How the bicycle market will look in 2022？

Global Bicycle Market Overall Expectations

The global bicycle market is expected to grow at a CAGR of 5.8% over the forecast period of 2022-2032. It will be valued at over US$109 billion by 2032.

People are increasingly adopting cycling as a form of leisure, whether as a form of commuting or as a fitness and recreation option, it is an excellent choice. As awareness of the health benefits associated with cycling increases, it will also be a factor supporting market growth. Compared to other vehicles, bicycles are more suitable for short commutes as they can save a lot of time. In addition, limited parking spaces and increasing traffic congestion are prompting people to reconsider cycling as a primary option for commuting. Governments will also increasingly focus on the use of non-polluting vehicles for short distance commuting, which will have a positive impact on market growth. The fact that bicycles do not emit any pollutants is expected to become a major option for people to practice environmental protection in the near future.

In addition, consumers are also turning more towards online distribution channels to purchase bicycles due to several key factors including home delivery and replacement and availability of various products. The cargo bike product segment is expected to be the fastest growing segment during the forecast period. These happen to be the most basic bikes that consumers prefer due to their ease of use.

It is well known that the bicycle boom, ongoing bicycle supply disruptions and future levels of demand for bicycles since 2020 have been heavily influenced by the Covid-19 pandemic. The lingering effects of the pandemic have changed production, leisure activities and the way we work. It is therefore necessary to assess the status of the Covid-19 epidemic and future expectations before making predictions about future demand for bicycles. Globally, the daily number of new cases has more than halved from its peak in early January 2021 and the daily number of deaths has been declining rapidly since late January with a lag of two to three weeks as usual. But the overall picture of the epidemic since 2022 remains bleak, with new strains emerging all the time, constantly influencing measures to prevent and control the Covid-19 outbreak around the world. Scientists anticipate that this year could be another year of battles with Covid-19. So it is safe to say that demand for bicycles will continue to increase in 2022 due to the impact of the epidemic.

Bicycle Market Report Highlights

• The global market is growing significantly as bike-sharing companies, particularly in Europe and Asia, are investing aggressively to expand their businesses.
• Based on product, the cargo bicycle market is expected to grow at the highest CAGR of 22.3% over the forecast period. Such a high growth rate is mainly attributed to the increasing number of government initiatives to promote the adoption of cargo bikes for short distance logistics within cities. In addition, a number of governments are providing grants and incentives to promote the adoption of e-freight bikes.
• In addition to being easy to use, e-bikes can potentially reduce journey times. In addition, advances in battery technology have led to the availability of lighter rechargeable batteries that can support longer journeys. These factors are contributing to the growth of the electric technology segment.
• The male end-user segment is expected to expand significantly at the fastest CAGR during the forecast period, as men will continue to outnumber women and children in choosing bicycles for commuting. more men than women and children will choose bicycles for commuting in 2021.
• Asia Pacific dominates the market in 2021, with a revenue share of over 30.0%. Asian governments, particularly in countries such as Japan, China and Singapore, are actively investing in the necessary infrastructure to encourage and support cycle commuting.
• The leading market stalwarts are Accell Group; Dorel Industries; Giant Bikes; Merida Industries Ltd; and Trek Bicycles. They dominate the market in 2021, with continued emphasis on expanding market share through mergers and acquisitions. 

Cycling is enjoyed by most health-conscious people and is a recreational sport. Cycling is not only good at fighting obesity and digestive problems, but is also cost-effective. These advantages have been recognised by developing economies, which have been promoting cycling in wartime.

The growing popularity of e-bikes, coupled with an increase in the number of national and international cycling events, is expected to offer lucrative prospects for cycling stakeholders. Due to the rapidly increasing number of conscientious consumers, e-bikes will be an attractive market segment during the assessment period 2022-2032.

China is likely to be a major contributor to e-bike supply and demand in the coming years. Most major bicycle manufacturers are focusing on the launch of new models, especially e-bikes and mountain bikes.

Key elements of the market study

• With a CAGR of 8.4% from 2022 to 2032, e-bikes are expected to be the fastest growing segment of the bicycle type.
• Conventional bicycles are expected to hold the highest share of 73.1% in the technology segment by 2022.
• In terms of price, mid-range bicycles are expected to have a market share of nearly 41% by 2032.
• By end user, men are expected to be the main consumers with a market share of over 45% by 2022.
• By region, the East is expected to hold the highest share of the global market, with over 39% by 2032.
• From 2022 to 2032, China is expected to capture the highest absolute dollar opportunity of over US$14 billion.

Recommendations for sales decisions

From the above research on the bicycle market, we can be completely positive about the bicycle market in 2022. If you are a seller in this market or you are planning to enter it, we have some advice for you.

Firstly you need to understand the market you are selling to and carry out a detailed market user analysis. If commuting is your main customer requirement, an e-bike may be more popular. If they are cyclists or outdoor riders, mountain bikes or road bikes will be more popular with them.

In terms of product promotion, you can show the advantages of your product in detail and vividly through social media, and give various usage scenarios through videos to make users believe in your product more. Inviting internet celebrities in outdoor sports to promote you is also a good strategy.

Most importantly, you should make the logistics service the best and deliver to your door to get an effective guarantee that your customers are satisfied with your product. Not only should the product be good, but you should also do a good job with the after-sales service, otherwise they will think it is better to buy offline.

Giving your customers a good buying experience will also earn you a good reputation, which will add more sales for you. If you have a product that needs to be assembled, you also need to be attentive and do a good job of assembly instruction.