Market Size of Bicycle Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 56.16 Billion |
| Market Size (2029) | USD 69 Billion |
| CAGR (2024 - 2029) | 4.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Bicycle Market Analysis
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).
With the growing health consciousness among consumers, bicycles are seen as an increasingly dependable and healthy mobility option. The number of cycling events has increased in recent years, propelling the growth of the market studied. Over the forecast period, favorable government and employer initiatives are expected to drive the market studied. 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. For instance, in November 2022, the transport ministers of the Netherlands announced that around USD 1.2 billion was allocated to cycle infrastructure. In Germany, the Giant Group launched Momentum brand e-bikes. One is the Voya E+, a lightweight, minimalist, and nearly maintenance-free e-bike for the city, and another one is the PakYak E+, an adventure light e-cargo bike.
Bicycle manufacturers can use artificial intelligence (AI) advancements to better predict consumer demand, cater to niche segments, and improve recommendation engines. E-bikes are gaining immense traction in countries such as China and Japan. Some significant reasons considered for adopting and driving e-bikes in these countries are their health benefits, avoidance of traffic congestion, environmental benefits, and increased demand for e-bikes as sports equipment. Various organizations and governments are also aggressively deploying the infrastructure in the developed economies needed to support the switch to bicycles, thereby encouraging people to opt for bicycles. For instance, in May 2023, the French government announced its plan to spend EUR 2 billion (USD 2.2 billion) through 2027 to improve cycle infrastructure and help people buy bikes to reduce car use and boost cycling. The aim is to double the cycle lane network, and the government plans to spend EUR 250 million a year on new bike lanes from 2023 to 2027. The rest of the budget will go toward other measures to boost bicycle use. About EUR 500 million will be allocated toward subsidies to buy bicycles, including second-hand bicycles. All these factors help in driving the growth of the bicycle market.
