Global Bicycle Market Size, Share, Growth and Trend Analysis Report, 2032

Market Segmentation 

1. By Product (Mountain, Hybrid, Road, and Others)

The road bicycle segment held the largest revenue share of XX% in 2024. This growth can be attributed to the simplicity of these bicycles, which do not require advanced accessories like those needed for racing, mountain, or other specialized bikes. The mountain bicycle segment is anticipated to experience significant growth between 2025 and 2032, as more consumers, especially millennials, increasingly choose mountain biking for leisure and adventure.

2. By Technology (Electric and Conventional)

The conventional segment held the largest revenue share of XX% in 2024. This high market share in the global bicycle market is driven by factors such as the lower repair and maintenance costs of conventional bicycles compared to electric bikes. However, the electric bicycle segment is expected to experience the fastest-growing CAGR during the forecast period. The growth of this segment is attributed to the efficiency and convenience of e-bikes for urban commuting. They allow for longer distances to be covered with less effort, particularly in hilly areas, making them popular for commuting to work or running errands.

3. By End User (Men, Women and Kids)

The men's segment held the largest market share in 2024 and is expected to maintain its leading position throughout the forecast period, experiencing the fastest growth rate. This segment's growth is driven by technological advancements and innovations, as men typically prefer products with cutting-edge features such as advanced gear systems, lightweight materials, aerodynamic designs, and electronic shifting systems. The women's segment is projected to see significant growth in the coming years. Women increasingly prioritize physical fitness and look for ways to integrate exercise into their daily routines. Bicycling provides a low-impact exercise option that enhances cardiovascular health, muscle strength, and overall well-being.

4. By Distribution Channel (Offline Stores and Online Stores)

The offline segment dominated the global bicycle market in 2024 with a share of XX%, driven by after-sales services like bike assembly, maintenance, and repairs, which encourage customer loyalty and repeat business. Retail shops offer the advantage of immediate availability and instant gratification. However, the online segment is expected to grow at the fastest rate during the forecast period. The growth is due to the ability of online channels to overcome geographical limitations, allowing customers in remote areas or those with limited access to physical stores to purchase bikes easily. This accessibility is expected to boost the segment's growth.

5. By Region (North America, Europe, Asia Pacific, Latin America, Middle East Africa)

Asia Pacific region led the global bicycle market with a value of USD XX billion in 2024 and is projected to maintain its dominant position throughout the forecast period. The presence of major bicycle manufacturers, particularly in Taiwan, which serves as a key production hub, contributes to the region's market growth. Additionally, rising urbanization across the region has resulted in increased traffic congestion, limited parking, and growing concerns about air pollution, driving the adoption of bicycles as a preferred mode of transportation.

In contrast, the bicycle market in Europe is expected to experience the highest growth during the forecast period. Europe is home to several cities renowned for their bike-friendly infrastructure and is also the venue for some of the most iconic cycling events, such as the Tour de France and Ronde van Vlaanderen, further promoting cycling culture in the region.

Competitive Scenario

Global Bicycle Market is competitive, featuring numerous global and regional companies. Key players include Giant Manufacturing Co. Ltd, Accell Group, Trek Bicycle Corporation, Merida Industry Co. Ltd, and Pon Holdings BV. These companies are focusing on producing innovative bicycles, forming partnerships, engaging in mergers and acquisitions, and refining their online and offline marketing strategies to strengthen their global market presence. Other prominent players include Avon Cycles Ltd., Cervelo, Dorel Industries Inc., Giant Bicycles, Specialized Bicycle Components, Inc., SCOTT Sports SA, Orbea, BH Bikes, Axalko Bikes, Hagen Bikes and Mammoth bikes, among others.

Recent Developments and Strategic Activities:

• In March 2024, Merida introduced three new Shimano EP801-powered bikes to their range, including the full carbon eOne-Sixty CF, a higher range alloy eOne-Sixty Lite, and a versatile aluminium eOne-Forty Lite.
• In March 2023, DOUZE Factory SAS, based in France, partnered with Toyota to co-develop a new range of electric cargo bikes.
• In February 2023, Trek Bicycle Corporation launched the Trek Fetch Plus 2 and Trek Fetch Plus 4, two electric bikes designed for children and cargo. The new models represent Trek’s deeper engagement in the cargo e-bike market.
• In February 2023, Pon. Bike also announced the construction of a new factory in Kėdainiai Free Economic Zone, Lithuania, expected to begin operations in the summer of 2024. The factory will enhance manufacturing capacity in Europe and focus on both standard and electric bicycle production.
• In January 2023, Orbea unveiled the 2023 Gain, an E-road bike powered by the Mahle X20 motor offering 55Nm of torque, paired with a 350 Wh battery. The bike comes in various sizes, including XS (47–49), S (51), L (55), XL (57), M (53), and XXL (60).
• In December 2022, Hero Cycles launched a direct-to-consumer e-commerce website, improving the purchasing experience with doorstep delivery across India and flexible payment options, which boosted the company’s sales.
• In February 2022, MERIDA BIKES extended its partnership with Bahrain Victorious for several years, continuing to provide the team with advanced bicycles such as the award-winning REACTO aero bike, the new SCULTURA, and the TIME WARP TT time trial bike.