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%
- During the forecast period:
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
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- 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.
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References
https://www.grandviewresearch.com/industry-analysis/bicycle-market
https://www.mordorintelligence.com/industry-reports/bicycle-market
https://www.npd.com/news/blog/2021/the-cycling-market-pedals-ahead-in-2021/
https://www.marketstudyreport.com/reports/global-cycling-helmet-market-2020-by-manufacturers-regions-type-and-application-forecast-to-2025?gclid=CjwKCAjwzOqKBhAWEiwArQGwaOSNxxsfCdSkqD6n4iccLUeOec2w8LAd70EiX2c0ziTb_0Mavxk3aRoCeJcQAvD_BwE
https://www.industryresearch.co/global-and-japan-bicycle-parts-and-accessories-market-18684063
https://www.grandviewresearch.com/press-release/global-mountain-bike-shoes-market
https://www.prnewswire.com/news-releases/cycling-wear-market-to-grow-by-almost--3-billion-during-2020-2024--technavio-301315944.html
https://www.industryresearch.biz/global-cycling-apparel-sales-market-17364765
https://www.researchnester.com/reports/cycling-apparel-market/2263
https://www.mordorintelligence.com/industry-reports/asia-pacific-bicycle-industry
https://www.researchandmarkets.com/reports/5232294/asia-pacific-bicycle-market-outlook-2026
https://www.mordorintelligence.com/industry-reports/north-america-bicycle-market
https://www.researchandmarkets.com/reports/5232296/latin-america-bicycle-market-outlook-2026
https://apnews.com/press-release/business-wire/technology-business-sports-consumer-products-and-services-north-america-31e69657ed0b42c4b3ed1acaaff14bf2
https://www.businesswire.com/news/home/20210204006068/en/
https://www.technavio.com/report/high-end-bicycle-market-industry-analysis