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 Report, 2025–2032

The global bicycle market size was valued at USD 108.74 billion in 2024 and is projected to grow from USD 116.56 billion in 2025 to USD 245.33 billion by 2032, exhibiting a CAGR of 11.2% during the forecast period. The Asia Pacific dominated the global bicycle industry with a share of 49.65% in 2024.

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

The increasing integration of digital technologies, such as GPS-enabled performance tracking, mobile app connectivity, and smart safety features, is reshaping the global bicycle market. Manufacturers are increasingly developing connected bicycles to improve the user experience by enabling riders to monitor performance metrics, navigate routes, and ensure safety using real-time data insights. This trend is consistent with the growing consumer demand for technologically advanced mobility solutions.

Factors such as rising traffic congestion, urbanization, and growing environmental concerns are driving market growth. Urbanization accelerated worldwide, with 57.3% of people living in cities. Urbanization rates are generally higher in developed (79.9%) than developing (52.8%) economies. In LDCs, only 36.4% of people live in urban areas.  The global population is estimated to have increased by over 71 million in 2024, reaching 8.09 billion on New Year's Day 2025, according to the US Census Bureau.

The bicycle market is highly competitive and dominated by several major players.  These major players drive the bicycle market through innovation, strategic partnerships, and geographic expansion while addressing diverse consumer needs across different regions. Key players in this market include Hero Cycles Ltd, Accell Group., and Giant Bicycles.

The bicycle industry is experiencing an increase in demand for premium and customized bicycles, driven by affluent consumers seeking performance-oriented designs and environmentally friendly materials. The rise of direct-to-consumer (D2C) distribution channels and e-commerce platforms is allowing brands to reach a larger audience while increasing profitability. This strategic shift is expected to boost the competitiveness of the global bicycle market over the next decade.

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, the demand for bicycles increased during the pandemic.

Bicycle Market Trends

Rising Adoption of E-Bikes is the Ongoing Trend

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 have led to a shift in preference toward electric bikes for everyday commutes, which pushes bicycle market growth.

E-bikes are increasingly being used for bike sharing programs and transportation, especially in urban areas with traffic congestion and limited parking. Their ability to travel longer distances without requiring frequent breaks and the option to bypass traffic make electric bikes a viable alternative to cars, public transportation or traditional bikes for daily commuting. Moreover, government incentives such as tax benefits and subsidies for purchasing e-bikes are anticipated to fuel demand in years to come.

Major manufacturers are also investing in connected e-bike platforms, which allow users to track riding data, battery levels, and maintenance schedules using mobile apps. This increased technological sophistication is redefining the competitive landscape of the global bicycle market, in line with consumer demand for smart and sustainable urban mobility solutions.

Furthermore, collaborations among e-bike manufacturers, energy companies, and charging infrastructure developers are strengthening the ecosystem that supports electric mobility. These collaborations are expected to accelerate infrastructure readiness and encourage widespread adoption of e-bikes across metropolitan areas, cementing their position as a pillar of the modern bicycle market.

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Bicycle Market Growth Factors

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

Cycling infrastructure includes many components designed to improve bicycling and scootering on roads, dedicated paths, and even sidewalks, where permitted. It also includes bike racks, shelters, lockers, changing rooms, showers, traffic signs, and overall urban design elements 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 developed two cycle paths equipped with photovoltaic modules in the Netherlands. Each bike path spans 1,000 square meters in the provinces of North Brabant and North Holland.

The increasing adoption of smart city initiatives and sustainable transportation infrastructure is driving the integration of dedicated cycling lanes and smart bike-sharing stations in major cities. Countries such as Denmark, Germany, and Japan are investing heavily in bicycle-friendly policies to encourage low-emission commuting. This global shift in mobility planning is expected to support the bicycle market's long-term growth trajectory.

RESTRAINING FACTORS

Availability of Alternative Transport Solutions May Hamper Market Growth

The wide availability of alternative transportations such as buses, trains, autos, and others is likely to hamper market growth. Trade restrictions on bicycle components and accessories across different countries may also disrupt production processes at associated companies’ production sites.

In addition, e-bicycles are more expensive than scooters or motorbikes due to the high expense of batteries and technology. As a result, consumers often prefer traditional scooters or motorbikes, which offer superior performance at the same or lower cost. Thus, the higher cost of electric cycles and the lack of charging facilities are anticipated to restrain market growth.

Also, inconsistencies in government regulations regarding e-bike classification and road usage have posed challenges for both manufacturers and consumers in several regions. The absence of consistent standards for speed limits, safety certifications, and insurance coverage continues to impede widespread adoption. Addressing these policy disparities will be critical to realizing the full potential of the global bicycle industry.

Bicycle Industry Opportunities

Growing Interest in Cycling as a Fitness Activity to Present Growth Opportunity

Presently, consumers have become more health conscious due to work-related stress and sedentary lifestyle. Majority of individuals are investing their time in performing various fitness activities such as cycling, yoga, swimming, and running to remain healthy, fit, and active in daily life. Cycling is considered a healthy and low-impact activity, which has many physical and mental health benefits such as it builds endurance, alleviates stress, strengthens muscles, and improves cardiovascular health. It also promotes weight loss, lowers the risk of cancer, slows aging and also improves the sleep cycle.

The emergence of cycling tourism and adventure biking as lifestyle-driven leisure activities is creating new growth opportunities for the bicycle industry. Tour operators and travel agencies are increasingly offering cycling-focused packages that promote sustainable tourism and outdoor recreation, driving up domestic and international demand for premium bicycles and accessories. Rising awareness of fitness benefits of cycling among consumers is anticipated to increase the demand for fitness-oriented bicycles in the upcoming years, which, in turn, is contributing to the growth during the forecast period.

Bicycle Market Challenges

Supply Chain Complexity and Cost Creates Obstacles for Market Growth

The bicycle supply chain is highly globalized and fragmented. It involves a vast network of suppliers for hundreds of components per bike, often spread across multiple continents. This complexity makes it difficult for brands to track inventory, forecast demand accurately, and respond swiftly to disruptions.

The supply chain is complex, making it difficult to respond quickly to bicycle market changes. Persistent supply chain disruptions, rising raw material and logistics costs, and others continue to increase production expenses. These factors increase the cost of manufacturing and ultimately affect bicycle affordability for consumers.

The industry's reliance on imported raw materials and components, particularly from Asia, has exposed it to changes in trade policies, freight delays, and geopolitical tensions. To address these challenges, leading manufacturers are investigating regionalized production hubs, vertical integration, and advanced demand forecasting systems to improve supply chain resilience and maintain consistent growth in the global bicycle market.

Market Analysis By Technology Segment

Conventional Bikes Segment Dominated due to its Affordability

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

The conventional segment held the largest market share in 2024 and is likely to continue its dominance throughout the forecast period. Conventional products are more affordable than e-bikes or other motor vehicles, offering advantages such as low upfront cost, minimal maintenance, and no fuel or electricity requirements. These benefits are poised to drive market expansion during the forecast period.

Furthermore, traditional bicycles benefit from existing distribution networks and widespread consumer familiarity, which give considerable market resilience in emerging nations with high price elasticity. This category is also experiencing persistent demand as riding becomes more popular for health, exercise, and environmentally friendly commuting, confirming the traditional bicycle market's stability.

The electric segment is anticipated to register the fastest CAGR during the forecast period. The 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 benefits of e-bikes, contributing to the segment growth. In March 2023, Himiway launched three electric bicycles- 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 bicycle market during the forecast period.

The increased integration of smart technologies, such as GPS monitoring, pedal-assist systems, and connected mobile applications, is predicted to drive electric vehicle growth. Government subsidies and urban planning initiatives that promote sustainable mobility are also expected to boost e-bike usage in both developed and developing countries. As the urban mobility landscape shifts, the electric bicycle category is well-positioned to take a larger share of the global bicycle market, particularly among environmentally aware and tech-savvy consumers.

In terms of market dynamics, the global bicycle market is shifting toward hybrid bikes that mix conventional and electric elements to meet a wide range of consumer needs. Product launches, mergers, and collaborations are examples of competitive strategies used by significant competitors to accelerate the innovation cycle and drive total market expansion. Rising awareness of environmental sustainability, as well as increased urban congestion, are predicted to boost demand in both conventional and electric segments, thus widening the entire bicycle market landscape.

Market Analysis By Type Segment

Hybrid Segment Leads due to its Growing Popularity

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

The hybrid segment held the largest market share in 2024 and is anticipated to continue its dominance during the forecast period. Growing consumer awareness regarding the availability of multi-purpose hybrid products, suitable for daily road commute and hiking activities, is driving their adoption. In addition, hybrid bikes offer ease of use, comfort, and stability, further boosting their popularity among riders. Hence, the growing adoption of hybrid products is poised to fuel the segment's growth during the forecast period.

Lightweight frames, advanced suspension systems, and versatile gear mechanisms are increasingly being used in hybrid bicycle design, making them appealing to both casual riders and performance-oriented enthusiasts. The incorporation of eco-friendly materials and ergonomic designs is increasing consumer preference, positioning the hybrid segment as a key growth driver in the global bicycle market. Rising urbanization and a growing emphasis on healthy, sustainable lifestyles are expected to keep demand for hybrid bicycles strong during the forecast period.

The cargo segment is expected to witness the fastest 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 and a range of 210 with its dual battery.

Advancements in electric propulsion systems, battery technology, and modular storage solutions have improved load efficiency and range in the cargo segment. Logistics companies and urban delivery services are increasingly incorporating electric cargo bikes into their fleets to reduce operational costs and meet sustainability goals. This trend is expected to hasten the adoption of cargo bicycles, positioning this segment as a key growth opportunity within the larger bicycle market, particularly in densely populated urban areas where last-mile delivery efficiency is critical.

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Market Analysis By End-User

Men Segment Led the Market due to Technological Advancements

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

The men segment held the leading market share in 2024 and is anticipated to retain its position throughout the forecast period, with the fastest growth rate. The men's segment in the 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. The appeal of high-performance products that leverage the latest advancements in the bicycle industry drives the demand among male riders.

The men's segment is expected to benefit from increased participation in competitive cycling events, mountain biking, and adventure sports, which will drive demand for performance-oriented bicycles. Rising disposable incomes, combined with an increase in demand for premium and customized bicycles, are expected to strengthen the men's segment's position in the global bicycle market. Retailers and manufacturers are increasingly using digital channels and specialized e-commerce platforms to target this demographic with tailored offerings, improving market penetration and customer engagement.

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 growing adoption of bicycles by women as a means to stay active and maintain fitness, drives the growth of the segment.

Furthermore, the women's segment is being propelled by the development of ergonomically designed bicycles that prioritize comfort, safety, and style, such as step-through frames and adjustable seating. Urban mobility initiatives, improved safety infrastructure, and lifestyle-oriented marketing campaigns are all contributing to the growing popularity of bicycles among women. With increased awareness of sustainable commuting options and a shift toward health-conscious living, the women's segment is expected to represent a significant growth opportunity in the global bicycle market.

Market Analysis By Design

Regular Bikes Segment Captured the Largest Market Share, Driven by Growing Demand for Green Mobility Solutions

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

The regular segment held the largest market share in 2024. 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, the affordability and widespread availability of regular bikes are anticipated to accelerate the segment’s growth during the forecast period.

The regular segment benefits from integration with smart technologies such as GPS systems, connected mobile apps, and performance tracking devices, which improves user experience and operational efficiency. Urban mobility policies and investments in cycling infrastructure in key markets are boosting the popularity of regular bicycles as a sustainable mode of transportation. These factors position the regular segment as a key driver of growth in the broader bicycle market, particularly in regions that prioritize environmental sustainability and congestion reduction.

The folding segment is projected to witness the fastest growth from 2025 to 2032. The growth is attributed to rising recreation activity, changing outlook of short travels, better portability and efficiency, smaller size requirements, and the use of lightweight material, all of which contribute to the future growth of the folding bicycle market.

The folding segment is becoming increasingly popular among urban commuters, travelers, and space-conscious consumers who value compact storage and multi-modal transport compatibility. Foldable frames, locking mechanisms, and lightweight alloys are improving usability, and the convergence of e-bike technology and folding designs is expected to speed up adoption even more. The folding segment is well-positioned to gain a larger share of the global bicycle market as consumer preferences shift toward flexible, convenient, and environmentally friendly mobility solutions.

Market Analysis By Distribution Channel

Availability of Aftermarket Services for Products Boosted 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 2024. The growth is attributed to the availability of after-sales services such as bike assembly, maintenance, and repairs. This value-added service reassures customers that they can receive assistance and support post-purchase, fostering long-term relationships and repeat business. The retail shop offers convenience in terms of immediate availability and instant gratification.

Offline channels also benefit from experiential retailing, which allows customers to test ride, evaluate product ergonomics, and receive personalized consultations. This hands-on experience boosts consumer confidence and loyalty, especially in the premium and high-performance segments of the bicycle market. Manufacturer-specialty store partnerships are increasingly driving brand visibility and market expansion, particularly in urban and densely populated areas.

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

Furthermore, online platforms use cutting-edge digital tools like augmented reality for virtual bike fitting, AI-powered recommendations, and subscription-based service models. These innovations improve the online shopping experience and increase penetration in untapped markets, thereby contributing to overall growth in the global bicycle market. E-commerce platforms also allow for direct-to-consumer sales, which reduces costs while expanding product offerings, particularly for electric and specialty bicycles.

REGIONAL INSIGHTS

By geography, the region is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

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Asia Pacific Bicycle Industry Insights

The Asia Pacific dominated the global bicycle market share with a valuation of USD 53.99 billion in 2024 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 drives market growth. Moreover, 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, designed to provide an ideal workspace for its team members. This development is slated to drive market growth during the forecast period.

Additionally, rapid industrialization and rising disposable incomes in India, China, and Southeast Asia are driving up consumer spending on recreational and e-bikes. Government incentives for sustainable urban transportation, such as subsidies and tax breaks, increase adoption, reinforcing Asia Pacific's bicycle market dominance.

North America Bicycle Industry Insights

North America is expected to witness significant market growth during the forecast period. There is a growing emphasis on health and fitness in the region, 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.The U.S. bicycle market is projected to grow significantly, reaching an estimated value of USD 22,415.6 million by 2032, driven by the large consumer spending for the various outdoor recreational activities such as paddle cycling, surfing, bike riding, and others in the country. The regional growth is attributed to rising environmental concerns and a preference for sustainable transportation. Consumers are shifting to bicycles as an eco-friendly alternative to fossil-fuel-powered vehicles. This development drives the market growth during the forecast period.

North American growth is also aided by investments in smart city initiatives, the expansion of bike-sharing programs, and the growing popularity of adventure and off-road cycling. The incorporation of e-bikes into corporate wellness and urban mobility programs generates new demand streams, bolstering the North American bicycle market.

Europe Bicycle Industry Insights

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 this infrastructure combined with a culture that encourages cycling, supports the growth of the market in Europe. In February 2023, the European Parliament proposed additional dedicated cycling lanes and parking places for bikes, along with reduced VAT, to boost the EU cycling industry.

Furthermore, the proliferation of shared mobility services, such as e-bike rentals and subscription-based cycling platforms, is driving adoption in urban areas. Sustainability initiatives, combined with increased environmental awareness among European consumers, are expected to accelerate the adoption of electric and hybrid bicycles, establishing Europe as a high-growth region in the global bicycle market.

Middle East, South America and Other Country Bicycle Industry Insights

The South America and the Middle East & Africa regions are also anticipated to register considerable growth during the forecast period, driven by increasing imports in these regions.

Furthermore, infrastructure development in emerging cities, rising urban congestion, and greater awareness of sustainable transportation options are expected to drive demand. Partnerships between local distributors and global bicycle manufacturers facilitate technology transfer and the availability of high-quality products, thereby expanding the regional footprint of the bicycle market in these territories.

Competitive Landscape

Key Companies Focus on Expansion to Gain a Competitive Edge

Key players in this market include Hero Cycles Ltd, Accell Group., and Giant Bicycles. These manufacturers focus on expanding their product offerings, portfolio, sales network, and partnerships.

Giant Bicycles, a leading brand of high-quality products and cycling gear based in Taiwan. The company is also known as Giant Manufacturing, offers a wide range of products, including bicycles, storage baskets, training platforms, auxiliary wheels, drinking products, lights, shelves, mudguards, stopwatches, inflators, parking racks, bicycle locks, bags, and other products. Their product line includes road, mountain, cross & gravel, and kids and electric bikes (E-Bikes). 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.

Key players in the bicycle market are increasing their investments in digital platforms, direct-to-consumer sales channels, and e-commerce integration in order to reach new customer segments and improve brand visibility. Companies are also focusing on innovation in electric and hybrid bicycle technology, including IoT-enabled connectivity, battery optimization, and smart ride analytics, to appeal to tech-savvy and environmentally conscious customers. Strategic partnerships with logistics providers, urban mobility platforms, and global distributors are also facilitating market expansion, allowing businesses to enter emerging markets and respond effectively to shifting consumer preferences.

List of Top Bicycle Companies Profiled:

• Hero Cycles Ltd. (India)
• Merida Industry Co., Ltd. (Taiwan)
• Orbea (Spain)
• Trek Bicycle Corporation (U.S.)
• Giant Bicycles (Taiwan)
• Accell Group (Netherlands)
• Mobility Holdings, Ltd. (Taiwan)
• Derby Cycles (Germany)
• Pon Holdings B.V. (Netherlands)
• Brompton Bicycle Inc. (U.K.)
• Bianchi (Italy)
• BOSCH e-Bike system (Germany)
• Specialized Bicycle (U.S.)
• Cannondale Bicycle (U.S.)
• Cervélo Cycles (U.S.)
• SRAM LLC (U.S.)
• Shimano (Japan)
• Yamaha Motor Co., Ltd. (Japan)
• Ideal Bike Corporation (Taiwan)
• KMC Chain Industrial Co., Ltd. (Taiwan)
• DARFON Electronics Corp (Taiwan)
• Lee Chi Enterprise Co., Ltd (Taiwan)
• Phoenix Bicycle Manufacturing Co., Ltd (China)
• SAVA Bicycle (Europe)
• XDS Bicycle Co., Ltd. (China)
• Bafang Electric (Suzhou) Co., Ltd (China)
• DJI (China)
• SCOTT Sports (Switzerland)
• TQ group (Germany)

KEY INDUSTRY DEVELOPMENTS

• November 2024: Emotorad launched a new e-cycle, the ST-X, designed for comfort and style. The ST-X features a step-through frame for accessibility, ergonomic handlebars, and an adjustable saddle.
• September 2024: StryderCycles launched two new e-bike models, VolticX and VolticG, offering up to a 16% discount on the original price. Stryder’s mission is to promote e-bikes as an eco-friendly mobility option amid rising concerns about air pollution and urban traffic congestion.
• April 2024: Tern launched its very first Bosch-powered e-bikes into the Taiwan market. The Tern Vektron and Tern Quick Haul will be available for sale at local bike shops around the island.
• March 2024: Merida announced the addition of three all-new Shimano EP801-powered bikes to their lineup: a new full carbon eOne-Sixty CF, bigger range alloy eOne-Sixty Lite & versatile aluminium eOne-Forty Lite.
• January 2023: Orbea launched an E-road Bike named the 2023 Gain, featuring 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), to XXL (60).

REPORT COVERAGE

The report provides a detailed analysis of the market and focuses on key aspects such as leading/key market players, competitive landscape, and technology type. 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.

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Report Scope and Segmentation