Part
01
of one
Part
01
How big is the global market size for the bicycle industry? How big is it for the main continents or regions?
Hello! Thank you for your request to determine the global market size for the bicycle industry. The short version is that the global bicycle market size for 2017 is an estimated $54.5 billion, this market is segmented into $34.8 billion in the Asia-Pacific region, $10.5 billion in Europe, $6.8 billion in North America and the rest of the world accounting for $2.5 billion. The global bicycle market in terms of units sold is an estimate 143.7 million for 2017, this market is segmented into 96 million in the Asia-Pacific region, 21.7 million in Europe, 19.11 million in North America and the rest of the world accounting for 6.89 million.
METHODOLOGY
I have scoured the Internet for articles, papers and statistics related to this subject.
FINDINGS
According to Cycling Industry News, the global market size for bicycle industry is set to reach $59.9 billion by 2021, growing at a CAGR of 2.4% from 2016. From here we can then calculate the current market size:
A report by SBWire provides information on the market sizes of various regions:
Region % Market Size ($bn)
total 100 54.5
According to Business Wire, in 2014 global bicycle sales was 135 million units sold, expected to grow at a CAGR of 2.1% to 2020. If we apply this number upwards we see an estimated 2017 market size in sales volume of:
135*1.021^3 = an estimated 143.7 million bicycles to be sold in 2017. (This would be 137.8 million for 2015)
Numbers on the sales volumes per region are extremely scattered, therefore, estimates based on statistically viable data will be used in estimating the market sizes.
According to the 2016 Conebi report on Europe, European bicycle sales in 2015 amounted to 20.751 million units. This would then be:
20.751/137,800,000 * 100 = 15.1%
If we calculate the 2015 market size for the bicycle industry, we see:
54.5/1.024/1.024 = $51.97 billion. From here we determine that the North America market size was $6.49 billion. Looking at data from the NBDA shows that in 2015 the US market size was $6.2 billion in 2015, accounting for 17.4 million bicycles sold. We see form above that the US market comprises by far the largest share, therefore data from this market will be statistically viable in estimating the market size. If we divide 6.2 billion by the number of bicycles sold, we get:
6,200/17.4 = $356.32 average price for a bicycle sold in the US. If we now apply this to the overall market size for 2017 for North America, we see:
6,800,000,000/356.32 = an estimated 19.1 million bicycles sold in 2017 in North America, which will account for (19.1/143.7 * 100) 13.3% of the total market volume sales.
Since we know that Asia-Pacific comprises such a large chunk of the remaining market, we can estimate the market size by determining the average cost per remaining bicycle:
37,300,000,000/102,890,000 = $362.5 average price per remaining bicycle. We now divide the Asia-Pacific market size and see:
34,800,000,000/362.5 = an estimated 96 million bicycles to be sold in Asia-Pacific in 2017. (66.8%)
Region % Market Size (mil units)
Asia-Pacific 66.8 96.0
Europe 15.1 21.7
North America 13.3 19.11
Rest of World 4.8 6.89
total 100 143.7
CONCLUSION
To wrap it up, the global bicycle market size for 2017 is an estimated $54.5 billion, this market is segmented into $34.8 billion in the Asia-Pacific region, $10.5 billion in Europe, $6.8 billion in North America and the rest of the world accounting for $2.5 billion. The global bicycle market in terms of units sold is an estimate 143.7 million for 2017, this market is segmented into 96 million in the Asia-Pacific region, 21.7 million in Europe, 19.11 million in North America and the rest of the world accounting for 6.89 million.
Thank you for using Wonder. Please let us know if there is anything else we can assist you with.