Industry: Automotive
Published Date: December-2024
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 177
Report ID: PMRREP3326
The global bicycle market is predicted to reach a value of US$ 67.3 Bn by 2025. It is anticipated to experience a CAGR of 6.2% during the forecast period to reach a size of US$ 102.5 Bn by 2032. Smart cities are progressively integrating bicycles in public transportation networks through bike-sharing programs and cycling infrastructure.
Urban cycling is estimated to account for 20% of all short-distance commutes worldwide by 2030. Growing interest in fitness and wellness is elevating the demand for recreational and high-performance bicycles.
Cargo bikes are projected to gain traction for last-mile delivery and personal use. E-commerce and logistics companies are integrating cargo bikes for sustainable delivery solutions. Prominent players like UPS and DHL are committed to expanding their cargo bike fleets.
Key Highlights of the Industry
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Market Attributes |
Key Insights |
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Bicycle Market Size (2025E) |
US$ 67.3 Bn |
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Projected Market Value (2032F) |
US$ 102.5 Bn |
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Global Market Growth Rate (CAGR 2025 to 2032) |
6.2% |
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Historical Market Growth Rate (CAGR 2019 to 2023) |
4.2% |
Asia Pacific is estimated to emerge as one of the leading regions in the bicycle market with a market share of 34.2% in 2024. The region is home to 60% of the world’s population, translating to a high demand for bicycles, particularly in emerging countries. China is the largest producer and consumer market across the globe accounting for 50% of global bicycle production.
India is witnessing rapid growth in bicycle demand, driven by the need for affordable transportation. Rapid urbanization in several cities in Asia Pacific has led to problems of traffic congestion, pollution, and inefficient public transportation. Cities like New Delhi, Beijing, and Shanghai are progressively investing in developing their cycling infrastructure and promoting bicycle-friendly policies.
The region, particularly China, is the largest bicycle manufacturing hub worldwide. The country produces over 70% of the world’s bicycles, with several brands and international companies relying on manufacturers in the country for steady supply.
Green mobility initiatives promoted by government authorities of serval countries in the region encourage the adoption of cycling along with prominent infrastructure development. These initiatives include the “National electric Mobility Mission Plan (NEMMO) in India and the “Chinese Action Plan for Green Mobility” in China.
The mid-range segment is estimated to hold a value share of 43.2% in 2024. It is a go-to choice for a variety of consumers as it strikes a perfect balance between affordability and advanced features. Price sensitivity plays a key role in adoption, especially as bicycles are being utilized in everyday activities like commuting, fitness, and recreational purposes.
The National Bicycle Dealers Association (NBDA) conducted a survey in 2022, which revealed almost 55% of consumers were interested in bicycles priced between US$ 500 and US$ 1,500.
Significant technological innovations in the bicycle industry have made high-quality components affordable and accessible at mid-range price points. Increasing purchasing power of the global middle class in a prominent factor driving growth of the mid-range bicycle market. Rising incomes in developing countries have resulted in increased demand for quality biocycles without the heft price tags of premium models.
Road is emerging as the leading product type with a share of 41.3% in 2024. The growing focus on fitness, health, and well-being is one of the key factors driving the popularity of road bicycles. Road bikes are usually considered suitable for long-distance rides, endurance training, and general fitness.
Over 45% of global cyclists in 2022 reported using road bikes for fitness and recreational purposes. Cycling events like Tour de France and Ironman Triathlons continue to inspire new cyclists to invest in road bicycles for personal training and participation.
Advancements in bicycle design and materials are proving to be beneficial for road bikes. Use of lightweight frames made from carbon fiber, titanium, and superior-quality aluminum alloys make road bikes efficient, faster, and comfortable to ride over long distances. Around 40% of all road bicycles sold in 2023 were equipped with carbon fiber frames that are lighter and more aerodynamic, thereby appealing to professional as well as amateur cyclists.
Conventional bikes are estimated to lead the technology segment with a share of 81% in 2024. They are affordable compared to e-bikes or smart bicycles. This makes them a go-to option for a wide range of consumers, particularly in developing regions where budget constraints are prominent. Conventional bicycles are easier to operate and maintain, further accelerating their demand.
A survey conducted by the National Bicycles Dealers Association (NBDA) in 2022 revealed that 65% of consumers prefer conventional bicycles owing to their simplicity and ease of maintenance and repair. Without the complexities of batteries, motors, and other electronic components, conventional bicycles have a longer lifespan.
Conventional bicycles are widely available in local markets, especially in rural and underserved areas, where access to electricity or charging stations for e-bikes is limited or unavailable. For instance, in sub-Saharan Africa, where road infrastructure is less developed, 70% of bicycles sold in 2023 were convention owing to limited charging infrastructure for e-bikes.
Potential growth in the global bicycle industry is predicted to be driven by increasing environmental regulations across the globe. Europe and North America are estimated to emerge as the leading regions in the premium e-bike sales.
Annual sales of e-bikes are anticipated to exceed 40 million units by 2030. Bike sharing programs are estimated to witness expansion, especially in urban areas, supported by smart technology and app-based platforms. By 2030, the fleet size of shared e-bike is estimated to exceed 5 million worldwide. Innovations in lightweight materials, connected features, and battery technology are projected to boost market appeal.
The bicycle market growth was robust during the historical period exhibiting a CAGR of 5.1%. Rising awareness regarding health led to an increased adoption of bicycles for fitness and commuting. Global bicycle sales rose by 40% in 2020. The COVID-19 pandemic created a massive demand for bicycle as consumers sought socially distance travel and outdoor activities. E-bike sales in Europe grew by 25% y-o-y in 2021.
The European Union’s investment in cycling infrastructure contributed significantly to the rising demand. Cities like Amsterdam and Copenhagen achieved high cycling rates of over 30% of all trips by bike. The U.S. reported a 144% increase in e-bike sales in 2020, thereby maintaining double-digit growth rates through 2023. China witnessed a surge in E-bike adoption, accounting for 60% of global e-bike production in 2023.
Electric Bicycles to Gain Traction owing to their Efficiency
Europe registered sales of 5 million e-bikes in 2021, thereby marking a 10% y-o-y growth. E-bikes are noted to be 60% faster than car for trips under 10 kilometres in urban areas, thereby augmenting their adoption. Research revealed that 28% of car trips can be replaces by e-bike usage, thereby reducing emissions.
E-bikes are particularly appealing to the eco-conscious demographic as they emit approximately 22g CO2 per kilometre, compared to 271g for cars and 101g for public transport, thereby making them a leading green mobility option.
Several government authorities offer subsidies or tax credits for purchasing e-bikes to promote environment-friendly transportation in their countries. E-bicycles are popular among older adults as it enables them to ride comfortably with motor assistance. Research revealed that 40% of e bicycle buyers in Europe are aged 50 or above.
Adventure and High-performance Bikes to Undergo Expansion
Adventure and high-performance bikes cater to cycling enthusiasts looking for specialized equipment for racing, endurance activities, and rugged terrains. Based on a survey by the Adventure Travel Trade Association, 65% of adventure travellers prefer cycling or mountain bike tours.
The Outdoor Industry Association in the U.S. reported an increase 30% in outdoor activity participation during the COVID-19 pandemic, thereby sustaining interest in adventure biking. Approximately 50% of mountain bikers ride primarily for recreation and fitness, thereby highlighting the crossover appeal of these bikes. Events like Dirty Kanza 200 and Grinduro have fueled interest in gravel biking as participation grew by 30% annually.
Seasonal Variations to Witness Dropped Demand
Cycling is heavily influenced by weather conditions. Demand for the same is reported to drop during winter months in Europe and North America owing to snow and freezing temperatures an in monsoon season in Asia Pacific countries. Cycling participation drops by 40% during winter months in the U.S. compared to summer. Recreational and adventure cycling are also often linked to seasonal tourism activities.
According to the European Cyclists Federation, 70% of annual cycling activity in the region occurs between March and September. Sales in the bicycle market fluctuate during these seasons, thereby impacting revenue consistency for manufacturers and retailers. Seasonality also restricts cycling events and outdoor promotions to specific months.
Rising Demand from Corporates and Institutions to Impel Growth
Corporation offer bicycles as a part of employee wellness programs to encourage physical activity and decrease stress. Based on research, regular cycling decreases workplace absenteeism by 15% to 20%, thereby enhancing employee productivity and morale. Businesses are incorporating bicycles in their sustainability goals to decrease their carbon footprint.
A report by the World Economic Forum revealed that replacing delivery vas with cargo bikes in urban centres could decrease emissions by 26% while cutting delivery times by 60%. Employers in North America and Europe offer subsidies or reimbursements for purchasing bicycles. For instance, Netherlands provides employees with tax benefits of up to €1,500 per year for commuting by bike. Government authorities and municipal bodies progressively use bicycles for services like postal deliver, public health outreach, and policing.
The Indian Postal Services, for instance, adopted bicycles for mail delivery on rural areas, citing their low cost and eco-friendly benefits. Universities across the globe promote bike-sharing programs and bike rentals to encourage sustainable commuting among students and staff. At Standford University, 20% of the campus population commutes through bikes, supported by infrastructure investments like bike lanes and parking.
Shared Mobility and Rentals to Gain Traction
Approximately 68% of the global population is predicted to live in urban areas by 2050, thereby increasing the demand for last-mile transportation solutions. Shared bicycles witnessing adoption, particularly for distances under 5 kilometres, thereby replacing short car trips and public transport.
Shared bike services assist in decreasing urban air pollution, as each trip emits 70% less CO2 compared to a car trip of equivalent length. Cities with active bike sharing programs like Paris, have reported 15% to 20% reduction in vehicle congestion in central areas. GPS-enabled dockless bikes provide users wit the flexibility to pick up and drop off bikes at any location, fostering convenience for users.
Companies in the bicycle market are using carbon fibre or advanced aluminium alloys for lighter and durable frames. They are expanding their product lines to include electric bicycles to appeal to environmentally conscious and urban commuters. Companies are integrating IoT-enabled components like GPS trackers, app connectivity, and performance monitoring systems. They are customizing bicycle designs for a personalized user experience.
Brands are positioning bicycles as a lifestyle choice for fitness, adventure, and eco-consciousness. Tey are leveraging social media, influencer marketing, and online advertising to engage with younger audiences. Businesses are partnering with professional athletes or sponsoring cycling events to boost visibility.
Recent Industry Developments
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Attributes |
Details |
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Forecast Period |
2024 to 2031 |
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Historical Data Available for |
2019 to 2023 |
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Market Analysis |
US$ Billion for Value |
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Key Regions Covered |
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Key Market Segments Covered |
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Key Companies Profiled in the ReportGiant Bicycles Inc. |
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Report Coverage |
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Customization and Pricing |
Available upon request |
By Product Type
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The market is anticipated to reach a size of US$ 102.5 Bn by 2032.
Bicycles are widely used for transportation, recreation, and sport and are essential to move people and goods in areas where there are few automobiles.
China was the largest exporter of bicycles across the globe in 2022.
More than 100 million bicycles are produced across the globe each year.
Giant Bicycles Inc., Atlas Cycles Ltd., and Derby Cycle Holding GmbH are the prominent companies in the industry.
The market is predicted to witness a CAGR of 6.2% through the forecast period.
