Bicycle Market is expected to reach a revenue of USD 185.3 Bn by 2033, at 10.1% CAGR: Dimension Market Research

Advancements and Projections in the Bicycle Market: Insights, Trends, Opportunities, and Recent Developments

New York, May 13, 2024 (GLOBE NEWSWIRE) — Market Overview

The Global Bicycle Market is expected to value USD 78.1 billion by 2024 and is further anticipated to reach USD 185.3 billion by 2033 according to Dimension Market Research. The market is predicted to register a CAGR of 10.1% from 2024 to 2033.

A bicycle is a vehicle consisting of two wheels held in a frame one behind the other, set off by pedals, and steered with handlebars attached to the front wheel. They come in many forms including road, mountain, hybrid, and electric bikes, each serving specific purposes like commuting, sports, and transportation. It is distributed through many channels including physical shops, online retailers, and department stores.

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Important Insights

  • The bicycle market is expected to grow by USD 100.1 billion by 2033 from 2025 with a CAGR of 10.1%.
  • The road bicycle segment is expected to lead the bicycle market based on products with the largest revenue share in 2024 due to the simplicity of road bikes. Personalized bikes aimed for specific purposes are expected to grow in this segment over the upcoming year.
  • Based on the design, the regular segment is predicted to lead the market with the largest revenue share in 2024 due to its lower cost and availability.
  • The conventional segment is predicted to lead the bicycle market with a high CAGR in 2024 due to convenient modes of transportation and is getting popular as a leading adventurous activity among women in recent days.
  • Asia Pacific is expected to dominate the bicycle market with a revenue share of 35.0 % in 2024, due to growth in R&D investments, a large volume of procedures, & advanced infrastructure. Also, the Europe region emerges as the fastest-growing sector, driven by its bicycle-friendly roads, investments, & a growing interest in boosting infrastructure.

Trends

  • Rising concerns about health and fitness have led to an increase in demand for bicycles as they offer an eco-friendly and healthy mode of transportation and exercise.
  • They provide a convenient and cost-effective means of commuting in congested urban areas, thus driving the growth of this market.

Competitive Landscape

  • The bicycle market is highly competitive, with many global and regional players competing for market share.
  • Some of the major players are Giant Manufacturing Co. Ltd, Accell Group, Trek Bicycle Corporation, Merida Industry Co. Ltd, and Pon Holdings BV.
  • These industry leaders are involved in many strategies like innovation in bicycle manufacturing, partnerships, mergers and acquisitions, and refining their marketing approaches both online and offline to expand their global presence.

Some of the prominent market players:

  • 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
  • Orbea
  • BH Bikes
  • Axalko Bikes
  • Other Key Players

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Global Bicycle Market Scope

Report Highlights Details
Market Size (2023) USD 78.1 Bn
Forecast Value (2032) USD 185.3 Bn
CAGR (2023-2032) 10.1%
Asia-Pacific Revenue share 35.0%
Europe Revenue share 28.1%
Historical Data 2018 – 2023
Forecast Data 2024 – 2033
Base Year 2023
Estimate Year 2024
Segments Covered By Product, By Design, By Technology, By End User, By Distribution Channel
Regional Coverage North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Regional Analysis

The Asia Pacific is expected to lead the bicycle market with a 35.0% revenue share, driven by advanced infrastructure and investments in countries like China, Japan, and Singapore. Moreover, Chinese bicycle companies are constantly expanding their operation into different countries like India and Australia, driving the demand for bicycles in this region. Also, Europe follows Asia Pacific with a significant revenue share, supported by bike-friendly cities and ongoing infrastructure enhancements in Belgium, Denmark, France, and Italy.

 

By Region

North America

  • The U.S.
  • Canada

Europe

  • Germany
  • The U.K.
  • France
  • Italy
  • Russia
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • South Korea
  • India
  • ANZ
  • ASEAN
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Rest of Latin America

Middle East & Africa

  • Saudi Arabia
  • UAE
  • South Africa
  • Israel
  • Egypt
  • Rest of MEA

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Market Analysis

The road bicycle sector is anticipated to lead the bicycle market with the largest revenue share of 41.5% in 2024. This growth is attributed to its simplicity, as it doesn’t require the intricate accessories found in racing or mountain bikes. The rising trend of customized bikes tailored for specific purposes is a key driver of this segment’s expansion in the coming years. The mountain bike market is also expected to see growth, driven by a growing number of consumers, especially millennials, who favor this bike to pursue their hobbies for adventurous experiences. Furthermore, the cargo bike segment is projected to experience rapid growth, surpassing other categories over the next five years. This surge is fueled by the increasing trend of replacing motorized transportation for short-distance commercial needs.

 

Bicycle Market Segmentation

By Product

  • Road Bikes
  • Mountain Bikes
  • Hybrid Bikes
  • Cargo Bikes
  • Others

 By Design

  • Folding
  • Regular

By Technology

  • Conventional
  • Electric

By End User

  • Men
  • Women
  • Kids

By Distribution Channel

  • Online
  • Offline

Growth Drivers

  • Growth in the bicycle market is driven by urban issues like limited parking and traffic congestion, leading people to opt for bicycles for short trips. The increased popularity of bicycle events is boosting sales of mountain and road bikes.
  • The fitness market is expanding as more individuals turn to cycling for exercise, especially when unable to access gyms which driving the growth of the bicycle market.

Restraints

  • Governments are enhancing infrastructure to support bicycle commuting, although challenges persist in developing economies like India due to poor infrastructure which hindered the growth of this market.
  • The high cost of lightweight bicycles made from composite materials is restraining the market expansion.

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Opportunities

  • Regional and national governments are implementing initiatives to promote cycling as a sustainable mode of transportation which includes the opportunities to develop cycling infrastructure, bike-sharing programs, subsidies for electric bicycles, and tax incentives, which
  • Electric bicycles are becoming popular, which offer assisted pedaling and extended range, lightweight materials, advanced gears, and smart bike accessories, which enhance the overall cycling experience, attracting more consumers to the market.

Recent Developments in the global bicycle market

  • In October 2023: Merida Industry Co., Ltd. introduced the latest model of its Silex gravel bike, designed to enhance comfort, speed, and handling across all types of terrains. The updated version includes carbon fiber and aluminum options.
  • In October 2022: Cervelo announced the launch of its inaugural XC-rated mountain bike, the ZHT-5, featuring a lightweight and efficient carbon fiber frame. The GX variant comes equipped with a 100 mm RockShox SID SL Select RL fork, while the premium XX1 model features a SID SL Ultimate fork.
  • In April 2022: Hero International announced to introduction of a new assembly plant in its manufacturing facility in Manchester aiming to produce high-end electric cycles as well as push bikes for its customers in the UK and EU.
  • In February 2022: Merida Bikes announced to extension of its collaboration with Team Bahrain Victorious to ensure continued access to top-tier bikes from Merida Bikes.

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