to 2030. Europe is expected to offer tremendous growth opportunities for the cargo bicycle market due to the localized presence of several bicycle manufacturers and rising awareness regarding environmentally efficient transportation.
The increasing encouragement for using non-polluting vehicles over short-distance commutes by governments fuels market growth. Moreover, consumers are shifting towards e-commerce and food delivery services, which increases logistic companies' need for more delivery partners. In September 2021, the Dublin City Council partnered with Bleeper to launch a cargo bicycle scheme, allowing local businesses to purchase e-cargo bicycles at a discounted rate. These e-cargo bicycles enable businesses to leverage a low-cost, low-risk, environment-friendly, and sustainable solution.
Electric cargo bicycles are efficient in delivering couriers when compared to vans in densely populated and urban areas. These bicycles also significantly minimize emissions and carbon footprint and are more viable than electric vans. Rising government support for low-carbon and clean air initiatives has fueled the adoption of cargo bicycles, enabling low-traffic neighborhoods (LTNs) in urban centers. During the coronavirus pandemic, the proliferation of home deliveries and online shopping activities increased significantly.
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Bicycle Accessories Market Growth & Trends
The global bicycle accessories market size is anticipated to reach USD 20.49 billion by 2030, registering a CAGR of 7.8% over the forecast period, according to a new report by Grand View Research, Inc. The market is predicted to grow due to the rising popularity of cycling for leisure activities and increasing awareness about the health benefits that come with it. As a mode of transportation, bicycles are becoming a preferred option for short-distance commutes, as they are time-efficient and can help avoid traffic congestion and limited parking spaces. As a result, more people are considering bicycles as their primary transportation option. Apart from this, rising traffic on roads has made bicycle users more concerned about safety, which also helped the market grow, as the sales of protective gear, such as helmets, riding jackets, and cycling gloves, are increasing.
In addition, the accessories add up to the riding comfort. With growing concerns about the environment, health, and urban congestion, more people are turning to bicycles as a means of transportation. This increased interest in bicycling has led to a greater demand for high-quality bicycle accessories. In addition, with an increase in the number of bicyclists on the road, there is a growing concern for their safety. As a result, there is a greater demand for accessories that can increase visibility, such as lights and reflectors, as well as protective gear like helmets. Also, consumers are primarily focused on avoiding crowded places and public transportation due to the COVID-19 pandemic. Apparel is expected to emerge as the fastest-growing segment over the forecast period. Cycling apparel is designed to be comfortable and flexible, allowing cyclists to move freely and comfortably while riding.
This includes padded shorts that reduce friction and chafing, moisture-wicking fabrics that keep riders dry, and breathable materials that help regulate body temperature. These factors are expected to contribute to the product demand. Moreover, cycling shoes are predicted to garner interest in the upcoming years because they enhance a cyclist’s performance by providing better power transfer between the feet and pedals, leading to more efficient pedaling and increased speed. The global industry is growing significantly as bicycle accessories manufacturers, particularly in Asia and Europe, are investing in expanding their operations.
Go through the table of content of Bicycle Industry Data Book to get a better understanding of the Coverage & Scope of the study.
Competitive Landscape
Key players operating in the Bicycle Industry are –
• Accell GroupAtlas Cycles (Haryana) Ltd. • Trek Bicycle Corporation • Garmin Ltd. • Yuba Bicycles LLC
Grand View Research’s Bicycle industry data book is a collection of market sizing information & forecasts, regulatory data, competitive benchmarking analyses, macro-environmental analyses, and technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.