ID: PMRREP3326
Format: PPT*, PDF, EXCEL
Last Updated: 16 July 2025
Industry: Automotive & Transportation
Number of Pages: 177
The global bicycle market is predicted to reach a value of US$ 123.9 Bn by 2025. It is anticipated to experience a CAGR of 4.8% during the forecast period to reach a size of US$ 171.5 Bn by 2032. Smart cities are progressively integrating bicycles in public transportation networks through bike-sharing programs and cycling infrastructure.
Urban cycling is estimated to account for 20% of all short-distance commutes worldwide by 2030. Growing interest in fitness and wellness is elevating the demand for recreational and high-performance bicycles.
Cargo bikes are projected to gain traction for last-mile delivery and personal use. E-commerce and logistics companies are integrating cargo bikes for sustainable delivery solutions. Prominent players like UPS and DHL are committed to expanding their cargo bike fleets.
Key Highlights of the Industry
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Market Attributes |
Key Insights |
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Bicycle Market Size (2025E) |
US$ 123.9 Bn |
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Projected Market Value (2032F) |
US$ 171.5 Bn |
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Global Market Growth Rate (CAGR 2025 to 2032) |
4.8% |
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Historical Market Growth Rate (CAGR 2019 to 2024) |
5.3% |
Asia Pacific is estimated to emerge as one of the leading regions in the bicycle market with a market share of 59% in 2024. The region is home to more than 60% of the world’s population, translating to a high demand for bicycles, particularly in emerging countries. China is the largest producer and consumer market across the globe accounting for 50% of global bicycle market. The country is also a major player in the global bicycle ecosystem, particularly in the production and export of bicycle accessories and apparel.
India is witnessing rapid growth in bicycle demand, driven by the need for affordable transportation. According to All India Cycle Manufacturers’ Association, the sale of bicycles in India in 2023-24 is 10,670,222, with the import of 149 USD Mn and export of 364 USD Mn. Rapid urbanization in several cities in Asia Pacific has led to problems of traffic congestion, pollution, and inefficient public transportation.
Green mobility initiatives promoted by government authorities of serval countries in the region encourage the adoption of cycling along with prominent infrastructure development. These initiatives include the “National electric Mobility Mission Plan (NEMMO) in India and the “Chinese Action Plan for Green Mobility” in China.
Europe is emerging as the global leader in e-bike adoption, driven by strong policy support, infrastructure investment, and environmental goals. Paris has invested €250 million to build 180 km of bike lanes, resulting in a 166% rise in cycling traffic. Copenhagen features over 400 km of lanes and aims for carbon neutrality by 2025, with e-bikes at the core. Countries like Germany and the Netherlands lead in sales, with Germany alone selling over 2.3 million e-bikes in 2023. In the Netherlands, e-bikes account for more than 50% of total bicycle sales.
The European Union’s Urban Mobility Framework further boosts adoption by integrating cycling into transport planning. Cities are also adopting smart infrastructure like cyclist-priority traffic signals. With cycling making up 11% of trips in Paris and 45% in Copenhagen, Europe is setting a strong example in sustainable, electric-powered commuting, backed by over €1.7 billion in investments since 2020.
North America is witnessing a clear shift as health- and fitness-focused consumers drive growing demand for performance and road bikes. As highlighted in the image, urban professionals are increasingly integrating cycling into their wellness routines, treating it not only as recreation but as a low-impact cardiovascular workout. Strava data indicates a 23% increase in e-bike ride recordings and a 5% rise in 100 km metric century rides in 2023, reflecting growing interest in endurance-based cycling.
The regional bicycle market is also expanding steadily, with North America's market size projected to reach US$ 25 billion by 2032, reflecting a CAGR of nearly 4.2%. Mountain Trekking Bike (MTB) alone generated close to USD 5 billion in 2024, driven by health-conscious riders and improving urban cycling infrastructure. Cycling clubs, fitness events, and lightweight performance models continue to reinforce this trend across cities and suburban areas.
The premium-range segment is estimated to hold a value share of 65% in 2024. It is a preferred choice for a variety of consumers as it strikes for advanced features such as smart integration and enhanced performance. The superior performance and long lifespan of premium bikes encourage consumers to make a one-time investment for lasting value. Price sensitivity plays a key role in adoption, especially as bicycles are being utilized in everyday activities like commuting, fitness, and recreational purposes.
The National Bicycle Dealers Association (NBDA) conducted a survey in 2022, which revealed almost 55% of consumers were interested in bicycles priced between US$ 500 and US$ 1,500.
Advances in technology have made high-quality, comfortable bicycle components more affordable, even in the premium segment. Increasing purchasing power of the global upper middle class in a prominent factor driving growth of the premium-range bicycle market.
Race bikes is emerging as the leading bike category with a share of 23.6% in 2024. The growing interest on high-speed is one of the key factors driving the popularity of race bicycles. These bikes feature aerodynamic frame geometry, carbon fiber components, and advanced drivetrains for maximum efficiency and power transfer.
The introduction of electronic groupsets, pioneered by Shimano’s Di2 in 2009, eliminated mechanical cable drag and imprecise shifting. Di2’s wirelessly synchronized derailleurs use microprocessors to calculate optimal shift timing, enabling gear changes within 25 milliseconds critical during sprint finishes. By 2023, 95% of WorldTour teams had adopted electronic groupsets, citing their reliability in wet conditions and reduced mechanical failure rates.
Tubeless technology, adapted from automotive applications in the 2010s, has become a race-day staple due to its ability to run lower pressures (65–75 PSI) without pinch flats. Latex sealants instantly plug holes up to 3mm, as seen in the 2023 Tour de France, where tubeless-equipped teams reported 50% fewer mid-race wheel changes.
E-bikes are estimated to lead the bike type segment with a share of 64% in 2024. The e-bikes has undergone transformative advancements in recent years, driven by innovations in energy storage, motor systems, and sensor technology. These developments are reshaping urban mobility, offering enhanced performance, sustainability, and user experience.
The Pipop eBike, introduced in 2023, replaces lithium-ion batteries with supercapacitors charged through regenerative braking and pedaling. This technology enables instant charging and a lifespan exceeding 100,000 cycles, 10 times that of conventional batteries. While current energy density limits supercapacitors to urban commuting ranges, ongoing research into graphene-based designs aims to double capacity by 2026
Manufacturers are exploring advanced anode materials such as lithium metal and silicon composites to further boost performance. However, challenges remain, including high production costs, currently 30–40% above lithium-ion, and scalability issues. While challenges in cost and infrastructure persist, the convergence of energy storage innovation and lightweight materials suggests a future where e-bikes rival public transit in efficiency and convenience.
Potential growth in the global bicycle industry is predicted to be driven by increasing environmental regulations across the globe. Europe and North America are estimated to emerge as the leading regions in the premium e-bike sales.
Annual sales of e-bikes are anticipated to exceed 40 million units by 2030. Bike sharing programs are estimated to witness expansion, especially in urban areas, supported by smart technology and app-based platforms. By 2030, the fleet size of shared e-bike is estimated to exceed 5 million worldwide. Innovations in lightweight materials, connected features, and battery technology are projected to boost market appeal.
Europe registered sales of 5 million e-bikes in 2021, thereby marking a 10% y-o-y growth. E-bikes are noted to be 60% faster than car for trips under 10 kilometers in urban areas, thereby augmenting their adoption. Research revealed that 28% of car trips can be replaces by e-bike usage, thereby reducing emissions.
E-bikes are particularly appealing to the eco-conscious demographic as they emit approximately 22g CO2 per kilometer, compared to 271g for cars and 101g for public transport, thereby making them a leading green mobility option.
Several government authorities offer subsidies or tax credits for purchasing e-bikes to promote environment-friendly transportation in their countries. Paris, for instance, has invested €250 million to add 180 km of bike lanes, aiming to make the city "100% cyclable." This initiative has led to a 166% increase in cycling traffic. E-bicycles are popular among older adults as it enables them to ride comfortably with motor assistance. Research revealed that 40% of e bicycle buyers in Europe are aged 50 or above.
Adventure and high-performance bikes cater to cycling enthusiasts looking for specialized equipment for racing, endurance activities, and rugged terrains. Based on a survey by the Adventure Travel Trade Association, 65% of adventure travellers prefer cycling or mountain bike tours.
The Outdoor Industry Association in the U.S. reported an increase 30% in outdoor activity participation during the COVID-19 pandemic, thereby sustaining interest in adventure biking. Approximately 50% of mountain bikers ride primarily for recreation and fitness, thereby highlighting the crossover appeal of these bikes. Events like Dirty Kanza 200 and Grinduro have fueled interest in gravel biking as participation grew by 30% annually.
Cycling is heavily influenced by weather conditions. Demand for the same is reported to drop during winter months in Europe and North America owing to snow and freezing temperatures an in monsoon season in Asia Pacific countries. Cycling participation drops by 40% during winter months in the U.S. compared to summer. Recreational and adventure cycling are also often linked to seasonal tourism activities.
According to the European Cyclists Federation, 70% of annual cycling activity in the region occurs between March and September. Sales in the bicycle market fluctuate during these seasons, thereby impacting revenue consistency for manufacturers and retailers. Seasonality also restricts cycling events and outdoor promotions to specific months.
Corporation offer bicycles as a part of employee wellness programs to encourage physical activity and decrease stress. Based on research, regular cycling decreases workplace absenteeism by 15% to 20%, thereby enhancing employee productivity and morale. Businesses are incorporating bicycles in their sustainability goals to decrease their carbon footprint.
A report by the World Economic Forum revealed that replacing delivery vas with cargo bikes in urban centres could decrease emissions by 26% while cutting delivery times by 60%. Employers in North America and Europe offer subsidies or reimbursements for purchasing bicycles. For instance, Netherlands provides employees with tax benefits of up to €1,500 per year for commuting by bike. Government authorities and municipal bodies progressively use bicycles for services like postal deliver, public health outreach, and policing.
The Indian Postal Services, for instance, adopted bicycles for mail delivery on rural areas, citing their low cost and eco-friendly benefits. Universities across the globe promote bike-sharing programs and bike rentals to encourage sustainable commuting among students and staff. At Standford University, 20% of the campus population commutes through bikes, supported by infrastructure investments like bike lanes and parking.
Approximately 68% of the global population is predicted to live in urban areas by 2050, thereby increasing the demand for last-mile transportation solutions. Shared bicycles witnessing adoption, particularly for distances under 5 kilometers, thereby replacing short car trips and public transport.
According to the Brookings Institution, by 2030, an estimated 5.3 billion people, or nearly two-thirds of the world population, will be considered part of the global middle class. In countries such as India, Indonesia, and Brazil, an expanding urban middle class is increasingly viewing cycling not just as a necessity, but also as a lifestyle choice linked to health, leisure, and social status.
Shared bike services assist in decreasing urban air pollution, as each trip emits 70% less CO2 compared to a car trip of equivalent length. Cities with active bike sharing programs like Paris, have reported 15% to 20% reduction in vehicle congestion in central areas. GPS-enabled dockless bikes provide users with the flexibility to pick up and drop off bikes at any location, fostering convenience for users.
Companies in the bicycle market are using carbon fibre or advanced aluminium alloys for lighter and durable frames. They are expanding their product lines to include electric bicycles to appeal to environmentally conscious and urban commuters. Companies are integrating IoT-enabled components like GPS trackers, app connectivity, and performance monitoring systems. They are customizing bicycle designs for a personalized user experience.
Brands are positioning bicycles as a lifestyle choice for fitness, adventure, and eco-consciousness. They are leveraging social media, influencer marketing, and online advertising to engage with younger audiences. Businesses are partnering with professional athletes or sponsoring cycling events to boost visibility.
Recent Industry Development
The market is anticipated to reach a size of US$ 171.5 Bn by 2032.
Bicycles are widely used for transportation, recreation, and sport and are essential to move people and goods in areas where there are few automobiles.
China was the largest exporter of bicycles across the globe in 2022.
More than 100 million bicycles are produced across the globe each year.
Giant Bicycles Inc., Atlas Cycles Ltd., and Derby Cycle Holding GmbH are the prominent companies in the industry.
The market is predicted to witness a CAGR of 4.8% through the forecast period.
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Attributes |
Details |
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Forecast Period |
2025 to 2032 |
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Historical Data Available for |
2019 to 2024 |
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Market Analysis |
US$ Billion for Value |
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Key Regions Covered |
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Key Market Segments Covered |
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Key Companies Profiled in the ReportGiant Bicycles Inc. |
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Report Coverage |
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Customization and Pricing |
Available upon request |
By Bike Category
By Bike Type
By Price
By End Use
Region
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