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 – 2033
The global bicycle market was valued at USD 109.64 billion in 2023 and it is expected to hit around USD 225.97 billion by 2033, poised to grow at a CAGR of 7.5% during the forecast period 2024 to 2033.
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The Asia Pacific bicycle market size was estimated at USD 34.28 billion in 2023 and is predicted to be worth around USD 73.67 billion by 2033, at a CAGR of 7.9% from 2024 to 2033.
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 North America bicycle market size was calculated at USD 27.60 billion in 2023 and is projected to expand around USD 60.11 billion by 2033, poised to grow at a CAGR of 8.1% from 2024 to 2033.
Year | Market Size (USD Billion) |
2023 | 27.60 |
2024 | 29.83 |
2025 | 32.25 |
2026 | 34.87 |
2027 | 37.69 |
2028 | 40.74 |
2029 | 44.04 |
2030 | 47.61 |
2031 | 51.45 |
2032 | 55.61 |
2033 | 60.11 |
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 in 2023 | USD 109.64 Billion |
Bicycle Market Size by 2033 | USD 225.97 Billion |
Growth Rate from 2024 to 2033 | CAGR of 7.5% |
Base Year | 2023 |
Forecast Period | 2024 to 2033 |
Segments Covered | By Product, By Technology, By Distribution Channel, By End User, and By Price |
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
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Bicycle Market
5.1. COVID-19 Landscape: Bicycle Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Bicycle Market, By Product Type
8.1. Bicycle Market, by Product Type, 2024-2033
8.1.1. Hybrid Bikes
8.1.1.1. Market Revenue and Forecast (2021-2033)
8.1.2. Mountain Bikes
8.1.2.1. Market Revenue and Forecast (2021-2033)
8.1.3. Cargo Bikes
8.1.3.1. Market Revenue and Forecast (2021-2033)
8.1.4. Road Bikes
8.1.4.1. Market Revenue and Forecast (2021-2033)
8.1.5. All Terrain Bicycle
8.1.5.1. Market Revenue and Forecast (2021-2033)
8.1.6. E-bicycle
8.1.6.1. Market Revenue and Forecast (2021-2033)
8.1.7. Others
8.1.7.1. Market Revenue and Forecast (2021-2033)
Chapter 9. Global Bicycle Market, By Distribution Channel Type
9.1. Bicycle Market, by Distribution Channel Type, 2024-2033
9.1.1. Online
9.1.1.1. Market Revenue and Forecast (2021-2033)
9.1.2. Offline
9.1.2.1. Market Revenue and Forecast (2021-2033)
Chapter 10. Global Bicycle Market, By Technology Type
10.1. Bicycle Market, by Technology Type, 2024-2033
10.1.1. Conventional
10.1.1.1. Market Revenue and Forecast (2021-2033)
10.1.2. Electric
10.1.2.1. Market Revenue and Forecast (2021-2033)
Chapter 11. Global Bicycle Market, By End User Type
11.1. Bicycle Market, by End User Type, 2024-2033
11.1.1. Men
11.1.1.1. Market Revenue and Forecast (2021-2033)
11.1.2. Women
11.1.2.1. Market Revenue and Forecast (2021-2033)
11.1.3. Kids
11.1.3.1. Market Revenue and Forecast (2021-2033)
Chapter 12. Global Bicycle Market, By Price Type
12.1. Bicycle Market, by Price, 2024-2033
12.1.1. Premium
12.1.1.1. Market Revenue and Forecast (2021-2033)
12.1.2. Mid Range
12.1.2.1. Market Revenue and Forecast (2021-2033)
12.1.3. Low Range
12.1.3.1. Market Revenue and Forecast (2021-2033)
Chapter 13. Global Bicycle Market, Regional Estimates and Trend Forecast
13.1. North America
13.1.1. Market Revenue and Forecast, by Product (2021-2033)
13.1.2. Market Revenue and Forecast, by Distribution Channel (2021-2033)
13.1.3. Market Revenue and Forecast, by Technology (2021-2033)
13.1.4. Market Revenue and Forecast, by End User (2021-2033)
13.1.5. Market Revenue and Forecast, by Price (2021-2033)
13.1.6. U.S.
13.1.6.1. Market Revenue and Forecast, by Product (2021-2033)
13.1.6.2. Market Revenue and Forecast, by Distribution Channel (2021-2033)
13.1.6.3. Market Revenue and Forecast, by Technology (2021-2033)
13.1.6.4. Market Revenue and Forecast, by End User (2021-2033)
13.1.7. Market Revenue and Forecast, by Price (2021-2033)
13.1.8. Rest of North America
13.1.8.1. Market Revenue and Forecast, by Product (2021-2033)
13.1.8.2. Market Revenue and Forecast, by Distribution Channel (2021-2033)
13.1.8.3. Market Revenue and Forecast, by Technology (2021-2033)
13.1.8.4. Market Revenue and Forecast, by End User (2021-2033)
13.1.8.5. Market Revenue and Forecast, by Price (2021-2033)
13.2. Europe
13.2.1. Market Revenue and Forecast, by Product (2021-2033)
13.2.2. Market Revenue and Forecast, by Distribution Channel (2021-2033)
13.2.3. Market Revenue and Forecast, by Technology (2021-2033)
13.2.4. Market Revenue and Forecast, by End User (2021-2033)
13.2.5. Market Revenue and Forecast, by Price (2021-2033)
13.2.6. UK
13.2.6.1. Market Revenue and Forecast, by Product (2021-2033)
13.2.6.2. Market Revenue and Forecast, by Distribution Channel (2021-2033)
13.2.6.3. Market Revenue and Forecast, by Technology (2021-2033)
13.2.7. Market Revenue and Forecast, by End User (2021-2033)
13.2.8. Market Revenue and Forecast, by Price (2021-2033)
13.2.9. Germany
13.2.9.1. Market Revenue and Forecast, by Product (2021-2033)
13.2.9.2. Market Revenue and Forecast, by Distribution Channel (2021-2033)
13.2.9.3. Market Revenue and Forecast, by Technology (2021-2033)
13.2.10. Market Revenue and Forecast, by End User (2021-2033)
13.2.11. Market Revenue and Forecast, by Price (2021-2033)
13.2.12. France
13.2.12.1. Market Revenue and Forecast, by Product (2021-2033)
13.2.12.2. Market Revenue and Forecast, by Distribution Channel (2021-2033)
13.2.12.3. Market Revenue and Forecast, by Technology (2021-2033)
13.2.12.4. Market Revenue and Forecast, by End User (2021-2033)
13.2.13. Market Revenue and Forecast, by Price (2021-2033)
13.2.14. Rest of Europe
13.2.14.1. Market Revenue and Forecast, by Product (2021-2033)
13.2.14.2. Market Revenue and Forecast, by Distribution Channel (2021-2033)
13.2.14.3. Market Revenue and Forecast, by Technology (2021-2033)
13.2.14.4. Market Revenue and Forecast, by End User (2021-2033)
13.2.15. Market Revenue and Forecast, by Price (2021-2033)
13.3. APAC
13.3.1. Market Revenue and Forecast, by Product (2021-2033)
13.3.2. Market Revenue and Forecast, by Distribution Channel (2021-2033)
13.3.3. Market Revenue and Forecast, by Technology (2021-2033)
13.3.4. Market Revenue and Forecast, by End User (2021-2033)
13.3.5. Market Revenue and Forecast, by Price (2021-2033)
13.3.6. India
13.3.6.1. Market Revenue and Forecast, by Product (2021-2033)
13.3.6.2. Market Revenue and Forecast, by Distribution Channel (2021-2033)
13.3.6.3. Market Revenue and Forecast, by Technology (2021-2033)
13.3.6.4. Market Revenue and Forecast, by End User (2021-2033)
13.3.7. Market Revenue and Forecast, by Price (2021-2033)
13.3.8. China
13.3.8.1. Market Revenue and Forecast, by Product (2021-2033)
13.3.8.2. Market Revenue and Forecast, by Distribution Channel (2021-2033)
13.3.8.3. Market Revenue and Forecast, by Technology (2021-2033)
13.3.8.4. Market Revenue and Forecast, by End User (2021-2033)
13.3.9. Market Revenue and Forecast, by Price (2021-2033)
13.3.10. Japan
13.3.10.1. Market Revenue and Forecast, by Product (2021-2033)
13.3.10.2. Market Revenue and Forecast, by Distribution Channel (2021-2033)
13.3.10.3. Market Revenue and Forecast, by Technology (2021-2033)
13.3.10.4. Market Revenue and Forecast, by End User (2021-2033)
13.3.10.5. Market Revenue and Forecast, by Price (2021-2033)
13.3.11. Rest of APAC
13.3.11.1. Market Revenue and Forecast, by Product (2021-2033)
13.3.11.2. Market Revenue and Forecast, by Distribution Channel (2021-2033)
13.3.11.3. Market Revenue and Forecast, by Technology (2021-2033)
13.3.11.4. Market Revenue and Forecast, by End User (2021-2033)
13.3.11.5. Market Revenue and Forecast, by Price (2021-2033)
13.4. MEA
13.4.1. Market Revenue and Forecast, by Product (2021-2033)
13.4.2. Market Revenue and Forecast, by Distribution Channel (2021-2033)
13.4.3. Market Revenue and Forecast, by Technology (2021-2033)
13.4.4. Market Revenue and Forecast, by End User (2021-2033)
13.4.5. Market Revenue and Forecast, by Price (2021-2033)
13.4.6. GCC
13.4.6.1. Market Revenue and Forecast, by Product (2021-2033)
13.4.6.2. Market Revenue and Forecast, by Distribution Channel (2021-2033)
13.4.6.3. Market Revenue and Forecast, by Technology (2021-2033)
13.4.6.4. Market Revenue and Forecast, by End User (2021-2033)
13.4.7. Market Revenue and Forecast, by Price (2021-2033)
13.4.8. North Africa
13.4.8.1. Market Revenue and Forecast, by Product (2021-2033)
13.4.8.2. Market Revenue and Forecast, by Distribution Channel (2021-2033)
13.4.8.3. Market Revenue and Forecast, by Technology (2021-2033)
13.4.8.4. Market Revenue and Forecast, by End User (2021-2033)
13.4.9. Market Revenue and Forecast, by Price (2021-2033)
13.4.10. South Africa
13.4.10.1. Market Revenue and Forecast, by Product (2021-2033)
13.4.10.2. Market Revenue and Forecast, by Distribution Channel (2021-2033)
13.4.10.3. Market Revenue and Forecast, by Technology (2021-2033)
13.4.10.4. Market Revenue and Forecast, by End User (2021-2033)
13.4.10.5. Market Revenue and Forecast, by Price (2021-2033)
13.4.11. Rest of MEA
13.4.11.1. Market Revenue and Forecast, by Product (2021-2033)
13.4.11.2. Market Revenue and Forecast, by Distribution Channel (2021-2033)
13.4.11.3. Market Revenue and Forecast, by Technology (2021-2033)
13.4.11.4. Market Revenue and Forecast, by End User (2021-2033)
13.4.11.5. Market Revenue and Forecast, by Price (2021-2033)
13.5. Latin America
13.5.1. Market Revenue and Forecast, by Product (2021-2033)
13.5.2. Market Revenue and Forecast, by Distribution Channel (2021-2033)
13.5.3. Market Revenue and Forecast, by Technology (2021-2033)
13.5.4. Market Revenue and Forecast, by End User (2021-2033)
13.5.5. Market Revenue and Forecast, by Price (2021-2033)
13.5.6. Brazil
13.5.6.1. Market Revenue and Forecast, by Product (2021-2033)
13.5.6.2. Market Revenue and Forecast, by Distribution Channel (2021-2033)
13.5.6.3. Market Revenue and Forecast, by Technology (2021-2033)
13.5.6.4. Market Revenue and Forecast, by End User (2021-2033)
13.5.7. Market Revenue and Forecast, by Price (2021-2033)
13.5.8. Rest of LATAM
13.5.8.1. Market Revenue and Forecast, by Product (2021-2033)
13.5.8.2. Market Revenue and Forecast, by Distribution Channel (2021-2033)
13.5.8.3. Market Revenue and Forecast, by Technology (2021-2033)
13.5.8.4. Market Revenue and Forecast, by End User (2021-2033)
13.5.8.5. Market Revenue and Forecast, by Price (2021-2033)
Chapter 14. Company Profiles
14.1. Trek Bicycle Corporation
14.1.1. Company Overview
14.1.2. Product Offerings
14.1.3. Financial Performance
14.1.4. Recent Initiatives
14.2. Accell group
14.2.1. Company Overview
14.2.2. Product Offerings
14.2.3. Financial Performance
14.2.4. Recent Initiatives
14.3. SCOTT Sports SA
14.3.1. Company Overview
14.3.2. Product Offerings
14.3.3. Financial Performance
14.3.4. Recent Initiatives
14.4. Atlas Cycles Ltd.
14.4.1. Company Overview
14.4.2. Product Offerings
14.4.3. Financial Performance
14.4.4. Recent Initiatives
14.5. Specialized Bicycles Components, Inc.
14.5.1. Company Overview
14.5.2. Product Offerings
14.5.3. Financial Performance
14.5.4. Recent Initiatives
14.6. Avon Cycles Ltd.
14.6.1. Company Overview
14.6.2. Product Offerings
14.6.3. Financial Performance
14.6.4. Recent Initiatives
14.7. Merida Industry Co. Ltd.
14.7.1. Company Overview
14.7.2. Product Offerings
14.7.3. Financial Performance
14.7.4. Recent Initiatives
14.8. Cervelo
14.8.1. Company Overview
14.8.2. Product Offerings
14.8.3. Financial Performance
14.8.4. Recent Initiatives
14.9. Giant Bicycles
14.9.1. Company Overview
14.9.2. Product Offerings
14.9.3. Financial Performance
14.9.4. Recent Initiatives
14.10. Dorel Industries Inc.
14.10.1. Company Overview
14.10.2. Product Offerings
14.10.3. Financial Performance
14.10.4. Recent Initiatives
Chapter 15. Research Methodology
15.1. Primary Research
15.2. Secondary Research
15.3. Assumptions
Chapter 16. Appendix
16.1. About Us
16.2. Glossary of Terms
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