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Bicycle Market Size, Share & COVID-19 Impact Analysis, By Technology (Electric and Conventional), By End-User (Men, Women, and Kids), By Type (Mountain, Road, Hybrid, and Others), By Design (Folding and Regular) and Regional Forecast, 2023– 2030

Region : Global | Format: PDF | Report ID: FBI104524



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The global bicycle market size was valued at USD 101.92 billion in 2022. The market is projected to grow from USD 110.38 billion in 2023 to USD 228.90 billion by 2030, exhibiting a CAGR of 11.0% during the forecast period.

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

Factors such as rising traffic congestion, urbanization, and growing environmental concerns among the populace are driving the global bicycle 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 51.6% in 2010 to 56.2% in 2020. The share of the urban population has increased rapidly in the past decade. The world population is estimated to have grown by 0.9% in 2021. The growth rate has slowed down since the outbreak of the COVID-19 pandemic; it is expected to rebound in 2023 before continuing its descent toward a forecast 0.5% growth in 2050.

Additionally, government initiatives to limit conventional vehicle sales and promote the use of green transport are also expected to fuel the adoption of electric cycles for personal transportation. In 2022, a University of Southern Denmark study estimated that annual global carbon emissions would drop by 686 million tons if this pattern were replicated worldwide. Moreover, other countries, including Finland, Ireland, France, and others, are also taking initiatives to develop cycling infrastructure and promote cycling in the region.


Consumer Focus Toward Fitness Amid COVID-19 Pandemic to Boost the Market Growth

The COVID-19 pandemic led to the adoption of many unprecedented measures to slow down the spread of the virus. Such measures have greatly impacted the entire transportation system and individuals’ travel behaviors. As a consequence, cycle demand has been affected positively during the pandemic. However, during the early months of the pandemic, the cycle industry continued to struggle with supply chain issues. Bike shop shelves were picked dry due to an influx of interest in the sport of cycling as well as manufacturing and supply chain delays. It will continue to be a challenge for cycle companies to keep products in stock and flowing through the supply chain.


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Rising Adoption of E-Bikes is the Ongoing Trend in the Market to Drive Market Growth

The rising fuel prices, pollution, and traffic congestion worldwide, particularly in metropolitan areas, have increased the appeal of electric cycles on every continent. Furthermore, the higher operating and maintenance costs of gasoline vehicles lead to a shift in preference for electric bikes in everyday commutes, which pushes market growth.

The ongoing trend of adopting electric cycles is likely to emerge intact and is expected to thrive in the long term. With increasing awareness regarding environmental concerns coupled with stringent emission norms and regulations, consumer’s preference for e-bikes as one of the most efficient green transport alternatives are the factors responsible for propelling growth of e-bicycle in the upcoming years. Additionally, the government’s offer of tax benefits and subsidies on purchasing e-bikes is also anticipated to fuel the demand in years to come.

For Instance, In May 2022, Vermont introduced new electric bike and car incentive programs and continues an existing EV incentive program for state residents. The transportation sector currently causes about 40% of the state’s carbon emissions. Denver, Colorado, also launched an incredibly popular e-bike rebate program.


Increasing Government’s Focus to Build Cycling Infrastructure to Augment Growth

Cycling infrastructure can contain many accommodations to enhance bicycling and scootering on roads, dedicated paths, and even sidewalks, where permitted. It also delivers bike racks, shelters, lockers, changing rooms, showers, traffic signs, and overall urban design to facilitate bicycle commuting routes. Municipal governments worldwide are increasingly supporting biking as a means of transportation to minimize traffic congestion, reduce air pollution, and encourage active lifestyles. For Instance, In November 2022, Transport ministers announced around USD 1.2 billion had been allocated to cycle infrastructure in the Netherlands. Transport ministers announced USD 850 million for cycle infrastructure nationally, and with contributions from provinces and local authorities, the total will be around USD 1.2 billion.

Growing Popularity of Cycling-Related Sports to Accelerate Market Growth

The growing popularity of cycling-related sports, such as BMX racing and adventure sports, such as mountain biking, is significantly influencing global bike sales. Additionally, the increasing number of cycling sports clubs and their attractive promotion strategies encourage various age groups to adopt cycling as a recreational activity, which is expected to accelerate market growth in the upcoming years. Furthermore, technological developments, such as connected bikes, the use of advanced materials for lightweight and efficiency, and the development of electrically powered bikes, are some of the in-demand trends likely to accelerate the market growth over the forecast period.


Availability of Alternative Transport Solutions to Hamper Market Growth

The wide availability of alternative travel choices such is buses, trains, autos, and others are likely to hamper 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. Additionally, 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 be superior in performance while costing the same or less. Thus, the higher cost of electric cycles and the lack of charging facilities are anticipated to restrain market growth.


By Type Analysis

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Growing Popularity of Cycling-Related Adventure Sport to Drive Segment Growth

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

The hybrid segment held the largest market share in 2022 and is expected to continue its dominance during the forecast period. A hybrid bike is a mix of a mountain bike and a road bike. Therefore, they are highly suitable for urban road transport and traveling on various terrains. Hence, the growing adoption of hybrid bicycles due to their versatility is likely to fuel the segment's growth during the forecast period.

The road bicycles segment is expected to witness the fastest CAGR during the forecast period. They are lightweight and designed for fast riding on roads. Therefore, they are most commonly used by commuters to the workplace or for daily commutes. Hence, increasing preference for road bikes for commuting in developing nations is likely to boost segment growth in years to come, as these are significantly more economical, which makes them the leading choice of the populace in developing economies.

By Design Analysis

Rising Urban Road Congestion to Drive Segment Growth

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

The regular segment held the largest market share in 2021. Regular bikes are the most commonly used bike design worldwide. Growing preference for regular bikes as an efficient and green mobility solution to fossil fuel-powered vehicles for short-distance commutes is driving segment growth. In addition, low-cost regular cycles and their ease of availability are also anticipated to accelerate segment growth during the forecast period. The folding segment is projected to witness the fastest growth rate from 2023 to 2030. The growth is primarily driven by the inclining preference of the urban populace toward the adoption of folding bikes to tackle urban road congestion and the unavailability of parking spaces.

By End-User Analysis

Growing Adoption of Bikes as a Short Range Commute among Men to Propel Segment Growth.

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

The men’s segment held the leading market share in 2022 and is anticipated to retain its position throughout the forecast period with the fastest growth rate. Increasing adoption of cycles among men for fitness, exercise, commuting, adventure sports, and recreational activities is anticipated to fuel the segment’s growth. Therefore, hybrid, e-bikes, and mountain bikes are popular choices among men.

The women’s segment is expected to witness a considerable growth rate in the coming years. Women use bikes mostly for fitness and commuting purposes. Therefore, an increasing number of women riders across emerging economies is likely to fuel the segment’s growth. The kids' segment is also anticipated to witness considerable CAGR, owing to the growing popularity of kids' special cycles with attractive advertising.

By Technology Analysis

Growing Adoption of Conventional Bikes for Sport to Propel Segment Growth

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

The conventional segment held the largest market share in 2022 and is likely to continue its dominance throughout the forecast period. Conventional bikes are the most commonly used worldwide. Low cost and suitability for exercise, sport, and fitness-related applications make them a highly preferred segment. However, the electric segment is anticipated to register the fastest CAGR during the forecast period. The declining battery prices, government initiatives to promote green mobility, and the increasing number of tax benefits and subsidies on the purchase of e-bikes worldwide are driving the segment’s growth. For instance, the cost of lithium-ion batteries witnessed an 85% drop in the past decade. Furthermore, increasing penetration in emerging economies worldwide is anticipated to boost segment growth in years to come.


Asia Pacific Bicycle Market Size, 2022 (USD Billion)

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

Asia Pacific dominated the global bicycle market share with a market size of USD 47.74 billion in 2022 and is expected to retain its position throughout the forecast period. Cycling is one of the major modes of transport in emerging Asian countries. China held the leading market share in Asia Pacific. High demand for e-bikes in China is driving market growth in the region. Additionally, the increasing popularity of bike-sharing services in China as an alternative to public transport is also anticipated to influence market growth in the years to come. Moreover, the inclining populace’s preference for cycling in urban cities of India, including Mumbai, Delhi, and others, for fitness and an efficient commute is likely to fuel market growth in the region.

Europe is expected to witness the fastest growth rate during the forecast period. The COVID-19 induced cycling boom in European countries is driving market growth in the region. Governments across European economies are promoting cycling as an efficient mobility solution that simultaneously addresses environmental, congestion, and public health issues. In addition, governments across Europe have been providing subsidies and tax benefits for new e-bike purchases, which is also anticipated to drive market growth. European governments have also increased their spending on developing cycling infrastructure. All these factors are expected to fuel the European market growth in the years to come.

North America is also expected to witness significant market growth during the forecast period. Rising e-bike sales in the U.S. is the key driver of market growth in the region. Tax benefits offered by the U.S. government, coupled with the increasing traffic congestion in urban regions across North America, are driving the trend for the adoption of micro-mobility solutions such as regular bikes and e-bikes. 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 market growth.


Companies Focus on Development & Acquisitions and Partnerships to Gain Competitive Edge

The market is highly competitive and fragmented in nature, with the presence of key players such as Hero Cycles Ltd., Merida Industry Co., Ltd., Derby Cycle, Mobility Holdings, Ltd. (Tern), Trek Bicycle Corporation, Giant Bicycles, and Accell Group, and others.

Accell Group is a Netherlands-based manufacturer of bicycles, cycle parts, and accessories. The company is a European market leader in e-bikes and the second-largest in cycle parts and accessories. Accell also operates through its various well-known brands. The company’s brand portfolio includes Haibike, Winora, Ghost, Batavus, Koga, Lapierre, Raleigh, Sparta, Babboe, and Carqon. XLC. Accell Group has a workforce of approximately 3,100 employees across 15 countries. Moreover, the company’s bikes and related products are sold to customers and dealers in more than 80 countries. In 2021, the company sold around 856 thousand bicycles and recorded a turnover of USD 1.55 Billion.

Giant Bicycles is one of the leading brands of high-quality bicycles and cycling gear based in Taiwan. The company provides high-quality bicycles at an affordable cost. Additionally, Giant has pioneered advancements in both aluminum and composite engineering. Giant provides a wide range of bicycles, including road bikes, mountain bikes, cross & gravel bikes, kids bikes, and electric bikes (E-Bikes). The company has manufacturing facilities in Taiwan, China, Netherlands, and Hungary. In addition, it has more than 12,000 retail partners globally. The company has various subsidiaries in different countries to conduct international business operations.

List of Key Companies Profiled: 


  • January 2023- The world's leading electric two-wheeler brand, Yadea, launched its two new electric bike models at Consumer Electronic Show (CES) 2023 in Las Vegas. The firm unveiled models including Innovator, URider S and Trooper 01. The company aims to revise the riding experience for its customers in North America.

  • September 2022 - Pon Bike acquired the Dutch e-bike brand Veloretti. Veloretti has experience of decades selling bikes in Europe. Now under Pon Bikes, it will be beneficial to further expand e-bikes in Europe and other regions.

  • January 2022- Cardinal Cycling Group has acquired bicycle manufacturer Detroit Bikes. Detroit Bikes LLC has sold off its assets, including its brand, inventory and 50,000-square-foot factory to Cardinal Cycling Group.

  • April 2022 – Giant Bicycle announced the recall of the model year 2021 Giant Cypress DX, Giant Escape 3 Comfort, Liv Flourish FS 1, and Liv Alight 3 Comfort bicycles due to fall and injury hazards. The company has received nearly 86 reports of the bicycle’s handlebars loosening, including three reports of a rider falling off the bicycle.

  • March 2022 – Tern unveiled its new electric bicycle, the Quick Haul. The new bicycle is a compact electric bike designed for urban use. It is rated for a 150kg maximum gross vehicle weight and consists of an ecosystem of modular accessories for various applications. The different setup assists the riders in carrying extra passengers or loads of cargo. The company announced that the bike would be arriving in stores by the second quarter of 2022.


An Infographic Representation of Bicycle Market

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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, the report offers insights into the Bicycle market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.

Report Scope and Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 11.0% from 2023 to 2030


Value (USD Billion)


By Technology

  • Electric

  • Conventional

By End-User

  • Men

  • Women

  • Kids

By Type

  • Mountain

  • Road

  • Hybrid

  • Others


By Design

  • Folding

  • Regular


By Region

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

    • U.S.

    • Canada

    • Mexico

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

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Netherlands

    • Belgium

    • Denmark

    • Rest of Europe

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

    • Japan

    • China

    • India

    • South Korea

    • Thailand

    • Indonesia

    • Malaysia

    • Rest of Asia Pacific

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

    • Brazil

    • Argentina

    • Rest Of South America

  • Middle East & Africa

    • South Africa

    • UAE

    • Rest of MEA

Frequently Asked Questions

As per the Fortune Business Insights study, the market size was USD 101.92 billion in 2022.

The market is likely to grow at a CAGR of 11.0% over the forecast period (2023-2030).

The conventional segment is expected to lead the market due to the adoption of conventional bicycles globally.

The market size in Asia Pacific stood at USD 47.74 billion in 2022.

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

China dominated the market in terms of increased bicycle sales in 2022.

Asia Pacific held the largest share of the market in 2022.

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