Is it acceptable for Jews or those who live a Jewish lifestyle to become bachelors? I know of the New Testament verses that inspire my view but am wondering if Jews are commanded to marry and have children?
The general answer is no it is not acceptable. Marrying and having children is a personal obligation of every Jewish man. Even if a man has the required number of children, or is unable to have children, in Judaism he is still required to get married (to help him avoid sins of a sexual nature). (Shulchan Aruch Even HaEzer 1:1 and 1:8)
However, there is one exception. If someone is so drawn to Torah learning and their bachelor status will not lead them to sin they can learn Torah instead. This is under the rubric of one who is busy fulfilling one commandment is exempt from fulfilling others. This is considered highly exceptional and not encouraged at all. (ibid. 1:4)
Either way, marriage in Judaism is not considered a "compromise" or an "allowance." It is considered a good thing, that fulfills a religious requirement, that fulfills a very important commandment of "be fruitful and multiply" among other things.
For further reading (under the heading "The Marital Relationship").
In addition to the great answer by the user Yishai:
There is a mitzvah incumbent on every human being to be "fruitful and multiply" in the wording of Genesis 1:28, and is the first command to mankind in the Torah. Thus it not only is a mitzvah for a Jewish man to get married, but it is also a mitzvah for a non-Jew to get married!