Bicycle Market Size - By Product, By Distribution Channel, By End Use, Analysis, Share, Growth Forecast, 2025 – 2034

Bicycle Market Size

The global bicycle market size was valued at USD 66.1 billion in 2024 and is projected to grow at a CAGR of 7.8% between 2025 and 2034. Bicycles address traffic congestion, parking issues, and public transportation limitations in many cities. Particularly in densely populated areas, bicycles offer a convenient and time-efficient commuting option where car mobility is challenging.
 

For instance, the 2023 Bureau of Transportation Statistics report reveals that U.S. drivers lost 42 hours to traffic congestion, equating to USD 733 in lost time. Traffic congestion cost the U.S. over USD 70.4 billion in 2023, a 15% increase from 2022. The report also notes that the return to office post-Covid has impacted various transportation modes. As the demand for efficient and space-saving transportation grows, the market is emerging as a viable alternative to traditional vehicles.
 

The increasing emphasis on active lifestyles, regular exercise, and personal wellness has boosted bicycling's popularity as a low-impact cardiovascular activity. Consumers are integrating cycling into their fitness routines, recognizing its benefits for cardiovascular health, muscle strengthening, and weight management. This focus on health and accessible physical activity has driven demand in the market.
 

Bicycle Market Trends

The rise of bike-sharing and micromobility services in urban areas is transforming bicycle access and perception. This trend highlights the demand for convenient, eco-friendly transportation in densely populated regions, creating new market opportunities for bicycle manufacturers and service providers.
 

For instance, Toronto's Bike Share program recorded 5.7 million trips in 2023, an increase from 4.5 million in 2022. This initiative supports the city's "TransformTO" strategy to achieve net-zero emissions by 2040. Urban mobility solutions, including bike-sharing systems, are increasingly crucial in reducing carbon footprints. This trend highlights a global shift towards sustainable transportation in cities worldwide.
 

Rising bicycle manufacturing costs are impacting the market, influencing pricing, consumer behavior, and production processes. Key factors include increased raw material prices, such as steel and carbon fiber, and global supply chain challenges, leading to longer lead times and higher shipping costs. Consequently, average bicycle prices have risen, potentially reducing affordability for some consumer segments and affecting purchasing decisions in price-sensitive markets.
 

Bicycle Market Analysis

Based on the product, the market is segmented into road bicycles, e-bikes, cargo bicycles, and mountain bicycles. In 2024, the road bicycles segment accounted for over 50% of the market share and is expected to exceed USD 70 billion by 2034. The demand for road bicycles with lightweight frames and aerodynamic features is rising, driven by advancements in carbon fiber materials and wind tunnel testing. Manufacturers are now producing highly optimized bikes for competitive cyclists and enthusiasts seeking enhanced speed, efficiency, and performance.
 

For instance, in May 2024, TIME Bicycles, in collaboration with KraussMaffei, Fraunhofer USA, and Clemson University, unveiled composite bicycle technology by introducing HP-RTM (High-Pressure Resin Transfer Molding) to the cycling industry.
 

Additionally, disc brakes are increasingly replacing traditional rim brakes in the road bike market. They provide superior stopping power, enhanced wet-weather performance, and better modulation, making them the preferred choice for racers and recreational riders seeking improved safety and control.
 

Based on the distribution channel, the bicycle market is divided within offline and online. By 2034, the offline segment is expected to exceed USD 90 billion due to several key factors. Traditional brick-and-mortar bicycle shops remain essential in offline distribution, offering expert advice, personalized service, and a wide selection of high-quality bicycles and accessories. These shops cater to enthusiasts, hobbyists, and those seeking an immersive shopping experience.
 

Large sporting goods retailers dominate the offline bicycle market, providing a diverse range of bicycles, gear, and components. They leverage their broad customer base and economies of scale to offer convenient access to bicycles for mainstream consumers. Additionally, bicycle manufacturers have enhanced their offline presence by building dealer networks and partnering with local and regional distributors, ensuring a robust and diverse sales channel.
 

China bicycle market accounted for 60% of the revenue share in 2024. In China, urban congestion, environmental concerns, and demand for cost-effective transportation have driven the rise of electric bicycles (e-bikes). Government policies and incentives have further supported this trend. By 2023, e-bike sales represented a significant portion of the market, especially in cities like Beijing and Shanghai, where last-mile connectivity is crucial.
 

In North America, cities such as New York, San Francisco, and Toronto are rapidly expanding bike-sharing systems. These systems provide affordable, eco-friendly transportation for short trips, reducing urban congestion and emissions. The growth of dockless bike-sharing options, which allow flexible pick-up and drop-off, has accelerated this trend.
 

Europe leads in integrating bicycles into urban mobility. Cities like Amsterdam, Copenhagen, and Berlin have developed extensive cycling infrastructure, including bike lanes, parking facilities, and safety measures. These investments are increasing daily cycling for commuting and leisure, aligning with growing environmental awareness.
 

Bicycle Market Share

Giant Group, Accell Group, and PON collectively held a substantial market share of over 6% in the bicycle industry in 2024. Giant is expanding its product range and market presence. The acquisition of Stages Cycling strategically positions Giant in the indoor cycling segment, enhancing its overall cycling ecosystem. This move diversifies Giant’s portfolio and leverages Stages' intellectual property and manufacturing facilities, strengthening its reach in both indoor and outdoor cycling markets.
 

Accell is focusing on operational efficiency and financial stability. By integrating its bicycle, parts, and cargo bike operations into a single platform, Accell aims to streamline operations and reduce costs. The company has also restructured its manufacturing footprint by closing certain European production sites and optimizing output in specialized factories.
 

Pon is making strategic investments to reinforce its market position. The company has opened a new e-bike factory in Lithuania with an annual capacity of 450,000 units, demonstrating its commitment to the growing e-bike market. Additionally, Pon has invested in innovative technologies like Ziemi’s lighting system, enhancing its product offerings and capturing emerging market opportunities.
 

Bicycle Market Companies

Major players operating in the bicycle industry are:

• Accell Group
• BH Bikes
• BMC Switzerland
• Brompton Bicycle Ltd
• Fuji Bikes
• Giant Group
• Merida Industries
• PON Holdings BV
• Trek Bicycle
• Yamaha Motor
   

Bicycle Industry News

• On September 14, 2024, Giant Group, through its American subsidiary SPIA Cycling Inc., acquired the assets of U.S. indoor cycling brand Stages Cycling for $20.1 million via bankruptcy proceedings. This acquisition aims to strengthen Giant's position in the indoor cycling sector and develop a comprehensive cycling ecosystem.
   
• In December 2023, SEG Automotive entered the eBike market by partnering with BH Bikes. The collaboration introduced a mid-mounted motor featuring a compact design for seamless frame integration.
   

The bicycle market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue ($ Mn/Bn), and volume (Units) from 2021 to 2034, for the following segments:

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Market, By Product

• Road bicycle
• E-bikes
• Cargo bicycle
• Mountain bicycle

Market, By Distribution Channel

• Offline
• Online

Market, By End Use

• Leisure & sports enthusiasts
• Commuters

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • Saudi Arabia
  • South Africa