Bicycle Market (By Product: Hybrid Bikes, Mountain Bikes, Cargo Bikes, Road Bikes, All Terrain Bicycle, E-bicycle, Others; By Technology: Conventional, Electric; By Distribution Channel: Online, Offline; By End User: Men, Women, Kids; By Price: Premium, Mid Range, Low Range) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024 – 2034
The global bicycle market size was USD 109.64 billion in 2023, calculated at USD 117.86 billion in 2024 and is expected to reach around USD 241 billion by 2034, expanding at a CAGR of 7.42% from 2024 to 2034.
The Asia Pacific bicycle market size was estimated at USD 42.76 ibllion in 2023 and is predicted to be worth around USD 93.99 billion by 2034, at a CAGR of 8% from 2024 to 2034.
Asia Pacific accounted for a market share of around 31.27% and dominated the global bicycle market in 2023. The various nations in Asia Pacific like Japan, China, and Singapore are investing heavily in the development of the necessary infrastructure that supports and encourage commutation through bicycles. The high number of road traffic accidents is the major restrain that may hamper the growth of the bicycle market in Asia Pacific region. The presence of huge youth population and rapidly ageing population in this region are becoming aware regarding the health benefits of bicycling and the rising disposable income and growing desire to remain healthy and fit is boosting the demand for the bicycles across the Asia Pacific region.
Europe is expected to grow at the highest CAGR of 10.5% during the forecast period. This growth is attributable to the presence of supportive infrastructure in several cities that encourages the adoption of bicycles. Furthermore, the events like Ronde van Vlaanderenare and Tour de France contribute significantly towards the adoption of the bicycles among the consumers. Various European nations like Denmark, Italy, Belgium, and France are rolling out bicycle-friendly infrastructure that promotes commutation through bicycles. The rising concerns over the carbon emission from vehicles and rising incidences of overweight and obesity is further fueling the demand for the bicycles among the European population.
The rising preferences among the consumers for bicycle as a form of leisure are expected to boost the growth of the global bicycle market. Bicycles are a convenient form of exercise and it is highly demanded among the consumers to ensure active and healthy lifestyle, obesity free life, and free from various diseases. The rising awareness among the population regarding the health benefits of riding bicycle is boosting the demand for bicycles across the globe. Moreover, the dockless bicycle sharing systems are gaining a rapid traction among the population which is expected to boost the growth of the global bicycle market. The bicycle sharing systems provide users to locate nearby bicycle and unlock electronically. The dockless bicycle sharing systems has originated in Europe and is gaining rapid popularity in developing regions like Asia Pacific. The proliferation of digital technologies and rising penetration of internet and smartphones across the globe has led to the advancements in mobile application development and the GPS systems which plays a significant role in the development of the dockless bike cycle sharing system. The rising investments by various companies in the bicycle sharing systems in various regions are expected to drive the growth of the bicycle market.
The events like Ronde van Vlaanderenare and Tour de France are spreading awareness regarding the benefits of bicycling among the people. Consumers are increasingly adopting bicycles as a regular form of exercises to fight against obesity. The rising incidences of obesity across the globe are a prominent factor behind the rising demand for the bicycles. According to the World Health Organization, over 1.9 billion adults aged 18 years or above were overweight in 2016. About 650 million out of it were obese. Therefore, a significant rise in the obesity in the global population is expected to boost the demand for the bicycles in the upcoming future.
| Report Coverage | Details |
| Bicycle Market Size by 2034 | USD 241 Billion |
| Bicycle Market Size in 2023 | USD 109.64 Billion |
| Bicycle Market Size in 2024 | USD 117.86 Billion |
| Growth Rate from 2024 to 2034 | CAGR of 7.42% |
| Base Year | 2023 |
| Forecast Period | 2024 to 2034 |
| Segments Covered | Product, Technology, Distribution Channel, End User, Price, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
The conventional segment captured a market share of around 82% and dominated the global bicycle market in 2023. The conventional bicycles are cheaper, involves low maintenance cost, and it is convenient as compared to the electric bicycles. This is a major factor behind the huge revenue share of the conventional bicycles. Apart from a convenient mode of transport, the bicycling is emerging as a popular sport and a form of leisure across the globe. In terms of technology, the bicycles for women is the leading the bicycle market all over the globe. The rising government expenditures and rising government initiatives to construct a separate route for bicycles and promote the adoption of bicycles is expected to boost the growth of the global bicycle market significantly in the forthcoming years.
The electric bicycle segment is anticipated to be the most opportunistic segment and is projected to grow at a CAGR of around 10.3% from 2024 to 2033. The rising adoption of electric bicycles owing to the ease of use and convenience and the faster journey offered by it as compared to the conventional bicycles is boosting the demand for the electric bicycles among the consumers. Furthermore, the advancements in the battery, higher capacities of the electric batteries, and longer lifecycle are the major features of the electric bicycles that are expected to drive the growth of the electric bicycle market during the forecast period.
Based on the product, the road bicycle segment constituted around 41% of the revenue share in 2023 and dominated the global bicycle market. The road bicycles are the basic bicycles adopted the consumers that do not requires any special accessories as required in mountain, racing, and other bicycles. Most of the consumers also tend to customize their bicycles as per the need and the customizability associated with the road bicycles has led to its higher demand across the globe. Hence, this segment is expected to retain its dominance throughout the forecast period.
Cargo bikes segment is expected to be the fastest-growing segment during the forecast period. The rising adoption of the bicycles in order to replace the use of motorized vehicles for short distance applications is boosting the growth of the cargo bikes across the globe.
Depending on the distribution channel, the offline channel segment led the global bicycle market, accounting for a market share of around 52% in 2023. This is attributed to the increased preference for the offline channels among the consumers to buy bicycles. The offline channel offers test drive option, variety of features and colors, options for personalization or customization, and instant product delivery that has boosted the sales of the bicycles from the offline distribution channels. Furthermore, the offline stores has a wider range of brands and bicycles that attracts the customers.
On the other hand, the online channel is expected to be the most opportunistic segment during the forecast period. The growing penetration of the internet, rising adoption of smartphones, growing number of internet users, free home delivery, easy return and replacement, easy payment options, and huge discounts offered by the online retailers are the prominent factors that are significantly driving the growth of the online sales channels across the globe. According to the International Telecommunications Union, around 64% of the global population had access to the internet in 2021 and this number is expected to grow significantly in the upcoming future.
Segments Covered in the Report
By Product
By Technology
By Distribution Channel
By End User
By Price
By Geography
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