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Luxury Bicycles Market Size – Global Growth Analysis, Share, Industry Demand Facts, Industry Development Figures

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The Global Luxury Bicycles Market was valued at USD 12,975.4 Million in 2019 and is projected to reach USD 21,603.0 Million by 2027, expanding at a CAGR of 6.7% during the forecast period. 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.

Market Dynamics

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.

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Segmental Outlook

 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.

Regional Outlook

 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.

Competitive Landscape

  • Key players in the market 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. These players are considered as key manufacturers of the market based on their different varieties of product availability, regional presence, better supply chain management system, and the increasing demand for the products.
  • The players are adopting key strategies such as product development, geographical expansion, mergers and acquisition and many other strategies to increase their demand for luxury bicycles.

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