The global Cycling market size was valued at USD 60.4 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 11.0% during the forecast period, reaching a value of USD 109.2 billion by 2030.
Cycling market research report by Future Data Stats, offers a comprehensive view of the market's historical data from 2018 to 2021, capturing trends, growth patterns, and key drivers. It establishes 2022 as the base year, analyzing the market landscape, consumer behavior, competition, and regulations. Additionally, the report presents a well-researched forecast period from 2023 to 2030, leveraging data analysis techniques to project the market's growth trajectory, emerging opportunities, and anticipated challenges.
MARKET OVERVIEW:
Cycling is a popular outdoor activity that involves riding bicycles for various purposes, such as recreation, exercise, and transportation. Enthusiasts engage in cycling to experience the thrill of speeding along scenic routes, fostering a sense of freedom and exploration. Beyond its recreational aspect, cycling is an eco-friendly mode of transportation, contributing to a healthier lifestyle and reducing the carbon footprint. Cyclists often enjoy the dual benefits of staying physically active while minimizing their impact on the environment.
Furthermore, cycling has evolved into a competitive sport with diverse disciplines, including road racing, mountain biking, and BMX. Athletes participating in professional cycling events showcase exceptional skill, endurance, and strategy. The sport not only promotes physical fitness but also builds camaraderie among participants and fans. Overall, cycling embodies a versatile and dynamic activity that goes beyond a simple means of transportation, encapsulating a holistic lifestyle that combines fitness, adventure, and community engagement.
MARKET DYNAMICS:
The increasing awareness and emphasis on health and fitness have fueled the demand for bicycles and related accessories. Consumers are seeking sustainable and eco-friendly modes of transportation, and cycling perfectly aligns with these preferences. Moreover, the surge in urbanization and the need for efficient commuting alternatives contribute to the rising popularity of cycling as a viable means of transport.
However, the cycling market is not without its challenges. One significant restraint is the high upfront cost associated with quality bicycles and accessories. Affordability remains a barrier for some potential consumers, hindering broader market penetration. Additionally, concerns about safety and the lack of dedicated cycling infrastructure in certain regions pose challenges for market expansion.
CYCLING MARKET SEGMENTAL ANALYSIS
BY TYPE:
Road bikes, known for their lightweight frames and thin tires, are popular among cycling enthusiasts aiming for speed and long-distance rides. These bikes dominate the market for avid road cyclists and competitive racers, with continuous innovations in materials and design driving their demand.
Mountain bikes represent another significant segment, catering to those seeking adventure and off-road experiences. Robust frames, suspension systems, and durable tires make mountain bikes ideal for tackling challenging terrains. The increasing interest in outdoor activities and the thrill of mountain biking contribute substantially to the market's growth in this segment.
Hybrid bikes, combining features of both road and mountain bikes, have gained prominence as versatile options for various riding conditions. With a comfortable riding posture and the ability to handle different surfaces, hybrid bikes attract a broad consumer base, including commuters and recreational riders. Cruiser bikes, known for their laid-back design and comfort, appeal to those seeking a relaxed and leisurely cycling experience, often popular in beachside communities.
BMX bikes, designed for stunt riding and racing, represent a niche yet influential segment. Favored by the younger demographic and enthusiasts engaged in freestyle BMX competitions, these bikes contribute to the dynamic and diverse nature of the cycling market.
BY APPLICATION:
Recreation stands out as a prominent application, where individuals engage in cycling for leisure and enjoyment. Whether it's a casual ride through scenic routes or group cycling activities, the recreational aspect contributes substantially to the market, reflecting the broader societal shift towards healthier and more active lifestyles.
Fitness has emerged as a key driver in the cycling market, with more individuals incorporating cycling into their fitness routines. Bicycles, whether stationary or traditional, offer an effective and enjoyable way to stay physically active, contributing to cardiovascular health and overall well-being. The increasing awareness of the importance of fitness and the accessibility of cycling as an exercise contribute significantly to the market's growth in this application segment.
Sports and competitive cycling represent another influential factor in the market landscape. From road racing to mountain biking competitions, the demand for high-performance bicycles and specialized gear is on the rise. The thrill of competition, coupled with the pursuit of excellence in cycling sports, drives innovation and advancements in technology, creating a niche within the broader cycling market.
Adventure racing, characterized by challenging and multisport endurance events, has gained popularity, further impacting the cycling market. Participants in adventure racing often rely on durable and versatile bicycles to navigate through varied terrains, showcasing the demand for specialized equipment.
BY FRAME MATERIAL:
Aluminum frames are widely popular for their lightweight nature, making them an excellent choice for road bikes and commuters. The material's strength and durability ensure a robust frame while maintaining agility, contributing to the overall performance and efficiency of the bicycle.
Carbon fiber frames represent a dominant factor in the cycling market, particularly in high-performance segments. Known for their exceptional strength-to-weight ratio, carbon fiber frames offer unparalleled stiffness and responsiveness. This material is often favored in road bikes and high-end mountain bikes, attracting cyclists seeking top-tier performance and cutting-edge technology in their bicycles.
Steel frames, although heavier compared to aluminum and carbon fiber, bring their own set of advantages to the cycling market. Renowned for their durability and smooth ride quality, steel frames are commonly found in touring bikes and commuter bicycles. The material's ability to absorb road vibrations enhances comfort during long rides, appealing to a demographic valuing endurance and a more relaxed cycling experience.
Titanium frames, known for their lightweight and corrosion-resistant properties, represent a niche but influential factor in the cycling market. Cyclists who prioritize a combination of strength, durability, and a unique aesthetic often opt for titanium frames. These frames find applications in high-performance road bikes as well as in touring and endurance cycling, offering a distinctive riding experience.
BY DISTRIBUTION CHANNEL:
Bicycle shops play a crucial role as a dominant distribution channel, offering a dedicated space where customers can explore a wide range of bicycles, accessories, and receive expert advice. These specialty shops provide a personalized shopping experience, allowing cyclists to test ride bikes and make informed decisions based on their specific needs and preferences.
The rise of online retailers has revolutionized the cycling market, creating a substantial impact on how consumers access and purchase cycling products. Online platforms offer convenience and a vast selection, allowing customers to browse and compare different models and brands from the comfort of their homes. The direct-to-consumer model adopted by many online retailers has streamlined the distribution process, enabling manufacturers to reach a global audience efficiently.
Department stores and mass merchants also contribute significantly to the cycling market by providing accessibility to a broader consumer base. These channels often carry a selection of entry-level and mid-range bicycles, making cycling more accessible to a diverse demographic. The convenience of purchasing bikes alongside other products in one location appeals to casual riders and those looking for budget-friendly options.
REGIONAL ANALYSIS:
In North America, the cycling culture is deeply rooted, driven by a growing emphasis on a healthy lifestyle and sustainable transportation. The region witnesses a surge in recreational cycling, with a notable demand for diverse bicycle types and accessories. Additionally, the promotion of cycling infrastructure and initiatives by local governments further propels the market, making it a robust and evolving landscape.
In Europe, cycling holds both cultural and practical significance, influencing the market in unique ways. European cities often prioritize cycling-friendly urban planning, fostering a high adoption rate for bicycles as a daily mode of transport. The region sees a considerable market for commuter bikes and electric bicycles, aligning with the trend towards eco-friendly transportation. The combination of a health-conscious population and supportive infrastructure positions Europe as a prominent player in the global cycling market. Meanwhile, in the Asia Pacific, a mix of traditional and modern cycling practices contributes to a diverse market. While bicycles are deeply ingrained in many Asian cultures for daily commuting, there's a growing trend of embracing cycling as a recreational and fitness activity.
COVID-19 IMPACT:
During lockdowns and restrictions, there was a surge in demand for bicycles as people sought alternative and safer modes of transportation and engaged in outdoor activities for exercise. This trend was particularly notable in urban areas where cycling became a preferred option for commuting. However, disruptions in the supply chain and manufacturing processes led to temporary shortages of bicycles and components, affecting the industry's overall production capacity.
On the other hand, the pandemic prompted a shift in consumer behavior towards e-commerce, accelerating the adoption of online platforms for purchasing cycling products. As people turned to online retailers during lockdowns, there was a notable increase in the digital sales of bicycles and accessories. The pandemic also underscored the importance of health and fitness, driving interest in cycling as a recreational and fitness activity.
INDUSTRY ANALYSIS:
Mergers & Acquisitions:
- Pontiac acquires Focus bikes: In January 2023, the American automotive giant acquired the German bicycle brand Focus, aiming to expand their presence in the European e-bike market.
- Accell Group acquires Raleigh Bicycles: Dutch bicycle giant Accell Group acquired the iconic American brand Raleigh Bicycles in December 2022, strengthening their position in the North American market.
- SRAM acquires Park Tool: The leading component manufacturer SRAM acquired the iconic bike tool brand Park Tool in September 2022, expanding their reach into the repair and maintenance market.
New Product Launches:
- Specialized launches the S-Works Stumpjumper mullet bike: This innovative bike features a 29-inch front wheel and a 27.5-inch rear wheel, aiming to offer increased agility and downhill performance. (Released in April 2023)
- Canyon introduces the Grizl CF gravel bike: This versatile gravel bike caters to adventure cyclists with its comfortable geometry and wide tire clearance. (Released in June 2023)
- Giant unveils the Revolt E+ gravel e-bike: This powerful e-bike boasts a new motor and battery system, providing riders with extended range and improved climbing ability. (Launched in October 2023)
- Trek releases the Fuel EXe e-mountain bike: This lightweight and capable e-MTB features a new suspension design and integrated motor system, offering a natural ride experience. (Launched in December 2023)
KEY MARKET PLAYERS:
- Shimano Inc.
- Giant Manufacturing Co. Ltd.
- Trek Bicycle Corporation
- Specialized Bicycle Components, Inc.
- Cannondale Bicycle Corporation
- Merida Industry Co., Ltd.
- Scott Sports SA
- Cube Bikes
- Bianchi S.p.A.
- Fuji Bikes
- Colnago
- Cervélo Cycles Inc.
- Pinarello S.p.A.
- Canyon Bicycles GmbH
- Orbea S. Coop.
- Felt Bicycles
- Santa Cruz Bicycles
- BMC Switzerland AG
- Raleigh Bicycles
- Kona Bicycle Company
- Wilier Triestina S.p.A.
- Focus Bikes
- Polygon Bikes
- Devinci Cycles
Table of Contents
I. Introduction
A. Overview of the Cycling Industry
B. Historical Perspective
II. Market Analysis
A. Current Market Trends
B. Key Players in the Cycling Industry
C. Market Size and Growth
III. Types of Cycling Products
A. Bicycles
1. Road Bikes
2. Mountain Bikes
3. Hybrid Bikes
B. Cycling Accessories
1. Helmets
2. Apparel
3. Safety Gear
IV. Consumer Demographics
A. Target Audience
B. Regional Variances
V. Environmental Impact
A. Sustainable Practices in the Cycling Industry
B. Eco-Friendly Products
VI. Technological Advancements
A. Smart Bikes
B. Cycling Apps and Gadgets
VII. Challenges and Opportunities
A. Market Challenges
B. Emerging Opportunities
VIII. Case Studies
A. Success Stories in the Cycling Market
B. Notable Campaigns and Initiatives
IX. Future Outlook
A. Anticipated Trends
B. Innovations on the Horizon
X. Conclusion
A. Recap of Key Findings
B. Closing Thoughts
Cycling Market Segmentation
By Type:
- Road Bikes
- Mountain Bikes
- Hybrid Bikes
- Cruiser Bikes
- BMX Bikes
By Application:
- Recreation
- Fitness
- Sports
- Adventure Racing
By Frame Material:
- Aluminum
- Carbon Fiber
- Steel
- Titanium
By distribution channel:
- Bicycle shops
- Online retailers
- Department stores
- Mass merchants
By Geography:
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
- South America (Brazil, Argentina, Columbia, Rest of South America)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)
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RESEARCH METHODOLOGY
With a collective industry experience of about 70 years of analysts and experts, Future Data Stats encompasses the most infallible research methodology for its market intelligence and industry analysis. Not only does the company dig deep into the innermost levels of the market, but also examines the minutest details for its market estimates and forecasts.
This approach helps build a greater market-specific view of size, shape, and industry trends within each industry segment. Various industry trends and real-time developments are factored into identifying key growth factors and the future course of the market. The research proceeds are the results of high-quality data, expert views & analysis, and valuable independent opinions. The research process is designed to deliver a balanced view of the global markets and allows stakeholders to make informed decisions, to attain their highest growth objectives.
Future Data Stats offers its clients exhaustive research and analysis, based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models distill the data & statistics and enhance the accuracy of our recommendations and advice.
With Future Data Stats calibrated research process and 360° data-evaluation methodology, the clients receive:
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With this strong methodology, Future Data Stats ensures that its research and analysis is most reliable and guarantees sound business planning.
The research methodology of the global market involves extensive primary and secondary research. Primary research includes about 24 hours of interviews and discussions with a wide range of stakeholders that include upstream and downstream participants. Primary research typically is a bulk of our research efforts, coherently supported by extensive secondary research. Over 3000 product literature, industry releases, annual reports, and other such documents of key industry participants have been reviewed to obtain a better market understanding and gain enhanced competitive intelligence. In addition, authentic industry journals, trade associations’ releases, and government websites have also been reviewed to generate high-value industry insights.
Primary Research:
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Primary Research
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Desk Research
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Company Analysis
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• Identify key opinion leaders • Questionnaire design • In-depth Interviews • Coverage across the value chain
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• Company Website • Company Annual Reports • Paid Databases • Financial Reports
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• Market Participants • Key Strengths • Product Portfolio • Mapping as per Value Chain • Key focus segment
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Primary research efforts include reaching out to participants through emails, telephonic conversations, referrals, and professional corporate relations with various companies that make way for greater flexibility in reaching out to industry participants and commentators for interviews and discussions.
The aforementioned helps to:
- Validate and improve data quality and strengthen the research proceeds
- Develop a market understanding and expertise
- Supply authentic information about the market size, share, growth, and forecasts
The primary research interview and discussion panels comprise experienced industry personnel.
These participants include, but are not limited to:
- Chief executives and VPs of leading corporations specific to an industry
- Product and sales managers or country heads; channel partners & top-level distributors; banking, investments, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research:
A broad array of industry sources for the secondary research typically includes, but is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for a competitive scenario and shape of the industry
- Patent and regulatory databases to understand technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles, web-casts, and other related releases to evaluate the market
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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PRIMARY SOURCES |
DATA SOURCES |
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• Top executives of end-use industries • C-level executives of the leading Parenteral Nutrition companies • Sales manager and regional sales manager of the Parenteral Nutrition companies • Industry Consultants • Distributors/Suppliers
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• Annual Reports • Presentations • Company Websites • Press Releases • News Articles • Government Agencies’ Publications • Industry Publications • Paid Databases
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Analyst Tools and Models:
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BOTTOM-UP APPROACH |
TOP-DOWN APPROACH |
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· Arriving at · Arriving at · Market Share · Key Market Players |
· Key Market Players · Market Share · Arriving at · Arriving at |
Cycling Market Dynamic Factors
Drivers:
- Growing awareness of health and fitness, increasing the demand for bicycles.
- Rising preference for sustainable transportation options.
- Urbanization and the need for efficient commuting solutions.
- Increasing popularity of cycling as a recreational activity.
Restraints:
- High upfront cost for quality bicycles and accessories.
- Safety concerns and the lack of dedicated cycling infrastructure in certain regions.
- Economic factors affecting consumer purchasing power.
- Intense competition within the cycling market.
Opportunities:
- Government initiatives promoting cycling infrastructure development.
- Advancements in technology enhancing the cycling experience.
- Increasing trend of electric bicycles and smart bike technologies.
- Growing global interest in cycling sports events.
Challenges:
- Disruptions in the supply chain affecting production and availability.
- Adapting to changing consumer preferences and behaviors.
- Addressing environmental concerns related to the manufacturing and disposal of bicycles.
- Balancing the demand for innovation with the need for affordability.
Frequently Asked Questions
