Bicycles are single-track, pedal-driven, two-wheeled vehicles that have been used for commuting and transportation for over 200 years since the inception of its first iteration in 1817. Bicycles have stood the test of time and have managed to stay relevant in the era of internal combustion engine-powered vehicles and electric-powered vehicles.
Increasing awareness regarding climate change and global warming around the world and implementation of stringent mandates to reduce the environmental impact of the transportation industry on the environment are key prospects that are anticipated to uplift sales of men's bicycles over the coming years.
Bicycle mainly runs on manually generated force by the rider, which makes them an undesirable means of transportation for long-distance travel, and can hamper market growth to some extent. The affordable nature of bicycles, increasing costs of fossil fuels, growing involvement of people in outdoor physical activities, rising incidence of lifestyle disorders, and increasing emphasis on sustainability are other key prospects that could augment men's bicycle demand over the next ten years.
Increasing focus on health and fitness owing to the high prevalence of chronic diseases is also anticipated to promote the popularity of cycling among men and women thus, driving men's bicycle shipments.
Electric bicycles and hybrid bicycles are anticipated to gain massive popularity over the coming years and this is expected to open up new avenues of opportunity for established as well as new men's bicycle companies. The lack of bicycle commuting infrastructure in many countries and the high prices of bicycles made from expensive composite materials are also anticipated to impede sales of men's bicycles across the forecast period.
Supportive Government Initiatives for New Companies and Low Operating Costs -
Being a developing economy, India has a high demand for affordable and low-cost products such as conventional bicycles that allow people with low incomes to commute in a cost-efficient manner. India is a highly remunerative market for all types of bicycles in the Asia Pacific region and is anticipated to maintain this stance over the next ten years as well.
Low labor costs and a rising focus on sustainability are also creating an opportune scenario for upcoming men’s bicycle suppliers in the country.
- The company aimed to capitalize on the growing popularity of electric vehicles and a high focus on sustainability in European countries. In September 2022, EMotorad, an electric bike start-up based in India, announced that it would be focusing on expanding its reach in Europe whilst targeting five countries in the region to start with.
- The company sells hybrid and electric bicycles for the Indian market and also wants to make OMO bikes synonymous with the Urban Commute scene in the country. Omobikes, a start-up founded by passionate IITians in India, is providing a platform for customized bikes.
New men's bicycle vendors are also focusing on raising new capital to fund their expansion efforts and promote cycling in India and other parts of the world.
- The start-up had plans to utilize this financing to expand its business scope, deploy new marketing strategies, and bolster its leadership team. In June 2021, MYBYK, an Indian bicycle-sharing company, announced that it had raised US$ 1 million in a pre-Series A funding round that saw participation from Avon Cycles and other investors.
Competitive Landscape -
Leading men's bicycle manufacturers are focusing on launching new bicycles and bicycle accessories to enhance the cycling experience and improve the overall revenue generation potential.
- The aluminum e-bike weighs around 16 kilograms and has a simple yet futuristic design. In March 2023, Acer, a leading name in the technology industry, unveiled the Acer ebii, its first e-bike with artificial intelligence (AI) functionality and a unique design.
- The company's first collection was road/gravel focused and the organization was expected to launch other unique collections in the future. In June 2022, George Nelson, a former designer at Nike, announced the launch of his new cycling apparel company called 'Kansept1'.