Bicycle Market worth USD 100.9 Billion 2029, with a CAGR of 6.6%

Published Date: November 2024

The global bicycle market accounted for USD 56.6 Billion in 2020 and is estimated to be USD 106.85 Billion by 2030 and is anticipated to register a CAGR of 6.6%.  Increasing adoption of bicycles due to increasing fuel prices is a key factor propelling the growth of the bicycle market. Growing health concerns and growing adoption of healthy lifestyles are factors fuelling the growth of the bicycle market. In addition, increasing air pollution, government initiatives to promote safe and eco-friendly modes of transportation and increased expenditure for infrastructure development on cycle networks are expected to fuel the growth of the bicycle market. Continues innovation and research activities by manufacturers in bicycles are expected to create new lucrative opportunities for players operating in the global bicycle market.

Key Highlights:

  • In August 2017, for instance, Derby Cycle Corporation launched its first four e-bike models with integrated batteries.

Key Market Insights from the report:          

The market report has been segmented on the basis of type and region.

  • By type, the road/standard bicycle segment accounted for a major revenue share in 2018, owing to their ease of use. These cycles do not require any sophisticated equipment.
  • By region, the Asia Pacific bicycle market accounted for a major revenue share in the bicycle market and is further anticipated to maintain its dominance over the forecast period. This is attributed to the presence of well-established bicycle brands in the countries in the region. Increasing eco-friendly approach towards transportation and government initiatives to promote cycling as the safe mode of transportation. The presence of prominent players operating in countries such as India, Japan, and China are some major factors expected to support the growth of the Asia Pacific market over the forecast period. The market in Europe is expected to account for the second-highest revenue share in 2018.

The prominent players operating in the bicycle market include Derby Cycle Corporation, shimano Giant Manufacturing Co. Ltd., Fuji Corporation, Cannondale Corp., Atlas Group, Accell Group N.V., BSA Limited, Hercules Cycles, Hero Cycles Limited, Dorel Industries Inc., Merida Industry Co. Ltd.

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