The bicycle industry is anticipated to grow significantly, with a CAGR of 4.76%, from US$ 1116.5 billion in 2021 to US$ 1861.8 billion in 2032.
It is anticipated that the bicycle market share would increase further due to consumer demand for bicycles as a realistic form of exercise to ensure a healthy life free from obesity and other disorders. The infrastructure required to facilitate bicycle commuting is being aggressively built by several governments at the same time, which increases demand for bicycles.
Recent developments in GPS technology and mobile app development led to the establishment of dockless bicycle sharing services that employ smartphone apps. It is also projected that the widespread use of such dockless bicycle-sharing programmes will greatly increase bicycle sales.
It is projected that the usage of cars is increasing due to the advent of various online bicycle booking platforms through web portals and mobile applications, such as Uber Bike, Yulu, and others. This opens up a wide range of prospects for the bicycle industry.
Expanding media coverage of these events and the growing power of celebrity endorsement are projected to boost the bicycle market’s growth even more. In China, Japan, and Singapore, constructing the infrastructure required to promote and enable bicycle commuting is a major priority.
Accell Group, Atlas Cycles (Haryana) Ltd., Avon Cycles Ltd., Cervelo, Dorel Industries Inc., Giant Bicycles, Merida Industry Co., Ltd., Specialized Bicycle Components, Inc., SCOTT Sports SA, and Trek Bicycle Corporation.