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Bicycle Market Size - By Type (Electric, Traditional), Usage Type (Mountain, Road, Hybrid), End User (Kids, Men, Women), Growth Potential, Regional Analysis & Global Forecast, 2023 - 2032

  • Report ID: GMI6748
  • Published Date: Sep 2023
  • Report Format: PDF

Bicycle Industry Analysis

Bicycle Market size was valued at USD 57.8 billion in 2022 and is anticipated to register a CAGR of over 6% between 2023 and 2032. The increasing awareness of health and fitness is a significant factor driving the market size. As individuals become more health-conscious, they are turning to cycling as a low-impact, cardiovascular exercise that promotes physical well-being.

Bicycle Market

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Bicycles offer an accessible and enjoyable means of staying active, leading to a rising demand for fitness-oriented bikes such as road bikes, mountain bikes, and hybrid models. This trend also extends to urban commuting as people seek ways to incorporate physical activity into their daily routines. The health & fitness trend positions bicycles as a preferred choice for exercise and transportation, driving growth in the market.

The rising demand for cycling events and tourism is accelerating the bicycle market. Cyclists & tourists increasingly seek destinations and experiences that cater to cycling enthusiasts. This trend drives the sale and rental of bicycles, along with the development of dedicated cycling routes, trails & guided tour services. As cycling events gain popularity, such as bike races & charity rides, it stimulates interest in cycling as a sport and recreational activity. Consequently, the market benefits from a growing customer base eager to explore new destinations and participate in cycling-related events, bolstering market growth.

Safety concerns in the bicycle market are a significant challenge. Cyclists are vulnerable on roads shared with motor vehicles, leading to accidents and collisions that deter potential cyclists. To address this challenge, measures including enhanced cycling infrastructure with dedicated bike lanes, improved road signage, and public awareness campaigns promoting safe driving & cycling practices are crucial. Additionally, the adoption of advanced safety technologies in both bicycles and vehicles, such as collision avoidance systems & better lighting, can contribute to making cycling safer and more appealing, encouraging its growth.

COVID-19 Impact

The COVID-19 pandemic had positive impacts on the bicycle market by accelerating its growth. Lockdowns and social distancing measures prompted people to seek alternative transportation & outdoor activities, leading to a surge in bicycle sales. Bicycles became a preferred mode of safe and socially distanced commuting, exercise & recreation. Cities worldwide also expanded cycling infrastructure to accommodate the increased demand. As a result, there was a heightened awareness about the health and environmental benefits of cycling, fostering a sustained interest in bicycles even as restrictions eased, thereby positively affecting market growth.

Bicycle Market Trends

E-bikes have emerged as a transformative trend in the bicycle industry. They incorporate electric motors to assist riders with pedaling, making cycling more accessible to a broader demographic. Urban commuters increasingly turn to e-bikes for a convenient and eco-friendly mode of transportation, overcoming challenges such as traffic congestion and parking issues. Older adults appreciate assisted pedaling, allowing them to maintain an active lifestyle while reducing physical strain.

The extended range and ability to tackle hilly terrain have expanded e-bike use for leisure and recreational riding. These factors combined make e-bikes a dominant and rapidly growing segment in the market. For instance, in March 2023, MYBYK, an India-based startup, launched two electric bicycle variants that offer users a unique combination of health + commute + convenience.

Customization and personalization are significantly trending in the bicycle market, offering consumers the opportunity to tailor their bikes to suit their unique needs and preferences. This trend reflects a growing desire for individuality and the recognition that bicycles can be more than just functional tools. Customization options range from selecting frame colors and graphics to choosing components such as saddles, handlebars & wheels, enabling riders to create bikes that align with their style, comfort, and performance preferences.

Bicycle Type Segmentation

Bicycle Market Size, 2021-2032 (USD Billion)

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The electric segment held major bicycle market share in 2022. The electric segment offers an appealing alternative to traditional bikes for urban commuters and older adults, catering to a wider demographic. Additionally, environmental concerns and the desire for sustainable transportation options drive interest in e-bikes. Technological advancements, such as improved battery life & motor efficiency, make e-bikes more accessible and practical.

For instance, in April 2023, Electric Bike Company launched a low-cost 28mph moto-style e-bike named Model-J. This moto-style electric bike, built in the U.S., provides users with a cost-effective and domestically produced option for efficient & fast urban commuting, catering to the growing demand for electric mobility solutions. Moreover, cities are investing in cycling infrastructure, further promoting e-bike use. As consumers seek convenient and eco-friendly mobility solutions, the e-bike segment is expected to continue its upward trajectory.Bicycle End-user Segmentation

Bicycle End-user Segmentation

Bicycle Market Revenue Share, By End-user, 2022

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The men segment accounted for 48% of the bicycle market share in 2022. Men often play a pivotal role in the cycling community, being early adopters and enthusiasts of various cycling disciplines including road cycling, mountain biking & racing. Their demand for high-performance & specialized bikes, accessories, and gear drives innovation & product development. Additionally, men's engagement in competitive cycling events and leisure riding further fuels market demand. Their interest in technology and performance improvements also drives the demand for premium bicycles, enhancing the market's revenue prospects.

Bicycle Regional Analysis

Asia Pacific bicycle market held over 70% of revenue share in 2022. Rapid urbanization and increased congestion in cities across the region are driving the demand for efficient & sustainable transportation solutions. For instance, in May 2023, In Motion, a Chinese e-scooter company, announced the development of an e-scooter, featuring a maximum speed of 68mph with hill climbing capacity of 50%.

Favorable government policies, investments in urban infrastructure, and the proliferation of smartphone technology have also created an ideal environment for the adoption of bicycle services. Countries including China and India with their large urban populations represent significant growth opportunities. Furthermore, cultural acceptance of two-wheeled transportation and the availability of affordable hybrid vehicles are fueling the expansion of bicycle in Asia Pacific.

Bicycle Industry Leaders

Major companies operating in the bicycle market are Trek Bicycle Corporation, Giant Manufacturing Co., Ltd., Cannondale, Scott Sports, MERDIA BIKES, Tern Bicycles, Specialized Bicycle Components, Inc., Fuji Bikes, Cube Bikes Colnago, and GT Bikes. These companies are focused on strategic partnerships, new product launches, and commercialization efforts for market expansion. They are also heavily investing in research to introduce innovative products and garner the maximum market revenue.

Bicycle Industry News

  • In September 2023, Stryder Cycles, a subsidiary of Tata International, launched a new range of bicycles, which includes eight new models with a variety of multi-speed options including mountain bikes, fat bikes, BMX bikes, and high-performance city bikes.

This bicycle market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) and volume (Units) from 2018 to 2032 for the following segments:

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Market, By Type

  • Electric
  • Traditional

Market, By Usage Type

  • Mountain
  • Bicycles
  • Road
  • Hybrid
  • Others

Market, By End-user

  • Men
  • Women
  • Kids

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Italy
    • Russia
    • Netherlands
    • Spain
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ANZ
    • Southeast Asia 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • UAE
    • South Africa
    • Saudi Arabia


Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of bicycle reached USD 57.8 billion in 2022 and is set to register a CAGR of over 6% between 2023 and 2032, favored by the increasing awareness of health and fitness.

The men segment held around 48% of the market share in 2022, as men are early adopters and enthusiasts of various cycling disciplines including road cycling, mountain biking & racing.

Asia Pacific held a dominant market share of over 70% in 2022, due to rapid urbanization and increased congestion in cities across the region.

Trek Bicycle Corporation, Giant Manufacturing Co., Ltd., Cannondale, Scott Sports, MERDIA BIKES, Tern Bicycles, Specialized Bicycle Components, Inc., Fuji Bikes, Cube Bikes Colnago, and GT Bikes.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 27
  • Tables & Figures: 527
  • Countries covered: 22
  • Pages: 300
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