The global bicycle industry has experienced recent rapid growth as the industry heads towards new all-time highs. Valued at a robust USD 101.92 billion in 2022, this dynamic market is poised for even more significant expansion not in small part thanks to the COVID-19 pandemic that has put on additional pressure for people to be healthy. Projections indicate a staggering climb from USD 110.38 billion in 2023 to a monumental USD 228.90 billion by 2030. This projection showcases a robust Compound Annual Growth Rate (CAGR) of 11.0% during this period.
Bicycles have become more than a mode of transportation; they are now synonymous with fitness, sport, and a greener lifestyle. Catering to diverse needs, manufacturers have introduced specialized categories such as mountain bikes, road bikes and hybrids, which has naturally led to the expansion of their customer base. The global landscape is witnessing a paradigm shift, driven by mounting traffic congestion, rapid urbanization and a growing environmental conscience. According to the United Nations Conference on Trade and Development (UNCTAD), the global urban population spiked from 51.6% in 2010 to 56.2% in 2020. This urban surge is expected to continue with projections indicating a 0.5% growth in 2050. This adds pressure on people to figure out better alternatives to cars to get around without spending significant amounts of time in traffic.
Moreover, governments worldwide are steering initiatives toward sustainable transport solutions. We’re seeing countries put limits on conventional vehicle sales and endorse eco-friendly options like electric cycles. A University of Southern Denmark study projected a potential annual reduction of 686 million tons of carbon emissions globally if this trend gained traction universally. Countries like Finland, Ireland and France are spearheading cycling infrastructure development, thus paving the way for a greener, healthier future.