Bicycle Market to Exhibit a CAGR of 10.6% from 2024 to 2032; Hero Cycles Announced the Launch of a D2C E-commerce Website to Offer a Convenient Buying Experience

The global bicycle market size stood at USD 113.73 billion in 2023. The market value is slated to rise from USD 122.52 billion in 2024 to USD 274.14 billion by 2032 at a CAGR of 10.6% during 2024-2032. Fortune Business Insights™ presents this information in its report titled “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”

The growth in the adoption of e-bikes is surging the market expansion. Electric bikes have become more affordable and efficient owing to advances in battery technology.

The market witnessed the adoption of several unprecedented measures to slow down the spread of the virus amid the COVID-19 pandemic. These measures asserted a significant influence on the travel behaviors of people and the entire transportation system. Thus, it resulted in a positive influence on the demand for cycles during the pandemic.

Hero Cycles Released a D2C E-commerce Website to Deliver a Convenient Buying Experience

In December 2022, Hero Cycles announced the release of a D2C e-commerce website to aid a smooth and convenient purchasing experience for its customers. Moreover, doorstep delivery across India, coupled with flexible payment alternatives is offered by the company. This move helped accelerate the company’s sales by offering easy access to customers.

Market Value to Grow Owing to Surging Emphasis of Government on Establishing Cycling Infrastructure

The bicycle market growth is driven by a rise in the emphasis of the government on the development of cycling infrastructure. Biking is being growingly sponsored as a transportation mode by municipal governments across the globe to decrease air pollution, promote active lifestyles, and reduce traffic congestion. In December 2023, the Dutch water management agency Rijkswaterstaat unveiled the operation of two new PV bike-path projects in the Netherlands.

Despite an expanding scope for the adoption of the product, the steep cost of electric cycles coupled with the shortage of charging facilities may impede the market growth.

Prominent Companies Leverage Partnership Extension Strategies to Sustain Their Industry Leadership

Giant Bicycles is a prominent Taiwanese brand supplying high-quality cycling gear and bicycles. Some of the strategic measures implemented by key players include product development, mergers & acquisitions, joint ventures, and others. The extension of partnership strategies is also being focused on by many prominent companies to reinforce their industry positions.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/bicycle-market-104524

List of Key Players 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.)

Key Industry Development

• February 2022: MERIDA BIKES unveiled the extension of a multi-year partnership with Bahrain Victorious. This deal was aimed at supplying the most advanced bike materials.

Further Report Findings

• The Asia Pacific occupied the largest bicycle market share in 2023 and is slated to dominate during the forecast period. The rising urbanization in many nations across the region has caused growing traffic congestion, concerns regarding air pollution, and limited space of parking. This factor boosts the product adoption as a transportation option, fueling the regional growth.


• Europe is slated to experience the fastest growth rate during the forecast period due to the well-established cycling infrastructure in several nations.


• North America is poised to observe significant market growth during the forecast period. This is on the back of the surging focus on fitness and health, with people looking for ways to include physical activity into their daily routine.


• With respect to technology, the market is segmented into conventional and electric. The conventional segment obtained the largest share in 2023. Conventional products do not require electricity or fuel, which is propelling the segment growth.


• On the basis of design, the market is bifurcated into regular and folding. The regular segment captured the largest share in 2023. The surging preference for regular bikes as green and efficient mobility solutions to fossil fuel-based vehicles for short-distance commutes is augmenting the segment expansion.

Table of Segmentation