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Bicycle Market Trends

Report ID: GMI6748
Published Date: Nov 2024
Report Format: PDF

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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.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of bicycle reached USD 66.1 billion in 2024 and is set to grow at a 7.8% CAGR from 2025 to 2034, driven by increasing urban congestion and traffic issues.

The offline segment is expected to exceed USD 90 billion by 2034 due to the essential role of brick-and-mortar bicycle shops in providing expert advice, personalized service, and a wide selection of high-quality bicycles and accessories.

China's market accounted for 60% of the revenue share in 2024, led by urban congestion, environmental concerns, and demand for cost-effective transportation.

The key players in the industry include Accell Group, BH Bikes, BMC Switzerland, Brompton Bicycle Ltd, Fuji Bikes, Giant Group, Merida Industries, PON Holdings BV, Trek Bicycle, and Yamaha Motor.