Bicycles - Worldwide | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$62.79bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.19%, resulting in a projected market volume of US$69.99bn by 2029.
Bicycles market unit sales are expected to reach 138.30m bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$454.70.
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 Bicycles market has been experiencing slow growth globally after the COVID-19 pandemic. However, rising health consciousness and need for eco-friendly commute options may drive future growth.

Customer preferences: With the rise of environmentally conscious consumers, there has been a growing demand for sustainable and eco-friendly bicycles. This trend is particularly prominent among younger generations who prioritize ethical and sustainable practices in their purchasing decisions. Additionally, there has been a shift towards electric bicycles, as they provide a more convenient and eco-friendly mode of transportation. This aligns with the growing focus on health and wellness, as individuals look for alternative ways to stay active and reduce their carbon footprint.

Trends in the market: In the Bicycles Market market, there is a growing trend towards electric bicycles, with more consumers opting for eco-friendly and efficient transportation options. This trend is expected to continue as governments and individuals increasingly prioritize sustainability and reducing carbon emissions. This shift towards electric bikes also presents opportunities for industry stakeholders, such as manufacturers and retailers, to tap into a growing market and diversify their product offerings.

Local special circumstances: In China, the Bicycles Market is thriving due to the country's large population and high demand for transportation solutions. The government's push for sustainable transportation has also led to the popularity of electric bicycles. In the Netherlands, the market is driven by the country's strong cycling culture and well-developed cycling infrastructure. This has created a demand for high-quality bicycles and accessories, as well as a growing market for bicycle tourism. In Japan, the market is influenced by the country's mountainous terrain and high population density, leading to a demand for compact and lightweight bicycles for urban commuting. Additionally, the government's support for promoting cycling as a sustainable mode of transportation has further boosted the market growth.

Underlying macroeconomic factors: The Bicycles Market is heavily impacted by macroeconomic factors, such as global economic trends, national economic health, fiscal policies, and financial indicators. Countries with strong economic growth and favorable fiscal policies are experiencing a surge in demand for bicycles, as consumers are increasingly turning to this mode of transportation due to its cost-effectiveness and environmental sustainability. Additionally, the rise in health consciousness and the growing popularity of cycling as a form of exercise are also contributing to the growth of the Bicycles Market worldwide.

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.