Bicycle Market Is Estimated To Witness High Growth Owing To Rising Health and Fitness Awareness

The Bicycle Market is estimated to be valued at US$ 62.4 Bn in 2024 and is expected to exhibit a CAGR of 9.2% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights The rising concerns regarding health and fitness among the global population has propelled the demand for bicycles in the market.

Bicycles serve as an effective means for exercising and losing weight. In addition, growing environmental consciousness and increasing traffic congestion in cities has further compelled people to opt for bicycles as an eco-friendly alternative to fuel-based vehicles. However, high initial costs associated with premium bicycles may hamper market growth over the forecast period.

Key Market Trends: Electric bicycles are gaining traction in the market with rising demand for easy riding and less physical effort. The growing adoption of e-bikes is driven by benefits such as effective transport solutions with reduced emissions and lower running costs compared to cars. Moreover, folding bicycles that can be folded and carried have witnessed increased sales due to portability and space-saving features. Leading bicycle manufacturers are focusing on the development of innovative, lightweight, and durable bicycles equipped with improved safety features and anti-theft technologies to attract more consumers.

Bicycle Market Opportunities: The growing popularity of electric bicycles is one of the major market opportunities in the bicycle market. The electric bicycle segment is expected to witness significant growth during the forecast period. Electric bicycles are preferred over traditional bicycles as they offer assistance from a small integrated electric motor which helps in climbing hills and riding for longer distances with less effort. The rising fuel costs and traffic congestion have encouraged consumers to opt for eco-friendly and low-cost transportation options like electric bicycles. Additionally, factors like improved infrastructure for cycling, rising health awareness and government initiatives to promote non-motorized transportation are fueling the adoption of electric bicycles globally.

Another major opportunity lies in the rising demand for recreational and sports bicycles for professional and amateur cycling activities. Bicycles are widely used for sports activities like cycling, mountain biking and BMX racing. They are also gaining popularity as a fitness and recreational vehicle for leisure activities. The growing health consciousness, active lifestyle and increasing disposable income have encouraged many consumers to take up cycling as a sport or a way of staying fit. Many developed regions are investing heavily in the development of dedicated cycling tracks and trails to encourage cycling tourism. The growing number of cycling events and competitions is further driving the demand for high-performance recreational and sports bicycles.

Key Market Takeaways: The global bicycle market size was valued at USD 62.4 billion in 2024 and is expected to grow at a CAGR of 9.2% during the forecast period from 2024 to 2031. The market is anticipated to reach a value of over USD 130 billion by 2031. This is owing to the rising awareness about fitness, eco-friendly transportation, and growing cycling infrastructure around the world.

By Type, the mountain/hybrid bicycle segment is expected to dominate the market during the forecast period. This is due to the increasing trend of off-road and leisure cycling among consumers.

By Technology Type, the traditional/regular bicycles segment currently hold the largest share. However, the electric bicycles segment is anticipated to witness the fastest growth over the forecast period.

By region, North America is expected to hold the dominant position in the global bicycle market during the forecast period due to the high adoption of bicycles for recreation and fitness.

Competitor Insights: Some of the key players operating in the bicycle market include Avon Cycles Ltd., Accell Group, Giant Manufacturing Co., Derby Cycle, Atlas Cycles Ltd., among others. Strategic partnerships and new product launches are some of the key strategies adopted by these players to gain a competitive edge in the market.

Recent Developments: 2023-2024 will see greater emphasis being placed on expanding bicycle lanes, multi-use paths and trails as well as rolling out new innovations. For example, several cities have piloted elevated cycle tracks and protected intersections to minimize conflicts with motor vehicles. European nations continue investing heavily in long-distance cycling superhighways and multi-modal routes. Additionally, adoption of advanced traffic management solutions like bike traffic signals and smart parking technologies can efficiently manage growing rider volumes. More information in full report.