Global Bicycle Market Report and Forecast 2024-2032

Global Bicycle Market Size

The global bicycle market attain a value of USD 76.7 billion in 2023. The market is expected to grow at a CAGR of 6.6% in the forecast period of 2024-2032 to reach a value of USD 136.5 billion by 2032. 

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The global bicycle market is stimulated by the rising urbanisation, due to which there is growing traffic congestion. Therefore, people are increasingly adopting bicycles to avoid traffic jams and get to their destination faster as compared to bigger vehicles. With the rising traffic jams, the market for bicycles is expected to increase during the forecast period.

Global Bicycle Market Growth

The Asia Pacific region is actively supporting the growth of the global bicycle market as the regional market is growing at a robust pace. Countries such as China, India, Australia, Japan, and South Korea are the significant contributors to the market growth. These countries have started hosting several tournaments, which are expected to enhance the popularity and demand for sports bicycles. Moreover, factors, such as an increase in the women’s participation rate and favourable government schemes, are expected to strengthen the market growth of bicycles in the region. As a result of increased demand, the market is witnessing industry development of innovative bicycles and accessories, which will further the industry growth in the forecast period.

Bicycle Market Segmentation

Bicycle is a vehicle that aids in reducing pollution and is extensively promoted by organisations as an environment-friendly transport.

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On the basis of product, the market is divided into:

• Mountain Bicycles

• Hybrid Bicycles

• Road Bicycles

• Others

By price, the market is segmented into:

• Premium

• Mid-Range

• Low Range

Based on technology, the market is bifurcated into:

• Electric

• Conventional

By end user, the market is segmented into:

• Men

• Women

• Kids

Based on technology, the industry is bifurcated into electric and conventional. By end uses, the industry is segmented into men, women, and kids. The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Awareness About Fitness is Enhancing the Global Bicycle Market Growth

The global bicycle market is driven by the rising awareness as well as concern about fitness, resulting in the boom of bicycle sales as they offer a great alternative for transport with the benefit of fit and healthy lifestyle. The industry is further expected to be driven by the introduction of e-bicycles. The demand for e-bicycles is gaining momentum and is expected to become mainstream in the forecast period. The e-bicycles are equipped to manage the overall speeds more effectively, as a result providing comfortable driving experience to the rider in mountain areas, overpasses, and tough roads. Thereby further enhancing the market growth for the product.

Key Industry Players in the Global Bicycle Market

The report gives a detailed analysis of the following key players in the global bicycle market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Accell Group

• Cycling Sports Group, LLC

• Avon Cycles Limited

• Giant Bicycles

• Merida Industry Co., Ltd.

• SCOTT Sports SA

• Trek Bicycle Corporation

• Hero Cycles

• Santa Cruz Bicycles, LLC

• Marin Mountain Bikes Inc.

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

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Bicycle Market Report Snapshots

Bicycle Market Size

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