Bicycle Market Forecast Expected to Reach USD 6,229.4 Million by 2033 with 8.92% CAGR

The global bicycle market in 2022 was USD 1,300 Million and is estimated to be USD 2,650.23 Million in 2023. The bicycle market is expected to increase at a CAGR of 8.92% between 2023 and 2033, totaling around USD 6,229.4 Million by 2033.

The increase in global bicycle market rises as customers prefer bicycles as a form of leisure increase. Maintaining an active and healthy lifestyle, and a life free from numerous ailments, bicycles are considered to be a handy method of exercise that is in great demand among consumers.

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Expansion in the demand for bicycles is rising globally as a result of a boost in public awareness of the health benefits of cycling. Dockless bicycle-sharing programs are gaining popularity at a significant pace among the general public, which is anticipated to support the expansion of the world bicycle market.

Key Takeaways from the Bicycle Market Report:

  • The global bicycle market expanded at a CAGR of 7.42% between 2018 and 2022.
  • Based on the product segment, the road bicycle market had a revenue share of 70%.
  • Under the end-user segment, men sector held a significant bicycle market share at 75%.
  • Based on the technology segment, the conventional sector dominates the market share of 80%.
  • North America is forecasted at a market share of 42.8%.
  • Europe’s market is anticipated to increase with a market share of 38.4% in the bicycle market.

Market Competition:
Key players can create and advertise new, better goods at high price points to obtain a continuous competitive edge in the bicycle market. Additionally, a few significant bicycle market players are increasing their bicycle market share by choosing techniques including mergers and acquisitions, partnerships, and collaborations.

Leading Key Players:

  • 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

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Recent Developments Contributing to the Growth of the Bicycle Market

  • Yulu is an app-based platform that offers on-demand bicycle/e-bike rentals in a few Indian cities. Through a mobile app, the business offers GPS and Bluetooth-enabled bicycles and electric bikes for rent. By scanning the QR code on the bicycle to unlock it, the user can ride after viewing nearby available bicycles on the app.
  • Pony is an app-based platform for dockless bicycle rentals in a few locations across Europe. The software allows users to find nearby vehicles that are available and lock/unlock them by scanning a QR code. Users may leave the bicycle at any authorized spot when they reach their destination.

Bicycle Market Segmentation:

By Product Type:

  • Comfort
  • Cruiser
  • Mountain
  • Hybrid
  • Road
  • Cargo
  • Youth

By Technology:

  • Electric
  • Conventional

By Price:

  • Low Range
  • Medium range
  • Premium

By End User:

  • Kids
  • Men
  • Women

By Region:

  • North America
  • Europe
  • Asia Pacific
  • The Middle East & Africa
  • Latin America

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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