Bicycle Industry Sustainability, Innovation And Technology

 

 

Global bicycle sector data book is a collection of market sizing information & forecasts (2017-2030), key players’ competitive benchmarking analysis, government regulatory data, macro-environmental analysis, 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.

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.  

 

Bicycle Market Growth & Trends

 

The global bicycle market size was valued at USD 64.63 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 9.7% from 2023 to 2030. Recent advancements in mobile app development and Global Positioning System (GPS) have resulted in app-based dockless bicycle-sharing systems. Moreover, the growing adoption of such dockless bicycle-sharing systems is anticipated to fuel the demand for cycles significantly. Chinese bicycle-sharing companies are particularly investing and expanding their operations in European nations aggressively to capitalize on the market opportunities. This is expected to boost market growth in the forthcoming years.

 

The growing traffic congestion and shortage of parking space, particularly in metropolitan cities, are prompting people to consider bicycle commutation for short distances to save time. At the same time, various governments are aggressively rolling out the infrastructure necessary to support bicycle commutation, thereby encouraging people to opt for bicycles. However, the looming lack of the infrastructure necessary to support and encourage bicycle commutation, particularly in developing economies, such as India, is anticipated to hinder the growth of the market. Similarly, lightweight bicycles made using composite materials make them expensive, which does not bode well for market expansion.

 

Cargo Bicycles Market Growth & Trends

 

The global cargo bicycles market size was valued at USD 2.43 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 16.1% from 2023 to 2030. Increased demand for fleets for freight delivery, coupled with the need for environmentally safe transport alternatives, has propelled the demand for cargo bikes in urban areas. Logistics and transportation are integral to implementing seamless freight deliveries and simplifying deliveries in urban infrastructure across the world. An increase in freight deliveries and the movement of goods has impacted the environment by aggravating pollution, noise, traffic congestion, and vibration. These circumstances have interrupted the inhabitants of cities globally. To mitigate the concerns mentioned above and ensure sustainable transport practices, high demand for cargo bikes has been witnessed worldwide.

 

These bikes are an eco-friendly alternative to traditional means of transportation used for last-mile deliveries and general logistic services. They can significantly replace freight delivery trips and impact the urban distribution system by offering low-cost, environment-friendly solutions to cater to the delivery demands of small-surface stores and the HORECA (hotel, restaurants, and catering) sector.

Order your copy of Free Sample of “Bicycle Industry Data Book - Bicycle, Bicycle Accessories and Cargo Bikes Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research

 

Bicycle Accessories Market Growth & Trends

 

The global bicycle accessories market size was valued at USD 11.43 billion in 2022 and will grow at a compound annual growth rate (CAGR) of 7.8% from 2023 to 2030. The market growth can be attributed to factors such as health and fitness trends and increasing environmental concerns. As more people take up cycling for transportation, exercise, or leisure, the demand for bicycle accessories has also increased. From helmets, lights, and locks to bags, mirrors, water bottle cages, and pedals, bike accessories are crucial in enhancing the safety, comfort, and functionality of bicycles and cyclists. With the emergence of e-bikes and the growing popularity of cycling among younger generations, the industry is expected to continue its growth in the coming years.

 

An increase in e-bikes or electric bike sales has also contributed to the growth of the market. As more people switch to e-bikes for their daily commutes or leisure rides, there is an increasing demand for accessories, such as mounts, integrated lighting, and horn systems, as they help increase the rider’s safety. For example, bicycle lights help cyclists be seen by other road users, especially in low-light conditions or when riding at night. This can be especially important on roads with heavy traffic, where motorists may have difficulty spotting cyclists. In addition, cyclists can reduce the risk of an accident by making themselves more visible by installing appropriate lighting systems.

 

Competitive Landscape

Key players operating in the Bicycle Industry are –

• Accell GroupAtlas Cycles (Haryana) Ltd.
• Trek Bicycle Corporation
• Garmin Ltd.
• Yuba Bicycles LLC