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7 Dec 2022

During a tough economic climate with significant challenges for retailers, the Daily Telegraph has named 15 high streets around the country that it says, “retain a healthy selection of...

6 Dec 2022

Surveys by Oxfam and British Heart Foundation suggest that shoppers are not only looking to reduce spending this Christmas but to choose more second-hand and meaningful gifts.

6 Dec 2022

The BBC has published comprehensive analysis of Ordnance Survey data that reveals the full extent of changes to Britain's High Streets after two years of Covid lockdowns and trading...

30 Nov 2022

Cycling UK has published its annual 100 Women in Cycling 2022 list celebrating inspirational women in cycling.

30 Nov 2022

Cycling in London has increased by 40% since the start of the pandemic, including a near-doubling of journeys by bike at the weekend, according to the newly published annual Travel in London...

29 Nov 2022

The Business Secretary, Grant Shapps, has announced that businesses are to be given a further two years to apply new product safety marking.

29 Nov 2022

A new survey of 2,000 British cyclists, which is part of a wider European report, claims that only just over a quarter of people in the UK think their local cycling infrastructure has improved...

28 Nov 2022

VOLT announces its new insurance collaboration with LAKA, three-time winners of the Best Cycle Insurance Provider category at the Insurance Choice Awards and pioneers of the ‘collective...

24 Nov 2022

According to a new survey, Cambridge is the best in the country for independent shopping to support small businesses. The study found that many of the city's small businesses turned out to be...

22 Nov 2022

Groups of independent retailers in York are to receive a £25,000 funding boost to help with promotion during the Christmas trading period and to attract more customers in 2023.

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Global Bicycle Market Forecast to reach $130 billion by 2033

Posted on in Business News , Cycles News

New research from Research Nester has forecast that between now and 2033, the global bicycle market could reach an estimated value of approximately $130 billion, by expanding at a compound annual growth rate of around 7%. The market has generated revenue of approximately $80 billion this year. Major key factors propelling the growth of the market worldwide are cited as the higher number of people becoming aware of the benefits of cycling and the growing infrastructure of bicycle manufacturing.

City Cycling Woman

The growth of the global market can be attributed to the launch of several advanced bicycles by major players as well as a more general rise in the number of bicycles available in the market. According to estimates, there were more than 2 billion bicycles in use worldwide in 2015, and by 2050, that number is expected to rise to close to 5 billion. In addition, mountain bikes are predicted to be produced more than 72 million units by 2026, from an estimated 44 million units in 2020.

Out of all, the increasing popularity of electric bikes is expected to be the sector that generates the highest revenue by the end of 2033. In 2019, for example, around 288,000 electric bikes were sold in the United States, compared to nearly 437,000 in 2020.

The global bicycle market is also estimated to grow majorly on account of the following:

•    Rising demand for bicycles

•    Rise in the development of cycling manufacturing

•    Initiatives taken for riding bicycles

•    New product launches by key market players

•    Awareness of the health benefits associated with the bicycle riding

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