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Asia-Pacific Bicycle Market Size (2024 - 2029)

The Asia-Pacific bicycle market is projected to experience significant growth over the forecast period, driven by a rise in cycling events and supportive government and employer initiatives. The market's expansion is further supported by the activities of various governing bodies promoting diverse cycling events across the region. The increasing popularity of e-bikes, particularly in countries like China and Japan, is contributing to the market's growth, as consumers seek health benefits, environmental advantages, and solutions to traffic congestion. This growth is also fueled by heightened consumer awareness of fitness and health, environmental concerns, and rising disposable incomes.

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Market Size of Asia-Pacific Bicycle Industry

Asia-Pacific Bicycle Market Summary
Study Period 2018 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 27.01 Billion
Market Size (2029) USD 36.64 Billion
CAGR (2024 - 2029) 6.29 %
Market Concentration High

Major Players

Asia-Pacific Bicycle Market Major Players

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Asia-Pacific Bicycle Market Analysis

The Asia-Pacific Bicycle Market size is estimated at USD 27.01 billion in 2024, and is expected to reach USD 36.64 billion by 2029, growing at a CAGR of 6.29% during the forecast period (2024-2029).

The Asia-Pacific bicycle market is experiencing robust growth, driven by increasing health awareness, urbanization, and a growing environmental consciousness. Cycling is gaining popularity as a preferred physical activity across Asia-Pacific countries. Also, data from the Cycling and Walking Australia and New Zealand (CWANZ) national survey revealed that around one-third of Australians cycled in 2023, a number expected to rise in the years ahead. This growth has been further bolstered by a rise in cycling events and supportive government and employer initiatives.

Notably, initiatives and events by the government and other organizations, such as India's Cycles4Change Challenge and Streets4People Challenge, part of the Smart Cities Mission and overseen by the Ministry of Housing and Urban Affairs, are leading the way in piloting and implementing pedestrian and cycling initiatives. These initiatives, structured as multi-stage challenges, encourage collaboration among cities, residents, planners, and experts, promoting the adoption of cycling-friendly infrastructure and institutional reforms.

Countries such as China, Japan, and Australia are witnessing a surge in e-bike popularity. This trend is fueled by e-bikes' health benefits, their role in easing traffic congestion, their eco-friendly nature, and a rising trend of e-bikes being used as sports equipment. As cities become more congested, governments and urban planners are promoting cycling as a solution to alleviate traffic congestion and reduce pollution. In response to this demand, global players are increasingly introducing their e-bike offerings in the Asia-Pacific market.

Asia-Pacific Bicycle Industry Segmentation

A bicycle is a vehicle with two wheels in tandem, usually propelled by pedals connected to the rear wheel by a chain, having handlebars for steering and a saddle-like seat. The Asia-Pacific bicycle market has been segmented by type, distribution channel, and geography. By type, the market is segmented into road bicycles, hybrid bicycles, all-terrain bicycles, e-bicycles, and other types. By distribution channel, the market is segmented into offline retail stores and online retail stores. The report also provides a regional analysis of the Asia-Pacific market for countries like China, India, Japan, Australia, and the Rest of Asia-Pacific. The report offers market sizes and forecasts in value terms (USD) for the above segments.

Type
Road Bicycles
Hybrid Bicycles
All-trrain Bicycles
E-bicycles
Other Types
Distribution Channel
Offline Retail Stores
Online Retail Stores
Country
India
Australia
China
Japan
Rest of Asia-Pacific
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Asia-Pacific Bicycle Market Size Summary

The Asia-Pacific bicycle market is poised for significant growth, driven by an increasing interest in cycling activities across various age groups, particularly among youngsters and baby boomers. The market is supported by favorable government initiatives and the efforts of organizations like The Cycling Federation of India and The Chinese Cycling Association, which promote a range of cycling events. The rise in popularity of e-bikes, especially in countries like China and Japan, is a key trend, fueled by health benefits, environmental considerations, and the demand for e-bikes as sports equipment. The market's expansion is further bolstered by the entry of global players launching innovative products in the region, responding to the growing consumer awareness of fitness, pollution, and disposable income growth.

The Asia-Pacific bicycle market is characterized by its fragmented nature, with numerous international and regional players competing for market share. Key players such as Merida Industry Co. Ltd, Hero Cycles Limited, and Giant Manufacturing Co. Ltd are actively investing in the e-bicycle segment, introducing various models like e-mountain, e-road, and e-hybrid bikes. The market's growth potential has prompted these companies to adopt strategic initiatives, including partnerships and product launches, to enhance their presence in the region. Notable developments include the launch of new bicycle models with advanced features and the introduction of e-bikes with integrated technology, such as Google Maps, to improve user experience.

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Asia-Pacific Bicycle Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Favorable Government Initiatives

      2. 1.1.2 Rise of E-bicycles

    2. 1.2 Market Restraints

      1. 1.2.1 Lack of Infrastructure for Cycling

    3. 1.3 Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Road Bicycles

      2. 2.1.2 Hybrid Bicycles

      3. 2.1.3 All-trrain Bicycles

      4. 2.1.4 E-bicycles

      5. 2.1.5 Other Types

    2. 2.2 Distribution Channel

      1. 2.2.1 Offline Retail Stores

      2. 2.2.2 Online Retail Stores

    3. 2.3 Country

      1. 2.3.1 India

      2. 2.3.2 Australia

      3. 2.3.3 China

      4. 2.3.4 Japan

      5. 2.3.5 Rest of Asia-Pacific

Asia-Pacific Bicycle Market Size FAQs

The Asia-Pacific Bicycle Market size is expected to reach USD 27.01 billion in 2024 and grow at a CAGR of 6.29% to reach USD 36.64 billion by 2029.

In 2024, the Asia-Pacific Bicycle Market size is expected to reach USD 27.01 billion.

Asia-Pacific Bicycle Market Report Snapshots

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