The global market size of the bike industry grows
Despite the supply chain crisis caused by the pandemic crisis, the bike industry continues to grow. The global bicycle market size was estimated at 57.3 billion euros in 2021 and is expected to reach a value of 63.36 billion in 2022. Experts estimate a further annual growth rate of of 8.2% from 2022 to 2030 because more people will opt for cycling as a form of exercise that enables them to fight diseases of affluence like diabetes, coronary heart disease, obesity and others. Digitalisation, online shopping, social media and mobile phone apps encourage demand and make it more convenient for consumers to find and buy exactly the products they search for. Moreover, the expansion of the bicycle lane infrastructure and improvement of GPS tracking helped to establish online communities of avid cyclists in many countries.
Road bikes sales keep big numbers
The road bike segment is responsible for the largest revenue share of over 40% in 2021 and is anticipated to remain superior even in the upcoming years. The cargo bike segment emerged surprisingly growing by a rate of 22,3% since more and more customers prefer replacing motorised transport for short-distance deliveries with CO2 emission-free alternatives.
Offline stores still hold 50% of sales
Even though half of the bikes were sold in offline stores in 2021, by the distribution channel, the online segment is supposed to experience further global growth this year and beyond, mainly because of the growing penetration of smartphones and internet usage that has tripled in emerging economies throughout the last decade. Markets such as Brazil, China, India, and Mexico are anticipated to boost consumer engagement in online stores.
Over 100 million bicycles to be produced in 2022
More efficient production processes and enhanced manufacturing technologies result in a higher number of bikes produced for lower costs. It is estimated that over 100 million bikes will be produced by the end of the year 2022.[vii]Among the key players controlling the bicycle market are Accell Group, Dorel Industries Inc., Avon Cycles Ltd., Giant Bicycles, Merida Industry Co., Ltd, SCOTT Sports SA, and Trek Bicycle Corporation.
The global bicycle market is expected to grow even further
Regarding the world population increase, rising petrol prices and bike affordability, more people are expected to use bicycles as a means of transportation instead of driving cars. Given that, the global bicycle market could grow from thecurrent value of 63.36 billion euros up to 90 billion euros by 2028.
Sales of e-bikes are about to grow
The e-bike market grows significantly, and many experts foresee that by 2025, the global sales of e-bikes could reach 26,3 billion euros. Optimistic predictions showing e-bikes as a preferred choice for commuters are also on account of e-bikes’ affordability and convenience.
There are 1 billion bicycles in the world in 2022
Would you guess they’re so many? Only China is estimated to have approximately 450 million bikes on the streets (and yes, also on gravel roads). The other biggest markets are the USA with 100 million and Japan with 72 million bikes.
In 2022, European citizens do have more bikes
Three European countries are leading the 2022 list of bicycle ownership relative to the number of inhabitants. In the Netherlands, 99% of the population owns a bike, making nearly every citizen own a bicycle. The Netherlands is followed by Danes where 80% of the population own bikes, and Germans with 76%. With 62 million bikes, Germany is at the top of the list with the total number of bikes, followed by the Netherlands with 16,5 million bikes, and Sweden with 6 million bikes. On the other hand, Germany has a population of 84,4 million people compared to the Netherlands (17,225 million) and Sweden (10,25 million).
Poland experienced the largest weekday bicycle traffic increase in 2022
Of all European countries, Poland witnessed the largest weekday cycling increase (by 45%) followed by Italy (33%) and France (32%), while in Portugal, Finland and Ireland, people cycled less in 2022 than in the previous period. On the other hand, riding over the weekend is stably increasing in all European countries. Growth rates are most significant in England with a 64% increase within the surveyed period between 2019 and 2022.