Bicycle Market Size USD 83.8 Billion by 2028 growing at a CAGR of 5.2%

IMARC Group, a leading market research company, has recently releases report titled "Bicycle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The study provides a detailed analysis of the industry, including the global bicycle market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the bicycle market?

The global bicycle market size reached US$ 61.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 83.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.

What is the bicycle?

A bicycle is a two-wheeled vehicle primarily designed for propulsion. It is one of the most popular and widely used means of transportation, recreation, and exercise. It includes a frame, two wheels, handlebars, pedals, a chain, and a seat. Modern bicycles are usually produced from lightweight materials such as aluminum, carbon fiber, or steel, making them easier to handle and maneuver. It is available in various styles and sizes, catering to different purposes such as road biking, mountain biking, commuting, and touring. It offers several benefits, promotes cardiovascular health, strengthens muscles, aids in weight management, and reduces stress. Additionally, bicycles have a lower environmental impact than motorized vehicles, contributing to cleaner air and reduced greenhouse gas (GHG) emissions. Nowadays, bicycles are widely adopted for daily commuting, leisurely rides, or competitive sports for a healthier lifestyle across the globe.

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What are the growth prospects and trends in the bicycle industry?

The bicycle market is primarily driven by the rising interest in eco-friendly transportation solutions. In addition, as individuals prioritize sustainability and minimize carbon footprints, bicycles are emerging as an ideal option for short-distance commuting and urban mobility, thus influencing market growth. Also, the integration of bicycle-sharing programs in cities and the development of dedicated cycling lanes are further encouraging bicycle adoption and use, making it a viable choice for daily commuting and reducing traffic congestion in metropolitan areas, thus contributing to market growth. Moreover, several technological advancements and the introduction of electric bicycles, commonly known as e-bikes, are transforming the industry by providing an assisted pedaling experience, extending the range of cycling possibilities, representing another major growth-inducing factor. Besides this, e-bikes appeal to a broader consumer base, including those who may not have considered traditional bicycles due to physical limitations or longer commuting distances, thus capturing consumer interest and opening up new avenues for manufacturers and retailers to cater to evolving customer preferences, accelerating the market growth.

Along with this, the growing health and wellness trend is driving the demand for bicycles as fitness and recreational equipment that offer an excellent low-impact cardiovascular workout appealing to individuals, health clubs, fitness centers, and recreational facilities, thus propelling the demand for high-quality and performance-oriented bicycles. Apart from this, the implementation of governments' initiatives and policies promoting cycling as a sustainable mode of transport is further fueling the market's growth. Also, various countries are investing in bicycle infrastructure, implementing bike-friendly measures, and providing subsidies or incentives for bicycle purchases, fostering a conducive environment for the industry's expansion. Furthermore, the market is witnessing a surge in demand for premium and customized bicycles among consumers seeking personalized experiences, thus creating a positive market outlook.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Type:

Road Bicycle
Mountain Bicycle
Hybrid Bicycle
Others

Breakup by Technology:

Electric
Conventional

Breakup by Price:

Premium
Mid-Range
Low-Range

Breakup by Distribution Channel:

Online Stores
Offline Stores

Breakup by End User:

Men
Women
Kids

Breakup by Region:

North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa

Who are the key players operating in the industry?

The report covers the major market players including:

Accell Group N.V.
Avon Cycles Ltd.
Benno Bikes LLC
Cervélo (Pon Holdings B.V.)
Dorel Industries Inc.
Giant Manufacturing Co. Ltd.
Kona Bicycle Company
Merida Industry Co. Ltd.
Olympus Bikes
SCOTT Sports SA (Youngone Corporation)
Specialized Bicycle Components Inc.
Trek Bicycle Corporation (Roth Distributing Co. Inc.).

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