E bikes to be the future of urban mobility, says market.us

The Bicycle Market size is expected to be worth around USD 141.13 billion by 2032 from USD 53.6 billion in 2021, growing at a CAGR of 9.2% during the forecast period from 2022 to 2032.

The fastest-growing segment of cargo bikes will be motorized transport as users seek alternatives. The forecasted growth rate is 15.3%. Benno, Larry & Harry, and other brands are monetizing the cargo bike’s high potential through ways to improve their perception and promote them through different role models.

Gaurav Yadav, the senior research analyst at market.us, said, “the bicycle industry’s growth is mainly driven by increased disposable income and consumer spending. In developed countries, electric and cargo bikes are in high demand because they are safer, easier to use, and require less maintenance. These bikes don’t need a driver’s license. This allows customers of all ages to ride these bikes and fuels global demand. Bicycling in adverse weather conditions can be dangerous, which limits bicycle use. The poor durability of electric bikes also defines the market.”

In addition, Other factors supporting the growth of the global bike market include fluctuating fuel prices, rising air pollution, and increasing government initiatives to promote safe and eco-friendly modes of transportation.

The demand for general and sport bicycles is expected to rise due to a growing number of events and a growing base of applications of bikes in trekking, recreational, and other activities. Market growth will be further fueled by celebrity endorsements’ increasing popularity and media coverage for such events.

Recent technological advances in mobile app development and global positioning system have allowed sharing of dockless bikes via the app. This market will be driven by the increasing popularity of dockless bicycle-sharing systems. China’s bicycle-sharing firms are expanding aggressively in Europe to take advantage of market opportunities. This will boost the market’s future growth.

The current trend of electric bike adoption is expected to continue intact. This trend should be sustainable for the long term. Consumers prefer e-bikes over other transport options due to increasing environmental awareness and tighter emission regulations. In the years ahead, e-bike buyers can take advantage of tax incentives and receive subsidies.

Manufacturers are also focusing on the adult market and innovation in the children’s segment. They are constantly upgrading their bicycles and focusing on technological advances in bicycles, such as Bluetooth, GPS integration, more durable batteries, and improved gear-shifting functionality. These technological advances improve the driving experience.

In the past, women were more likely to ride their bicycles to work than men. By 2021, the market for men had accounted for more than 40% of the total market. As more people ride bikes, this market will grow quickly. The Department for Transport U.K. found that men in the United Kingdom made an average of 25 bicycle trips per year and women 10 each.

Manufacturers of bicycles are constantly looking for ways to make the bike more user-friendly. This can include adding shock absorbers to improve the bike’s efficiency or gear systems. These innovations allow women to bike more for recreation. In the last few years, there has been a rise in female participation in bicycling. This segment is expected to continue to grow. For the forecast period, the CAGR is 8.2%.

Bicycle manufacturers will have new opportunities due to the increasing demand for cleaner and faster modes of transport. The pollution caused by gasoline-powered cars has reached new heights. This has been viewed as an opportunity by green solution suppliers and manufacturers. Bicycle manufacturing companies can use these conditions to grow and expand their businesses.

The use of bicycles to transport the environment has been gaining popularity in countries like Denmark, the Netherlands, and the U.K. European and American governments have encouraged the use of bicycles in areas with more amenities, such as schools, shops, and retail centers, than in residential areas.