Bicycle Market

Increase in bicycle experience zones to boost market growth

Bicycle organizations and premium bicycle manufacturing companies are working on developing premium bicycle-specific experience zones to encourage the adoption of these vehicles in North America and Europe. Such experience zones feature artificially created tracks and multiple undulations, slush pits, inclines, and obstacles, which help create an exciting trail for premium users to experience the thrill of riding a premium.

Furthermore, major premium vehicle manufacturers are organizing events to increase awareness of experience zones. The facilities also provide special assistance and training to premium riders to make them familiar with using a premium. Experience zones promote off-roading culture and encourage amusement park owners and entrepreneurs to explore adventure sports as a business vertical in the countries of North America and Europe. Moreover, there have been increasing routes and circuits, which arranges bicycle races every year to endorse bicycle off-roading as an adventure sport.

The increase in the number of bicycle experience zones in various countries, coupled with the presence of many riding circuits in the countries of North America and Europe, contributes to the growth of the premium market all over the world. Thus, the increase in bicycle experience zones is expected to drive the Bicycles market during the forecast period. In September 2020, Colnago announced the beginning of the cycling event series, the Haute Route series in Brazil in March with nine events across four continents.

Such initiatives by companies are gradually expected to boost the sales of premium bicycles in such regions. Thus, the increase in bicycle experience zones is expected to drive the growth of the Bicycles market during the forecast period.

The increase in the number of bicycle experience zones in North America and European countries, coupled with many riding circuits, contributes to the growth of the Bicycles market. In addition, increasing popularity of E-Bikes among tourists is another factor driving the growth of the market revenue.

The Global Bicycle Market Industry benefits from the rising health and fitness consciousness among consumers. As more individuals prioritize physical well-being, cycling emerges as an appealing exercise option that combines fitness with transportation. The versatility of bicycles, catering to various fitness levels and preferences, enhances their attractiveness. In 2024, the market is expected to reach 80.8 USD Billion, reflecting this growing trend. Additionally, cycling events and community initiatives promote active lifestyles, further driving participation. This focus on health not only supports bicycle sales but also fosters a culture of cycling that could sustain long-term growth in the industry.

The Global Bicycle Market Industry is poised for substantial growth, with projections indicating a market size of 80.8 USD Billion in 2024 and an anticipated increase to 157.0 USD Billion by 2035. This growth trajectory reflects a compound annual growth rate (CAGR) of 6.22% from 2025 to 2035. Factors contributing to this expansion include rising environmental awareness, urbanization, and health trends, all of which are driving consumer interest in bicycles. As the industry evolves, it is likely to see further innovations and adaptations to meet changing consumer demands, suggesting a dynamic future for the bicycle market.

Technological advancements are significantly influencing the Global Bicycle Market Industry, leading to innovations that enhance user experience and performance. Developments in materials, such as lightweight composites and advanced gear systems, improve the efficiency and appeal of bicycles. Electric bicycles, or e-bikes, are gaining traction, offering an alternative for those seeking convenience without sacrificing physical activity. The market is projected to grow at a CAGR of 6.22% from 2025 to 2035, indicating a robust future driven by these innovations. As technology continues to evolve, it is likely to attract a broader demographic, further expanding the market's potential.

The Global Bicycle Market Industry is experiencing a notable surge in demand driven by increasing environmental awareness among consumers. As individuals become more conscious of their carbon footprints, cycling emerges as a sustainable mode of transportation. This shift is evidenced by rising bicycle sales, with the market projected to reach 80.8 USD Billion in 2024. Governments worldwide are also promoting cycling through infrastructure investments and incentives, further supporting this trend. The emphasis on reducing greenhouse gas emissions aligns with the global push for eco-friendly practices, suggesting that the bicycle industry could play a pivotal role in achieving sustainability goals.

Government initiatives and policies play a crucial role in shaping the Global Bicycle Market Industry. Many countries are implementing policies that promote cycling as a sustainable transportation option. This includes investments in cycling infrastructure, such as dedicated bike lanes and parking facilities, which enhance safety and accessibility. For instance, cities like Paris are actively expanding their cycling networks to encourage more residents to choose bicycles over cars. Such initiatives not only support the growth of the market but also align with broader environmental and public health goals. The anticipated market growth to 157.0 USD Billion by 2035 underscores the potential impact of these policies.

Urbanization continues to reshape cities globally, contributing to the growth of the Global Bicycle Market Industry. As urban populations swell, traffic congestion becomes a pressing issue, prompting city planners to seek alternative transportation solutions. Bicycles offer a practical response to this challenge, allowing for efficient movement in crowded urban environments. Cities like Amsterdam and Copenhagen exemplify successful integration of cycling into urban planning, leading to increased bicycle usage. This trend indicates a potential for the market to expand significantly, as urban areas increasingly adopt cycling-friendly policies and infrastructure, thereby enhancing the appeal of bicycles as a viable transportation option.

By Region, the study segments the market into North America, Europe, Asia-Pacific and Rest of the World. North America Bicycle market accounted for USD 8.71 billion in 2021 and is expected to exhibit an 4.13% CAGR during the study period. This is attributed to the by technological advancements in the industry across the region.

Further, the major countries studied are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Bicycle Market Share By Region 2024 (%)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe Bicycle market accounts for the second-largest market share due cycling gaining popularity among the youth due to increasing health consciousness and the rising trend of adventure sports. Further, the Germany Bicycle market held the largest market share, and the UK market was the fastest growing market in the European region

The Asia-Pacific Bicycle Market is expected to grow at a CAGR of 5.7% from 2024 to 2030. This is due to population growth, rising per capita disposable income, and improving living standards are driving the market in the region. Moreover, China Bicycle market held the largest market share, and the India Bicycle market was the fastest growing market in the Asia-Pacific region.

For instance, India Bicycle market is a significant market for bicycles in Asia-Pacific due to increased recreational and off-road activities. There has been a rise in demand for bicycles in the tourism industry for use in tough terrains, ranging from deserts to deep snow. The increasing purchasing power of consumers, population growth, and the rising popularity of adventure sports are fueling the demand. Companies such as Hero Cycles Limited and Avon Cycles are focusing on the expansion of manufacturing units in the country. Several multinational companies, including component suppliers, are investing in India due to low labor costs.

Moreover, the support of the government in the form of lower excise duties and R&D infrastructure also acts as a key driver for the growth of the market.

The trend in the country has decreased among the middle as well as the highly earned, along with a focus on fitness as well as adventure biking priorities. Growing congestion, industrialization, and sustainability are pushing increasing cycling demand in India.  Hence, Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2024–2030.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Bicycle market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the Bicycle industry to benefit clients and expand the Bicycle market sector is to manufacture locally to reduce operating costs. In recent years, it has provided medicine with some of the most significant benefits.

In April 2022, a new assembly factory will be added to Hero International's (HIT), a division of India's Hero Motors Company (HMC), electric bike manufacturing business in Manchester. For consumers in the UK and EU, the company will manufacture premium, IoT-enabled electric and push bikes. In three years, the new plant is expected to produce 50,000 bikes and be operational by August 2022.

In April 2022, Giant Cypress DX, Giant Escape 3 Comfort, Liv Flourish FS 1, and Liv Alight 3 Comfort bicycles from the model years 2021 and 2022 have all been recalled because of potential fall and injury hazards. Nearly 86 instances of the cycle's handlebar loosing have been made to the manufacturer, including three reports of riders falling off the bike.