Bicycle Market size was over USD 89.25 billion in 2024 and is set to cross USD 290.98 billion by the end of 2037, witnessing more than 9.6% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of bicycle is estimated at USD 96.18 billion. The rising usage of bicycles for traveling, as well as their numbers globally, can be contributed to the number market's rise. As per an estimation, there were over 2 billion bicycles in use around the world in 2015 which is forecasted to reach near 5 billion by 2050. Furthermore, the rising government emphasis on spending on the development of cycling infrastructure would accelerate the adoption of bicycles among the general public. Almost all industrialized economies are investing a lot of money into constructing innovative cycling tracks and carrying out several projects involving bicycle and pedestrian infrastructure. For instance, domestic establishments in Ireland announced a 2021 investment in new services for bikes and pedestrians; the financing was about three times greater than the allocated funds for urban transit.
With the rising traffic congestion and shortage of parking space, particularly in metropolitan cities, the use of bicycle is gradually increasing. Bicycle commutation for short distances save time and also have several other benefits, including health & environment. Various governments are rolling out the programs, infrastructure and initiatives necessary to support bicycle commutation, to encourage people to opt for bicycles. The demand for bicycles is on the rise amongst the children, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global bicycle market during the forecast period. For instance, there are twice as many bicycles as automobiles in the world. As per 2020 statistics, in England, the proportion of children who owns bicycle in the age group of 5-10 year was 50% higher than the proportion of bicycle-owners in the age group of 40-49 years.
Growth Drivers
Challenges
Base Year |
2024 |
Forecast Year |
2025-2037 |
CAGR |
9.6% |
Base Year Market Size (2024) |
USD 89.25 billion |
Forecast Year Market Size (2037) |
USD 290.98 billion |
Regional Scope |
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The global bicycle market is segmented and analyzed for demand and supply by technology into conventional and electric. Amongst these segments, the electric segment is anticipated to garner the largest revenue by the end of 2037, backed by the growing replacement of mopeds & motorcycles along with the surge in the use of e-bikes worldwide. Moreover, there have been stringent government regulations in relation to the reduction of emissions of carbon dioxide, and are expected to boost the growth of the segment in the market. For instance, the sale of e-bikes is expected to reach 2 lakh units in the FY 2022-23 in India. Also, it was observed that, electric bike (e-bike) can travel up to 45km/h (28mph) potentially replacing fossil-fuel-powered motorcycles and mopeds.
The global bicycle market is also segmented and analyzed for demand and supply by distribution channel into in-store and online segments. Traditional brick-and-mortar merchants such as sporting goods stores and bike shops are included in the in-store segment. Moreover, e-commerce portals and direct selling are included in the online sector. As more people use the internet for purchasing and the ease of online sales and home delivery, the online market is also expanding quickly. However, out of these segments, the in-store segment is projected to garner a higher market share by the end of 2037. This can be owed to the ease of physically experiencing and scrutinizing the product before purchasing it, and that accounts for a substantial portion of the market share held by the in-store segment. This is particularly true for developing countries such as India, where a lot of people still use bicycles as a primary means of transportation.
Our in-depth analysis of the global bicycle market includes the following segments:
By Product Type |
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By Technology |
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By Distribution Channel |
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By End-User |
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Asia Pacific Market Forecast
The market in Asia Pacific region, amongst all other markets, is projected to hold the largest market share by the end of 2037, backed by the presence of a strong resilient infrastructure in the region, growing number of bicycles, as well as the rising use of dockless bike-share systems amongst the cycling community. For instance, China played an important role in bringing about the global boom in dockless sharing systems over the past 5 years. With an average of 47 million trips each day, over 360 Chinese cities now have dockless bike-sharing systems. Moreover, rising awareness regarding the environment and the benefits of exercising daily is also helping the growth of the market in the region. In India and China, especially, the culture of riding bicycles is seeing a revival as people become more health and environment – conscious.
Giant Manufacturing Co., Ltd., introduced the all-new Trance X E+. Designed to extend riders’ capabilities on a wide range of terrain, Trance X E+ is a versatile and adaptable E-MTB.
Shimano Inc. announced that the PRO product designers and engineers created the all-new PRO Vibe Superlight Handlebar and Stem. They have reduced a massive 75 grams off their previous lightest cockpit. Superlight cockpit when combined with the new PRO Gap Cap Expander Carbon and the lightweight Vibe Computer Mount the provides not only PRO’s lightest ever set-up but also a superbly functional offering.
Author Credits: Saima Khursheed
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