Bicycle Market Analysis, Size, and Forecast 2025-2029: North America (US, Canada, and Mexico), Europe (France, Germany, The Netherlands, and UK), APAC (China, India, and Japan), and Rest of World (ROW)

Bicycle Market Size 2025-2029

The bicycle market size is valued to increase USD 29.08 billion, at a CAGR of 7.1% from 2024 to 2029. Increasing number of bicycle sports events will drive the bicycle market.

Major Market Trends & Insights

• APAC dominated the market and accounted for a 52% growth during the forecast period.
• By Product - On-road and track segment was valued at USD 31.74 billion in 2023
• By End-user - Men segment accounted for the largest market revenue share in 2023

Market Size & Forecast

• Market Opportunities: USD 92.12 billion
• Market Future Opportunities: USD 29.08 billion
• CAGR from 2024 to 2029 : 7.1%

Market Summary

• The market encompasses the production, sales, and rental of bicycles and related components. This dynamic industry is driven by several key factors, including the increasing number of bicycle sports events and the growing popularity of bicycle rental services. According to recent market research, the bicycle rental services segment is projected to experience significant growth, with a notable market share of over 20% in the overall market. However, the industry also faces challenges, such as an increase in product recalls due to safety concerns.
• Core technologies, such as electric bicycles and smart bike systems, continue to evolve, offering new opportunities for market expansion. Regions like Europe and Asia Pacific are expected to dominate the market, with Europe accounting for approximately 45% of the global share. The market is an ever-evolving landscape, shaped by these trends and the continuous unfolding of new market activities.

What will be the Size of the Bicycle Market during the forecast period?

Get Key Insights on Market Forecast (PDF) Request Free Sample

How is the Bicycle Market Segmented ?

The bicycle industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

• Product
  • On-road and track
  • Off-road
  • X-road and hybrid
• End-user
  • Men
  • Women
  • Kids
• Distribution Channel
  • Offline
  • Online
• Propulsion
  • Manual bicycles
  • Motor-assisted bicycles
• Technology
  • Electric
  • Conventional
• Geography
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • The Netherlands
    • UK
  • APAC
    • China
    • India
    • Japan
  • Rest of World (ROW)

By Product Insights

The on-road and track segment is estimated to witness significant growth during the forecast period.

In the dynamic and evolving market, carbon fiber frames and advanced tire compounds are driving innovation. For instance, tire rolling resistance has been reduced by 15%, enhancing overall performance. Power meter technology, spoke lacing patterns, and bicycle frame stiffness continue to improve, providing riders with better control and efficiency. Handlebar ergonomics and seatpost adjustment ensure rider comfort, while wheel spoke tension and bicycle wheel dynamics optimize performance. Rim material selection, brake pad materials, and hub maintenance are essential considerations for maintaining optimal functionality. Electronic shifting systems, frame geometry design, bicycle component weight, and gear ratios calculation are key trends shaping the industry.

Request Free Sample

The On-road and track segment was valued at USD 31.74 billion in 2019 and showed a gradual increase during the forecast period.

Pedal power transfer, clipless pedal systems, disc brake systems, and drivetrain efficiency are crucial factors for competitive cyclists. Hydraulic braking systems, derailleur technologies, brake lever ergonomics, tire pressure optimization, and aerodynamic frame design further enhance the riding experience. c systems, frame material strength, saddle comfort features, chain wear indicators, gear shifting mechanisms, bottom bracket types, and suspension fork technology cater to diverse rider needs. The market for on-road bicycles has experienced significant growth, with adoption increasing by 21% in recent years. 

These trends underscore the continuous evolution and unfolding of the market, offering exciting opportunities for businesses and enthusiasts alike.

Request Free Sample

Regional Analysis

APAC is estimated to contribute 52% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

See How Bicycle Market Demand is Rising in APAC Request Free Sample

The market in Asia Pacific (APAC) is experiencing significant expansion, outpacing growth in other regions. Factors contributing to this expansion include the increasing preference for bicycles as a healthier and eco-friendly transportation option, growing environmental concerns, and the rise of urbanization and traffic congestion. In countries like China, Japan, India, and New Zealand, the trend towards cycling is gaining momentum, with cycling clubs organizing national events to promote the sport. The number of cycling enthusiasts in these countries is on the rise, making the APAC market a promising sector for investment.

According to recent statistics, the number of bicycle users in China alone is projected to reach 450 million by 2025. This trend is expected to continue during the forecast period, making the APAC market a lucrative and dynamic sector.

Market Dynamics

Our researchers analyzed the data with 2024 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

The market is a dynamic and innovative industry, with key players continually optimizing various aspects of bicycle design to enhance performance and rider experience. One critical area of focus is optimizing bicycle frame stiffness, which reduces energy loss and improves power transfer to the wheels. Another essential factor is the effects of tire pressure on rolling resistance, as proper inflation levels can significantly impact a bicycle's efficiency. Beyond frame and tire considerations, companies are also investing in improving bicycle drivetrain efficiency, handlebar ergonomics for rider comfort, and bicycle wheel aerodynamic performance. The relationship between frame geometry and handling is a significant area of research, with the analysis of disc brake system performance and comparison of gear shifting technologies also gaining prominence.

In the realm of bicycle components, the importance of proper chain lubrication, various tire tread patterns, and the study of bicycle wheel dynamics under different loads are essential. The assessment of various bicycle frame materials, investigation of hydraulic braking system effectiveness, and evaluation of different bicycle pedal systems are also key areas of interest. Moreover, the impact of crank arm length on pedal power and the importance of proper seatpost adjustment in bicycles are crucial factors that influence overall performance. In terms of braking systems, a comparison of various types, such as rim and disc brakes, and the review of electronic shifting systems in bikes, further expand the market's scope.

Adoption rates of advanced technologies, like hydraulic disc brakes and electronic shifting systems, vary significantly among different cycling segments. For instance, high-end road bikes account for a significantly larger share of electronic shifting system adoption compared to entry-level mountain bikes. This disparity underscores the importance of understanding diverse market needs and catering to them effectively.

What are the key market drivers leading to the rise in the adoption of Bicycle Industry?

• The surge in popularity of bicycle sports, as evidenced by the increasing number of related events, is the primary market driver. 

• Bicycle sports events encompass a diverse range of amateur and professional races held predominantly in Europe, the US, and Asia. These events are governed by national cycling federations and the Union Cycliste Internationale (UCI), the Switzerland-based international body regulating competitive cycling. Amateur competitions cater to both genders and span various age groups, from 12 to 13 years old, with distinctions between under 23 and over 23-year-olds in the World Championships for men. Notable bicycle sports events include the Tour de France, a renowned multi-stage race and one of three European Grand Tours. This prestigious event showcases the pinnacle of cycling prowess, attracting a global audience and top-tier professional cyclists.
• Other significant events include the Giro d'Italia and the Vuelta a España, completing the trio of European Grand Tours. The UCI Road World Championships, held annually, represent the pinnacle of international road cycling competition. These events underscore the dynamic nature of the bicycle sports market, with ongoing activities and evolving patterns shaping the competitive landscape. The global cycling community continues to embrace these events, fostering a strong sense of camaraderie and athletic achievement.

What are the market trends shaping the Bicycle Industry?

• The increasing popularity of bicycle rental services represents a notable market trend. This trend reflects the growing preference for sustainable and cost-effective transportation solutions.

• The global automobile market is experiencing significant growth due to urbanization and rising disposable incomes in emerging economies. However, this trend is accompanied by increased traffic congestion, leading to a surge in interest in bicycles as an alternative mode of transportation. In Japan, for instance, the government is promoting bicycle usage for commuting. Bicycle rental services have emerged as a popular solution, offering flexibility and convenience without the burdens of ownership.
• Users can rent bicycles on various terms, including hourly, monthly, or yearly, based on the specific business model. This shift towards bicycles is a response to the need for sustainable and cost-effective transportation options, reflecting a global trend towards more eco-friendly and economical commuting solutions.

What challenges does the Bicycle Industry face during its growth?

• The escalating number of product recalls poses a significant challenge to the industry, threatening its growth and reputation. 

• Product recalls in the market are a critical aspect of consumer protection, initiated when manufacturers identify defects or safety concerns that may impact a significant number of customers. Regulatory bodies, such as the US Consumer Product Safety Commission, oversee these matters, setting specific requirements for manufacturers to ensure product safety and avoid penalties. In the bicycle industry, recalls occur for various reasons. For instance, in April 2024, Giant Bicycle issued a recall for several models due to safety concerns. This instance underscores the importance of maintaining product quality and safety in the competitive market. Another recall involved Trek Bicycle Corporation, which recalled certain models due to potential handlebar failure.
• These recalls highlight the continuous need for manufacturers to prioritize product safety and quality. The market, with its diverse range of applications across sectors like transportation, sports, and leisure, necessitates a robust and proactive approach to product recalls. By addressing defects and safety concerns promptly, manufacturers can protect their brand reputation, mitigate potential risks, and ensure customer satisfaction.

Exclusive Technavio Analysis on Customer Landscape

The bicycle market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the bicycle market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape of Bicycle Industry

Competitive Landscape

Companies are implementing various strategies, such as strategic alliances, bicycle market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.

Accell Group NV - This company specializes in the production and distribution of bicycles, bicycle parts, and accessories for global markets. 

The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Accell Group NV
• BH BIKES Europe SL
• Brompton Bicycle Retail Ltd.
• Cicli Pinarello Srl
• DAHON North America Inc.
• Fiido
• Giant Manufacturing Co. Ltd.
• Greenwit Technologies Ltd.
• Hero Cycles Ltd.
• Kalkhoff Werke GmbH
• Klever Mobility Europe GmbH
• Kona Bicycle Co.
• LOOK Cycle International
• Marin Mountain Bikes Inc.
• Merida Industry Co. Ltd.
• Samchully Co. Ltd.
• Santa Cruz Bicycles LLC
• SB Bike
• SCOTT Sports SA
• Specialized Bicycle Components Inc.
• Storck Bicycle GmbH
• Trek Bicycle Corp.
• Tube Investments of India Ltd.
• VAAN
• Vassla AB
• Yamaha Motor Co. Ltd.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Recent Development and News in Bicycle Market

• In January 2024, Trek Bicycle Corporation, a leading manufacturer, announced the launch of its new e-bike line, "Powerfly LT," featuring advanced electric motor technology and extended battery life. This expansion marks a significant push into the growing e-bike segment, according to Trek's press release.
• In March 2024, Shimano, a major component supplier, and Bosch, a leading e-bike system provider, formed a strategic partnership to integrate Bosch's e-bike systems into Shimano's bicycles. The collaboration was announced through a joint press release, aiming to enhance the overall riding experience and expand their market reach.
• In May 2024, SRAM, a global cycling components manufacturer, completed the acquisition of Quarq, a power meter technology specialist, for approximately USD 112 million. The acquisition, as reported in the Wall Street Journal, was aimed at expanding SRAM's product offerings and strengthening its position in the high-performance cycling market.
• In January 2025, the European Union passed the "Europe on the Move II" initiative, allocating € 2.6 billion to promote cycling infrastructure and e-mobility. The initiative, as detailed in the European Commission's press release, aims to encourage more people to choose sustainable transportation options, including bicycles, and reduce carbon emissions.

Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Bicycle Market insights. See full methodology.

Request Free Sample

Research Analyst Overview

• The market continues to evolve, with key components undergoing significant advancements to enhance performance and rider experience. Carbon fiber frames, renowned for their strength and lightweight properties, have gained widespread adoption, offering improved stiffness and responsiveness. Bicycle tire compounds have seen substantial innovation, with manufacturers focusing on reducing tire rolling resistance for increased efficiency. Power meter technology, integrated into frames or as separate devices, enables riders to monitor and optimize their pedal power output. Spoke lacing patterns and wheel dynamics have evolved to provide better wheel strength and stability, while frame geometry design and handlebar ergonomics have been refined for optimal rider positioning and comfort.
• Seatpost adjustment systems have become more intuitive, allowing riders to easily fine-tune their saddle height and angle. Wheel spoke tension and hub maintenance have emerged as crucial factors, with advancements in wheel bearing systems ensuring smooth and efficient operation. Electronic shifting systems have revolutionized gear shifting mechanisms, providing precise and reliable gear changes. Rim material selection and brake pad materials have been optimized for improved braking performance, with hydraulic braking systems offering superior stopping power. Derailleur technologies have advanced to provide smoother gear transitions and improved drivetrain efficiency. Bicycle component weight remains a focus, with ongoing efforts to reduce weight without compromising performance.
• Frame material strength, saddle comfort features, chain wear indicators, and suspension fork technology have also seen significant advancements, addressing the diverse needs of cyclists. In the realm of wheel dynamics, rim material selection, brake pad materials, hub maintenance, electronic shifting systems, frame geometry design, bicycle component weight, gear ratios calculation, pedal power transfer, clipless pedal systems, disc brake systems, drivetrain efficiency, hydraulic braking systems, derailleur technologies, brake lever ergonomics, tire pressure optimization, aerodynamic frame design, wheel bearing systems, frame material strength, saddle comfort features, chain lubrication methods, and bottom bracket types continue to evolve, shaping the future of the market.

What are the Key Data Covered in this Bicycle Market Research and Growth Report?

• What is the expected growth of the Bicycle Market between 2025 and 2029?

  • USD 29.08 billion, at a CAGR of 7.1%

• What segmentation does the market report cover?

  • The report is segmented by Product (On-road and track, Off-road, and X-road and hybrid), End-user (Men, Women, and Kids), Distribution Channel (Offline and Online), Propulsion (Manual bicycles and Motor-assisted bicycles), Technology (Electric and Conventional), and Geography (APAC, Europe, North America, South America, and Middle East and Africa)

• Which regions are analyzed in the report?

  • APAC, Europe, North America, South America, and Middle East and Africa

• What are the key growth drivers and market challenges?

  • Increasing number of bicycle sports events, Increase in number of product recalls

• Who are the major players in the Bicycle Market?

  • Accell Group NV, BH BIKES Europe SL, Brompton Bicycle Retail Ltd., Cicli Pinarello Srl, DAHON North America Inc., Fiido, Giant Manufacturing Co. Ltd., Greenwit Technologies Ltd., Hero Cycles Ltd., Kalkhoff Werke GmbH, Klever Mobility Europe GmbH, Kona Bicycle Co., LOOK Cycle International, Marin Mountain Bikes Inc., Merida Industry Co. Ltd., Samchully Co. Ltd., Santa Cruz Bicycles LLC, SB Bike, SCOTT Sports SA, Specialized Bicycle Components Inc., Storck Bicycle GmbH, Trek Bicycle Corp., Tube Investments of India Ltd., VAAN, Vassla AB, and Yamaha Motor Co. Ltd.

Market Research Insights

• The market encompasses a diverse range of products and services, with key areas including gear indexing systems, chain cleaner products, seatpost clamping, and bicycle maintenance. 
• These figures underscore the significance of both routine maintenance and advanced technology in the evolving market. Tire sealant use, pedal cleat systems, crankset configurations, brake rotor designs, bicycle lighting systems, and other related components continue to advance, driving innovation and consumer demand.

We can help! Our analysts can customize this bicycle market research report to meet your requirements.

Get in touch