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September 2025
The bicycle market is forecast to grow from USD 60.47 billion in 2025 to USD 118.18 billion by 2034, driven by a CAGR of 7.73% from 2025 to 2034. The rising adoption of electric bicycles in developed nations coupled with rapid urbanization in the APAC region has boosted the market expansion.
Additionally, numerous health benefits associated with bicycles along with rapid investment by public-sector entities for developing a wide range of bicycles is playing a prominent role in shaping the industrial landscape. The technological advancements in bicycle batteries is expected to create ample growth opportunities for the market players in the upcoming days.
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The bicycle market is a crucial segment of the two-wheeler industry. This industry deals in manufacturing and distribution of bicycles in different parts of the world. There are several types of products developed in this sector comprising of mountain bikes, hybrid bikes, road bikes, cargo bikes and some others. These bicycles are operated using numerous propulsion technology including electric and conventional. The end-user of this sector consists of men, women, kids and some others. It is available in a distribution channel consisting of online and offline. This market is expected to rise significantly with the growth of the automotive sector around the globe.
The major trends in this market consists of joint ventures, rising awareness about bicycles and government initiatives.
The road bikes segment dominated the market. The growing adoption of road bikes by individuals to pass their leisure has boosted the market expansion. Additionally, rapid investment by cycle manufacturers to develop a wide variety of road bicycles coupled with increasing demand for these bikes among racers is playing a vital role in shaping the industrial landscape. Moreover, the opening of new bicycle manufacturing centers in the APAC region is expected to boost the growth of the bicycle market.
The cargo bikes segment is expected to grow with the highest CAGR during the forecast period. The rising use of cargo bikes in the e-commerce sector has boosted the market expansion. Additionally, the growing adoption of electric cargo bikes in the logistics industry for transporting goods from one place to another is playing a vital role in shaping the industrial landscape. Moreover, partnerships among cycle manufacturers and logistics operators to deploy high-quality bicycles is expected to drive the growth of the bicycle market.
The offline segment held the largest share of the market. The growing consumer preference to visit cycle stores for purchasing new bicycles has boosted the market expansion. Additionally, rapid investment by bicycle companies for opening up new bicycle stores is playing a vital role in shaping the industry in a positive direction. Moreover, numerous advantages of offline shopping including the ability to physically examine products, receive personalized assistance from sales staff, and enjoy the social experience of shopping with others and some others is expected to drive the growth of the bicycle market.
The online segment is expected to expand with the fastest CAGR during the forecast period. The increasing popularity of online shopping in developed nations such as the U.S., New Zealand, Canada and some others has driven the market growth. Additionally, numerous government initiatives aimed at developing the e-commerce sector coupled with availability of e-commerce applications in Play Store and Apps Store is further contributing to the industry in a positive direction. Moreover, numerous offers and benefits provided by online shopping platforms is expected to propel the growth of the bicycle market.
The men segment led the market. The growing demand for racing cycles among men aged between 18-40 years has boosted the market expansion. Additionally, rapid investment by market players for developing numerous types of bicycles to cater the needs of men is playing a vital role in driving the growth of the bicycle market.
The women segment is expected to expand with a significant CAGR during the forecast period. The rising investment by bicycle manufacturers to develop a wide variety of ladies cycles has boosted the market growth. Moreover, numerous government initiatives aimed at providing bicycles to girl children in the APAC region is expected to boost the growth of the bicycle market.
Asia Pacific led the bicycle market. The rising sales and production of bicycles in numerous countries such as India, China, South Korea, Japan, Singapore and some others has boosted the market expansion. Additionally, numerous government initiatives aimed at rising awareness about the benefits of bicycles along with rapid investment by cycle companies for opening up new manufacturing plants is playing a prominent role in shaping the industrial landscape. Moreover, the presence of various market players such as Avon Cycles, Atlas Cycles, Jio, Merida Industry Co., Ltd and some others is expected to boost the growth of the bicycle market in this region.
North America is expected to rise with a significant CAGR during the forecast period. The growing adoption of electric bicycles in the U.S. and Canada has boosted the market expansion. Additionally, rising interest of consumers to adopt bicycles for urban commutation coupled with rapid growth of the e-commerce sector is playing a prominent role in shaping the industry in a positive direction. Moreover, the presence of numerous market players such as Cervelo, Trek Bicycle Corporation, Cannondale and some others is expected to propel the growth of the bicycle market in this region.
The bicycle market is a highly competitive industry with the presence of several dominating players. Some of the prominent companies in this industry consists of Avon Cycles Ltd.; Cervelo; Merida Industry Co., Ltd; Dorel Industries Inc.; Giant Bicycles; Accell Group; Atlas Cycles (Haryana) Ltd.; Specialized Bicycle Components, Inc.; SCOTT Sports SA; Trek Bicycle Corporation and some others. These companies are constantly engaged in manufacturing bicycles and adopting numerous strategies such as acquisitions, joint ventures, launches, collaborations, business expansions, partnerships, and some others to maintain their dominance in this industry.
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September 2025
September 2025
September 2025
September 2025
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