Gear Bicycle Market to Reach $63.46 billion, Globally, by 2032 at 5.9% CAGR: Allied Market Research

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Jan 22, 2024, 00:45 ET

Surge in health awareness coupled with the low maintenance cost of bicycle, growth of innovative manufacturing designs and surge in outdoor sports drive the growth of the global gear bicycle market.

WILMINGTON, Del., Jan. 22, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Gear Bicycle Market by Sales Channel (Online, Offline), Application (Adventure, Sports), and End User (Men, Women): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global gear bicycle industry size generated $37.26 billion in 2022, and is anticipated to generate $63.46 billion by 2032, witnessing a CAGR of 5.9% from 2023 to 2032.

(We are providing gear bicycle industry report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and Russia-Ukraine War Impact Analysis)

115 - Tables
44 - Charts
300 – Pages

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Prime determinants of growth

The global gear bicycle market has experienced significant growth and transformation, driven by surge in outdoor sports, increase in health awareness, low maintenance cost of gear bicycles. A gear bicycle serves as an environmentally friendly means of transportation, offered in a different type, including electric bikes and mountain bikes.

Gear Bicycle Industry Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size In 2022	$37.26 Billion
Market Size In 2032	$63.46 Billion
CAGR	5.9 %
No. Of Pages in Report	300
Segments Covered	Sales Channel, Application, End User and Region.
Drivers	Surge In Health Awareness Low Maintenance Cost of Bicycles
Opportunities	Growth Of Innovative Designs Surge In Outdoor Sports
Restraints	Low Demand for Gear Bikes in Developing Countries

The online segment to maintain its leadership status throughout the forecast period

By sales channel, the online segment held the highest market share in 2022, and the highest CAGR of 6.4% is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, due to easy availability of products and the benefits such as information about the attributes of the products, time-saving feature, and the facility of home delivery provided by online platform. However, the offline segment is projected to witness a CAGR of 5.4% from 2023 to 2032, as the consumers prefer to analyze and evaluate the product before purchase. Moreover, specialty stores provide high service quality and detailed product specification and expert guidance to the consumers, which boosts the sale of these products.

The adventure segment to maintain its leadership status throughout the forecast period

By application, the adventure segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period with a CAGR of 6.2%, geared bicycle offers a solution for safe and comfortable rides. By adjusting the resistance levels to match the preferred pedaling pace, riders alleviate stress on their muscles and joints, owing to the flexibility provided by the multiple gears. However, the sports segment is projected to witness a CAGR of 5.6% from 2023 to 2032, owing to the ongoing trend towards increased competitive events and interest in leisure activities such as running and cycling globally.

Gears of Change: E-bikes Surge as Industry Shifts

Big moves in gear: Leading bike companies are hitting the throttle with acquisitions, partnerships, and e-bike launches.

Stryder's Charge: Their Contino ETB 100 and Voltic 1.7 e-bikes show the growing focus on electrified, terrain-conquering rides.

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The men segment to maintain its lead position during the forecast period

By end user, the men segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period with a CAGR of 6.1%, owing to rise in adoption of gear bicycles among men for multiple activities such as sporting, adventures, fun rides, and regular travelling through bicycle. However, the women segment is projected to witness a CAGR of 5.7% from 2023 to 2032, due to the growth of women sports championship and multiple bicycle tournaments for instance, Giro Rosa which is an annual elite women's road bicycle tournament.

Asia-Pacific to maintain its dominance by 2032

By region, Asia-Pacific held the highest market share in terms of revenue in 2022 witnessing a CAGR of 6.2%, as some of the major associations in Asia-Pacific are the Cycling Federation of India and the Chinese Association. These associations not only promote sports and events but also influence customers for usage of bicycles. Furthermore, electric bicycles are gaining high traction in the region. All these bicycles are equipped with gears owing to the customers preference. However, the LAMEA region is expected to witness the highest CAGR of 8.3% from 2023 to 2032, owing to the leasing of bikes in LAMEA. Leasing bicycles is not only cost-efficient but also provides health benefits to users. Furthermore, increasing usage of bikes is resolving the issue of traffic congestion.

Key Highlights of the Gear Bicycle Industry Report:

The study on the gear bicycle market size encompasses 14 countries, offering a comprehensive analysis of regional and segmental aspects for each country in terms of market value ($million) during the projected period of 2023-2032.
The research methodology integrates high-quality data, professional opinions, analysis, and critical independent perspectives. This comprehensive approach ensures a well-rounded evaluation of global markets, aiding stakeholders in making informed decisions to achieve their ambitious growth objectives.
To enhance the depth of understanding, the study reviews over 3,700 product literatures, annual reports, industry statements, and comparable materials from major industry participants. This extensive review contributes to a more nuanced comprehension of the market landscape.

This report provides valuable insights into the gear bicycle market, aiding stakeholders in navigating and strategizing within this dynamic industry.

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Leading Market Players: -

Stryder Cycle Private Limited
Accell Group N.V.
Trek Bicycle Corporation
Kross Bikes
Firefox Bikes
Colnago Ernesto & C. S.r.l.
Giant Bicycles India
SCOTT Sports SA
Specialized Bicycle Components, Inc.
Merida Industry Co., Ltd.

The report provides a detailed analysis of these key players in the global gear bicycle market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Electric Bicycle Market Research Report 2023-2032

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High-End Bicycle Market Research Report 2023-2032

Carbon Bicycle Frame Market Research Report 2023-2032

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