Bicycle Market Size, Share & Trends Analysis Report By Product (Mountain, Hybrid, Road, Cargo), By Technology (Electric, Conventional), By End-user, By Distribution Channel, By Region- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2024-2033

The global bicycle market size was exhibited at USD 70,497.6 million in 2023 and is projected to hit around USD 179,555.1 million by 2033, growing at a CAGR of 9.8% during the forecast period of 2024 to 2033.

Key Takeaways:

• Asia Pacific emerged as the dominant regional market in 2023 with a revenue share of 35.0%.
• The road bicycle segment accounted for the largest revenue share of over 40.1% in 2023 and is expected to remain dominant over the forecast period.
• The conventional segment accounted for the largest revenue share of 83.4% in 2023 and is expected to remain dominant over the forecast period.
• The offline distribution channel segment accounted for the largest revenue share of over 51.5% in 2023.
• The men's segment accounted for the largest market share of over 46.0% in 2023.

Bicycle Market: Overview 

The bicycle market is witnessing a resurgence in popularity, driven by various factors including a growing emphasis on eco-friendly transportation, increased awareness of health benefits, and urbanization trends. This overview delves into the dynamics shaping the bicycle market, from key drivers to emerging trends and market segmentation.

Bicycle Market Growth

The growth of the bicycle market is underpinned by several key factors. Firstly, heightened awareness of environmental sustainability has propelled the demand for eco-friendly transportation options, with bicycles emerging as a prominent choice due to their zero-emission nature. Additionally, a cultural shift towards healthier lifestyles has fueled interest in cycling as a form of exercise, driving demand for bicycles as fitness tools. Urbanization trends, marked by increasing congestion and a need for efficient mobility solutions, have further boosted the market, as bicycles offer a practical and agile means of navigating city landscapes. Moreover, technological advancements, particularly in electric bicycles and smart accessories, have expanded the market by catering to diverse consumer preferences and enhancing the overall riding experience. Collectively, these growth factors underscore the resilience and potential for expansion within the bicycle market, positioning it as a pivotal player in the global transportation landscape.

Bicycle Market Report Scope

Bicycle Market Dynamics

• Sustainability Imperative:

The bicycle market is strongly influenced by the global imperative for sustainability. With increasing concerns about climate change and environmental degradation, consumers are gravitating towards eco-friendly transportation options. Bicycles, being emission-free and requiring minimal resources to operate, are positioned as a sustainable alternative to traditional vehicles. This emphasis on sustainability is driving demand across various demographics, from environmentally conscious individuals to city planners seeking to reduce carbon emissions and alleviate traffic congestion. 

• Urbanization and Mobility Needs:

Urbanization trends and evolving mobility needs are reshaping the dynamics of the bicycle market. As urban populations swell and traffic congestion worsens, bicycles are increasingly recognized as a practical and efficient mode of urban transportation. Cities worldwide are investing in cycling infrastructure, such as bike lanes and shared bike programs, to promote cycling as a viable alternative to cars and public transit. This urban focus is driving innovation in bicycle design, with manufacturers developing models tailored to the needs of urban commuters, such as lightweight, foldable bikes with integrated technology features. Moreover, the rise of micromobility solutions, including shared bike and scooter services, is further catalyzing the adoption of bicycles as a first-mile/last-mile transportation option in densely populated urban areas. 

Bicycle Market Restraint

• Infrastructure Limitations:

Despite growing interest in cycling as a mode of transportation, inadequate cycling infrastructure remains a significant restraint on the bicycle market's growth. Many cities lack sufficient bike lanes, secure parking facilities, and other essential infrastructure to support safe and convenient cycling. This deficiency discourages potential cyclists, particularly those concerned about safety, from adopting bicycles as a primary means of transportation. Moreover, the absence of well-connected cycling networks limits the feasibility of cycling for longer distances or across different urban areas.

• Safety Concerns:

Safety concerns pose another significant restraint on the bicycle market's growth, particularly in regions where cycling infrastructure is underdeveloped or inadequate. Cyclists face various safety hazards, including interactions with motor vehicles, poor road conditions, and limited visibility, which can deter individuals from cycling, especially for commuting purposes. Additionally, perceptions of cycling as a dangerous activity may deter potential cyclists, particularly among families with children or older individuals. Addressing safety concerns requires comprehensive measures, including infrastructure improvements, traffic calming initiatives, public education campaigns, and enforcement of traffic laws to promote safer cycling environments. 

Bicycle Market Opportunity

• Health and Wellness Trends:

The burgeoning emphasis on health and wellness presents a significant opportunity for the bicycle market. With increasing awareness of the importance of physical activity and outdoor recreation, cycling is experiencing a resurgence as a preferred form of exercise and leisure activity. Health-conscious consumers are turning to cycling to improve cardiovascular fitness, boost mental well-being, and maintain an active lifestyle. This trend is driving demand for bicycles across various segments, from road bikes for fitness enthusiasts to electric bicycles for individuals seeking accessible and low-impact exercise options. Moreover, the integration of technology, such as fitness tracking apps and wearable devices, is enhancing the cycling experience by providing users with real-time feedback on performance metrics and health outcomes.

• Urban Mobility Solutions:

The rapid urbanization of global populations presents a significant opportunity for the bicycle market to address urban mobility challenges. As cities become more congested and pollution levels rise, there is a growing need for sustainable and efficient transportation solutions. Bicycles offer a practical and eco-friendly alternative to cars and public transit for short-distance commuting and urban mobility. With the proliferation of cycling infrastructure, such as bike lanes, bike-sharing programs, and bike-friendly urban planning initiatives, cities are increasingly conducive to cycling as a viable mode of transportation. Additionally, technological advancements, such as electric bicycles and smart mobility apps, are enhancing the accessibility and convenience of cycling for urban commuters.

Bicycle Market Challenges

• Competition from Alternative Transportation Modes:

One of the primary challenges confronting the bicycle market is stiff competition from alternative transportation modes, such as electric scooters, ridesharing services, and emerging micro-mobility solutions. These alternatives offer convenience, flexibility, and often faster travel times, posing a threat to the traditional bicycle market. Additionally, the proliferation of electric vehicles (EVs) and advancements in autonomous vehicle technology may further disrupt the transportation landscape, potentially reducing the appeal of bicycles as a primary mode of transportation.

• Perception and Cultural Barriers:

Another significant challenge facing the bicycle market is overcoming perception and cultural barriers that hinder broader adoption of cycling, particularly in regions where car culture predominates or cycling is perceived as a recreational activity rather than a practical mode of transportation. Negative perceptions of cycling, such as concerns about safety, lack of infrastructure, and social stigma, can deter individuals from embracing bicycles as a viable transportation option. Moreover, ingrained cultural norms and preferences for car ownership may pose challenges to promoting cycling as a primary mode of transportation. Addressing these perception and cultural barriers requires concerted efforts from stakeholders, including government agencies, advocacy groups, and bicycle manufacturers, to promote cycling as a safe, accessible, and socially acceptable mode of transportation through public awareness campaigns, infrastructure investments, and policy initiatives.

Segments Insights:

Product Insights

The road bicycle segment accounted for the largest revenue share of over 40.1% in 2023 and is expected to remain dominant over the forecast period. The growth can be attributed to the fact that these are the most basic vehicles, which do not need any sophisticated accessories, such as those required by racing, mountain, or other special-purpose bicycles. The growing trend among people to customize road bicycles for specific purposes is also expected to contribute to segment growth in the forthcoming years.

The mountain bicycle segment is expected to grow significantly over the forecast period as consumers, particularly millennials, continue to opt for mountain bicycling as a form of leisure and adventure. Furthermore, the number of women and kids entering sports is increasing steadily and is likely to influence segment growth across the globe. Besides, the establishment of new mountain bicycling circuits, coupled with the growing media coverage for such events, is expected to fuel the segment's growth.

Moreover, the cargo bikes segment is also expected to emerge as the fastest-growing segment expanding at a CAGR of over 16.2% over the forecast period as users seek ways of replacing motorized transport for short-distance commercial applications. Brands such as Benno and Larry & Harry are monetizing the high potential of cargo bikes by investing in ways of increasing the positive perception of cargo bikes and promoting them through various role models.

Technology Insights

The conventional segment accounted for the largest revenue share of 83.4% in 2023 and is expected to remain dominant over the forecast period. The large market share is attributed to various factors such as lower repair and maintenance costs of conventional bicycles as compared to electric bicycles. in addition, while the bicycle has been a convenient mode of transport, bicycling has been emerging as a leading sporting and leisure activity, especially in the women segment over the past few decades. At present, conventional bicycles for women are dominating the global market in terms of technology.

The electric segment is expected to emerge as the fastest-growing segment with a CAGR of 11.5% over the forecast period since electric bicycles are easy to operate. Electric bicycles can also ensure faster journeys as compared to their conventional counterparts. Additionally, the latest batteries used in electric bicycles can offer higher capacities and longer life despite the smaller size. Such maintenance-free batteries add to the ease of use of electric bicycles. Hence, consumers are expected to prefer them.

Distribution Channel Insight

The offline distribution channel segment accounted for the largest revenue share of over 51.5% in 2023. The large market share is attributed to the presence of a large number of consumers opting to purchase from offline channels/stores due to the availability of test-drive options. Offline stores also offer personalized/customized buying options, wherein consumers can choose their personalized/customized bicycle designs and colors. Moreover, it allows customers to get the product instantly. Moreover, the availability of various branded bicycles in local supermarkets or other stores is likely to drive this channel's demand in the forthcoming years.

The online distribution channel is expected to emerge as the fastest-growing segment with a CAGR of 12.3% over the forecast period. The growing penetration of smartphones and the Internet in emerging economies, including Brazil, China, India, and Mexico, will further boost consumer engagement in online stores. Moreover, the internet's increasing penetration is encouraging vendors to sell their products in untapped markets through online platforms such as Ali Express, Amazon, and Flipkart. Besides, online channels provide attractive discounts on every product, which attracts consumers to purchase online.

End-User Insight

The men's segment accounted for the largest market share of over 46.0% in 2023. It is also expected to emerge as the fastest-growing segment over the forecast period as the number of men riding bicycles continues to be higher than the number of women and kids. Men have historically outnumbered women in the use of bicycles for commuting. As per statistical data presented by the Department for Transport U.K., in 2019, on average, the U.K. male population made 25 cycling trips in a year as compared to 10 cycling trips by the women population in the same year.

However, bicycle makers are continuously simplifying the cycling mechanism and installing efficient gear systems and shock absorbers. Such developments are particularly enticing women to opt for bicycling for leisure. Women have also been participating aggressively in bicycling events for the past few years. As a result, the women segment is projected to witness steady growth. It is anticipated to expand at a CAGR of 9.7% over the forecast period.

Regional Insight

Asia Pacific emerged as the dominant regional market in 2023 with a revenue share of 35.0%. Nations such as China, Japan, and Singapore emphasize rolling out the infrastructure necessary to encourage and support bicycle commutation. Some of the cities in Asia, such as Tokyo, are known for their lowest accident rates and are hence considered ideal cities for urban bicycling. Moreover, Chinese bicycle-sharing companies are aggressively targeting countries, such as India and Australia, to expand their operations. As a result, the demand for bicycles is expected to rise in the forthcoming years.

Europe is expected to register the highest growth rate of 11.1% over the forecast period. Europe is home to some of the cities that are considered ideal for bicycle commuting. Some of the most popular bicycling events, such as the Tour de France and Ronde van Vlaanderen, are also organized in Europe. European nations including Belgium, Denmark, France, and Italy are aggressively rolling out the infrastructure to support and encourage bicycle commutation and are contributing significantly to the growth of the regional market.

Recent Developments

• In October 2023, Merida Industry Co., Ltd. launched the all-new Silex gravel bike, which aims to improve comfort, speed, and handling across all types of terrain. This second-generation Silex gravel bike features revised geometry, increased tire clearance, and a focus on backpacking and multi-surface adventure riding. The updated Silex range includes six models, including carbon fiber and aluminum options.
• In October 2023, Cervelo announced the launch of its first-ever XC-rated mountain bike. The ZHT-5 has a carbon fiber frame, which makes it lightweight and efficient. The lower-end GX model features a 100 mm RockShox SID SL Select RL fork, and the higher-end XX1 model features a SID SL Ultimate fork.
• In February 2023, Merida Bikes announced the extension of its partnership with Team Bahrain Victorious. Team Bahrain Victorious is a UCI WorldTeam cycling team. Under the partnership, Bahrain Victorious would continue to get class-leading bikes from Merida Bikes, including the REACTO aero bike, the recently released SCULTURA, and the time trial-specific TIME WARP TT.

Some of the prominent players in the bicycle market include:

• 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
• Hagen Bikes
• Mammoth bikes
• Egurra Bikes
• Garri Bike

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global bicycle market.

Bicycle Product

• Mountain Bikes
• Hybrid Bikes
• Road Bikes
• Cargo Bikes
• Others

Bicycle Design

• Folding
• Regular

Bicycle Technology

• Electric
• Conventional

Bicycle End-user

• Men
• Women
• Kids

Bicycle Distribution Channel

• Online
• Offline

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)