Bicycles - Europe | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$27.89bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.82%, resulting in a projected market volume of US$30.52bn by 2029.
Bicycles market unit sales are expected to reach 22.52m bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$1.24k.
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 European Bicycles Market has seen a steady growth rate, influenced by factors such as increasing environmental consciousness, rising health awareness, and the convenience offered by online sales. Although the growth rate is currently negligible, the market is expected to see a boost in demand due to the popularity of electric bicycles and government initiatives promoting cycling.

Customer preferences: Consumers in Europe are increasingly prioritizing sustainability and eco-friendliness when it comes to purchasing bicycles. This trend is driven by a growing awareness of environmental issues and a desire to reduce carbon emissions. As a result, there has been a rise in demand for electric bicycles. Additionally, there is a growing interest in urban cycling as a means of transportation, with more cities investing in bike infrastructure and promoting cycling as a viable alternative to cars. This shift towards greener and healthier modes of transportation is also influenced by a cultural appreciation for outdoor activities and a desire for a more active lifestyle.

Trends in the market: In Europe, the Bicycles Market is experiencing a surge in e-bike sales, with more consumers opting for eco-friendly and efficient transportation options. This trend is expected to continue as governments promote sustainable modes of transportation and consumers prioritize health and wellness. This trend has significant implications for industry stakeholders, as it opens up new opportunities for growth and innovation in the market. Companies in the Bicycles Market will need to adapt to these changing consumer preferences.

Local special circumstances: In Europe, the Bicycles Market is heavily influenced by the region's strong cycling culture and infrastructure, as well as government initiatives promoting sustainable transportation. For example, in the Netherlands, where cycling is a way of life, the market is dominated by traditional bicycles and cargo bikes. In countries like Germany and Denmark, e-bikes are gaining popularity due to their convenience and ability to navigate hilly terrain. Additionally, strict emission regulations and incentives for electric vehicles are also driving the market growth for e-bikes.

Underlying macroeconomic factors: The Bicycles Market in Europe is heavily impacted by macroeconomic factors, such as economic stability, consumer spending, and government policies. The overall economic health of a country can greatly influence the demand for bicycles, as consumers are more likely to purchase non-essential goods when they feel financially secure. Additionally, fiscal policies, such as taxes and tariffs, can impact the cost of bicycles and affect consumer purchasing behavior. Moreover, global economic trends, such as trade agreements and currency fluctuations, can also have an impact on the Bicycles Market in Europe. Overall, a strong and stable economy, along with favorable government policies, can contribute to the growth of the Bicycles Market in Europe.

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.