South America Bicycle Market Insights Forecasts to 2033

• The South America Bicycle Market Size was valued at USD 2 Billion in 2023
• The Market Size is Growing at a CAGR of 2.01% from 2023 to 2033
• The South America Bicycle Market Size is Expected to Reach USD 2.44 Billion by 2033

The South America Bicycle Market Size is expected to reach USD 2.44 Billion by 2033, at a CAGR of 2.01% during the forecast period 2023 to 2033.  

Market Overview

A bicycle is a vehicle powered by either a human or an engine. It consists of two wheels mounted on a frame. It is considered the primary mode of transportation, covering distances using pedals and handlebars. Other components that aid in the movement of the bicycle include brakes, gears, and wheels—an efficient mode of transportation that protects natural resources and reduces pollution. The cycle industry has seen significant growth in recent years as a result of increased awareness among South American health-conscious populations. Furthermore, the population heavily relies on bicycles for activities such as commuting, exercise, sports, hiking, and others. To accommodate a larger customer base, manufacturers offer a variety of types or categories specifically designed for these applications. Manufacturers provide categories such as mountain bikes, road bikes, and hybrid bikes. Furthermore, South American government initiatives to limit conventional vehicle sales and promote green transport are expected to accelerate the adoption of electric cycles for personal transportation.

Report Coverage

This research report categorizes the market for the South America bicycle market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South America bicycle market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South America bicycle market.                 

Driving Factors

People are increasingly adopting bicycles as they recognize that regular bicycling is a convenient form of exercise that can help them live a healthy life. This can reduce the risk of obesity, cardiovascular disease, bone-related disorders, and other conditions. The bicycle market is expected to expand as more people take up bicycling as a regular form of exercise. Furthermore, an increasing preference for bicycling as a form of leisure is expected to drive growth. Furthermore, government initiatives to raise awareness about the benefits of cycling, combined with incentive plans, are expected to increase bicycle adoption. The growing popularity of cycling-related sports like BMX racing and adventure sports like mountain biking has had a major effect on South American bicycle sales. Furthermore, technological advancements such as connected bikes, the use of advanced materials for lightweight and efficiency, and the development of electrically powered bikes are among the in-demand trends expected to accelerate market growth during the forecast period.

Restraining Factors

The widespread availability of alternative modes of transportation such as buses, trains, automobiles, and others are likely to stifle market growth. Furthermore, e-bicycle are more expensive than scooters or motorcycles due to the cost of the battery and technology. As a result, people believe that traditional scooters or motorcycles provide better performance while costing the same or less. Thus, the higher cost of electric cycles and a lack of charging stations are expected to limit market growth.

Market Segment

• In 2023, the road segment accounted for the largest revenue share over the forecast period.

Based on product, the South America bicycle market is segmented into mountain, hybrid, road, cargo. Among these, the road segment has the largest revenue share over the forecast period. They are lightweight and intended for fast riding on roads. As a consequence, they are primarily used by workers to and from work. As a consequence, the growing preference for road bicycle for commuting in developing countries is expected to boost segment growth in the coming years, as they are considerably less expensive, making them the preferred mode of transportation in developing economies. The growth can be attributed to the fact that these are the most basic vehicles, with no sophisticated accessories required for racing, mountain, or other special-purpose bicycles. The growing trend of people customizing road bicycles for specific purposes is also expected to help the segment grow in the coming years.

• In 2023, the conventional segment is witnessing significant growth over the forecast period.

Based on technology, the South America bicycle market is segmented into electric, and conventional. Among these, the conventional segment is witnessing significant growth over the forecast period. The large market share is attributed to a variety of factors, including lower repair and maintenance costs for conventional bicycles when compared to electric bikes. Their low cost and suitability for exercise, sports, and fitness-related applications make them a popular segment. Furthermore, while the bicycle has been a convenient mode of transportation, bicycling has emerged as a popular sporting and leisure activity, particularly among women, in recent decades. Currently, conventional bicycles for women dominate the South America market in terms of technology. Furthermore, increased penetration in emerging economies around the world is expected to drive segment growth in the coming years.

• In 2023, the women segment accounted for a significant revenue share over the forecast period.

Based on end user, the South America bicycle market is segmented into men, women, kids. Among these, the women segment has the significant revenue share over the forecast period. The women's segment is expected to experience significant growth in the coming years. Women use bikes primarily for fitness and commuting. As a consequence, an increasing number of female riders in emerging economies is likely to drive the segment's growth.

• In 2023, the offline segment is witnessing significant growth over the forecast period.

Based on distribution channel, the South America bicycle market is segmented into online, and offline. Among these, the offline segment is witnessing significant growth over the forecast period. The large market share is attributed to the fact that a large number of consumers prefer to buy from offline channels/stores due to the availability of test drives. Offline stores also provide personalized/customized purchasing options, allowing customers to select their desired bicycle designs and colors. Furthermore, it enables customers to receive the product instantly. In addition, the availability of various branded bicycles in local supermarkets and other stores is expected to drive demand for this channel in the coming years.

• In 2023, the Brazil segment is witnessing significant growth over the forecast period.

Based on country, the South America bicycle market is segmented into Brazil, Argentina, Rest of South America. Among these, the Brazil segment is witnessing significant growth over the forecast period. Cycling is being promoted by governments throughout South America as an efficient mobility solution that addresses environmental, congestion, and public health concerns. Furthermore, governments all over Brazil have been providing subsidies and tax breaks for new bicycle purchases, which is expected to fuel market growth. Brazil's governments have also increased their spending on cycling infrastructure. All of these factors are expected to fuel Brazil's market growth during forecast year.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South America bicycle market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Accell Group
• Amer Sports
• Bridgestone Cycle
• Brasil & Movimento
• Caloi
• Campagnolo
• Cannondale
• Cervelo Cycles
• Cube Cycles
• Dorel Industries Inc.
• Giant Bicycles
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the South America bicycle market based on the below-mentioned segments: 

South America Bicycle Market, By Product

• Mountain
• Hybrid
• Road
• Cargo

South America Bicycle Market, By Technology

• Electric
• Conventional

South America Bicycle Market, By End User

• Men
• Women
• Kids

South America Bicycle Market, By Distribution Channel

• Online
• Offline

South America Bicycle Market, By Country

• Brazil
• Argentina
• Rest of South America