Over $62 billion is thought to be the market value of bicycles worldwide. From 2020 to 2025, the market is anticipated to expand at a CAGR of 6.1%. With more than 60% of the worldwide market share, the Asia-Pacific region has the largest bicycle market. With a combined share of nearly 30%, Europe and North America are also important markets. Among the reasons driving the expansion of the bicycle market are the rising acceptance of riding as a form of exercise and the rising environmental awareness.
It’s hard to determine the actual quantity of bicycles made each year. However, the World Bicycle Industry Association estimates that more than 100 million bicycles are made each year. Over 60% of the world’s bicycle output is produced in China, which is also the leading producer. Taiwan, Japan, and Europe are additional significant producers. Over the years, there has been a substantial increase in the manufacture of electric bikes, with China being the largest producer and consumer of e-bikes.
Bicycle sales have increased as a result of the COVID-19 pandemic as more individuals seek out active means of transportation and exercise while complying to social distance rules. This has caused a bicycle shortage in many regions of the world. The pandemic’s effects on the supply chain have also contributed to the bike shortage. To satisfy the rising demand, the sector is working hard to enhance production. Why are all the bicycles sold out?
The pandemic-related supply chain interruptions and the increasing demand for bicycles are the main causes of the current bike shortage. Bicycles are becoming increasingly popular as a form of transportation and recreation, which has increased demand. The lack of bikes has also been exacerbated by factory closures and disruptions to the worldwide supply chain. The bicycle business is attempting to resolve these issues and guarantee that there are enough bicycles to satisfy the expanding demand.
In conclusion, the bike market is a sizable and dynamic sector that serves a wide spectrum of customer needs. Bicycle demand is likely to rise over the next few years as the industry expands. However, the COVID-19 pandemic has resulted in a bicycle shortage in many regions of the world, and the sector is making great efforts to remedy this issue. The bike market is still a promising sector with a lot of room for expansion and innovation, despite the difficulties.