Bicycle Market Trends

Growth Drivers

• Rising Awareness of Cycling Health Benefits – is expected to drive the global bicycle market. Cycling in areas with less pollution (PM2.5 level within 50-60µg/m3) for one hour can produce significant health benefits. Moreover, cycling can reduce the chances of developing many health issues by increasing fitness and reducing stress. It was found that noncommunicable disease kill 41 million people, including 14 million people who are between the ages of 30 and 70 globally.
• Upsurge in the Development of Cycling Infrastructure – A bicycle is a single-track, pedal-driven vehicle that is driven by either human power or the assistance of a motor. The bike is made up of two wheels connected to a frame, one of them in front of the other. Cycling and bicycling refer to the activity of riding a bicycle. Many communities rely on them as their primary mode of transportation. Furthermore, they are also a popular form of amusement and have been adapted for a variety of purposes, including children's toys, fitness equipment, police and military purposes, courier services, racing bicycles, and even cycling stunts.
• There are many different bicycle types and designs, each one suited to a certain riding style. Mountain bikes are made for rugged terrain and off-road excursions, whereas road bikes are constructed for speed and efficiency on paved surfaces. A range of riding situations are appropriate for hybrid bikes, which combine road and mountain bikes. E-bikes include an electric motor to help the user pedal whereas city bikes are made for commuting and running errands in the city.
• Bicycling provides several advantages, such as better cardiovascular health, less stress, and stronger muscles. It is also a low-impact workout, so individuals of all ages and levels of fitness may participate. The cost of cycling is also quite low. In addition, an increased interest in cycling as a form of physical activity and recreation, escalating sustainability concerns, and government measures to encourage cycling as a sustainable way of transportation are some of the reasons that are driving the global bicycle market. The industry is also being driven by the rising acceptance of e-bikes, which are regarded as a practical and effective form of mobility. For instance, more than USD 400 million was spent on cycling-related infrastructure and programs in 2020 in Australia.
• Growing Number of Initiatives for Using Bicycle - These programs often include elements such as bike-sharing networks, bike-to-work schemes, and public awareness campaigns that promote the use of bicycles as an alternative to automobiles over short distances. For instance, Smart Commute, an initiative in Mumbai (India), aims that by 2030, 50% of the city’s population commute to work by bicycle.
• Increasing Demand for Mountain Bikes (Bicycle) – Mountain bikes include characteristics such as sturdy frames, shock absorbers, and thick tires that make them suitable for riding on rugged terrain. They are built for off-road use. For instance, it was estimated that, around 44 million units of mountain bikes were produced in 2020 globally and it is expected to hit over 72 million units by 2026.

Challenges

• Concern About Unsafe Cycling Infrastructure - Only a handful of tracks and lanes have been built for the sole purpose of providing safety for cycle riders. A lack of infrastructure is particularly prevalent in developing and underdeveloped countries. As a result, people are opting for alternatives for safety reasons, which in turn is expected to limit market growth over the forecast period.
• Existence of Other High-Speed Transport Solutions
• Inefficient Bicycle Fleet Management System