Bicycle Market to Experience 11.0% CAGR during 2023-2030; Consumer’s Attention Toward Fitness to Bolster Market Development

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. Fortune Business Insights™ presents this information in its report titled “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”.

 With the growing awareness of the world's health-conscious population, the cycle business has experienced significant growth over the past few years. Most people use cycles for transportation, exercise, sports, hiking, and other activities. In order to serve a wider consumer base, manufacturers offer a variety of sorts or categories created specifically for these applications. Mountain bikes, road bikes, and hybrid bikes are a few of the categories that the manufacturers offer.

Consumer Attention to Fitness in the Face of COVID-19 Pandemic to Accelerate Market Growth

The COVID-19 pandemic prompted the establishment of a number of ground-breaking policies to contain the virus's spread. Such actions have had a significant impact on both people's travel habits and the entire transportation system. As a result, the epidemic has had a beneficial impact on the demand for cycles. However, the cycle sector continued to have supply chain problems in the early stages of the pandemic. Due to increased demand for the sport of cycling as well as delays in the supply chain and manufacturing, bike shops were left with empty shelves. Keeping products in stock and moving through the supply chain will continue to be difficult for cycle firms.

Major Companies Focus on Building Sturdy Cycles

Giant Cypress DX, Giant Escape 3 Comfort, Liv Flourish FS 1, and Liv Alight 3 Comfort bicycles from model year 2021 were recalled in April 2022 owing to potential fall and injury hazards. Nearly 86 reports of the handlebars of the bikes slipping have been made to the manufacturer, including three reports of riders falling off.

Cycling-Related Sports' Increasing Popularity will Boost Market Growth

Global bike sales are being considerably impacted by the rising popularity of cycling-related sports like BMX racing and adventure sports like mountain biking. Additionally, the rise in cycling sports clubs and their alluring marketing tactics encourage people of all ages to take up cycling as a recreational activity, which is anticipated to hasten market expansion in the years to come. A few popular trends that are projected to increase bicycle market share throughout the projection period are technology advancements like connected bikes, the usage of new materials for lightweight and efficiency, and the development of electrically driven bikes.

However, alternate transportation choices such as buses, trains, and others may impede the bicycle market growth.

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Competitive Landscape

Companies Prioritize Product Improvement and Acquisitions to Spur Market Growth

The sector is highly competitive and fragmented due to the presence of significant competitors, including Hero Cycles Ltd., Merida Sector Co., Ltd., Derby Cycle, Mobility Holdings Ltd. (Tern), Trek Bicycle Corporation, Giant Bicycles, Accell Group, and others. The Netherlands-based Accell Group manufactures bicycles, cycle parts, and cycling gear. The company leads the e-bike market and is the second-largest producer of cycle parts and accessories in Europe.

Notable Industry Development:

• January 2022 – TVS Motor Company signed an agreement to acquire European e-bike maker Swiss E-Mobility Group for USD 100 million. SEMG is a market-leading provider of e-mobility solutions. The company sells bikes under brands like Cilo, Simpel, Allegro, and Zenith – Bikes.

List of Key Players Profiled in the Report:

• 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.)

Further Report Findings:

• With a market size of USD 47.74 billion in 2022, Asia Pacific has the largest market share in the world for cycles, and it is anticipated that it will continue to hold that position during the projection period. In developing Asian nations, cycling is one of the main forms of transportation.


• During the forecast period, Europe is anticipated to experience the fastest growth rate. The cycling boom brought on by COVID-19 is propelling market expansion in the area. Cycling is being promoted by governments in all European economies as a practical form of transportation.


• During the projection period, North America is also anticipated to have considerable market expansion. The primary driver of market expansion in the area is an increase in e-bike sales in the U.S. 

Table of Segmentation