Bicycle Market Size & Growth Report and Forecast 2024-2032

According to the report by Expert Market Research (EMR), the global bicycle market size reached a value of USD 76.7 billion in 2023. Aided by the increasing demand for eco-friendly transportation and the growing applications of bicycles in various sectors, the market is projected to further grow at a CAGR of 6.6% between 2024 and 2032 to reach a value of around USD 136.5 billion by 2032.

Bicycles are two-wheeled vehicles that are propelled by pedalling, offering a cost-effective, environmentally friendly, and healthy mode of transportation. They are used for commuting, recreational activities, fitness, and sports. The robust growth of the bicycle market is primarily driven by the rising need for sustainable transportation solutions, increasing health consciousness, and the expanding applications of bicycles in various sectors.

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The increasing consumer preference for eco-friendly and health-promoting transportation is driving the bicycle market growth. With the growing awareness of the environmental impact of motor vehicles, there has been a significant shift towards bicycles that offer zero emissions and promote physical activity. Additionally, the rising trend of urbanization and the need for efficient urban mobility solutions have further contributed to the increasing popularity of bicycles as a practical mode of transport.

The expanding applications of bicycles in various sectors also play a significant role in propelling the market. In the fitness and recreational sector, bicycles are used for cycling exercises, outdoor adventures, and leisure activities, promoting physical health and well-being. The sports sector utilizes bicycles in competitive cycling events such as road racing, mountain biking, and BMX, providing opportunities for athletes and enthusiasts. Moreover, the adoption of bicycles in the tourism industry offers an eco-friendly way to explore destinations, reducing the carbon footprint and enhancing the travel experience.

The increasing focus on environmental sustainability and the need to reduce carbon emissions are major drivers of the bicycle market development. Bicycles offer a zero-emission mode of transportation, contributing to cleaner air and reduced traffic congestion.

The rising awareness of health and fitness benefits associated with cycling is propelling the market. Bicycles provide an effective form of exercise, promoting cardiovascular health, muscle strength, and overall well-being.

The growing need for efficient and cost-effective urban mobility solutions is driving the adoption of bicycles. Bicycles offer a practical mode of transport for short-distance travel in urban areas, reducing the reliance on motor vehicles, consequently driving up the global bicycle market share.

The growth of bike-sharing programs in urban areas is driving market growth. These programs provide an affordable and convenient transportation option, reducing the need for personal bicycle ownership.

The trend towards lightweight and durable materials in bicycle manufacturing is enhancing performance and user experience. Innovations in materials such as carbon fibre and advanced alloys are driving market growth.

The integration of smart features such as GPS tracking, fitness monitoring, and anti-theft systems is driving market growth. These features enhance the functionality and appeal of bicycles, catering to tech-savvy consumers.

The increasing number of cycling events and competitions is promoting the sport and driving market growth. Events such as marathons, triathlons, and mountain biking competitions are encouraging participation and raising awareness of cycling.

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As per the bicycle market analysis, North America is a significant market driven by high health consciousness and strong infrastructure for cycling, with the United States leading the demand. Europe is leading the market with a strong focus on sustainability and extensive cycling infrastructure, with countries like the Netherlands and Germany being major markets. Asia-Pacific is the fastest-growing market, driven by rapid urbanisation, increasing health awareness, and government initiatives promoting cycling.

Bicycle Market Segmentation

The market can be divided based on product, price, technology, end user, and region

Market Breakup by Product

Mountain Bicycles
Hybrid Bicycles
Road Bicycles
Others

Material Breakup by Price

Premium
Mid Range
Low Range

Market Breakup by Technology

Electric
Conventional

Market Breakup by End User

Men
Women
Kids

Market Breakup by Region

North America
Europe
Latin America
Asia Pacific
Middle East and Africa

Competitive landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global bicycle market. Some of the major players explored in the report by expert market research are as follows:

Accell Group
Cycling Sports Group, LLC
Avon Cycles Limited
Giant Bicycles
Merida Industry Co., Ltd.
SCOTT Sports SA
Trek Bicycle Corporation
Hero Cycles
Santa Cruz Bicycles, LLC
Marin Mountain Bikes Inc.
Others

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