Global Bicycles Market to Reach $78 Billion by 2026

Growing consumer inclination towards maintaining a healthy lifestyle, technological advancements, new product introductions, growing global health awareness, the environmental benefits of cycling, rising fuel/energy prices, and government initiatives are major factors bolstering demand in the market. Initiatives taken by governments in various countries in terms of establishing the necessary infrastructure, and growing number of cycling events is also propelling demand for various types of bicycles. The popularity of electric bikes is increasing day-by-day, boosted by the launch of an array of electric bike styles and models. The pandemic is anticipated to bring a long-term change in consumer preference and considerably benefit the market in the coming years. The bicycle industry witnessed a notable surge in sales as people avoided using public transport due to risk of infection.

Amid the COVID-19 crisis, the global market for Bicycles estimated at US$54.7 Billion in the year 2020, is projected to reach a revised size of US$78 Billion by 2026, growing at a CAGR of 6% over the analysis period. Hybrid Bicycles, one of the segments analyzed in the report, is projected to record a 7.6% CAGR and reach US$34.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Road Bicycles segment is readjusted to a revised 4.4% CAGR for the next 7-year period.

The U.S. Market is Estimated at $9.5 Billion in 2021, While China is Forecast to Reach $16.5 Billion by 2026

The Bicycles market in the U.S. is estimated at US$9.5 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$16.5 Billion by the year 2026 trailing a CAGR of 7.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4% and 4.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.6% CAGR. Cross-country bicycling is quite popular in the US and many new bike trails are being developed to cater to this segment. The popularity of mountain bikes also reflects this trend. While older users tend to use bicycles, especially electric powered bicycles as a means of local transportation, younger age group people utilize bicycles for recreation purposes such as cross-country biking. Bicycles are the most affordable form of transportation and are hence popular in developing countries. Congestion, affordability, and easy maneuverability of bicycles make Japan a major market.

Mountain Bicycles Segment to Reach $11.9 Billion by 2026

A mountain bicycle or mountain bike, also referred to as MTB or all-terrain bicycle (ATB), is a bike designed for off-road cycling. Wheels employed in mountain bicycles are designed wide and knobby for shock absorption and good traction on uneven terrain. The popularity of mountain bicycles can be attributed to two main factors. The first is, inclusion of mountain biking in Olympic Games since 1996. The second reason is promotion of mountain biking by the ski resort industry. In the global Mountain Bicycles segment, USA, Canada, Japan, China and Europe will drive the 6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$6 Billion in the year 2020 will reach a projected size of US$9 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.4 Billion by the year 2026, while Latin America will expand at a 6.2% CAGR through the analysis period.