Sports Bicycle Market Size, Share, Growth, and Industry Analysis, By Type (Mountain Bicycle, Cyclo-Cross Bicycle, Road Racing Bicycles, Track Racing Bicycles, Bicycle Moto-Cross (BMX)), By Application (Kids, Adults), Regional Forecast To 2031

Updated On: 08 April 2024

Sports Bicycle Market Report Overview

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global sports bicycle market size was USD 5501.45 million in 2021 and market is projected to touch 9676.8 Million by 2031, exhibiting a CAGR of 5.81% during the forecast period.

Bicycle, commonly known as a bike, is a steerable, two-wheeled vehicle that is propelled by the rider's feet. The front wheel of a normal bicycle is held in a rotating fork, and the wheels are positioned in line in a metal frame. The rider steers by swaying and turning handlebars that are attached to the fork while seated on a saddle. The prefix "bi-," which means "two," and the suffix "-cycle," which means "wheel," are the source of the name. It is propelled by a person sitting on top who uses his or her feet to move the pedals.

A full-size seat with a backrest can be found on recumbent bicycles, which have a long, low design. There are two-wheel and three-wheel designs of recumbents. Many recumbent cyclists believe they are the most pleasant form of transportation. Your physical and emotional well-being can be enhanced by bicycling. Cycling is a fantastic cardiovascular workout that improves health. The best method to get to your neighborhood store is by bicycle. Locate a nearby path, then take a ride.

COVID-19 Impact: Pandemic decreased the Market Demand

Multiple markets have suffered as a result of the pandemic's spread. Due to supply chain disruptions and halted manufacturing facilities, this market initially slowed down as well. However, following a brief recession, the bicycle sector saw a boom in the second half of 2020 due to an unexpected increase in cycling demand. The population was influenced to use cycling for commuting, transportation, and leisure activities due to restrictions on available leisure activities, public transportation, and stringent social distancing laws. Rising health concerns among the populace during the COVID-19 also encouraged people to choose cycling as a form of exercise and enjoyment. As a result, the market's expansion during the epidemic was hastened by this rising need for cycles.

Latest Trends

"Increasing number of cycling events to fuel market growth"

Demand for both general and sports bicycles is anticipated to increase due to the growing use of bicycles in recreational and trekking activities as well as a rise in cycling competitions. Market expansion is anticipated to be fueled by the expanding influence of celebrity endorsements and expanded media coverage of relevant events. Aside from that, a number of regulatory bodies in European nations, including Cycling Ireland, support road racing, leisure and touring cycling, track racing, and off-road racing competitions. The Irish Sports Council claims that Sport Ireland's funding for Cycling Ireland increased from EUR 440 000 in 2021 to EUR 520 000 in 2022, enticing customers to partake in a variety of cycling activities in Ireland. The event's ultimate objective was to boost bicycle adoption in the city and increase cycling awareness.

Sports Bicycle Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Mountain Bicycles, Cyclo-Cross Bicycles, Road, Racing Bicycles, Track Racing Bicycles, Bicycle Moto-Cross (BMX)

• By Application Analysis

Based on application, the market can be divided into Kids, Adults

Driving Factors

"Increased awareness about health to stimulate market demand"

Cycling is becoming more and more popular as people become more conscious of its positive effects on their own health and the environment. The popularity of cycling is growing significantly among city dwellers. Cities become more crowded as a result of urbanization, increasing traffic jams. This is yet another element contributing to sports bicycle market growth. Due to the improved quality of the materials used and the components compared to mass-produced bicycles, high-end bicycles are also becoming more and more popular, especially among sports lovers.

Restraining Factors

"Lesser demand for cycle amongst children to restrict the market growth"

Children aged 6 to 17 make up the single greatest age demographic of cyclists since they ride bicycles more frequently than any other age group. However, the Sports & Fitness Industry Association (SFIA) reports that from 2014 to 2018, fewer than a million American youngsters rode bicycles on a regular basis. As demand for children's bicycles declines in the United States, the world's largest consumer of bicycles, the bicycle industry is predicted to suffer. This decline in demand is primarily attributable to children's changing lifestyles, who are increasingly spending the majority of their time on phones, video games, or televisions.

Sports Bicycle Market Regional Insights

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"Growing demand in Asia Pacific anticipated to boost market expansion"

The bicycle market's largest and fastest-growing region is Asia-Pacific. Among the main nations in the area are China, Japan, Australia, India, and South Korea. Additionally, these nations have begun to stage a lot of cycling competitions, which can boost interest in and demand for sports bicycles. For instance, the Asian Cycling Championship, which is only open to Asian riders chosen by the national governing bodies of the participating countries, has been a yearly continental championship for road bicycle racing and track cycling since 1963. The demand for bicycles in the area is projected to increase as a result of factors such as the rise in women's sports participation rates and government efforts. Additionally, in response to the growing demand, bicycle manufacturers are releasing cutting-edge bicycles and accessories. These reasons have contributed for sports bicycle market share in the region.

Key Industry Players

"Adoption Innovative Strategies by Key Players Influencing Market Development"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

Key players in the open utility trailers market are:

• K2 Sports
• Redline Bicycles
• GIANT Bicycle
• Bianchi Bicycle
• GT Bicycles
• CUBE Bikes
• Cannondale
• Jenson USA
• Kestrel
• Pivot
• XDS Bikes
• Jamis
• Schwinn
• Atlas Cycles
• Trek Bicycle
• Scott
• Seven Cycles
• Hero Cycles
• Raleigh Bicycles

Report Coverage

This report examines an understanding of the sports bicycle market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.