Bicycle Market Analysis

Bicycle Market Analysis

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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.