Market Overview
The Global Bicycle Market is anticipated to be
valued at USD 78.1 billion in
2024 and is further expected to reach
USD 185.3 billion by
2033, at a
CAGR of 10.1% due to the production, distribution, and sale of bicycles.
Bicycles are vehicles with two wheels, that start by pedaling with the feet to go to and for to the desired location. They have many types like road, mountain, hybrid, and electric bikes, which are used for different purposes such as commuting, recreation, sport, and transportation. These are distributed by many channels like shops, online retailers, department stores, and sporting goods stores. The market is influenced by increasing interest in sustainable transportation, and growing awareness of health and fitness benefits.
Key Takeaways
- At a CAGR of 10.1%, the projected value of the global bicycle market is estimated to be USD 78.1 billion in 2024, which is expected to reach USD 185.3 billion by 2033.
- Based on products, the road bicycle segment is expected to dominate the bicycle market with a revenue share of 41.5 % in 2024.
- In the context of design, the regular segment is anticipated to dominate the market with the largest revenue share in 2024.
- The conventional segment is projected to lead based on technology with the largest revenue share of 84.2% in 2024.
- Men's segment is anticipated to dominate the bicycle market with a revenue share of 44.9% in 2024.
- The offline distribution channel is predicted to hold the bicycle market with a revenue share of 52.3 % in 2024.
Use Cases
- Bicycles are a common transportation that provides an eco-friendly and cost-effective alternative to driving particularly for short to medium distances.
- It is also popular for riding in parks, countryside, or urban areas which provide a relaxing way to enjoy nature.
- Cycling is a form of cardiovascular exercise and can help improve overall fitness levels as many consumers use it as fitness training.
- It is a trending mode of transportation for reducing carbon emissions and air pollution, making it environmentally sustainable.
- It is also used for adventurous mode of commuting which allows a consumer to explore new places at a slower pace to enjoy long-distance touring.
Market Dynamic
The bicycle market is increasing mainly due to limited parking lots and traffic congestion in cities, which encourages people to choose bicycles for their short trips. In addition, the popularity of bicycle events in many regions is driving the sales of mountain and road bikes. On the other hand, the increasing fitness market is being developed because some people are involved in cycling to exercise when they cannot go to the gym to avoid issues like being overweight.
Moreover, dockless bicycle systems, initially introduced in developed countries, are fueling the growth of the market, as this system is equipped with advanced mobile applications and GPS technology. Many governments are continuously improving the infrastructure to support bicycle commutation. However, poor infrastructure in developing economies like India hinders the growth of the market. Additionally, the high cost of lightweight bicycles made from composite materials faces a challenge to market expansion.
Research Scope and Analysis
By Product
The road bicycle segment is expected to dominate the bicycle market based on products with the largest
revenue share of 41.5 % in 2024. This segment is growing due to its simplicity as they do not require complex accessories used in racing or mountain bikes. The trend of customized bikes for performing specific functions is gaining popularity and become the main factor of this segment`s growth for the next few years. The mountain bike industry is expected to grow due to the number of consumers, particularly millennial people, who choose this hobby for the sake of adventure.
Additionally, the cargo bike is likely to take the lead being the fastest-growing segment among all the categories over the next five years. The growth of this bicycle is due to the common trend of replacing motorized transport for short-distance commercial applications.
By Design
The bicycle market is divided into folding and regular bikes in terms of design. The regular segment is anticipated to dominate the market with the largest revenue share in 2024 due to the growing preference for efficient and green mobility solutions to vehicles that are powered by fossil fuel for short-distance commutes. Also, these bikes are cheap and easily available everywhere, accelerating the growth of this segment.
The folding bike segment is projected to grow with a high CAGR due to the growing preference of the urban population for bikes to avoid congested roads and unavailability of spaces. These are equipped with smaller wheels and a frame that can be folded in multiple places, making them versatile for urban environments with limited storage space.
By Technology
The conventional segment is projected to lead the bicycle market with the largest revenue share of 84.2% in 2024. This segment is growing due to many factors like lower costs associated with repairs and maintenance compared to electric bicycles. These are also convenient modes of transportation and are becoming popular as a leading adventurous activity among women in recent days, which is expanding the bicycle market.
Meanwhile, the electric segment is expected to show rapid growth with a high forecasted CAGR due to easy operation and faster travel time compared to conventional bicycles. Furthermore, consumers are showing more interest in electric bicycles over other types due to higher capacities and longer lifespans despite smaller sizes, and convenience to use with maintenance-free batteries.
By End User
The men's segment is anticipated to lead the bicycle market with a revenue share of 44.9% in 2024 due to the continued higher participation of men in cycling compared to women and children. Men prefer bicycles for shorter commute distances compared to women. However, manufacturers are continuously working on simplifying the cycling mechanism by using more adaptable gear systems and shock absorbers, which makes cycling more appealing to women for entertainment activities. Women are also getting involved in cycling, contributing to the constant growth of this market.
Bicycles for kids are designed with small frames suitable for children's smaller bodies and developing motor skills. These bicycles are equipped with adjustable seat heights and simplified gear systems to provide learning and ensure safety.
By Distribution Channel
The offline distribution channel is expected to lead the bicycle market with a revenue share of 52.3 % in 2024, mainly due to the large number of consumers preferring to purchase from stores. These offline channels provide offers like test-drive options, personalized buying experiences, and immediate product availability. Also, the presence of many well-known branded bicycles in local supermarkets and stores contributes to the demand for this channel and is expected to grow in the future.
The online distribution channel is anticipated to experience rapid growth with a high CAGR due to increasing smartphone and internet use in developing countries. Vendors are also selling their products to online retailers like Amazon and Flipkart by giving large discounts, which drives the growth of this market.
The Global Bicycle Market Report is segmented based on the following:
By Product
- Road Bikes
- Mountain Bikes
- Hybrid Bikes
- Cargo Bikes
- Others
By Design
By Technology
By End User
By Distribution Channel
Regional Analysis
Asia Pacific is expected to emerge as the dominant region for the bicycle market in 2024 with a
revenue share of 35.0% due to the booming infrastructure of regions like China, Japan, and Singapore. Active investment in the development of Asian countries also promotes and supports bicycle commute. Further, some Asian countries like Japan particularly Tokyo are known for low accident rates which makes it ideal for a bicycle commute. Moreover, Chinese bicycle companies are continuously expanding their operation into different countries like India and Australia, driving the demand for bicycles in this region.
Europe is projected to have the second-highest revenue share in this market in 2024 due to its bike-friendly cities and hosting known cycling events. Countries like Belgium, Denmark, France, and Italy are continuously working on developing their infrastructure to support bicycle commutes, fueling the growth of the market in this region.
By Region
North America
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Competitive Landscape
The bicycle market is highly competitive, with many global and regional competitors for market share. Major players include Giant Manufacturing Co. Ltd, Accell Group, Trek Bicycle Corporation, Merida Industry Co. Ltd, and Pon Holdings BV. These industry leaders are involved in many strategies like innovation in bicycle manufacturing, partnerships, mergers and acquisitions, and refining their marketing approaches both online and offline to expand their global presence.
Furthermore, companies are more focused on the growing popularity of online distribution channels. Additionally, they are expanding their product offerings by introducing bicycles particularly designed for women and children, thereby increasing their focus on consumer needs and preferences.
Some of the prominent players in the global bicycle market are:
- Accell Group
- Atlas Cycles (Haryana) Ltd.
- Avon Cycles Ltd.
- Cervelo
- Dorel Industries Inc.
- Giant Bicycles
- Merida Industry Co., Ltd
- Specialized Bicycle Components, Inc.
- SCOTT Sports SA
- Trek Bicycle Corporation
- Orbea
- BH Bikes
- Axalko Bikes
- Others
Recent Development
- In October 2023, Merida Industry Co., Ltd. introduced the latest model of its Silex gravel bike, designed to enhance comfort, speed, and handling across all types of terrains. The updated version includes carbon fiber and aluminum options.
- In October 2022, Cervelo announced the launch of its inaugural XC-rated mountain bike, the ZHT-5, featuring a lightweight and efficient carbon fiber frame. The GX variant comes equipped with a 100 mm RockShox SID SL Select RL fork, while the premium XX1 model features a SID SL Ultimate fork.
- In April 2022, Hero International announced to introduction of a new assembly plant in its manufacturing facility in Manchester aiming to produce high-end electric cycles as well as push bikes for its customers in the UK and EU.
- In February 2022, Merida Bikes announced to extension of its collaboration with Team Bahrain Victorious to ensure continued access to top-tier bikes from Merida Bikes.
Report Details
| Report Characteristics |
| Market Size (2024) |
USD 78.1 Bn |
| Forecast Value (2033) |
USD 185.3 Bn |
| CAGR (2023-2032) |
10.1% |
| Historical Data |
2018 – 2023 |
| Forecast Data |
2024 – 2033 |
| Base Year |
2023 |
| Estimate Year |
2024 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Product (Mountain Bikes, Hybrid Bikes, Road
Bikes, Cargo Bikes, and Others), By Design (Folding
and Regular), By Technology (Electric, and
Conventional), By End User (Men, Women, and Kids),
By Distribution Channel (Online, and Offline) |
| Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
| Prominent Players |
Accell Group, Atlas Cycles (Haryana) Ltd., Avon Cycles
Ltd., Cervelo, Dorel Industries Inc., Giant Bicycles,
Merida Industry Co., Ltd, Specialized Bicycle
Components, Inc., SCOTT Sports SA,Trek Bicycle
Corporation, Orbea, BH Bikes, Axalko Bikes, and
Other Key Players |
| Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
The Global Bicycle Market size is estimated to have a value of USD 78.1 billion in 2024 and is expected to
reach USD 185.3 billion by the end of 2033.
Asia Pacific has the largest market share for the Global Bicycle Market with a share of about 35.0 % in
2024.
Some of the major key players in the Global Bicycle Market are Giant Manufacturing Co. Ltd, Accell
Group, Trek Bicycle Corporation, and many others.
The market is growing at a CAGR of 10.1 percent over the forecasted period.