Segments - Luxury Bicycles Market by Types (Hybrid Bikes, Mountain Bikes, Road Bikes, Track Bikes, and Others), by Application (Racing, Transportation, and Others), by Technology (Electric and Conventional) by End Users (Men, Woman, and Kids), by Price Range (Premium priced [Above USD 10,000], Medium priced [from USD 5000 to 10,000], and Low priced, [from USD 1000 to 5000]), by Sales Channels (Online and Offline), and by Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
The Global Luxury Bicycles Market size was valued at USD 15.43 Billion in 2022 and is expected to surpass USD 27.66 Billion by 2031, expanding at a CAGR of 6.7% during the forecast period, 2023 – 2031. The demand for luxury bicycles is growing as many countries are raising awareness regarding the environmental-friendly lifestyles and products by taking initiatives such as encouraging people to use bicycles for daily commutes.
Moreover, players operating in luxury bicycles market are focusing on finding new materials and components for luxury bicycles to make them lighter and more efficient.
The use of bicycles has increased with the rising awareness about urban pollution and traffic, as bicycles produce zero pollution. Growing inclination of people toward a healthy lifestyle has boosted the use of bicycles. Increase in the use of bicycles has fueled the demand for high-end or luxury bicycles. From last decade luxury bicycles are becoming a lifestyle statement.
Moreover, people prefer luxury bicycles for their comfort and design superiority. The demand for luxury bicycles is expected to rise during the forecast period. Growth in the demand for luxury bicycles is driven by increasing disposable income of people worldwide. People who ride bicycles regularly are opting for luxury bicycles that are more comfortable than conventional bicycles. Rapid growth in economy, rise in standard of living, and adoption on modern technologies are propelling the number of people buying premium or luxury bicycles. Luxury bicycle companies are making various innovations to cater to the rising demand for these bicycles.
Moreover, the market in many developing countries such as Asia, Middle East & Africa, and Latin America is expected to grow. Rising economy, disposable income in these countries, rising willingness to spend on luxury bicycles are creating opportunities for market players. Many luxury bicycle companies can easily penetrate the market in these countries. Developing economies are presenting lucrative opportunities for establishment luxury bicycle brands.
However, luxury bicycles are not as popular as conventional bicycles. Riding a luxury bicycle attract attention on the road and can lead to theft. This factor is hampering the demand for luxury bicycles, thus impeding the market
Attributes | Details |
Report Title | Luxury Bicycles Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year | 2022 |
Historic Data | 2016 – 2021 |
Forecast Period | 2023–2031 |
Segmentation | By Types (Hybrid Bikes, Mountain Bikes, Road Bikes, Track Bikes, and Others), By Applications (Racing, Transportation, Others), By Technology (Electric, Conventional), By End users (Men, Women, Kids) By Price Range (Premium priced (Above USD 10,000), Medium priced (from USD 5000 to 10,000), Low priced, (from USD 1000 to 5000)), and By Sales Channel (Offline and Online) |
Regional Scope | Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage | Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
Key Players Covered in the Report | Accell Group N.V., American Bicycle Group, Cannondale, Canyon Bicycles GmbH, Cervélo, F.I.V. E. Bianchi S.p.A., LIOS Bikes Ltd, Montante Cicli, Moustache Bikes, myStromer AG. Specialized Bicycle Components, Inc., The Moulton Bicycle Company, Trek Bicycle Corporation. |
The use of bicycles is rising significantly due to rising pollution caused by heavy traffic, the use of bicycles is increasing, as they produce zero pollution. Moreover, growing preference for a healthy lifestyle has increased the use of bicycles. Rise in demand for the luxury bicycles is attributed to increasing disposable incomes worldwide. People who ride bicycles regularly are choosing luxury bicycles that are more comfortable than conventional bicycles.
Based on applications, the market is classified as racing, transportation, and others. The others segment accounts for a major share of the market and is anticipated to expand at a considerable CAGR during the forecast period.
On the basis of technology, the global luxury bicycles market share is bifurcated into electric and conventional. The conventional segment accounts for a major share of the market and is anticipated to expand at a considerable pace during the forecast period. The electric bicycle segment is anticipated to expand at significant CAGR during forecast period due to increasing need for luxury electric bicycles during the forecast period.
In terms of end-users, the luxury bicycles market share is segregated into men, woman, and kids. The men segment accounts for a major share of the market and is anticipated to expand at a considerable CAGR during the forecast period.
Based on price range, the global luxury bicycles market share are segmented into premium priced (Above USD 10,000), medium priced (from USD 5000 to 10,000), and low priced, (from USD 1000 to 5000). The low-priced segment accounts for a major share of the market and is anticipated to expand at a considerable CAGR during the forecast period.
On the basis of sales channels, the luxury bicycles market is divided into online and offline. The offline segment accounts for a major share of the market and online segment is anticipated to expand at a considerable CAGR during the forecast period.
The global luxury bicycles market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe is expected to continue dominating the market due to the increasing use of luxury bicycles and growing technological advancements in electric bicycles.
The market in Europe is estimated to expand at a substantial CAGR during the forecast period due to increasing accessibility & availability luxury bicycles and rising number of cycling evens, and high adoption of technologies. North America is projected to hold a considerable share of the market due to the presence of key manufactures of luxury bicycles in the US.
Major Manufactures include Accell Group N.V., American Bicycle Group, Cannondale, Canyon Bicycles GmbH, Cervélo, F.I.V. E. Bianchi S.p.A., LIOS Bikes Ltd, Montante Cicli, Moustache Bikes, myStromer AG. Specialized Bicycle Components, Inc., The Moulton Bicycle Company, Trek Bicycle Corporation.
The base year considered for the global luxury bicycles market report is 2022. The complete analysis period is 2022 to 2031, wherein, 2016 to 2021 are the historic years and the forecast is provided from 2023 to 2031.
The market is expected to witness growth with slight increase in terms of demand during 2019-2020 owing to the positive impact of COVID-19 pandemic on the luxury bicycles market.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
Racing, transportation and others analysis are the key applications driving the market growth.
The luxury bicycles market is anticipated to grow significantly during forecast period due to rising awareness about healthy lifestyle. Moreover, due to increasing disposable income of people.
In addition to market size (in USD Million) and Company Market Share (in % for base year 2019), other data such Macro-economic factors, COVID-19 Impact on the luxury bicycles market is available in final report.
According to this Growth Market Reports report, the market from luxury bicycles is likely to register a CAGR of 6.7% during forecast period 2023-2031, with an anticipated valuation of USD 27.66 Billion by the end of the 2031.
Yes, the report covers types of luxury bicycles such as hybrid bikes, mountain bikes, road bikes, track bikes, and others.
Additional company profiles can be provided on request.