Key Drivers of the Bicycle Market Boom

The global Bicycle Market, valued at approximately USD 62.6 billion in 2023, is projected to reach nearly USD 117.4 billion by 2033, expanding at a steady CAGR of 6.0% from 2024. This growth is driven by increased urban cycling due to traffic congestion and limited parking, alongside supportive government infrastructure investments. Additionally, advancements in mobile apps and GPS technology have popularized dockless bicycle sharing systems. East Asia is expected to dominate the market, holding 42.9% share by 2032, fueled by rising e-bike demand and recreational cycling. The market, which grew at a 4.3% CAGR from 2019 to 2023, is set to benefit from the increasing shift towards eco-friendly transportation options.