Bicycles - EU-27 | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$23.21bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.87%, resulting in a projected market volume of US$24.24bn by 2029.
Bicycles market unit sales are expected to reach 16.22m bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$1.35k.
From an international perspective it is shown that the most revenue will be generated China (US$12bn in 2024).

Definition:

Bicycles are means of transport designed to transport people and goods for professional and private purposes. They are used for leisure activities such as travelling or for physical exercise. Depending on the specific purpose and rider, bicycles come in different shapes and features.

They are powered by mere human strength or additionally with an assisting electrical engine. Unlike electrically powered scooters and mopeds, electrical bicycles always have pedals allowing them to be ridden with human power.

In recent years, different renting models have been established such as bike-sharing, in which bicycles can be rented for a defined period in exchange for a fee. These rented bikes are not included in this market outlook. Only bikes that were purchased for ownership are covered.

Structure:

The bicycles market covers all types of bicycles including road and racing bicycles, off-road bicycles, special purpose bicycles, electrical bicycles, hybrid bicycles, as well as bicycle supplies. However, motorcycles, scooters, mopeds, secondhand bicycles, as well as bikes purchased by bike-sharing services are not included.

Additional information:

The market comprises the number of bicycles sold, the average price paid per bicycle, revenue, and revenue growth as the key performance indicators. Revenue is derived as the product of the average price per bicycle times the number of bicycles purchased. Therefore, revenue excludes any profits from bike-sharing fees. Revenues are including VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.

Road and racing bicycles such as cruiser, standard, gravel road-, touring-, and fixed gear bikes
Off-road bicycles such as mountain bikes and cyclocross bikes
Special purpose bicycles such as folding-, BMX-, recumbent-, cargo, and kid´s bikes
Electrical and hybrid bicycles
Bicycle supplies such as bags, locks, separate bicycle baskets
Bicycle spare parts such as bicycle tubes, bicycle tires
New bicycles, e.g., new road and racing bicycles, new off-road bicycles

Motorcycles, scooters, mopeds
Secondhand bicycles
Bike-sharing bicycles
Rented bicycles

The EU-27 Bicycles Market is experiencing minimal growth due to factors such as low consumer awareness, limited availability of online services, and competition from other transportation options. However, the market is expected to grow as consumers become more health-conscious and governments promote eco-friendly transportation.

Customer preferences: An emerging trend in the Bicycles Market market is the growing popularity of e-bikes, particularly among urban commuters. This shift is influenced by a combination of factors, including a desire for more sustainable transportation options, increasing awareness of environmental issues, and a growing emphasis on health and fitness. Additionally, the rise of remote work and flexible schedules has led to a greater need for efficient and affordable transportation, making e-bikes a convenient and practical choice for many consumers. This trend is expected to continue as cities and countries invest in infrastructure to support alternative modes of transportation.

Trends in the market: In the EU-27 Bicycles Market, there is a growing trend towards e-bikes, with sales increasing by 23% in 2020. This trend is expected to continue, driven by the rising popularity of eco-friendly transportation options and government initiatives promoting cycling. Additionally, there is a growing demand for smart bikes, equipped with features such as GPS tracking and integrated fitness apps. This presents opportunities for industry stakeholders to tap into the growing market for connected and sustainable mobility solutions.

Local special circumstances: In the EU-27, the Bicycles Market is heavily influenced by the region's strong cycling culture and infrastructure, with cities like Amsterdam and Copenhagen leading the way. Additionally, the EU's focus on sustainability and eco-friendly transportation options has driven demand for bicycles. However, varying regulations and tax policies across member states can create challenges for manufacturers and retailers. For example, in Germany, strict safety regulations for bicycles can lead to higher production costs. In Italy, a popular destination for cycling tourism, the market is driven by a combination of leisure and competitive cycling, with a strong emphasis on high-end, custom-made bicycles.

Underlying macroeconomic factors: The performance of the Bicycles Market market is greatly impacted by macroeconomic factors such as consumer spending, trade policies, and economic stability. In countries with strong economic growth and consumer confidence, there is a higher demand for bicycles as a mode of transportation and leisure activity. On the other hand, countries with trade barriers and economic uncertainty may experience a decline in bicycle sales. Moreover, fiscal policies that incentivize sustainable transportation and promote cycling infrastructure can also positively influence the market. Overall, the market is heavily influenced by the overall economic health and policies of the given country.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of bicycles and the respective average prices for bicycles.

Modeling approach:

Market sizes are determined through a Bottom-Up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use publications of industry associations, expert blogs, and data provided by governments and scientific institutions. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, population, and consumer spending per capita (based on current prices). This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the ARIMA time series forecast and forecasts based on previous growth rates are well suited for forecasting the future demand for bicycles due to the brick and mortar nature of this market. The main drivers are GDP, consumer spending per capita, and population.

Additional notes:

The data is modeled using current exchange rates. The market is updated once a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

The bicycle market in Germany has been enjoying dynamic development for a very long time. Bicycles are a popular way to get around in both urban and rural areas, with young children learning to ride firmly entrenched in the national culture. Germany has a variety of scenic bike routes, but looking out for bike lanes in a city is a daily part of life both for cyclists and pedestrians. Many cyclists value the multiple advantages cycling brings – physical activity, saving money by foregoing commuting with public transport or driving, and the eco-friendly aspect. A German city, Munster, even made it on the list of the eight most bike-friendly cities in the world in 2022.