According to Cognitive Market Research, The global bicycle market size is USD 65.2 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 10.2% from 2023 to 2030.

The demand for bicycle is rising due to the numerous strategies adopted by key participants.
Demand for electric bicycles remains higher in the bicycle market.
The men category held the highest bicycle market revenue share in 2023.
Asia Pacific bicycle will continue to lead, whereas the European bicycle market will experience the most substantial growth until 2030.

Urbanization and Government Initiatives to Provide Viable Market Output

The trend of urbanization is leading to increased demand for bicycles as a practical and efficient mode of transportation in crowded urban areas. Bicycles can be faster and more convenient than cars or public transportation in city traffic, and they take up less space, making them a popular choice for city dwellers. Government initiatives to promote sustainable transportation and reduce carbon emissions are also driving growth in the bicycle market. Governments are investing in infrastructure, such as bike lanes and bike-sharing programs, and providing incentives for consumers to choose bicycles over other modes of transportation, such as tax incentives or subsidies.

For instance, in 2018, Chinese bike-sharing company Mobike was acquired by Meituan-Dianping, a Chinese online food delivery and local services platform. The acquisition allowed Meituan-Dianping to expand its offerings and provide customers with a more comprehensive range of services.

(Source:www.reuters.com/article/us-mobike-m-a-meituan-idUSKCN1HB0DU/)

Increasing Awareness of Health and Fitness and Technological Advancements to Propel Market Growth

Increased awareness of the health benefits of cycling, such as improved cardiovascular health, weight loss, and reduced stress, is driving demand for bicycles. More people are looking for ways to stay active and improve their overall health, and cycling is a convenient and enjoyable way to achieve those goals. Moreover, advancements in bicycle technology, such as e-bikes and other electric-powered bicycles, are driving innovation and growth in the market. E-bikes, in particular, are becoming increasingly popular as they provide an easier and more convenient cycling experience, making cycling accessible to a wider range of consumers.

For instance, in 2020, Specialized launched its Turbo Creo SL e-road bike, which is designed to provide a smooth and efficient ride on both paved and unpaved roads. The bike features a lightweight carbon frame, a powerful motor, and long-lasting battery, making it ideal for both commuting and recreational riding.

(Source:www.bikeradar.com/news/specialized-turbo-creo-sl/)

Increasing traffic congestion in urban areas is driving the demand for bicycles for short distance travelling

Market Dynamics of Bicycle

High Cost, Limited Infrastructure and Weather Conditions to Restrict Market Growth

The high cost of high-end bicycles and e-bikes makes them less accessible to some consumers, which can limit the market's growth potential, particularly in developing countries. In addition, limited infrastructure, such as bike lanes and secure bike parking, can discourage consumers from using bicycles, particularly in areas with high traffic or safety concerns. Weather conditions, such as rain, snow, and extreme heat, can also limit the usability of bicycles and discourage consumers from using them as a mode of transportation. Furthermore, concerns about safety, particularly among new or inexperienced cyclists, can limit the market's growth potential, as accidents involving bicycles and motor vehicles can discourage consumers from using bicycles as a mode of transportation.

Impact of COVID–19 on the Bicycle Market

The COVID-19 pandemic has had a significant impact on the bicycle market. With the pandemic limiting travel and public transportation, more people have turned to bicycles as a safe and sustainable mode of transportation, leading to an increase in bicycle sales, particularly in the entry-level and mid-range segments. However, the surge in demand has also led to a shortage of bicycles in many parts of the world, as manufacturers struggle to keep up with the sudden increase in demand. The e-bike market has seen significant growth during the pandemic, as consumers seek out alternati...

Global bicycle sales are projected to rise by 13.5 percent between 2023 and 2029. In 2023, the global market value of the bicycle industry was 61.7 billion U.S. dollars. The market is expected to continue to grow in the coming years and reach a value of 70 billion U.S. dollars in 2029.

The global bike-sharing service market is estimated to grow to over 13.6 billion U.S. dollars by 2028. In 2024, the market is forecast to reach a value of nearly 9.5 billion U.S. dollars.

In 2023, the U.S. bicycle market was valued at 8.2 billion U.S. dollars. Over the coming years, the market is projected to increase by a quarter, growing to a value of about 10.3 billion U.S. dollars by 2029. This development follows a worldwide trend, with the global bicycle market expected to increase by nearly 14 percent in the same period.

Carbon Fiber Bike Market size was valued at USD 3742.82 Million in 2024 and is projected to reach USD 6421.33 Million by 2031, growing at a CAGR of 7.70% during the forecast period 2024-2031.

Global Carbon Fiber Bike Market Drivers

Technological Advancements: Ongoing progress in the manufacturing techniques of carbon fibre has greatly enhanced the calibre and uniformity of carbon fibre bike frames. Advancements like as enhanced resin compositions, sophisticated moulding techniques, and automated production processes have resulted in the creation of lighter, more robust, and more streamlined designs. These innovations have appealed to consumers seeking state-of-the-art technology.

Carbon fiber’s adaptability enables a wider range of customisation choices in bike design. Manufacturers have the ability to customise frame geometries, tube shapes, and layup patterns in order to fulfil individual rider preferences and performance criteria. The possibility to customise bikes to suit individual riders’ riding style, body proportions, and terrain preferences is attractive to those wanting personalised and optimised bicycles.

Carbon fiber’s natural dampening qualities effectively absorb road vibrations and shocks, resulting in a more comfortable and smoother ride experience in comparison to metal frames. The high level of comfort provided by carbon fibre bikes is especially attractive to endurance cyclists and individuals who frequently ride over challenging terrain for long periods of time. As a result, there is a growing demand for carbon fibre bikes among recreational riders and long-distance cyclists.

Carbon fibre motorcycles are highly valued for their elegant and contemporary appearance, representing a combination of exceptional performance and opulence. The visually captivating aesthetics of carbon fibre frames, coupled with their affiliation with professional cycling teams and esteemed athletes, enhance their aspirational allure among consumers who prioritise elegance and distinction.

Environmental Considerations: The increasing recognition of environmental issues and concerns about sustainability has caused certain consumers to favour carbon fibre bikes over metal counterparts. Carbon fibre manufacture generally emits fewer greenhouse gases compared to the extraction and processing of metals, which makes carbon fibre bikes a popular choice among environmentally-conscious riders.

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Bicycle Market Size 2025-2029

The bicycle market size is forecast to increase by USD 29.08 billion at a CAGR of 7.1% between 2024 and 2029.

The market is experiencing significant growth, driven by several key trends and factors. The increasing number of bicycle sports events worldwide is fueling the demand for high-performance bicycles, particularly in regions with a strong cycling culture. Additionally, the rise of bicycle rental services, particularly in urban areas, is making cycling more accessible and convenient for consumers, leading to increased market penetration. However, the market also faces challenges, such as an increasing number of product recalls due to safety concerns, which can negatively impact consumer trust and market growth. Companies seeking to capitalize on market opportunities should focus on enhancing product safety and quality, while also exploring partnerships with sports events and rental services to expand their customer base. Effective supply chain management and strategic pricing will also be crucial in navigating market challenges and maintaining competitiveness. Overall, the market presents significant growth potential for companies that can effectively address consumer needs and respond to market trends.

What will be the Size of the Bicycle Market during the forecast period?

Request Free SampleThe market encompasses various segments, including mountain bikes, road bikes, hybrid bikes, BMX racing, and adventure sports. This industry experiences significant growth due to increasing consumer preference for eco-friendly personal transportation options. Mountain bikes and road bikes cater to enthusiasts seeking high-performance cycling experiences, while hybrid bikes offer versatility for everyday commuting. Electric cycles, also known as e-bikes, have gained popularity due to their ability to help riders overcome hilly terrain and longer commutes. The rise of electric vehicles and concerns over carbon emissions have contributed to the increasing demand for bicycles as a sustainable alternative to fossil fuel-powered cars. Governments and municipalities worldwide invest in bicycle-friendly infrastructure, such as dedicated lanes and bike paths, further encouraging cycling as a viable transportation option. Technological advancements, including GPS technology and mobile app development, enhance the cycling experience and cater to consumers' lifestyle needs. Lightweight materials and cargo bikes expand the market's reach, offering practical solutions for personal transportation and errands. The bicycle industry continues to evolve, with dockless bicycle-sharing systems and bicycle-sharing companies revolutionizing urban mobility. Overall, the market exhibits growth, driven by consumer demand for eco-friendly, cost-effective, and convenient transportation solutions.

How is this Bicycle Industry segmented?

The bicycle industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. ProductOn-road and trackOff-roadX-road and hybridEnd-userAdultsChildrenDistribution ChannelOfflineOnlinePropulsionManual bicyclesMotor-assisted bicyclesTechnologyElectricConventionalGeographyAPACChinaIndiaJapanEuropeFranceGermanyThe NetherlandsUKNorth AmericaUSCanadaMexicoSouth AmericaMiddle East and Africa

By Product Insights

The on-road and track segment is estimated to witness significant growth during the forecast period.The market encompasses various on-road categories, including road bicycles and mountain bikes. Road bicycles, designed for paved roads, feature lightweight frames and thin tires to optimize efficiency and speed. Their geometry and dropped handlebars enable an aerodynamic riding position, making them suitable for experienced cyclists and city touring. Conversely, mountain bikes are engineered for off-road terrain with sturdy frames and wider tires. Additionally, the market includes electric cycles, which provide eco-friendly personal transportation solutions in metropolitan areas plagued by traffic congestion and high fuel prices. These electric bicycles, or e-bikes, incorporate lightweight lithium-ion batteries and pedal assist to reduce carbon emissions, aligning with the trend toward sustainable mobility. Furthermore, the market caters to diverse consumer lifestyles with hybrid models, cargo bikes, and conventional bicycles. Adventure sports enthusiasts can explore nature on mountain bikes, while fitness cycling and urban commuting are popular uses for commuter bikes. Cycling infrastructure, such as bike-sharing services and GPS technology integrated with mobile apps, has made cycling more accessible and convenient. In , the market offers a range of on-road and off-road bicycles, including road bicycles, mountain bikes, electric bicycles, and

The global bicycle market size reached USD 67.4 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 102.1 Billion by 2033, exhibiting a growth rate (CAGR) of 4.48% during 2025-2033. The launch of favorable policies by government bodies to minimize carbon emissions levels that are released from vehicles, coupled with the development of electric bicycles, is primarily bolstering the market share.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2025-2033. Our report has categorized the market based on type, technology, price, distribution channel, and end user.

The global bicycle market, valued at $22.40 billion in 2025, is projected to experience robust growth, driven by several key factors. Increasing health consciousness, coupled with rising concerns about environmental sustainability and traffic congestion in urban areas, are fueling demand for bicycles as a primary mode of transportation and recreation. Government initiatives promoting cycling infrastructure, such as dedicated bike lanes and improved public transport integration, are further bolstering market expansion. The growing popularity of e-bikes, offering assisted pedaling capabilities, is significantly impacting the market, attracting a broader range of consumers, including older demographics and those with limited physical abilities. Furthermore, technological advancements in bicycle design and manufacturing, leading to lighter, more durable, and technologically advanced bikes (e.g., smart bikes with GPS and fitness tracking), are enhancing the overall consumer experience and driving premium segment growth. Market segmentation reveals a strong demand across various demographics, with men, women, and children actively contributing to market size. The online distribution channel is witnessing significant growth, reflecting broader e-commerce trends and the accessibility of online bike retailers. While the market enjoys significant growth potential, certain challenges persist. Fluctuating raw material prices, particularly for aluminum and steel, can impact production costs and profitability. Supply chain disruptions, experienced globally in recent years, can lead to production delays and increased costs. Competition within the bicycle market remains fierce, with established global players and regional brands vying for market share through product innovation, strategic partnerships, and targeted marketing campaigns. This competitive landscape necessitates continuous innovation and adaptation to ensure market relevance and long-term success. Despite these challenges, the projected Compound Annual Growth Rate (CAGR) of 4.4% for the forecast period (2025-2033) indicates a positive and sustained growth trajectory for the global bicycle market. Regional analysis reveals significant variation in market maturity and growth potential, with established markets in North America and Europe gradually transitioning towards maturity, while emerging markets in Asia-Pacific are expected to fuel substantial future growth.

According to Cognitive Market Research, the global Luxury Bicycle market size will be USD 10412.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 7.90% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 4165.00 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 3123.75 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 2394.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.9% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 520.63 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.3% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 208.25 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.6% from 2024 to 2031.
The electric category is the fastest growing segment of the Luxury Bicycle industry

Market Dynamics of Luxury Bicycle Market

Key Drivers for Luxury Bicycle Market

A Growing Emphasis on Fitness and Health to Boost Market Growth

The luxury bicycle market is expanding significantly due to trends in health and wellness. Fitness enthusiasts who place equal importance on style and performance are increasingly choosing luxury bicycles as more people place a higher priority on leading active lifestyles. Affluent people are purchasing high-end bicycles to enjoy outdoor activities and improve their physical well-being. Demand is also being driven by the increased understanding of the positive effects cycling has on mental health, including less stress and enhanced well-being. Luxurious bicycles are a popular choice for people who are dedicated to leading balanced, healthy lives since they provide the perfect blend of enjoyment and exercise. They are frequently made with ergonomic features and state-of-the-art technology.

The Rising Popularity of Cycling as a Sport to Drive Market Growth

The expansion of the luxury bicycle market is largely due to the rising appeal of riding as a sport. Demand for high-performance bicycles is growing as riding becomes more popular as a recreational and competitive sport, especially in areas like North America and Europe. Rich buyers and enthusiasts are spending more and more money on high-end bicycles that satisfy their demands for precision, speed, and durability by providing cutting-edge technology, premium components, and improved performance. A further factor driving interest in high-end bicycles that offer a competitive advantage is the growth of organized cycling races, events, and clubs. By creating models specifically designed for different cycling disciplines, luxury manufacturers are taking advantage of this trend and driving market expansion.

Restraint Factor for the Luxury Bicycle Market

High Cost of Luxury Bicycles Will Limit Market Growth

A significant factor limiting the market is the high price of luxury bicycles. Because these bicycles are frequently made with high-end components, cutting-edge technology, and custom designs, their costs are significantly greater than those of regular bicycles. Even while wealthy customers are drawn to these amenities, a wider audience cannot afford them, especially in areas where costs are a concern. Additionally, because of their high price, only a specific market group finds luxury bicycles to be appealing as casual purchases. Further lowering potential purchasers' desire to spend on such high-end products can be brought on by economic concerns or downturns, which will impede market expansion. The expansion and general acceptance of luxury bicycles are hampered by this cost barrier.

Impact of Covid-19 on the Luxury Bicycle Market

The luxury bicycle market was affected by the COVID-19 pandemic in many ways. On the one hand, as people looked for safe, socially isolated outdoor activities, cycling became more popular worldwide throughout the lockdowns and restrictions. As wealthy people searched for premium options for fitness and pleasure, this trend increased demand for bicycles, including luxury versions. Furthermore, the move away from public transit du...

The size and share of the market is categorized based on Application (Home, Fitness Club, Others) and Product (Magnetic Resistance, Felt Pad Resistance) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

In 2024, the global bicycle market decreased by -10.6% to $16.4B, falling for the third year in a row after three years of growth. Overall, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $19.7B. From 2022 to 2024, the growth of the global market remained at a lower figure.

Findings from a new market report estimates the value of the market to be around USD 6.9 Billion by 2035, growing at a compound annual growth rate (CAGR) of 8.4%. The rising adoption of e-bikes, integration of lightweight materials and smart connectivity features are set to drive the market growth further.

Key Market Metrics

Region-wise Outlook Bicycle Market

The total e-bike market is projected to grow at a compound annual growth rate of almost 10 percent between 2022 and 2030, reaching close to 62.3 billion U.S. dollars in 2030. In 2021, the size of this market was approximately 26.5 billion U.S. dollars. City/urban e-bikes are expected to be the largest market segment, worth over 51.6 billion U.S. dollars in 2030.

According to Cognitive Market Research, the global folding bicycle market size will be USD 725.6 million in 2024. It will expand at a compound annual growth rate (CAGR) of 9.5% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 290.24 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 217.68 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 166.89 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.5% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 36.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.9% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 14.51 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.2% from 2024 to 2031.
The 26 inches category is the fastest growing segment of the folding bicycle industry

Market Dynamics of Folding Bicycle Market

Key Drivers for Folding Bicycle Market

Rise in Demand for Electric Folding Bicycles to Boost Market Growth

The rising demand for electric folding bicycles is significantly boosting the folding bicycle market. Electric folding bikes offer a perfect blend of portability and assisted cycling, catering to commuters and fitness enthusiasts alike. As urbanization and traffic congestion grow, consumers seek convenient, eco-friendly transportation. The electric feature makes commuting easier, especially for longer distances and older riders. Technological advancements, lightweight materials, and government incentives promoting sustainable transport are driving the adoption of electric folding bikes, contributing to the overall growth of the folding bicycle market. For instance, in April 2022, Hyderabad-based E-mobility startup Kachbo Design came up with a first-of-its-kind electric bicycle that its developers call 'an adaptive urban commuter.' The e-bicycle Hornback looks like a regular battery-fitted cycle but can be folded and carried in a car’s boot or pushed around like a trolley.

Fluctuations & Increases in Fuel Prices to Drive Market Growth

Fluctuations and increases in fuel prices significantly impact the folding bicycle market by encouraging consumers to seek cost-effective, alternative transportation. As fuel costs rise, commuting by car or motorbike becomes more expensive, pushing people towards eco-friendly, economical options like folding bicycles. These bicycles offer savings on fuel while providing flexibility for urban commutes. Additionally, they cater to the growing demand for portable, multimodal transport solutions, further boosting their popularity. Thus, volatile fuel prices act as a catalyst for increased adoption of folding bicycles in cost-conscious markets.

Restraint Factor for the Folding Bicycle Market

High Production Cost to Limit Market Growth

High production costs are a significant challenge in the folding bicycle market. The use of advanced materials like lightweight aluminum or carbon fiber, along with intricate folding mechanisms, drives up manufacturing expenses. Additionally, research and development (R&D) for improved folding designs, durability, and compactness add to the cost. These factors make folding bicycles more expensive than conventional bikes, limiting affordability for some consumers. As companies focus on innovative features like electric assistance and portability, the cost of producing high-quality, reliable folding bikes remains a market constraint.

Impact of Covid-19 on the Folding Bicycle Market

The COVID-19 pandemic significantly boosted the folding bicycle market. With social distancing measures and reduced public transport usage, many people turned to cycling as a safer mode of transportation. Folding bicycles, being portable and space-saving, gained popularity among urban commuters and those seeking flexible mobility solutions. Additionally, the surge in health consciousness during lockdowns fueled demand as more people embraced cycling for fitness. Supply chain disruptions temporarily affected production, but overall, the pandemic catalyzed a...

The size and share of the market is categorized based on Application (Bicycle Racing, Bicycle Touring, Others) and Product (Road Bikes, Mountain Bikes, Others) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

Global and regional bicycle Market was valued at $ 61.42 B in 2023, and is projected to reach $USD 74.97 B by 2032, at a CAGR of 2.24% from 2023 to 2032.

Explore the Bicycle Frames Market trends! Covers key players, growth rate 13.5% CAGR, market size $63.27 Billion, and forecasts to 2034. Get insights now!

The global e-bike market size reached USD 26.4 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 45.5 Billion by 2033, exhibiting a growth rate (CAGR) of 6.22% during 2025-2033. The rising environmental concerns, rapid urbanization, increasing health and fitness activities, favorable government initiatives, significant technological advancements, increasing awareness about environmental issues and changing lifestyle trends are some of the major factors propelling the market growth.

Explore the top import markets for bicycles and their key statistics. Discover the booming bicycle industry and the countries driving its growth. Find out the latest import values and trends in the global bicycle market.

The Report Covers North America Bicycle Market Share by Brand & Industry Size and it is segmented by Type (Road Bicycles, Hybrid Bicycles, All-Terrain Bicycles, E-bicycles, and Other Types); by Distribution Channel (Offline Retail Stores and Online Retail stores); by Geography (United States, Canada, Mexico, and Rest of North America). The report offers market size and values in (USD Million) during the forecasted years for the above segments.