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

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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