Hybrid bikes to make up 40% market share by 2024, suggests new study
The global bicycle market will grow by up to 38% by 2024, new research by Persistence Market Research has concluded.
Having drawn up a 223 page study taking in opportunities for growth, restraints, local knowledge and trends, the research points to the Asia Pacific as the industry’s best chance to shift more bicycles.
According to the numbers crunched, China is anticipated to lead the charge. In addition, the country accounts for more E-bikes than E-cars as people begin to contemplate the best ways of traffic navigation. The Asia Pacific is followed by Europe and North America, which are expected to collectively account for over 23% share of the market. By 2024, the market in Europe is anticipated to surpass US$ 13 Billion, reflecting a CAGR of over 4% during the forecast period. Developing economies are largely actively promoting bicycle-friendly societies and are developing appropriate cycling tracks to avoid road mishaps.
Globally, Persistence believes an average compounded annual growth rate of 3% will run from 2016 to 2024. In 2015, it says, the market was worth $45.08 billion USD. This figure is therefore expected to top $62 billion by 2024.
One of the more interesting conclusions drawn by Persistence’s report is the prediction that hybrid bike sales will become significantly more important as modal share habits shift toward two wheels. By 2024, the study estimates the category to have a 40% global market share as new cyclists emerge in numbers.
Electric bikes, widely touted to be a growth opportunity for the business, are believed to be on track to reflect a CAGR of 4%, which would equate to a valuation of US$ 24.43 billion by 2024. There have been some eyebrow raising headlines in relation to the growth of pedal-assisted bikes, notably that sales made up 43% of Accell’s entire turnover and that in the Netherlands 57% of bikes sold are now assisted.
In terms of value, the conventional bicycle segment is anticipated to dominate the overall market with more than 81% share. Bicycles for males accounted for over 44% share of the market in 2015, followed by kids and women, which are expected to collectively account for over 64% share of the market.
Look out for a fresh analysis of the potential of the women’s cycling market on CyclingIndustry.News on Friday.
To the present day and mid-range bicycles purchases around the globe are expected to account for a 55% share of sales by the end of this year. Average sale prices do however vary wildly from country to country, as shown here.
To purchase licenses to the full report, head here.