The Covid-19 pandemic has reshaped the world’s economy in ways beyond our imagination. Almost every organization has been hit hard by the Covid-19 and its restrictions. From national lockdowns to halted trades, the entire world has suffered a lot during the pandemic. People in different countries of the world were forced to stay in their houses to stay safe and prevent the spread of the virus.
From educational institutes to big tech companies, everything was shifted to digital technology. Not only this but traveling from one place to another was also curtailed including international and domestic flights and even public transport.
However, if we talk about the bikes industry, this is unbelievably the least affected sector from Covid-19. Before 2020, the bike industry saw fluctuating stats but as the global pandemic gripped the world, the demand for bikes spiked drastically. Before we go deeper into the topic, here are a few stats related to the bike industry.
Bike Industry Statistics
Since this industry has not been impacted by the Covid-19 pandemic as hard as we expected, you must be curious to know the reasons and the stats of the bike industry during the pandemic which are as follows,
- Around 85 percent of Americans prefer cycling over public transport as a safer option for commuting during the pandemic.
- UK’s bike sales spiked by 63 percent that too only from April to June 2020.
- In the USA, 121 percent increase in the demand for leisure bikes in comparison to the previous year (as of March 2020), whereas, 66 percent increase in fitness and commuter bikes and a 59 percent acceleration in the children’s bikes demand.
- The bike repair services in the USA also saw a 20 percent year-on-year boost in customers.
- By 2027, the global bike market is forecasted to increase by an incredibly 6.1 percent CAGR.
- The market size value of bicycles in 2020 was $55.72 billion and by 2025, the revenue is expected to exceed $75 billion.
- Bike cycling increased by 150 percent in Philadelphia during the pandemic.
- The bicycle market is dominated by Asia-Pacific countries with the highest percentage share in the market of 33.8 percent (as of 2019).
- The cycling traffic increased by 50 percent in New York City within a year.
Over the years, countries around the globe saw steady growth in their bike industry but, during the Covid-19 lockdowns, from fitness junkies to lazy bums, everyone had immense leisure time for themselves and required activity, and rightly so, none other could be a better recreational activity than cycling. The global pandemic has surely changed the way we used to live our lives and the majority of things are expected to stay like this forever.
The voids left by Covid-19 cannot be filled that easily but people are trying to find new ways to overcome the stressful situation. Cycling networks in urban areas were observed in various countries around the world such as the United Kingdom, Germany, China, and Ireland, therefore, cycling routes were issued for different cities by the countries for the interested cyclists. Numerous governments are also planning to build bike lanes as demanded by their citizens.
The bike industry has never seen such massive spikes in its history before the Covid-19 pandemic. Though several countries produce bikes the top five bicycle manufacturers are China, Taiwan, the European Union, Japan, and India. These five countries collectively make up about 87 percent of the total bicycle production worldwide.
Bikes and cycling gears shortage
With the quadrupled demand for bikes during the entire pandemic, even the big names are out of stock and unable to produce the required number of cycles. The extensively high demand for bikes is well explained as “Bikes are the new toilet paper” and rightfully so, people around the world have been seen investing in different bikes continuously. From the manufacturers to the retailers, both have failed in keeping up with the superfast pace. But, why are the manufacturers unable to produce new bikes? Well, the answer is pretty simple, the Covid-19.
Not to forget that the virus has not yet left the world, in fact, is continuing to grow, hence several companies are partially shut down and unable to process the work with the same momentum. This is the reason why bike manufacturers cannot keep up with the demand and the retailers also couldn’t take pre-orders for upcoming stock.
Initially, consumers used to purchase bikes without detailed inspection and research, which helped the retailers to send low-end bikes easily as well. However, with time, the consumers gained a sense of quality and demanded high-end or at least moderate quality bikes.
Benefits of bike riding
Since the pandemic has changed our lifestyle behaviors and most people have accepted the “new norms”, cycling has also become a new joy for everyone around the globe. Let’s see how riding a bike can benefit you in different ways:
Cycling is undoubtedly one of the healthiest yet fun activity which you will enjoy to the fullest. This activity has helped people to stay in their homes and get closer to their loved ones. The more people find this activity exciting and refreshing, the more they will pay attention to their health and work on fitness activities.
A new way to stay connected while maintaining a distance
Through bike riding, you will not only find joy but also stay connected with your favorite people. You can plan a cycling day with a group of your friends or family, discover new things, enjoy your time, and satisfy your socializing needs as well.
Lesser pollution and traffic jams
As cycling doesn’t require any sort of juice to operate, it is a great way to commute without contributing to global warming. Also, a great number of people prefer traveling via bike due to the reduced chance of traffic jams since the bike can get through the narrowest space.