"Market Intelligence for High-Geared Performance"

Bicycle Market Size, Share & Industry Analysis, By Technology (Electric and Conventional), By Type (Mountain, Road, Hybrid, Cargo, and Others), By End User (Men, Women, and Kids), By Design (Folding and Regular), By Distribution Channel (Offline and Online), and Regional Forecast, 2024– 2032

Last Updated: June 24, 2024 | Format: PDF | Report ID: FBI104524



Play Audio Listen to Audio Version

The global bicycle market size was valued at USD 113.73 billion in 2023 and is projected to grow from USD 122.52 billion in 2024 to USD 274.14 billion by 2032, exhibiting a CAGR of 10.6% during the forecast period. The Asia Pacific dominated the bicycle market with a share of 44.44% in 2023.

The demand in the cycle industry has seen prominent growth over the past few years due to increasing awareness about being health-conscious among the populace across the globe. The populace highly utilizes cycles for activities such as commuting, exercise, sports, hiking, and others. Therefore, product manufacturers offer various types or categories specially designed for these applications to cover a more extensive customer base. Some of the categories provided by manufacturers include mountain bikes, road and hybrid bikes.

Factors such as rising traffic congestion, urbanization, and growing environmental concerns among the populace are driving the market growth. For instance, according to the United Nations Conference on Trade and Development (UNCTAD) Handbook of Statistics, the global urban population percentage grew from 52.5% in 2012 to 56.9% in 2022. The share of the urban population has increased rapidly in the past decade. The global population is estimated to have grown by 0.8% in 2022.

The COVID-19 pandemic led to the adoption of many unprecedented measures to slow down the spread of the virus. Such measures significantly impacted the entire transportation system and individuals’ travel behaviors. As a consequence, cycle demand has been affected positively during the pandemic.

Bicycle Market Trends

Rising Adoption of E-Bikes is the Ongoing Trend, Driving the Market Growth

E-bikes continue to gain popularity due to their convenience and eco-friendliness. Advances in battery technology have made them more efficient and affordable. Furthermore, the higher operating and maintenance costs of gasoline vehicles lead to a shift in preference for electric bikes in everyday commutes, which pushes bicycle market growth.

Furthermore, e-bikes are increasingly being used for commuting and transportation purposes, especially in urban areas with traffic congestion and limited parking. The capacity to travel longer distances without breaking and the option to bypass traffic make electric products an alternative to cars, public transportation or traditional bikes for daily commuting. The government’s offer of tax benefits and subsidies for purchasing e-bikes is also anticipated to fuel the demand in years to come.

Request a Free sample to learn more about this report.

Bicycle Market Growth Factors

Increasing Government’s Focus on Building Cycling Infrastructure to Augment the Market Growth

Cycling infrastructure can include many capacities to improve bicycling and scootering on roads, dedicated paths, and even sidewalks, where permitted. It also produces bike racks, shelters, lockers, changing rooms, showers, traffic signs, and overall urban design to promote bicycle commuting routes. Municipal governments worldwide are increasingly sponsoring biking as a means of transportation to minimize traffic congestion, reduce air pollution, and encourage active lifestyles. In December 2023, Rijkswaterstaat (Dutch water management agency) announced that two new PV bike-path projects are now operating in the Netherlands. France's Colas and Dutch construction contractor BAM Royal Group have commissioned two cycle paths equipped with photovoltaic modules in the Netherlands. The bike paths each span 1,000 square meters in the provinces of North Brabant and North Holland.


Availability of Alternative Transport Solutions May Hamper the Market Growth

The wide availability of alternative travel choices such as buses, trains, autos, and others is likely to hamper the market growth. Trade restrictions related to the bike/cycle components and accessories within different countries across the globe are expected to hamper their production processes at the production sites of the associated companies. In addition, e-bicycles are more expensive than scooters or motorbikes due to the expense of the battery and technology. As a result, people consider traditional scooters or motorbikes to achieve superior performance while spending the same or less. Thus, the higher cost of electric cycles and the lack of charging facilities are anticipated to restrain the market growth.

Bicycle Market Segmentation Analysis

By Technology Analysis

Greater Affordability of Conventional Bikes to Propel the Segment Growth

Based on technology, the market is divided into conventional and electric.

The conventional segment held the largest market share in 2023 and is likely to continue its dominance throughout the forecast period. Conventional products are more affordable than e-bikes or other motor vehicles. Thus, the advantage of low upfront cost, minimal maintenance, and no fuel or electricity requirements is poised to advance the market during the forecast period.

However, the electric segment is anticipated to register the fastest-growing CAGR during the forecast period. The segmental growth is attributed to the ability of e-bikes to provide an efficient and convenient solution for urban commuting. They offer the ability to travel longer distances with less effort, especially in hilly areas, which makes them attractive for commuting to work or running errands. Thus, the accessibility and the above benefits drive the adoption of e-bikes, contributing to the segment growth. In March 2023, Himiway launched three electric bikes- Pony, Rambler, and Rhino, which are designed for off-road, daily commutes, and easy riding. This development is poised to drive the growth of the market during the forecast period.

By Type Analysis

Growing Popularity of Hybrid Bikes to Drive the Segment Growth

Based on type, the market is segmented into road, mountain, hybrid, cargo and others.

The hybrid segment held the largest market share in 2023 and is anticipated to continue its dominance during the forecast period. Growing consumer awareness regarding the availability of multi-purpose hybrid products that can be used for their daily road commute and hiking activities is driving their adoption. In addition, hybrid bikes offer ease of use, comfort, and stability to the rider, which is further driving their popularity among users. Hence, the growing adoption of hybrid products is poised to fuel the segment's growth during the forecast period.

The cargo segment is expected to witness the fastest-growing CAGR during the forecast period. The rapid growth of e-commerce has increased the demand for efficient and flexible delivery options. Cargo products provide a practical solution for small-scale deliveries, allowing businesses to meet the increasing expectation of fast and convenient shipping to customers’ doorsteps. In October 2023, Addmotor introduced a high-performing electric cargo bike, the GRAOOPRO, with a max load capacity of 500 lbs. GRAOOPRO electric cargo bike offers long riding with 210 miles range by featuring a dual battery.

To know how our report can help streamline your business, Speak to Analyst

By End User Analysis

Technological Advancements to Impel the Men Segment Expansion

Based on end user, the market is segmented into men, women, and kids.

The men segment held the leading market share in 2023 and is anticipated to retain its position throughout the forecast period with the fastest growth rate. Men's segment in the bicycle market is influenced by technological advancement and innovations. Men often seek products with cutting-edge technologies, such as advanced gear systems, lightweight materials, aerodynamic designs, and electronic shifting systems. Thus, the appeal of high-performance products that leverage the latest advancements in the cycling industry drives the demand for these bikes among men.

The women segment is expected to witness a considerable growth rate in the coming years. Women value physical fitness and seek ways to incorporate exercise into their daily routines. Bicycling offers a low-impact form of exercise that promotes cardiovascular health, muscle strength, and overall well-being. Thus, the choice of these products by women as a means to stay active, maintain fitness, and improve their health drives the growth of the segment.

By Design Analysis

Rising Preference for Regular Bikes to Drive the Segment Growth

Based on design, the market is divided into folding and regular.

The regular segment held the largest market share in 2023. Regular bikes are the most commonly used bike designs globally. Growing preference for regular bikes as an efficient and green mobility solution to fossil fuel-powered vehicles for short-distance commutes is driving the segment growth. In addition, low-cost regular cycles and their ease of availability are anticipated to accelerate the segment growth during the forecast period.

The folding segment is projected to witness the fastest growth rate from 2024 to 2032. The segmental growth is attributed to rising recreation activity, changing outlook of short travels, better portability & efficiency in use, less size requirement, and use of lightweight material for easy operation, which are the factors deciding the future growth of the folding bicycle market.

By Distribution Channel Analysis

Aftermarket Services for Electric and Traditional Products to Boost the Offline Segment Growth

Based on distribution channel, the market is divided into offline and online.

The offline segment held the largest market share in 2023. The segmental growth is attributed to the offer of after-sales services such as bike assembly, maintenance, and repairs. This added value reassures customers that they can receive assistance and support post-purchase, fostering long-term contact and repeat business. The retail shop offers convenience in terms of immediate availability and instant gratification.

However, the online segment is anticipated to register the fastest-growing CAGR during the forecast period. The segmental growth is attributed to the online distributor channel transcending geographical barriers, allowing bicycle enthusiasts from remote areas or regions with limited access to physical stores to explore and purchase products online. This accessibility is poised to drive the segment growth during the forecast period.


This market is analyzed across North America, Europe, the Asia Pacific, South America, and the Middle East & Africa.

Asia Pacific Bicycle Market Size, 2023 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample

The Asia Pacific dominated the global bicycle market share with a size of USD 50.55 billion in 2023 and is expected to retain its position throughout the forecast period. The region is home to several major bicycle companies, and Taiwan's prominence as a manufacturing hub for the product drives the market growth in the Asia Pacific. Moreover, the increasing urbanization in many countries across the region has led to increased traffic congestion, limited parking space, and concerns about air pollution. This fuels the adoption of the product as a transportation option in the region. In February 2023, SRAM established a bicycle production facility in Taiwan. The facility has been designed to provide the ideal workspace for team members. This development is slated to drive the market growth during the forecast period.

Europe is anticipated to witness the fastest growth rate during the forecast period. The region has a strong cycling culture with a long history of product use. Many European countries have well-developed cycling infrastructure, including dedicated bike lanes, cycle-friendly cities, and comprehensive cycling networks. The presence of cycling-friendly infrastructure and culture that encourages product use contributes to the growth of the market in Europe. In February 2023, the European Parliament set a demand for additional dedicated cycling lanes and parking places for bikes, with reduced VAT, to boost the EU cycling industry.

North America is also expected to witness significant market growth during the forecast period. There is a growing emphasis on health and fitness in North America, with individuals seeking ways to incorporate physical activity into their daily lives. Thus, the desire to lead an active lifestyle drives the demand for the product in the region.

South America and the Middle East & Africa regions are also anticipated to register considerable growth rates during the forecast period. Increasing imports in these regions are driving the market growth.

List of Key Companies in Bicycle Market

Companies Focus on the Expansion of their Product Portfolio and Partnerships to Gain a Competitive Edge

Key players in this market include Hero Cycles Ltd, Accell Group., and Giant Bicycles. The product manufacturers focus on the expansion of their portfolio, sales network, and partnerships.

Giant Bicycles is a leading brand of high-quality products and cycling gear based in Taiwan. Moreover, Giant Group is also known as Giant Manufacturing. It offers bicycles, storage baskets, training platforms, auxiliary wheels, drinking products, lights, shelves, mudguards, stopwatches, inflators, parking racks, bicycle locks, bags, and other products. The company provides a wide range of products, including road, mountain, cross & gravel, kids, and electric bikes (E-Bikes) and focuses on the development of bicycles. For instance, In January 2022, Giant launched a Trance X E+, an all-rounder E-MTB. The e-bike is designed to be compatible and adaptable to all types of terrain. It is built on an ALUXX SL aluminium frameset, provided with a high-performance SyncDrive Pro motor offering 85Nm of torque and a Maestro suspension system.

List of Key Companies Profiled:


  • In March 2024, Merida announced that the company added three all-new Shimano EP801-powered bikes to their lineup with a new full carbon eOne-Sixty CF, bigger range alloy eOne-Sixty Lite & versatile aluminium eOne-Forty Lite.

  • In January 2023, Orbea launched an E-road Bike named the 2023 Gain. The E-road bike is integrated with the Mahle X20 motor, providing 55Nm of torque, and is paired with a 350 Wh battery. The bike is available in sizes ranging from XS (47–49), S (51), L (55), XL (57), M (53), and XXL (60).

  • In December 2022, Hero Cycles launched a D2C e-commerce website to facilitate a smooth and convenient buying experience for its customers. The company provides doorstep delivery across India, along with flexible payment options. This initiative helped boost the company's sales by providing easy access to customers.

  • In February 2022, MERIDA BIKES announced a multi-year partnership extension with Bahrain Victorious to supply the most advanced material of bikes. MERIDA will continue to provide the team with class-leading bikes, like the test and award-winning REACTO aero bike, the newly launched SCULTURA and the time trial-specific TIME WARP TT.

  • In February 2022, Hero Cycles launched a range of bicycles designed especially for kids. The models include Hero Sprint Jimmy, Hero Sprint Jordan, and Hero X Doraemon. The bikes have enhanced anti-infection protection and Anti-Pinch braking systems. The company has focused on the safety features that enhance the product offerings for children.


The report provides a detailed analysis of the market and focuses on key aspects such as leading/key market players, competitive landscape, technology type, and leading applications of the product. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the growth of the market in recent years.

An Infographic Representation of Bicycle Market

To get information on various segments, share your queries with us

Report Scope and Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 10.6% from 2024 to 2032


Value (USD Billion) & Volume (Units)


By Technology

  • Electric

  • Conventional

By End User

  • Men

  • Women

  • Kids

By Type

  • Mountain

  • Road

  • Hybrid

  • Cargo

  • Others

By Design

  • Folding

  • Regular

By Distribution Channel

  • Offline

  • Online

By Region

  • North America (By Technology, By End-User, By Type, By Design and By Distribution Channel)

    • U.S.

    • Canada

    • Mexico

  • Europe (By Technology, By End-User, By Type, By Design and By Distribution Channel)

    • Italy

    • Germany

    • France

    • Spain

    • U.K.

    • Netherlands

    • Belgium

    • Denmark

    • Rest of Europe

  • Asia Pacific (By Technology, By End-User, By Type, By Design and By Distribution Channel)

    • China

    • India

    • Japan

    • Australia

    • South Korea

    • Indonesia

    • Thailand

    • Malaysia

    • Rest of the Asia Pacific

  • South America (By Technology, By End-User, By Type, By Design and By Distribution Channel)

    • Brazil

    • Argentina

    • Rest of South America

  • Middle East & Africa (By Technology, By End-User, By Type, By Design and By Distribution Channel)

    • South Africa

    • UAE

  • Rest of the Middle East & Africa

Frequently Asked Questions

As per the Fortune Business Insights study, the market size was USD 113.73 billion in 2023.

The market is likely to grow at a CAGR of 10.6% over the forecast period (2024-2032).

By technology, the conventional segment is expected to lead the market during the forecast period due to affordability.

The market size in the Asia Pacific stood at USD 50.55 billion in 2023.

Hero Cycles, Trek Bicycle Corporation, and Giant Bicycles are some of the top players in the market.

The Asia Pacific held the largest share in the market in 2023.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2019-2032
  • 2023
  • 2019-2022
  • 194

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Automotive & Transportation Clients


Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.