50+ Cycling industry statistics 2021 [Research Review]

The cycling industry continues to get traction as more people join the growing fitness trends of exercising outdoors.

To give you a better understanding of how the bicycling industry is changing, we have highlighted the latest industry statistics from over 15 market reports, studies, and articles.

The global cycling industry

• In 2021, the global bicycle market size is worth $57.5 billion and it is projected to grow at a compound annual growth rate of 7% from 2021 to 2028 when it is expected to be valued at $92.5 billion
• In 2020, 
  • Conventional bikes accounted for 85.2% of the global revenue
  • road bicycle held the largest market revenue share of 41.1%
  • Offline sales accounted for 54.1% of the market share
  • Male consumers were responsible for 45% of the market share
  • 33% of the revenue share came from the Asia Pacific region
• During the forecast period between 2021 to 2028, it is projected that the:
  • Asia Pacific region will grow at a CAGR of 8%
  • The electric bicycle market will grow at an annual rate of 8%
  • Online sales of bikes will increase by 9.5%
  • Women purchasing bikes is expected to grow at a CAGR of 6.8%
• The bicycle industry is expected to keep growing because of
  • the increasing interest in leading a healthy lifestyle by increasing their daily physical activity
  • the growing adoption of dockless bicycle-sharing programs
  • traffic congestion
  • lack of parking space in metropolitan areas
  • the need to social distance due to the COVID-19 virus
• The high-end bicycle market is expected to grow at a CAGR of 6%, to hit $4.96 billion by the end of 2024
  • During the forecast period:
    • the bicycle OEM tires market is expected to grow by $544.9
    • the bicycle carbon frames Market is projected to sell 6.48 million units from 2020 to 2024, and the revenue is projected to grow at a CAGR of almost 16% 

Cycling market per region

Europe

• In 2020, the United Kingdom Bicycle Association reported that bike sales in the UK went up by 63% from April to June
  • UK consumers preferred bikes that cost less than GBP 1,000 ($1,300)
  • Sales of electric bikes or e-bikes  that cost more than GBP 1,000 ($1,300) increased by 150%
• In 2019, the average number of cycling trips in UK made by:
  • men were 25 a year
  • women were 10 a year
• In Ireland, investments towards Cycling Ireland increased by 50.4% between 2015 and 2019, from EUR 292.5 thousand to EUR 440 thousand

Asia Pacific

• The bike market in the Asia Pacific region is expected to grow at a CAGR of 4.5% from 2020 to 2025
• In 2015, there were 52.61 million units of bikes sold in the region and is expected to increase 4% per year from 2020 to 2026
• E-bikes and hybrid bikes hold almost 70% of the Asia-Pacific market

The Americas

• The bicycle industry in North America is expected to grow at a CAGR of 5.5% from 2020 to 2025
• In Latin America, the bike market was worth $2.74 billion in 20215 and is expected to grow at a CAGR of 3% from 2019 to 2026
  • There are 12,000 public bikes in Latin America, with 40% of the market share held by Brazil

Cycling equipment industry

• From 2020 to the first half of 2021, the cycling equipment (bike, bike parts, accessories) market grew by 15%, reaching $8.5 billion in revenue by July
• During the same period, the following segments were worth:
  • $5.3 billion for bicycles which was 65% higher than the previous year
  • $903 million for bike accessories, 36% higher than in 2019
  • $1.1 billion bike parts, 31% higher than 2019
  • $45 million for helmets, shoes, and gloves, 20% higher than the previous year
    • The revenue of the global cycling helmet (MTB, road, and recreational helmets) market hit $729 million in 2019 and is expected to reach $810.3 million growing at a CAGR of 2.7% from 2020 to 2025

• Compared to the numbers 2 years ago, bicycles sales increased by: 
• 240% for electric bikes or e-bikes
• 109% for cross-country/gravel-road bikes
• 70% for mountain bikes (MTB)
• 57% for children’s bikes
• 41% for road bikes
• 3% for cruiser bikes
• 1% for fitness bikes

• Growing at a CAGR of 2.1%, the global bike parts and accessories market size is projected to grow from $5,636 million in 2020 to $6546.5 million by 2027

Cycling wear market

The global cycling wear market, which includes clothes and footwear, is expected to grow 7% annually from 2020 to 2024, reaching $2.9 billion by the end of the forecast period

Cycling apparel market

• At an annual growth rate of 6.5%, the cycling apparel market is expected to grow from $3,241.8 million in 2020 to $4,730.3 million by the end of 2027
• From 2019 to 2018, the European market for bike apparel is expected to grow at a CAGR of 5.6%, increasing from $1,720.1 million to $2,518.4 million
• Europe holds the largest share of the global cycling apparel market at 40.9%
• Germany’s share of the market was at 24.6% in 2019, which was worth $422.6 million and it is expected to grow at a CAGR of 4.3%, to hit a market value of $554.5 million in 2028
• In North America, the cycling apparel market is expected to grow by 4.5% annually during the forecast period.
• Sales of cycling tops (jersey, jackets, body warmers, and T-shirts) accounted for $41.2% of the cycling apparel revenue in 2019 and were worth $1731.1 million
• It is expected to grow annually at a rate of 5.1%, hitting $2,454.2 million by 2028

Bike shoe market

• At a CAGR of 6.4%, the global mountain bike shoe industry is expected to grow from %518.3 million in 2018 to $802.1 million by 2025
• From 2019 to 2025, sales of MTB shoes for women is projected to increase by 6.8%
• Meanwhile, online sales of MTB shoes are expected to increase annually by 7.2% during the forecast period

About RunRepeat

RunRepeat features a vast collection of athletic shoe reviews and shoe guides. You can find unbiased shoe reviews because we don't get shoes for free - we buy them on our own, we test the shoes (running, walking, hiking, playing basketball, football, tennis) ourselves and we bring them to the lab where we cut them in half and do dozens of lab tests on them. All with the same purpose: delivering unbiased reviews. 

If you're training for a marathon or just want to take up running check out our collection of running shoes. You can also find training shoes for gym or at-home workouts here, as well as the latest pair of stylish sneakers.

Use of content

• If you want to know more about the cycling industry statistics, feel free to reach out to Nick Rizzo at nick@runrepeat.com. He’s also available to do interviews.
• Data found in this article is free to use in any online publication or platform. We only request that you link back to this original source.

References