The global bicycle market was estimated to be valued at USD 77.01 billion in 2024 and is projected to reach USD 135.02 billion by 2030, expanding at a compound annual growth rate (CAGR) of 9.9% between 2025 and 2030. Growth is being driven by a rising number of people choosing bicycling for leisure, as well as increasing interest in fitness and healthier lifestyles.
Key Market Trends & Insights
- In 2024, the Asia Pacific region held a commanding share of approximately 34.4% of the market.
- In terms of product categories, road bicycles accounted for 41.0% of revenue in 2024.
- On the technology front, conventional (non-electric) bicycles comprised 82.9% of revenue in 2024.
- Regarding distribution channels, offline sales dominated in 2024.
The increasing popularity of bicycles for exercise, leisure and commuting is expected to fuel market expansion. The rise of app-based, dockless bicycle-sharing systems – initially launched in Europe and now rapidly expanding in Asian markets like India and China – is also boosting demand.
Urbanization and growing traffic congestion in metropolitan areas have spurred demand for commuter-friendly bicycles, as more people look to avoid parking issues and reduce transport costs. Also, governments in many regions are investing in bicycle infrastructure.
On the flip side, the lack of adequate bicycling infrastructure in developing economies and the higher cost of lightweight composite-material bikes are headwinds for growth.
Market Size & Forecast
- 2024 market size: USD 77.01 billion.
- Projected 2030 size: USD 135.02 billion.
- CAGR (2025-2030): 9.9%.
- Asia Pacific: the largest regional market in 2024.
- Europe: expected to be the fastest-growing region going forward.
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Key Companies & Market Share Insight
Major established players in the market include Merida Industry Co., Ltd and Giant Bicycles, Inc..
Merida produces and markets bicycles globally—including full-suspension bikes, women’s bikes, youth bikes and e-bikes—and operates in over 77 countries.
Giant Bicycles designs and manufactures a broad range of bikes including road, mountain, kids, lifestyle and electric bikes; it offers accessories and apparel across North America, Europe, Asia-Pacific and Oceania.
Other important companies active in the market are Specialized Bicycle Components, Inc. (which offers mountain, road, kids, and e-bikes along with cycling apparel and accessories) and SCOTT Sports SA (which manufactures road bikes, mountain bikes, urban bikes, e-bikes, framesets, as well as helmets, apparel and other gear).
Key Companies List
- Accell Group
- Atlas Cycles (Haryana) Ltd.
- Avon Cycles Ltd.
- Cervélo
- Dorel Industries Inc.
- Giant Bicycles
- Merida Industry Co., Ltd
- Specialized Bicycle Components, Inc.
- SCOTT Sports SA
- Trek Bicycle Corporation
- Orbea
- BH Bikes
- Axalko Bikes
- Hagen Bikes
- Mammoth Bikes
- Egurra Bikes
- Garri Bike
Conclusion
In summary, the global bicycle market is set for strong growth through 2030, underpinned by rising health consciousness, urban commuting needs and the expansion of sharing systems. While conventional bikes continue to dominate currently, electric models along with cargo and commuter-oriented bikes are becoming increasingly important. Key global players are well positioned, but growth will also depend on infrastructure development and cost control in emerging markets.
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