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Updates for 2024 coming soon Published- June 2021 Number of Pages -121
Bicycles are used as an effective tool of transportation that not only is great for physical fitness but also helps to curb pollution, globally, and hence are widely promoted by authorities as an environmentally-friendly transportation medium. Post-Covid, social distance, and health concerns drove growth in the market.
Since its inception, the bicycle has undergone continual adaptation and improvement. These innovations are supported by the advent of modern materials, automated operation, and an increase in the use of computers and software for design-building purposes, allowing for a variety of specialized bicycle types, and improved riding safety, and comfort.
Graph: Various reasons for not choosing a bicycle
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Geekay Bikes prides itself on continuous product innovation. At the show, the company unveiled three electric bicycle models: the Ecobike ZING, Ecobike UNI, and Ecobike ALPHA. The three variations offer the greatest electric bicycles at extremely low, affordable costs.
Individuals all across the globe are increasingly becoming more aware of their fitness, which is eventually resulting in the growing demand for bicycles as an alternative way of transport. Compared to conventional bicycles, currently, the overall demand for e-bicycles is evolving and is expected to gather a larger market share.
People across the globe have been opting to make use of bicycles as a form of exercise and to reduce greenhouse gas emissions which will ensure a healthy lifestyle, maintain weight,t and grow stronger. This type of mindset has increased the popularity of dockless bikes 1bicycles and e-bicycles.
The users have to activate the the ride-sharing application on their smartphones and access the service. The system also allows users to locate bicycles nearby and electronically unlock the bicycle. This system of using dockless bicycles as a form of transportation started in Europe and has now gained popularity in the USA and Asian countries such as China and India.
The company Vivacity Labs has partnered with the City of Port Phillip with Bicycle Network to install its AI-powered traffic sensors in Port Phillip, Australia. The sensors are set to measure the bike rider, motor vehicle, e, and pedestrian movement and help the government to reduce congestion on roads and increase sustainable forms of transport.
There’s been significant growth in the demand for bicycles due to COVID-19 as now consumers are trying to avoid public transportation due to fear of contracting the virus. Moreover, with a growing number of health-conscious consumers, bicycles are now seen as an increasingly dependable and healthy mobility option.
The Global Bicycle market is expected to grow as more and more people are resorting to bicycling as a regular means of transportation. Events, such as Tour de France and Ronde van Vlaanderen, are further adding to the popularity of these vehicles.
Meanwhile, a rise in bicycling events along with the marketing of cycling tourism being organized in various countries from Asia, Africa, and the Middle East is fuelling the sales of mountain as well as road bicycles.
In Europe, an increase in demand for bicycles as a form of recreation and both fitness and leisure is helping the growth of the market in this region.
The expanding bicycle market had to witness a strong growth halt due to massive disruptions in the manufacturing and supply chain of bicycles and bicycle accessories amid the global COVID-19 outbreak but with ease in lockdown measures, newly found market demand for bicycles is being substantially met which increased imports from Asia.
The European market is dependent on imports as the manufacturing in the continent is not enough to supply the demand. Manufacturing in Europe will need to compete with manufacturing based out of China and other Southeast Asian countries in terms of cost of labor and technological competence
The pandemic has caused the market to grow at a faster pace and governments across the globe are promoting the use of bicycles as the safest form of transportation.
Governments in countries such as the UK and Italy are also providing subsidies and incentives which along with the growing awareness for healthy lifestyles have enhanced the growth of this market.
Europe is estimated as the ideal region to commute with bicycles due to which the region is experiencing significant growth over the years.
The increasing popularity in the region is also attributed to the bicycling events and tours that take place such as the Ronde Van Vlaanderen and the Tour de France. Countries such as Denmark, Belgium, Italy,y and France are focusing more on developing infrastructure for electric bicycles and bikes which promote the growth of the industry.
New Phoenix models such as the Lithium moped bicycles have become increasingly popular across Europe as the bicycle addresses the concerns of people owning a luxury bike to go out in public as well as remain healthy at the same time.
The Hero Cycles-owned subsidiary Insync Bikes has announced the development and manufacture of 50,000 units for the UK market by Christmas. The key model will range between different sizes for children and adults to be designed in Manchester.
Moreover, growing environmental concerns made bicycles an environment-friendly option. In Europe, the demand for e-bikes is growing with 50% of bicycle sales in 2020 being electric in the Netherlands.
Countries also subsidize bicycle purchases both for manufacturing and consumers. Italy allocated €210m toward a cash-back program through which Italian residents who purchased a vehicle without an engine were eligible for a €500 stipend; France also established a similar program.
French government spent €60 million on emergency cycling measures comprising costs of individual bike repairs up to €50 per citizen and state subsidies to purchase e-bikes
To learn about European bicycle Market read our report
Asia-Pacific is the largest and also the fastest-growing region in the global bicycle market. China, Japan, Australia, India, and South Korea are some of the top contributing countries in the region with most of the global manufacturing coming from this region.
The company Hebei Hongyang Tyre exported a total of 16.19 million bicycles in the first quarter of the year 2021, which increased the export volume to $1.06 billion which was up by 101.6% from the year-on-year comparison.
Recently electric bicycles have gained popularity across Asia especially in China among younger generations who use bicycles as a healthy activity.
Electric bikes are equipped with smart batteries and linked to applications that make them easily accessible. The primary bike-sharing companies such as Hellobike, Meituan Bike, and Qingju Bike have increased the demand for e-bikes in the Chinese market.
In Asia-Pacific, Governing bodies like the Cycling Federation of India and The Chinese Cycling Association are promoting road racing, touring, leisure cycling, and other cycling events, which have helped in increasing the popularity of cycling in these countries.
The lack of the infrastructure necessary to support and encourage bicycle commutation is hindering the growth of the bicycle market. Similarly, lightweight bicycles made using composite materials make them expensive, which does not bode well for market expansion.
Hero Cycles, a market leader in India with more than 40% share in the market sought a reduction in GST on bicycles to 5% from the current rate of 12% recently, to make them affordable for all sections of society. The company also asked the government to focus on developing road infrastructure that is amenable to cyclists.
China and Japan adopted e-bikes as sports equipment because of their environmental benefits and to help reduce traffic congestion in these countries.
To learn more about the Chinese market, read our report
The United States holds the highest revenue share in this region with trendy mountain bikes and e-bikes being most popular among the US millennials.
The United States Congress has proposed a tax credit against the purchase of electric bicycles in the USA which will be up to 15% which is half of what was presented to the House of Representatives in February 2021. The original document pitched a tax credit of 30% as an incentive to buy more electric bikes and bicycles.
U.S. cycling sales through all retail channels grew 75% in April to a total of about $1 billion in retail sales for the month in 2020. April was the first month in the cycling market that sales have reached $1 billion in a single month. Typically, April sales fall between $550 and $575 million.
Bikes for family use, and neighborhood riding, and lower price points showed the strongest year-over-year sales gains in 2020 and the market is growing in 2021.
Lifestyle/leisure bikes grew by a considerable fold; front suspension mountain bikes were also up and children’s bikes increased by twice than expected for the month. Accessories sales also grew, including helmets, water bottle cages, and bike baskets.
Covid-19 brought about a dramatic increase in bicycle sales in response to the pandemic. Heightened anxiety over public transportation and a surge in exercise have meant that more and more are choosing to use one of the most basic forms of mobility, leading to what can be called a bicycle boom.
Due to the pandemic, gyms and other recreational sports centers were closed because of the pandemic protocols across the globe that promoted the use of bicycles as a means of exercise and for people to go out. The pandemic which resulted in the economic loss for various industries attributed to the growth of this sector.
One of the ways by which bike shops have ensured their stores remain appealing to visit even after ean ase in lockdown measures in major countries is by retail merchandising.
The global bicycle market, already expanding before the pandemic, has received a shot in the arm by Covid-19. About 19% of American adults say they rode a bike for the first time in a year (2020) because of the pandemic.
And a majority of those riders continued riding after lockdown orders were lifted. And many of those reactivated riders have children, which means more cycling by more people.
With many youth sports programs, canceled because of the epidemic and with schools closed or restricted in some countries, cycling is one of the few safe outdoor activities kids of all ages can participate in and saw a positive response across Europe and the USA
The Canadian engineering company Eco-Counter, which designs and provides bicycle counters, measured a 21% increase in U.S. urban-area ridership from March through mid-June 2020 compared with the same period in 2019.
Even as lockdowns were lifted across the board, cycling saw no decrease and in fact, in 2021 saw an increased response in sales which will continue. New riders have taken it up and riders who left it restarted it which has developed sales across all types of bicycles
The global bicycle market is estimated at $XX Billion in 2023, growing at XX% CAGR till from 2024 to 2030
In terms of bicycle market segments, hybrid bikes are projected to grow the fastest globally owing to their multifunction use deeming it as the most preferable option among customers. Growth in the road bicycle segment which today accounts for nearly 15% share of the global bicycle market is also projected to grow in the forecast period.
Regions with tougher terrain such as Spain will see an increase in mountain cycles as people take a special affinity towards multi-terrain riding and adrenaline-rushing mountain cycling,
The E-Bike segment is estimated to grow in the upcoming years with advancement in technology and the rising concerns over increasing fuel prices deeming it as a more affordable option for many households. This growth will be driven primarily by the U.S. Canada, Japan, China, and Europe.
For far too long the cycling industry has been solely focused on the pinnacle athlete, but the current trends show BICYCLE MARKET that a broader, family, and beginner focus can reap gains.
This is a silver lining and one of the important sports retail lessons to come out of the pandemic with features such as cargo trolley attracting customers who carry luggage frequently
Lyft and PBSC Urban Solutions, a global bike share equipment and technology supplier, announced a deal on Tuesday. The deal is scheduled to be completed in the second quarter.
Lyft claims that the acquisition nearly doubles its micromobility scale, thanks to PBSC’s sales experience and client relationships.
Motivate, which collaborated with PBSC to create the BIXI Montreal bike-share system, was acquired by Lyft in 2018. Lyft has extended micromobility availability in North America since then, with its flagship New York bikeshare Citi Bike rising from 12,000 to over 24,000 bikes. Last year, Lyft said it had a record 28 million users using Citi Bike.
Lyft and PBSC both want to help communities cut carbon emissions by providing transportation choices.
The remaining shares were purchased by Asobi Ventures, an Austin, Texas-based firm that previously owned a majority stake in Gruppo Srl. Cinelli and Columbus are both owned by Gruppo Srl.
Victor Luis’ family investment entity is Asobi Ventures Inc. The company has been investing in talent, systems, and product development to build a long-term model for the two most iconic brands in the bike iBICYCLE MARKETndustry.”
As a maker of high-tech precision tubing, a luxury furniture brand, and a supplier of high-performance proprietary steel alloys and tubing to the world’s greatest bicycle brands and independent artisans and craftsmen, Columbus has held a unique place in Italian industrial history.
The eagerly anticipated Model F folding electric bike has just been released by the Electric Bike Company in Newport Beach, California. The folder features a similar cruiser aesthetic and design philosophy to the company’s larger e-bike but in a more compact and portable form.
The 24′′ wheels on the Model F strike a balance between the larger 26′′ cruiser wheels and the smaller 20′′ wheels. It also has a low step-through frame. The 3′′ wide tires are also a compromise between narrower street tires and cushier fat tires more appropriately classified as balloon tires
The hydroformed aluminum frame of the Model F uses a downtube-mounted integrated battery and a front suspension fork.
On the crowdsourcing website Indiegogo, Vanpowers Bike, a specialized electric bike manufacturer, will introduce City Vanture, the first electric bike in the world with an assembled frame.
This fantastic electric bicycle’s frame is made using the traditional Chinese tenon-and-mortise construction, which improves both safety and riding comfort. Customers have access to more than 10 custom color options.
The City Vanture’s tenon-and-mortise structure helps the joint force advance by reducing centerline tolerances and controlling them. The electric bicycle’s safety has significantly increased, the assembled frame is more stable, and riding is smoother.
Environmentally friendly, it can also reduce the production process’s rejection rate. When routine maintenance is needed, the battery can be safely disassembled and reassembled, realizing the recyclable utilization of the electric bicycle.
A new line of electric bikes is now available from Seattle-based outdoor retailer REI Co-op, giving consumers more choices in the quickly growing e-bike market. A new type of “lifestyle e-bike” is the Co-op cycle generation bike. Two new Co-op Cycles models from REI are the e1.1 and e1.2.
The new bike line broadens customer access with a “one-size-fits-most” philosophy and several new features that put utility and practicality above all else. A few of the features include 20-inch wheels, a low-step frame, memory foam seats for a comfortable ride, and front and rear lighting for improved visibility when riding at night.
The bike is designed for people who want to commute around town using more convenient, environmentally friendly modes of transportation instead of their cars.
The Valley and Long-Range models, two new offerings from CycleOn for 2023, have just gone on sale. Both e-bikes are among the most well-known brands in the market right away thanks to their attractive features and affordable price points.
The Long Range offers a very high operating battery and is designed for simple commuting. On the other hand, “The Valley” has been designed to traverse more challenging terrain and provide the user with more power.
The 500W brushless high-speed motor in the Long-Range model allows riders to travel up to 50 miles on a single charge with assistance. It also includes a 36V, 16AH high-capacity lithium battery with a 5- to 6-hour charge time.
The Valley is ideal for those who enjoy the excitement of exploration. A 26*4.0 inch fat tire and a high-performance shock absorber are included with the high-performance 750W e-bike to help riders easily negotiate rough terrain.
A new division of Specialized called Globe was created to produce premium electric utility bikes that can completely replace automobile travel.
Globe will be “an extension of the Specialized brand that will focus on bringing more fun to local living while reducing the need for daily trips in cars, trucks, and SUVs.”
Schwinn’s E-Century electric bicycle, the company’s newest offering, has been launched, according to one of the most recognized names in the cycling business, Schwinn Bicycles.
Innovative electric bikes like the E-Century blend modern technology with Schwinn’s renowned quality and design. Cycling enthusiasts who wish to travel further and quicker with less effort may consider the Schwinn E-Century.
This bicycle is ideal for commuting, exercising, or taking leisurely rides because it has a strong Bosch Performance Line motor that can go up to 20 mph. A durable battery that can deliver up to 60 miles of range on a single charge powers the motor.
A lightweight aluminum frame, Shimano hydraulic disc brakes, and a Shimano 10-speed gearbox are just a few of the premium parts included in the E-Century.
It is an efficient option for daily usage because it also has fenders, front and rear lights, a rear rack, and these characteristics. Navy blue and matte gray are the only two colors offered for the Schwinn E-Century.
It may be pre-ordered right now online, and in the coming weeks, it will be offered in a few Schwinn stores. Cycling enthusiasts of all skill levels will love the Schwinn E-Century’s performance, style, and quality combination.
The well-known Italian bicycle maker I.V. Edoardo Bianchi S.p.A. is proud to announce the release of their newest offering, the Bianchi E-Drive.
The company’s dedication to innovation and sustainability led to the creation of this electric bicycle. The Bianchi E-Drive is made to meet the rising demand for electric bikes that provide a green and effective form of mobility.
It has an effective battery system and electric motor that provide riders with the aid they need to traverse any terrain. In addition, the bike stands out from its rivals because of its slick and fashionable appearance.
Depending on their requirements and preferences, riders using the Bianchi E-Drive can select from three different levels of pedal assistance. It is a flexible choice for commuters, leisure riders, and fitness fanatics alike because of its adaptability.
A smooth and delightful ride is also made possible by the bike’s lightweight frame and plush cushioning. The Bianchi E-Drive is only one example of I.V. Edoardo Bianchi S.p.A.’s commitment to sustainability as a business. Cutting-edge battery technology ensures a clean and effective ride for years to come. It is long-lasting and environmentally sustainable.
The Bianchi E-Drive is an intriguing addition to the market for electric bicycles overall. It is an absolute must for anybody searching for a reliable, environmentally responsible method of transportation due to its cutting-edge design, strong motor, and sustainable features.
Gravel Bikes: These bikes are designed for off-road riding and have wider tires and a more relaxed geometry compared to road bikes, making them more versatile for a variety of terrain.
Enve has made the MOG, a new, high-end gravel bike, official. The MOG is meant to be a platform that provides performance, simplicity, and adaptability. The frame’s solely 700c-based platform seeks to provide a balanced, secure ride for a variety of dirt applications.
By utilizing Material Optimised design, zone-specific performance requirements, such as impact toughness, stiffness, and compliance, are met by the selection and manipulation of materials, ffiberweights, and ffiberangles.
The updated Haanjo gravel bike is being released by Diamondback. The Haanjo collection, which includes eight distinctive models, embodies adaptability. The models are excellent on both road and dirt, ranging from entry-level commuter cycles to fully equipped, carbon all-around gravel bikes.
E-cargo bikes: These are electric bicycles with cargo capabilities, designed to carry heavy loads and transport goods. They are popular in urban areas for deliveries and other commercial purposes.
At its location in Hamburg, Bolloré Logistics has begun installing Mocci’s Smart Pedal Vehicles. These cutting-edge electric bicycles are designed to take the position of vans and trucks that are now utilized for daily business between clients, the logistics center, and the authorities for the exchange of numerous spare parts, tools, and papers.
Folding Bikes: These bikes are designed to be compact and portable, with the ability to fold down for easy storage and transportation. They are ideal for commuters who need to take their bike on public transportation or store it in a small apartment.
KBO Bike, a well-known manufacturer of inexpensive electric commuter bikes, has introduced its newest model, the KBO FLIP Folding E-Bike. The KBO FLIP is built with a powerful 500W hub-drive motor, a 15.6Ah Lithium-ion battery, and a long range of 60+ miles to make the switch to electric biking simple and pleasurable.
With its strong, folding aluminum frame and quick-release levers, the KBO FLIP is simple to store and move. The 20″ x 3″ Chaoyang tyre and Shimano 7-speed gear derailleur provides seamless gear changes and exceptional traction on all surfaces.
One of the lightest folding bikes is the Denago Folding 1. The Denago folding bike is a strong, portable model perfect for van life, RV travel, or anywhere with limited storage space thanks to its folding frame, pedals, and handlebar.
This model has a sleek, concealed internal battery and features both pedal assist and throttle modes. Riders from 5’1″ to 6’3″ can use the combination of the ultra-low stand-overheight frame with the telescopic seat post and handlebars.
Electric Road Bikes: These are similar to traditional road bikes, but with an electric motor to assist the rider. They are designed for riders who want to go faster and farther than traditional road bikes, without the added strain of pedaling.
The Flluid-2 and Flluid-3 are two brand-new electric bike models from FUELL, the electric bike firm founded by internationally famous motorcycle designer Erik Buell.
With two detachable battery packs with a combined capacity of 2 kWh, the Flluid-2 is referred to be an “ultra-long-range powerhouse”. This is twice the battery capacity of the original FUELL Flluid-1 and makes it possible to travel an astonishing 225 miles (362 km) on a single charge.
The Flluid-3 offers a single 1 kWh battery, which should be sufficient for anyone who can make do with a still-impressive 110 mi (177 km) range, as an easier-to-mount step-through option.
BMX Bikes: These bikes are designed for freestyle riding and stunts, with a lightweight frame, small wheels, and strong brakes. They are popular among younger riders and in the sport of BMX racing.
The Launch is another very exceptional bike from Kink, continuing its history. packed with premium parts at an incredible price. Both a sealed integrated headset and a sealed mid-bottom bracket are included, greatly enhancing performance and reducing maintenance requirements for these parts.
The Launch has a parts package that includes Mission Triumph 3-piece chromoly cranks, Kink Stryker forks, and Kink T875 8.75″ bars, making it a beginner’s ideal bike.
Fat Bikes: These bikes have oversized tires, which provide more traction and stability on soft surfaces like sand, snow, or mud. They are ideal for off-road riding in extreme conditions.
The debut of INTHERAIE BIKE’s newest products, two new electric bikes with fat ttiresnamed INTHEAIR ROCKET and INTHEAIR ROCKET ST, was announced. The top speed of ROCKET, which has a 750w powerful rear motor, is 28 MPH.
In addition, the IntheAir Rocket has a strong 696Wh battery that can travel up to 55 miles on a single charge. This battery is made to be removed from the bike frame with ease, making charging and storing it a breeze.
Manager
The Global bicycle market is highly fragmented and includes many international and regional players. To gain a competitive advantage, the companies are investing in research and development (R&D) and differentiating their product using different design and functioning elements, and size and weight variations.
Moreover, leading manufacturers such as Accell Group, Trek Bicycle Corporation, Dorel Industries Inc., and Giant Manufacturing Co. Ltd. in the market are focusing on leveraging opportunities posed by the emerging markets of Asia-Pacific, like Thailand and India, and also to expand their revenue base all over the global market.
The recent developments in the bicycle market are given below:
In the year 2019, Trek Bicycle launched the new Madone SLR 6 Disc Speed, the bicycle is integrated with removable aero bars. It is designed specially to ride in hilly and mountainous areas with winding roads.
In the year 2019, SCOTT Sports SA announced the acquisition of the company Bold Cycles which provides a sophisticated framework as well as technical custom-made bicycle products. The acquisition is set to serve the customers that demand bicycle customization in their respective needs.
The bicycle connectivity company Leopard Tech has announced a partnership with the bicycle insurance company Bikmo. The partnership is set to offer accessory and bicycle manufacturers a range of insurance options and solutions according to the needs of the customer. The company has plans to upgrade the Leopard Lync which is a bicycle connectivity anti-theft and tracking solution to enhance the protection of the riders.
The Dutch electric bike manufacturer VanMoof announced the acquisition of investment worth $128 million in the series C minority investment round which was led by an equity firm based in Asia. The investment has raised the total funding of the company to $182 million which will be used in the expansion of production activities and enhance the software and hardware infrastructure of the bicycles.
The major developers are focusing on expanding their business by acquiring small companies. For instance, Hero Cycles acquired 48% equity in HNF NICOLAI which is a vehicle manufacturer based in Germany.
The acquisition is set to help Hero expand to global markets primarily through Europe. The company Van Der Wal was acquired by Beeren Groep NV which is an automotive supplier manufacturing company based in Belgium.
Peloton IInteractive’srevenue in the last quarter grew 54% as compared to the quarter of the year 2020, to revenue worth $937 million.
Furthermore, companies are adopting competitive strategies by investing more in developing new-generation technologies for the production of bicycles, to develop a unique product portfolio.
Additionally, companies are using digital and social media advertisements to make consumers aware of new product launches in the market.
In Asia-Pacific, the market is dominated by key players like Merida Industry Co. Ltd, Giant Manufacturing Co. Ltd, Bridgestone Co., and Hero Cycles Limited. The major companies in this region are also focused on manufacturing and developing e-bicycles; a lot of R&D is conducted for this segment of the market.
For instance, Giant Manufacturing Co. Ltd launched three new e-bikes that featured updated motor tech, control buttons, and battery systems.
In North America, Accell Group N.V., Trek Bicycle Corporation, and Giant Manufacturing Co. Ltd are the key players. These companies are more focused on making consumer-centric products, specifically targeted toward women and kids.
In Europe, the key players are Trek Bicycle Corporation, Giant Manufacturing Co. Ltd, and Wilier Triestina S.p.A. The market is very competitive with strategies such as product innovation, partnerships, expansions, mergers, and acquisitions being undertaken to acquire a better position in the market.
