Increasing No. of Bicycle Sports Events Boost Its Market Size

The global bicycle market size is estimated to grow by USD 25.53 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 6.69%  during the forecast period. Increasing number of bicycle sports events is driving market growth, with a trend towards increasing popularity of bicycle rental services. However, increase in number of product recalls poses a challenge. Key market players include Accell Group NV, BH BIKES Europe SL, Brompton Bicycle Ltd., Cicli Pinarello Srl, DAHON North America Inc., Fiido, Giant Manufacturing Co. Ltd., Greenwit Technologies Ltd., Hero Cycles Ltd., Kalkhoff Werke GmbH, Klever Mobility Europe GmbH, Kona Bicycle Co., LOOK Cycle International, Marin Mountain Bikes Inc., Merida Industry Co. Samchully Co.Ltd, Santa Cruz Bicycles LLC, SB Bike, SCOTT Sports SA, Specialized Bicycle Components Inc., Storck Bicycle GmbH, Trek Bicycle Corp., Tube Investments of India Ltd., VAAN, Vassla AB, and Yamaha Motor Co. Ltd..

Market Driver

The bicycle market is experiencing significant growth due to increasing urbanization and rising disposable incomes in emerging economies. Traffic congestion and government initiatives encouraging bicycle use are driving the trend. Bicycle rental services, such as those offered by Brompton Bike Hire Ltd. and Beats Snow Sports, provide access to bicycles on a flexible basis. These services are contributing to the market’s expansion, with companies opting for new bicycles to meet demand. However, the popularity of bicycle rental services may limit the sale of new bicycles during the forecast period.

Market Challenges

• Product recalls in the bicycle market occur when manufacturers request customers to return defective products due to safety concerns or design issues. Regulatory bodies, such as the US Consumer Product Safety Commission, oversee these recalls. In 2021, Giant Bicycle recalled several models due to handlebar loosening, resulting in falls and injuries. Academy Sports + Outdoors also recalled four house-brand bikes due to faulty front wheel locking hardware. Recalls can lead to financial losses for manufacturers and may damage customer trust, potentially impacting market revenue.
• In the bicycle market, several challenges exist for businesses. Convenience is a key factor, as consumers expect easy access to bikes and parts. Carbon and bike components are essential, but sourcing high-quality materials can be difficult. Electric bikes are increasingly popular, requiring businesses to stay updated on technology and regulations. Marketing and targeting specific audiences, such as mountain bikers and commuters, is also a challenge. Cycles and components need to be maintained properly, and effective customer service is crucial for retaining clients. Additionally, businesses must comply with various regulations and adapt to changing trends. Overall, the bicycle industry presents both opportunities and challenges for businesses.

Research Analysis

The bicycle market encompasses various segments, including mountain bikes, road bikes, hybrid bikes, electric cycles, and BMX racing bikes. This industry caters to the growing demand for personal transportation alternatives, particularly in areas affected by traffic congestion. The shift towards electric vehicles and reduced carbon emissions has led to the popularity of electric bikes and hybrid models. Consumers are increasingly adopting bicycles as a lifestyle choice, leading to the expansion of the market. Cycling infrastructure, such as bicycle-friendly roadways and dockless bicycle-sharing systems, is being developed to support this trend. Lightweight materials and cargo bikes are also gaining traction in the market. GPS technology and mobile app development are integral to enhancing the user experience in the bicycle industry. The global bicycle market is expected to grow significantly in the coming years, offering numerous opportunities for innovation and growth.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Disclaimer: The above content is originally posted on prnewswire.com. We have reposted the article. The relevant information is provided by Technavio. All credit goes to their respective Copy Right Holders. ( Technavio )

Source Link: www.prnewswire.com