Bicycle Market Size, Share, Growth Analysis, By Product Type(Mountain, Hybrid, Road, Cargo), By Distribution Channel(Online mode, Offline Mode), By Technology(Electric, Conventional), By End-users(Men, Women, Kids), By Region - Industry Forecast 2024-2031

Bicycle Market size was valued at USD 59006 million in 2019 and is poised to grow from USD 64625.7 million in 2023 to USD 135020.2 million by 2031, growing at a CAGR of 9.7% in the forecast period (2024-2031).

It is projected that the rise in the number of people choosing to bike as a leisure activity would drive market expansion. The market expansion is anticipated to be further aided by consumer preference for bicycles as a convenient method of exercise to ensure a healthy life free from obesity and other illnesses. Recently, dockless bicycle-sharing programmes have become more and more well-liked. Users can use this technique to find nearby bicycles and electronically unlock them. Dockless bicycle-sharing programmes, which were first introduced in Europe, are becoming increasingly popular, especially in Asian countries like China and India. Additionally, recent developments in GPS and mobile app development have led to dockless bicycle sharing programmes that are app-based. Furthermore, it is projected that the widespread use of such dockless bicycle-sharing systems will greatly increase demand for bicycles. To take advantage of market prospects, Chinese bike-sharing companies are rapidly investing in and growing their operations in European countries. This should accelerate market expansion in the upcoming years.

People are beginning to understand how important it is to maintain a healthy lifestyle. They have also begun to understand the benefits of frequent cycling in preventing diseases like obesity. As more and more individuals turn to cycling as a regular method of exercise, the market is set to expand. The popularity of these vehicles is further increased by occasions like the Tour de France and the Ronde van Vlaanderen. The sales of road and mountain bikes are being boosted by an increase in cycling competitions that are being held in numerous nations around Asia, Africa, and the Middle East. People are considering using bicycles to commute for short distances in order to save time because of the increasing traffic congestion and lack of parking, especially in metropolitan areas. The infrastructure required to facilitate bicycle commuting is aggressively being built by many governments at the same time, which encourages people to choose bicycles. However, it is projected that the lack of the infrastructure required to support and promote bicycle commuting, particularly in developing nations like India, will impede the market's expansion. Similar to how expensive lightweight bicycles constructed of composite materials are, this is not good for the market's expansion.

US Bicycle Market is poised to grow at a sustainable CAGR for the next forcast year.