Bicycle Market Trends and Future Prospects Details 2030

Bicycle Industry Overview

The global bicycle market size was valued at USD 59.33 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.2% from 2022 to 2030. The increase in the number of people opting for bicycling as a form of leisure is anticipated to propel market growth. Preference for bicycles as a convenient form of exercise to ensure a healthy life, free from obesity and other disorders, is expected to further boost the market expansion. The popularity of dockless bicycle-sharing systems has been rising lately. This system allows users to locate a bicycle nearby and unlock it electronically. Incepted originally in Europe, dockless bicycle-sharing systems are gaining popularity, particularly in Asian nations such as India and China.

Furthermore, recent advancements in mobile app development and Global Positioning System (GPS) have resulted in app-based dockless bicycle-sharing systems. Moreover, the growing adoption of such dockless bicycle-sharing systems is anticipated to fuel the demand for cycles significantly. Chinese bicycle-sharing companies are particularly investing and expanding their operations aggressively in the European nations to capitalize on the market opportunities. This is expected to boost the market growth in the forthcoming years.

Gather more insights about the market drivers, restrains and growth of the Global Bicycle Market

North America bicycle market size, by product, 2020 - 2030 (USD Billion)

People have started realizing the importance of staying fit and having a healthy life. They have also started realizing that regular bicycling can keep disorders, such as obesity, at bay. The market is likely to grow as more and more people are resorting to bicycling as a regular form of exercise. Events such as Tour de France and Ronde van Vlaanderen are further add to the popularity of these vehicles. Meanwhile, a rise in bicycling events being organized in various countries in Asia, Africa, and the Middle East is fueling the sales of mountain and road bicycles.

The growing traffic congestion and shortage of parking space, particularly in metropolitan cities, are prompting people to consider bicycle commutation for short distances to save time. At the same time, various governments are aggressively rolling out the infrastructure necessary to support bicycle commutation, thereby encouraging people to opt for bicycles. However, the looming lack of the infrastructure necessary to support and encourage bicycle commutation, particularly in developing economies, such as India, is anticipated to hinder the growth of the market. Similarly, lightweight bicycles made using composite materials make them expensive, which does not bode well for the market expansion.

The outbreak of COVID-19 is certainly expected to favor the market growth in the coming years as several governments around the globe are significantly promoting bicycles as one of the safest-medium of transportation, which helps people to maintain social distancing. Besides, governments across key countries such as the U.K. and Italy are providing subsidies for the purchase of new bicycles during the pandemic. Therefore, the government support in the form of initiatives and subsidies, coupled with growing awareness regarding the benefits offered by bicycles, bodes well for the market growth over the next few years.

Browse through Grand View Research's Automotive & Transportation Industry Research Reports.

  • Semi-Autonomous Vehicle Market - The global semi-autonomous vehicle market demand was valued at 14.22 million units in 2020. The market is expected to expand at a compound annual growth rate (CAGR) of 20.8% from 2021 to 2028.
  • Electric Passenger Cars Market - The global electric passenger cars market size was valued at USD 120.81 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 32.5% from 2021 to 2028.

Market Share Insights

  • November 2021: PIERER Mobility AG acquired FELT Bicycles. With this acquisition, PIERER has planned to expand its operations in the North American market for bicycles.
  • June 2019: Trek Bicycle Corporation introduced the all-new Madone SLR 6 Disc Speed. The bicycle is integrated with removable aero bars and specially designed for riding in hilly areas with winding roads.

Key Companies profiled:

Some prominent players in the global bicycle market include

  • Accell Group
  • Atlas Cycles (Haryana) Ltd.
  • Avon Cycles Ltd.
  • Cervelo
  • Dorel Industries Inc.
  • Giant Bicycles
  • Merida Industry Co., Ltd.
  • Specialized Bicycle Components, Inc.
  • SCOTT Sports SA
  • Trek Bicycle Corporation

Order a free sample PDF of the Bicycle Market Intelligence Study, published by Grand View Research.

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