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Global bicycle market was valued at $59.32 billion in 2021, and it is expected to reach a value of $89.80 billion by 2028, at a CAGR of 6.1% over the forecast period (2022-2028).
SkyQuest’s analysis of the global bicycle market covers a wide range of aspects, from market size and growth to product trends and consumer behavior. In this section, we’ll take a closer look at some of the key findings from our research. The global bicycle market is growing steadily, with sales reaching $59.32 billion in 2021 This growth is being driven by a number of factors, including an increasing interest in health and fitness, environmental concerns, and the growing popularity of cycling as a leisure activity.
Product-wise, mountain bikes are the most popular type of bicycle globally, accounting for 29% of sales in 2021. Road bikes are the second most popular type, accounting for 27% of sales. When it comes to consumer behavior, SkyQuest found that price is the most important factor for purchasers of bicycles. Other important factors include brand reputation, features, comfort, and design.
Our analysis shows that the market is concentrated in a few key markets, with Asia Pacific is accounting for the lion’s share of sales. The North America region is also a significant bicycle market, although growth has been more muted compared to other regions.
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Sales of E-Bikes to Reach $19 billion by End of 2022
As bicycle ownership has increased in recent years, so too has the demand for electric bicycles. In our analysis of data from European countries, we found that the sales of electric bicycles have grown significantly in the past few years, with a CAGR of over 20%. This growth is being driven by a number of factors, including an increase in public awareness of the benefits of electric bicycles, advances in technology that have made them more affordable and accessible, and government incentives that have encouraged their purchase.
As per latest SkyQuest study, global e-bicycle market is projected to grow at a CAGR of more than 13% and generate a revenue of over $39 billion by the end of 2028. In addition to this growing demand, we also found that there is a large untapped market for electric bicycles. In our analysis, we conservatively estimated that only 1-2% of people who own traditional bicycles currently own an electric bicycle. This leaves a huge opportunity for growth in the coming years.
We believe that this demand will continue to grow as electric bicycles become more prevalent in the global bicycle market and accepted as a mode of transportation. As battery technology continues to improve and prices come down, we expect even more people to switch to electric bicycles for their commuting needs. Governments can also play a role in fostering this growth by investing in infrastructure and offering financial incentives. Electric bicycles will be a key driver of growth in the coming years. In China, e-bike sales grew by 25% in 2021 and are expected to continue to grow rapidly. Europe is also seeing an increase in e-bike sales, with Germany being a leading market. In the US alone, more than 500,000 units of e-bicycles were sold.
According to SkyQuest, the demand for electric bicycle market is increasing globally. In Europe, electric bicycle sales reached a record 7.1 million units in 2021, and are expected to grow to 10.5 million by 2025.
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Global Bicycle Market Become Highly Competitive
The global bicycle industry is highly competitive, with many companies vying for market share. SkyQuest’s analysis shows that the industry is fragmented, with no one company holding a dominant position. The top four companies in the industry (SHIMANO, Trek, Giant, and Specialized) hold a combined market share of just over 50%.
There are many factors that contribute to the high degree of competition in the bicycle market. First, there are low barriers to entry, meaning that it is relatively easy for new companies to enter the market. Second, there is a wide range of products available, from low-end to high-end bikes. This gives consumers a lot of choice and makes it difficult for any one company to stand out from the crowd.
Third, the industry is global, with companies selling bikes all over the world. This means that companies must be able to compete on price and quality in order to succeed. Fourth, there are a number of well-established brands in the industry with strong customer loyalty. This makes it difficult for new companies to gain market share in the global bicycle market.
Finally, bicycle manufacturing is not particularly capital intensive, so there is little barrier to entry for new firms. In addition, raw materials for bicycles are readily available and manufacturing processes are relatively simple. As a result, there are many small manufacturers in the market who can quickly respond to changes in demand or pricing pressure from larger competitors
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More than 364,000 Bicycles are Produced Per Day
Bicycles are a popular means of transportation and recreation around the world, and global sales of bicycles reflect this popularity. In 2021, the US sales of bicycles reached 20 million units, up from 16.9 million units in 2016. Today, a vast majority of bicycles were sold in Europe and Asia, with 22 million and 42 million units sold respectively.
The bicycle market has seen steady growth in recent years. This growth can be attributed to a number of factors, including the growing popularity of cycling as a sport and mode of transportation, as well as initiatives to promote cycling as a green and healthy form of transport.
In terms of regional sales, Asia Pacific is by far the largest bicycles market. This is followed by Europe, North America, Latin America, Africa, and Oceania. The three largest markets for bicycles in Europe are Germany, France, and Italy.
China and India are the largest bicycle manufacturers in the world.
Top Players in Global Bicycle Market
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