Bicycle - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

The Bicycle Market size is estimated at USD 56.16 billion in 2024, and is expected to reach USD 69 billion by 2029, growing at a CAGR of 4.20% during the forecast period (2024-2029).

Key Highlights

• With the growing health consciousness among consumers, bicycles are seen as an increasingly dependable and healthy mobility option. For instance, in September 2021, the Dutch e-bike brand VanMoof raised over USD 128 million from venture capitalists as sales of battery-powered bikes (e-bikes) tripled during 2020-2021.
• Furthermore, the number of cycling events increased in recent years, propelling the market growth. Over the forecast period, favorable government and employer initiatives are expected to drive the market studied. In addition, various governing bodies in Europe, Asia-Pacific, and Africa, particularly South Africa, promote road racing, touring, leisure cycling, track racing, off-road racing, and mountain biking events.
• Besides this, e-bikes are gaining immense traction in countries like China and Japan. Some significant reasons considered for adopting and driving e-bikes in these countries are their health benefits, the avoidance of traffic congestion, the environmental benefits, and the increased demand for e-bikes as sports equipment. Rising per capita income levels and improving road infrastructure are other significant factors influencing the adoption of bicycles in the Asia Pacific region.
• Furthermore, with consistent technological advancements, key manufacturers, such as Accell Group and Giant Manufacturing Co., focus on enhancing the overall user interface by designing and developing bicycles that can integrate with the rider's smartphone and provide real-time information on the speed and battery status. Therefore, the abovementioned factors are expected to propel market growth over the forecast period.

Bicycle Market Trends

Increasing Number of Cycling Events

• The increasing application of bicycles in trekking and recreational activities, coupled with a rising number of cycling events, is expected to boost demand for both general and sports bicycles. The growing influence of celebrity endorsements and increased media coverage of such events are expected to boost the sales of bikes.
• For instance, according to a survey conducted by Allgemeiner Deutscher Fahrrad-Club (ADFC) in Germany, in 2022, around 96% of respondents used their own bikes. Furthermore, various governing bodies in European countries, such as Cycling Ireland, promote road racing, touring and leisure cycling, track racing, and off-road racing events.
• According to the Irish Sports Council, Sport Ireland's investments in Cycling Ireland increased from USD 518.40 thousand in 2021 to thousand in 2022, encouraging consumers to participate in various cycling activities in Ireland. The event's ultimate goal was to raise cycling awareness and increase cycling adoption in the city. Such awareness campaigns also boost the growth of the market studied. Moreover, international sports events, such as cycling championships, also encourage the involvement of people in cycling, which is expected to drive market growth.

Asia-Pacific Holds Significant Market Share

• Asia-Pacific is the largest and fastest-growing region in the bicycle market. China, Japan, Australia, India, and South Korea are some of the leading countries in the region. In 2022, India had the largest share of regular cyclists, who used their bikes at least once weekly. It was closely followed by China and the Netherlands, where around two-thirds of the population are weekly bicycle riders. Moreover, these countries have started hosting numerous cycling tournaments, which may increase the popularity and demand for sports bicycles.
• For instance, the Asian Cycling Championship has been an annual continental championship for road bicycle racing and track cycling since 1963, exclusively for Asian cyclists selected by the national governing bodies of the participating countries.
• Factors such as the rise in women's sports participation rates and government initiatives will likely boost the demand for bicycles in the region. Moreover, due to increased demand, bicycle companies are launching innovative bicycles and accessories, which is expected to lead to significant market growth during the forecast period.

Bicycle Industry Overview

The bicycle market is highly competitive, with many global and regional players. Major players in the market include Giant Manufacturing Co. Ltd, Accell Group, Trek Bicycle Corporation, Merida Industry Co. Ltd, and Pon Holdings BV. These key players are venturing into the manufacturing of innovative bicycles, embarking on partnerships with other players, mergers and acquisitions, and shaping up their online and offline marketing strategies to expand their presence in the global market.

The companies are also leveraging the growth of online distribution channels. Moreover, companies are diversifying their portfolios by launching bicycles explicitly targeted toward women riders and kids, thus making them more consumer-centric.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support