Most people perceive bicycling as an ultra-fit athletic practice for athletes.
But guess what?
Times are changing. And more people are inclined to using bicycles as a commute for the economic and health perks it offers. A new mission among a few communities is to make bike riding more convenient by creating low-stress routes.
This wide-scale adoption of bicycle riding calls for the latest and improved bicycle models. But before exploring the five bicycle trends, here is a quick overview of the industry and the behind-the-scenes stats.
Table of ContentsAn overview of the bicycle market sizeFive exclusive bicycle trends worth the investment in 2023What inspires the trends in the bicycle industry?Final thoughts
An overview of the bicycle market size
The bicycle industry noted a sharp boom in the past years. And it happened because people turned away from public transport towards outdoor recreational activities. Hence, consumers look for new bicycles that best suit their needs.
According to the Fortune Business Insights Report, the global bicycle market is projected to grow from $82.50 billion in 2022 to $127.83 billion by 2029 at a compound annual growth rate (CAGR) of 6.5% in the forecast period of 2022-2029.
Fuel prices, congested traffic, and growing environmental awareness are the main drivers of this market. Also, these factors motivate bicycle manufacturers to update and innovate bicycle trends.
Europe is anticipated to remain the largest region witnessing high growth in the forecast period. Favorable government policies and public interest in healthy lifestyles contribute to this growth. Moreover, other countries, including Finland, Ireland, and the UK, are also taking initiatives to develop the cycling infrastructure and promote cycling in their region.
Five exclusive bicycle trends worth the investment in 2023
A stationary bicycle is another term for an exercise bike. And it helps users to lose weight and improve their physical health.
Indoor cycling has proven to be a staple fitness trend as it’s a less impactful way of raising the heart rate than other HIIT-style workouts.
The explosion of instant feedback and precise data has taken the trend of stationary bikes to a whole new level. What was about music and movement has evolved into an experience of harnessing data, tracking performance, and using metrics to motivate users.
Manufacturers are constantly looking for ways to keep the trend of stationary bikes alive by adding virtual reality and other assets. Perhaps this is why the global exercise bike market is forecasted to hit $863.5 million by 2027.
In truth, consumers won’t look into a regular bicycle shop to get their hands on a quality stationary bike. So, it’s vital for the retailers dealing in these bicycles to enhance their marketing efforts and provide multiple options for their target market.
The increasing traffic congestion problem is forcing people to ditch conventional vehicles. And the bicycle market is attracting people with options like electric bikes. More people scan for keywords like “bicycle shops near me,” encouraging e-bike companies to innovate, etc.
An electric bicycle allows riders to reach their destination early, while avoiding the stress of traffic and gliding past other vehicles.
Various cutting-edge technologies are expanding the idea of electric bicycles. After inflatable e-bikes and electric bikes with retractable roofs hit the stage, the market is now supporting the rise of SUV e-bikes. Their powerful motor and batteries offer massive off-road and on-road tours. Wholesalers or retailers can stock up on variants that ensure consumers’ safety.
In 2021 electric and mountain bikes experienced minimal growth generally. However, 2022 has shocked the world with new bicycle tech integrations.
A shock-absorbing mountain bike, in particular, is designed for rough mountains, dirt trails, and other unpaved terrains. Compared with ordinary bicycles, they are more effective and rugged enough to move on unfriendly surfaces.
The Mountain bike market is expected to develop at a CAGR of 5.4% from 2020 to 2027. Adventure tourism is one of the fastest-growing industries, and many nations are zeroing in on rough-terrain bicycle methodologies. Introducing electric models, folded bike options, and integrated gears exemplify how this market is set for a serious transformation.
Hence, every online and onsite bicycle shop should closely follow the trends and update its stock to cater to the diverse public demands.
Like mountain bikes, gravel bikes aren’t just a fad. And this is proven by the constant evolution of gravel-specific technologies. For example, the riders demand enhanced compliance and vibration absorption from their gravel bikes. All of which are beyond an ordinary road bike.
The sophisticated driving technology, wide tires, relaxed brakes, and disc brakes inspire riders who wish to get off the roads.
Brands are continually pushing cycling technologies. So, it’s pertinent for sellers to remain in the loop to boost profitability and stock up on multiple options.
About a quarter of US adults battle with disabilities, of which 13% experience significant problems when climbing or walking on stairs. For such riders, adaptive bicycles can boost physical performance, increase joint motion, and improve their balance.
Bicycles for people with special needs are increasing in demand. Consequently, more companies are investing in adaptive bicycles, tandem bikes, three-wheeled recumbents, and more.
What inspires the trends in the bicycle industry?
These days, people regard cycling as a fun and healthy activity. Growing research about its positive impact on physical and psychological health has driven more people to invest in quality bicycles.
Also, the advancements in science and technology recently has encouraged industry stakeholders to experiment and reform.
Increased environmental concerns are also playing a significant role in the massive expansion of the bicycle market. As a result, there’s an impact on consumers’ purchase decisions. Further, manufacturers are including sustainable practices in their production because consumers care about what they buy and how it affects the environment.
Customization is another trend that is influencing the bicycle industry. 3D printing technology is allowing people to design their bikes. For example, personalization allows the creation of individualized bicycles with unique stem caps, multi-colored spokes, and colorful pedals. In short, the customized mountain bike is more tempting for the buyer than a bicycle with plain colors and default prints.
Due to the uncertain economic climate, it would be difficult to state what future holds for this industry. Many changes are in line due to improving infrastructure and increasing public demands. The next few years are crucial for the bicycle market stakeholders, so staying updated with the latest inventions is essential to maintain relevance in the market.