From 2021 to 2028, the bicycle market is predicted to increase at a (CAGR) of 7.0 percent.

In 2020, the worldwide bicycle market was estimated to be worth USD 54.44 billion. From 2021 to 2028, it is predicted to increase at a compound annual growth rate (CAGR) of 7.0 percent. The rise in the number of people choosing bicycling as a leisure activity is expected to fuel growth. Bicycles are projected to continue to grow in popularity as a convenient method of exercise for living a healthy life free of obesity and other diseases. Dockless bicycle-sharing systems have recently grown in popularity. This device allows users to locate a nearby bicycle and electronically unlock it. Dockless bicycle-sharing systems, which originated in Europe, are gaining popularity in Asia, particularly in India and China.



    Report Overview

    In 2020, the worldwide bicycle market was estimated to be worth USD 54.44 billion. From 2021 to 2028, it is predicted to increase at a compound annual growth rate (CAGR) of 7.0 percent. The rise in the number of people choosing bicycling as a leisure activity is expected to fuel growth.

     Bicycles are projected to continue to grow in popularity as a convenient method of exercise for living a healthy life free of obesity and other diseases. Dockless bicycle-sharing systems have recently grown in popularity. 

    This device allows users to locate a nearby bicycle and electronically unlock it. Dockless bicycle-sharing systems, which originated in Europe, are gaining popularity in Asia, particularly in India and China.

Furthermore, recent advances in mobile app development and GPS have led in app-based dockless bicycle-sharing systems. Furthermore, the growing popularity of dockless bicycle-sharing systems is expected to considerably increase demand for bicycles. To take advantage of market prospects, Chinese bicycle-sharing companies are rapidly investing and expanding their operations in European countries. This is projected to help the market grow even more in the coming years.

People are beginning to understand the importance of remaining fit and living a healthy lifestyle. They've also realised that bicycling on a daily basis can help prevent diseases like obesity. As more individuals turn to biking as a regular method of exercise, the market is expected to expand.The popularity of these vehicles is being boosted by events such as the Tour de France and the Ronde van Vlaanderen. Meanwhile, an increase in the number of bicycling events held in Asia, Africa, and the Middle East is boosting sales of mountain and road bicycles.

People are considering bicycle commuting over short distances to save time due to increasing traffic congestion and a lack of parking space, particularly in urban cities. Simultaneously, several governments are putting in place the infrastructure needed to facilitate bicycle commuting, thereby encouraging individuals to choose bicycles.However, the absence of infrastructure needed to support and encourage bicycle commuting, particularly in developing nations like India, is expected to stifle the bicycle market's growth. Similarly, lightweight bicycles built of composite materials are costly, which does not auger well for market growth.

The emergence of COVID-19 is projected to boost market growth in the coming years, as various governments around the world promote bicycles as one of the safest modes of transportation for those who want to preserve social distance. Furthermore, governments in major nations like as the United Kingdom and Italy are subsidising the purchase of new bicycles during the pandemic. As a result, government assistance in the form of initiatives and subsidies, together with increased knowledge of the benefits that bicycles provide, bodes well for market growth in the coming years.

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