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Bicycle Market Size
- Report ID: GMI6748
- Published Date: Sep 2023
- Report Format: PDF
Bicycle Market Size
Bicycle Market size was valued at USD 57.8 billion in 2022 and is anticipated to register a CAGR of over 6% between 2023 and 2032. The increasing awareness of health and fitness is a significant factor driving the market size. As individuals become more health-conscious, they are turning to cycling as a low-impact, cardiovascular exercise that promotes physical well-being.
Bicycles offer an accessible and enjoyable means of staying active, leading to a rising demand for fitness-oriented bikes such as road bikes, mountain bikes, and hybrid models. This trend also extends to urban commuting as people seek ways to incorporate physical activity into their daily routines. The health & fitness trend positions bicycles as a preferred choice for exercise and transportation, driving growth in the market.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Bicycle Market Size in 2022: | USD 57.8 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 6% |
| 2032 Value Projection: | USD 102.8 Billion |
| Historical Data for: | 2018 - 2022 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 527 |
| Segments covered: | Type, Usage Type, End User |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The rising demand for cycling events and tourism is accelerating the bicycle market. Cyclists & tourists increasingly seek destinations and experiences that cater to cycling enthusiasts. This trend drives the sale and rental of bicycles, along with the development of dedicated cycling routes, trails & guided tour services. As cycling events gain popularity, such as bike races & charity rides, it stimulates interest in cycling as a sport and recreational activity. Consequently, the market benefits from a growing customer base eager to explore new destinations and participate in cycling-related events, bolstering market growth.
Safety concerns in the bicycle market are a significant challenge. Cyclists are vulnerable on roads shared with motor vehicles, leading to accidents and collisions that deter potential cyclists. To address this challenge, measures including enhanced cycling infrastructure with dedicated bike lanes, improved road signage, and public awareness campaigns promoting safe driving & cycling practices are crucial. Additionally, the adoption of advanced safety technologies in both bicycles and vehicles, such as collision avoidance systems & better lighting, can contribute to making cycling safer and more appealing, encouraging its growth.
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Bicycle Market Scope
