The global bicycle market size was valued at USD 64,625.7 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 9.7% from 2023 to 2030. The increase in the number of people opting for bicycling as a form of leisure is anticipated to propel market growth. Preference for bicycles as a convenient form of exercise to ensure a healthy life, free from obesity and other disorders, is expected to further boost the market expansion. The popularity of dockless bicycle-sharing systems has been rising lately. This system allows users to locate a bicycle nearby and unlock it electronically. Incepted originally in Europe, dockless bicycle-sharing systems are gaining popularity, particularly in Asian nations such as India and China.
Furthermore, recent advancements in mobile app development and Global Positioning System (GPS) have resulted in app-based dockless bicycle-sharing systems. Moreover, the growing adoption of such dockless bicycle-sharing systems is anticipated to fuel the demand for cycles significantly. Chinese bicycle-sharing companies are particularly investing and expanding their operations aggressively in the European nations to capitalize on the market opportunities. This is expected to boost the market growth in the forthcoming years.
People have started realizing the importance of staying fit and having a healthy life. They have also started realizing that regular bicycling can keep disorders, such as obesity, at bay. The market is likely to grow as more and more people are resorting to bicycling as a regular form of exercise. Events such as Tour de France and Ronde van Vlaanderenare further add to the popularity of these vehicles. Meanwhile, a rise in bicycling events being organized in various countries in Asia, Africa, and the Middle East is fueling the sales of mountain and road bicycles.
The growing traffic congestion and shortage of parking space, particularly in metropolitan cities, are prompting people to consider bicycle commutation for short distances to save time. At the same time, various governments are aggressively rolling out the infrastructure necessary to support bicycle commutation, thereby encouraging people to opt for bicycles. However, the looming lack of the infrastructure necessary to support and encourage bicycle commutation, particularly in developing economies, such as India, is anticipated to hinder the growth of the market. Similarly, lightweight bicycles made using composite materials make them expensive, which does not bode well for the market expansion.
The outbreak of COVID-19 is certainly expected to favor the market growth in the coming years as several governments around the globe are significantly promoting bicycles as one of the safest-medium of transportation, which helps people to maintain social distancing. Besides, governments across key countries such as the U.K. and Italy are providing subsidies for the purchase of new bicycles during the pandemic. Therefore, the government support in the form of initiatives and subsidies, coupled with growing awareness regarding the benefits offered by bicycles, bodes well for the market growth over the next few years.
The conventional segment accounted for the largest revenue share of 83.4% in 2022 and is expected to remain dominant over the forecast period. The large market share is attributed to various factors such as less repair and maintenance cost 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.
The road bicycle segment accounted for the largest revenue share of over 40.1% in 2022 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 the 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 the 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 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.
The offline distribution channel segment accounted for the largest revenue share of over 51.5% in 2022. 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 the 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 the 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.
The men's segment accounted for the largest market share of over 45.7% in 2022. 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 commutation. As per statistical data presented by the Department for Transport U.K., in 2019, on average, the U.K. men 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.
Asia Pacific emerged as the dominant regional market in 2022 with a revenue share exceeding 34.0%. 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 commutation. 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.
Key companies are investing aggressively; launching new products; introducing new services, such as home delivery of high-end bicycles, after-sales support, and maintenance; and pricing their products and services competitively as part of the efforts to retain their competitiveness. For instance, in June 2019, Trek Bicycle Corporation introduced the all-new Madone SLR 6 Disc Speed. The bicycle is integrated with removable aero bars and specially designed for riding in hilly areas with winding roads.
Moreover, few key market players are expanding their market presence with opting strategies such as mergers & acquisitions and partnerships and collaborations. For instance, in November 2021, PIERER Mobility AG acquired FELT Bicycles. With this acquisition, PIERER has planned to expand its operations in the North American market for bicycles. This acquisition was intended to serve a customer segment demanding customizing their bicycle according to their individual needs. Some prominent players in the global 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
Report Attribute |
Details |
Market size value in 2022 |
USD 64,625.7 million |
Revenue forecast in 2030 |
USD 135,020.2 million |
Growth rate |
CAGR of 9.7% from 2023 to 2030 |
Base year for estimation |
2022 |
Historical period |
2017 - 2021 |
Forecast period |
2023 - 2030 |
Quantitative units |
Revenue in USD million/billion and CAGR from 2023 to 2030 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Product, technology, end user, distribution channel, region |
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country scope |
U.S.; Canada; U.K.; Germany; France; Italy; China; Japan; India; Brazil; Mexico |
Key companies profiled |
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 |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global bicycle market report based on product, technology, end-user, distribution channel, and region:
Product Outlook (Revenue, USD Million, 2017 - 2030)
Mountain Bikes
Hybrid Bikes
Road Bikes
Cargo Bikes
Others
Technology Outlook (Revenue, USD Million, 2017 - 2030)
Electric
Conventional
End-user Outlook (Revenue, USD Million, 2017 - 2030)
Men
Women
Kids
Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)
Online
Offline
Regional Outlook (Revenue, USD Million, 2017 - 2030)
North America
U.S.
Canada
Europe
U.K.
Germany
France
Italy
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Middle East & Africa (MEA)
b. The global bicycle market size was estimated at USD 64.62 billion in 2022 and is expected to reach USD 135.02 billion in 2030.
b. The global bicycle market is expected to grow at a compound annual growth rate of 9.7% from 2022 to 2030 to reach USD 135.02 billion in 2030.
b. Asia Pacific dominated the bicycle market with a share of 33.9% in 2022. This is attributable to nations such as China, Japan, and Singapore, which are emphasizing rolling out the infrastructure necessary to encourage and support bicycle commutation.
b. Some key players operating in the bicycle market include Accell Group, Dorel Industries Inc., Avon Cycles Ltd., Giant Bicycles, Merida Industry Co., Ltd, SCOTT Sports SA, and Trek Bicycle Corporation.
b. Key factors that are driving the bicycle market growth include increasing adoption of cycles as a form of leisure activity, and high preference for bicycles as a convenient form of exercise to ensure a healthy life.
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The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.
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