Bicycle Market

Bicycle Market Projections and Key Trends Through 2032

The global bicycle market is pedaling toward unprecedented growth, projected to reach USD 171.5 billion with a CAGR of 4.8% by 2032. It is widely driven by the rising health consciousness, eco-friendly transportation trends, and urban mobility needs. Moreover, rise in the number of cyclists and fitness enthusiasts all over the world have a huge demand for bicycles.

The bicycle market is thriving, fueled by a surge in demand for sustainable transport solutions. In 2024, Electric bicycles (e-bikes) became popular in the U.S. with nearly two million units sold alone in the U.S., These bikers offer better convenience, particularly popular in the urban areas for their eco-friendliness. Additionally, dockless bicycle-sharing systems, enabled by advancements in GPS and mobile app technology are transforming urban mobility in regions Asia Pacific, which held 59% market share in 2024.

Recent Developments

• The bicycle market’s growth is further supported by government initiatives, such as the Netherlands’ USD 1.2 billion investment in cycling infrastructure and France’s EUR 2 billion plan through 2027. These efforts, combined with rising fuel costs and urban congestion, are encouraging more people to choose bicycles for commuting and recreation. However, challenges such as limited infrastructure in developing economies and supply chain disruptions remain prevalent
• In January 2025, Merida Industry Co. Ltd. introduced a new line of electric mountain bikes featuring a Shimano EP801 motor and advanced battery technology, extending range by 30%. This launch enhances performance for off-road enthusiasts and aligns with the growing demand for e-bikes, which are projected to grow at a leading CAGR.
• In September 2024, Giant Group, through its subsidiary SPIA Cycling Inc., acquired U.S. indoor cycling brand Stages Cycling for USD 20.1 million via bankruptcy proceedings. This move strengthens Giant’s position in the indoor cycling sector and supports the development of a comprehensive cycling ecosystem, catering to the rising popularity of indoor and connected cycling solutions.

Futuristic Developments

• Looking ahead to 2026 and 2027, the bicycle market is set for dynamic growth. E-bike sales are expected to surpass 40 million units annually by 2030, with Europe leading in premium e-bike adoption, supported by France’s EUR 2 billion investment in cycling infrastructure.
• Innovations in battery technology and smart features, such as GPS tracking and smartphone connectivity, will enhance e-bike appeal. In 2026, the industry expects expanded bike-sharing programs, with global shared e-bike fleets projected to exceed five million by 2030.
• Manufacturers are also focusing on sustainable materials, such as recycled aluminium and bio-carbon compounds, reducing carbon footprints by up to 64%.

Regional Insights

The Asia Pacific bicycle industry, is poised to attain a leading CAGR by 2032 and valuing over USD 30 billion, driven by urbanization and eco-friendly trends. China and India lead, with bike-sharing and e-bikes booming. In 2025, smart e-bikes with IoT features gain traction in Japan and South Korea. By 2026–2027, India’s infrastructure investments and China’s e-bike exports (targeting USD 10 billion) will fuel robust growth. Dockless bike-sharing with 2 million+ bikes in China has transformed urban mobility. However, challenges include high e-bike costs and rural infrastructure gaps.

Key Players

Some leading players in the bicycle market include Shimano Inc., Pon Holding B.V., Giant Manufacturing Co. Ltd, Trek Bicycle Corporation, Merida Industry Co., Ltd., Scott Sports SA, Canyon Bicycles GmbH, Specialized Bicycle Components, Inc., F.I.V.E. Bianchi S.p.A., Cicli Pinarello S.p.A., Colnago Ernesto & C. S.r.l., Factor Bikes, BMC Switzerland AG, and Hero Cycles Limited.

Segments Covered in the Report

By Bike Category

• Performance/Race
• Road
• Mountain Bike (MTB)/Trekking
• Gravel & Touring
• Commuting/Leisure (City/Urban)
• Others (Cargo bikes, etc.)

By Bike Type

• Muscular/Traditional
• Electric

By Price

• Premium (Above US$ 1,000)
• Mid-Range (US$ 500 – 1,000)
• Low-Range (Below US$ 500)

By End Use

• Men
• Women
• Kids

Region

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East Africa