Bicycle Industry Statistics By Revenue, Sales, Average Price, Brands and Facts

Introduction

Bicycle Industry Statistics: The bicycle industry has grown quickly in recent years as the majority of people see bicycling as a way to stay healthy, save money, and reduce their carbon footprint. With cities adding bicycle lanes and more focus on eco-friendly travel, bicycles are becoming popular for both daily commuting and recreational use.

Technological advancements, like electric bikes (e-bikes), are also drawing in a new crowd, making biking accessible to more people. Countries worldwide are supporting the industry with incentives for sustainable transportation. The industry includes various segments, from mountain and road bikes to e-bikes, and caters to people of all ages. In urban areas, the aim is to reduce car usage, and the demand for bicycles is expected to keep growing, shaping a greener future.

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• The bicycle industry experienced strong growth in both sales and popularity, and it is estimated to reach around USD 61.82 billion by the end of 2024.
• Bicycle Industry Statistics show that the total revenue will grow 1.8% yearly from 2024 to 2029, reaching an estimated market size of USD 68.88 billion by 2029.
• Meanwhile, the unit sales of electric and regular bicycles in 2024 will turn around 43.54 million and 89.57 million, respectively.
• The average price of bicycles in 2024 will be around electric bicycles (USD 0.83K) and regular bicycles (USD 0.29K).
• In the same duration, China is expected to lead in revenue globally, resulting in USD 12,370 million.
• China will be the largest bicycle user in the fiscal year 2024, with approximately 450 million bicycles.
• The European bicycle industry is supposed to generate the highest market size, around USD 27.89 billion, by the end of this year.
• Bicycle Industry Statistics further state that In recent years, most people cycle for exercise, with 94% saying this is their main reason for cycling.
• Moreover, in September 2024, around 17% of U.S. consumers aged 18-29 reported riding a bike in the past year.
• As of 2024, Giant Manufacturing Co., based in Taiwan, is the world’s biggest bicycle maker, with an estimated revenue of USD 2.85 billion.

General Bicycle Industry Statistics

• As of 2024, the global bicycle market is fragmented, with 80% of the market shared among many international and local companies.
• China, India, the E.U., Taiwan, and Japan make up 87% of world manufacturing production.
• The U.S. Congress proposed a 15% tax credit for buying electric bicycles in the United States.
• Electric bicycles, especially pedal-assisted ones, will grow by 14% due to better batteries, new models, and support.
• Bicycle Industry Statistics also show that in recent years, bicycle production has risen to over 100 million yearly, double the 50 million cars made.

(Reference: statista.com)

• The global bicycle market is expected to grow by about USD 17 billion from 2016 to 2024.
• By the end of 2024, the market size will reach around USD 62 billion.

Reasons For Bicycling Statistics

• Most people said they ride bikes mainly for fitness and health, with 88% agreeing.
• Around 87% of people said they ride bikes mainly for fun and happiness.
• Environmental friendliness was a strong reason, with 82% of people saying it motivated them.
• Bicycle Industry Statistics reports that almost 61% avoided driving in traffic, while 50% found biking faster and more convenient.
• Furthermore, other reasons are followed, such as financial considerations (47%), a limited car parking area (29%), flexible work or school start-end times (26%), a face bicycle facility (10%), and others (11%).

Reasons For Not Riding Bicycle Statistics

• As mentioned in Bicycle Industry Statistics, around 85% of people said they don’t bicycle because of the weather.
• Meanwhile, 29% said they felt too tired to ride, and 25% said they had issues with their bikes.
• In addition, road construction or repair work was one reason claimed by 15% of bicycle riders.
• Similarly, 42% of people had no other specific reasons for not riding bicycles.

Bicycle Industry Statistics by Revenue

(Source: statista.com)

• The above graph, generated by Statista report analyses, states that in 2024, total revenue generated by electric bicycles and regular bicycles will be around USD 35.96 billion and USD 25.86 billion, respectively.

Furthermore, the table below includes all the revenue and revenue shares in the coming years.

By Unit Sales

• As mentioned in Bicycle Industry Statistics, the unit sales of electric and regular bicycles in 2024 will turn around 43.54 million and 89.57 million, respectively.

Similarly, the total unit sales of the global bicycle industry in the next few years are estimated in the table below:

By Average Price

(Reference: statista.com)

• The average price of bicycles in 2024 will be around electric bicycles (USD 0.83K) and regular bicycles (USD 0.29K).

As per Bicycle Industry Statistics, the average estimated price of both electric and regular bicycles are represented below:

Global Revenue Comparison Of The Bicycle Industry By Country

• Bicycle Industry Statistics 2024: China is projected to generate the highest revenue, amounting to approximately USD 12.37 billion.
• The market's annual growth rate will reach 1.54% from 2024 to 2029, and the estimated contribution to the company's overall market volume will reach around USD 13.35 billion by 2029.
• However, in 2024, the average price of bicycles is supposed to reach around USD 573.30.
• Bicycle Industry Statistics further show that the estimated revenue and annual market size of the bicycle industry of the other top four countries in 2024 will be followed by the United States of America (USD 8.6 billion), Germany (USD 7.61 billion), India (USD 3.84 billion) and France (USD 2.61 billion).

By Regions

Africa:

• The African bicycle market is estimated to amount to around USD 0.47 billion in 2024.
• This industry's market volume will be 0.59 billion by 2029, and its annual growth rate will reach a CAGR of 4.65% from 2024 to 2029.
• In addition, the volume-weighted average price of bicycles will account for USD 178.60.
• By 2029, the total unit sales are projected at 2.49 million bicycles.

Americas:

• Bicycle Industry Statistics further report that this market will reach USD 12.37 billion in 2024.
• In contrast, the market's annual growth will be 2.86% between 2024 and 2029, resulting in USD 14.24 billion by the forecast period.
• As of 2024, the volume-weighted average price will reach USD 0.40k.
• It is also estimated that the global bicycle industry's unit sales will reach around 31.65 million bicycles by 2029.

 Asia:

• Total revenue in Asia will approach USD 20.95 billion in 2024, with a 2.38% CAGR in the forecasted period.
• According to Bicycle Industry Statistics, by 2029, the bicycle industry’s unit sales will reach 80.42 million, and the market volume will be USD 23.56 billion.
• The volume-weighted average price resulted in USD 259.60 by 2024.

Europe:

• The European bicycle industry is supposed to be around USD 27.89 billion by 2024.
• However, the market's annual growth rate is estimated to be 1.82%, reaching USD 30.52 billion by 2029.
• In 2029, the total unit sales will reach up to 22.52 million bicycles.
• As of 2024, the volume-weighted average price of the bicycle industry will amount to USD 1.24k.

Bicycle Users Statistics By Countries

• China will be the largest bicycle user in the fiscal year, with approximately 450 million bicycles in use by the end of 2024.

On the other hand, other numbers of bicycle users by countries in the same duration are stated below:

Types Of Bicycles Statistics By Average Price

• As mentioned in Bicycle Industry Statistics in 2024, the average price of electric bicycles ranges between USD 1000 to 4000.

Furthermore, other bicycle types by average price in 2024 are segmented in the table below:

Bicycle Rider Statistics By Age Group

(Reference: statista.com)

• A report published by Statista shows that in September 2024, around 17% of U.S. consumers aged 18-29 reported riding a bike in the past year.
• Bicycle Industry Statistics further reports that only 17% of customers aged 30 to 49.
• Similarly, 50 to 64 years bicycle American users hold a share of 10%.

 Share Of Bicyclists Statistics By Gender

(Reference: news.market.us)

• Bicycle Industry Statistics 2024 show that most bicyclists are men, making up 71% of all bicycle riders.
• Meanwhile, only 29% of people who ride bicycles are women.

By Ethnicity

(Reference: news.market.us)

• As of 2024, around 78% of people who ride bicycles are white globally.
• Black people make up 8% of cyclists, while 7.2% are Hispanic or Latino riders.
• Only 3% of cyclists are Asian, 0.4% are Alaska Native or American Indian, and 3.7% of cyclists have not shared their ethnicity.

 Leading Bicycle Industry Statistics By Brand Revenue

• As of 2024, Giant Manufacturing Co., based in Taiwan, is the world's biggest bicycle maker, with an estimated revenue of USD 2.85 billion.
• Trek Bicycle Corporation, a U.S.-based company, earns around USD 1.6 billion and is best known for its top-quality bikes for both pros and casual riders.
• Specialized Bicycle Components, Inc., a U.S.-based company, generates about USD 1.5 billion in revenue and emphasizes unique, technology-driven bicycle designs.
• Accell Group N.V., based in the Netherlands, owns several bicycle brands and has an estimated revenue of USD 1.5 billion.
• Merida Industry Co., Ltd., a Taiwanese company, makes bicycles and sells them worldwide, earning about USD 1.3 billion in revenue.

Bicycle Industry Statistics By Usage

• In recent years, most people cycle for exercise, with 94% saying this is their main reason for cycling.
• Around 61% of bicyclists also enjoy other fun activities, like joining parades, besides just cycling.
• Running errands is common, as 55% of people say they use bicycles for this.
• In 2024, people will use bicycles mostly to go to work or school, accounting for almost 51% of trips.
• Moreover, 18% of people said they ride bicycles for other reasons not specifically listed.

Share Of Bicyclist Statistics By Countries For Transportation Twice A Week Or More

(Reference: statista.com)

• In 2023, the Netherlands accounted for approximately 53% of respondents who bicycled for transportation at least twice weekly.
• Furthermore, Bicycle Industry Statistics elaborated other respondents share that other countries are followed as Poland (36%), Denmark (34%), India (34%), Brazil (34%), Sweden (30%), Canada (26%), France (20%), United States (16%), and South Korea (12%).

 Bicycle Industry Statistics By New Product Launches

• Brompton G Line: Brompton, renowned for its folding bicycles, unveiled the G Line on October 7, 2024. This model features 20-inch wheels and hydraulic disc brakes, enhancing stability and off-road capability. The G Line is available in two versions: an eight-speed pedal-powered model priced at approximately £2,500 and a four-speed electric-assisted variant at £3,499. The electric version is anticipated to be more popular, aligning with the 11% increase in gravel bike sales observed in 2023.
• Pedego's New E-Bike Range: Pedego expanded its lineup with three new electric bikes: the Moto, Cargo, and Fat Tire Trike. The Moto is designed for comfort with dual sport suspension, the Cargo e-bike is tailored for utility, and the Fat Tire Trike offers stability with a three-wheel design. These models are priced between USD 3,495 and USD 3,995, featuring advanced safety standards and modern enhancements like pedal assist modes and user-friendly LCD screens.
• Ford's Bronco and Mustang E-Bikes: Ford Motor Company introduced e-bikes inspired by its Bronco and Mustang vehicles in collaboration with N+. The Bronco e-bike is priced at USD 4,500, while the Mustang e-bike starts at USD 4,000. Both models can reach speeds up to 28 mph and offer approximately 60 miles of range, featuring a 750W hub motor and advanced safety features.
• Bosch's 2024 E-Bike Systems: Bosch eBike Systems announced new products for the 2024 model year, including the Performance Line SX and Performance Line Sprint systems. The Performance Line SX offers peak power of up to 600 watts, weighing around 4.4 pounds, and delivers a maximum torque of 55 Nm. Additionally, the CompactTube 400 battery, weighing approximately 4.4 lbs, provides a capacity of 400 Wh, with the option to extend the range by over 60% using the new PowerMore 250 range extender.
• Look Cycle's P24 Track Bike: Look Cycle International launched the P24 track bike, developed in collaboration with the French Cycling Federation and athletes, to support the French team at the 2024 Paris Olympics and Paralympics. The bike contributed to winning seven medals, including three golds, showcasing its advanced design and performance capabilities.

Innovation In Bicycle Technologies in 2024

• AI-Enhanced Safety Systems: Survue's Smart Bike Light predicts and detects potential collisions, alerting cyclists to nearby dangers.
• Advanced E-Bike Models: Urtopia's AI-driven e-bike integrates ChatGPT, offering personalized assistance and optimizing power modes.
• Innovative Track Bikes: British Cycling's Hope Lotus Paris bike features 3D-printed components and aerodynamic design for enhanced performance.
• Gravel Biking Expansion: Brompton's G Line introduces 20-inch wheels and hydraulic disc brakes for off-road capability.
• Sustainable Materials Development: ANPOLY's Re, an eco-friendly cellulose-based material, offers lightweight and strong alternatives for bike frames.

Conclusion

The bicycle industry is growing fast due to rising health awareness among global people and due to enabling eco-friendly transportation. In 2024, many cities are now becoming more bicycle-friendly as people are choosing them for both fitness and commuting. Electric bikes are also boosting the market, making cycling easier for longer distances.

This article on Bicycle Industry Statistics shows that overall industry analyses of the global industry, usage, and further growth trends make the industry's future look bright, with new product launches and technological initiatives as more people embrace healthier and environmentally friendly ways to travel.

Joseph D'Souza

Joseph D'Souza started Coolest Gadgets in 2005 to share his love for tech gadgets. It has since become a popular tech blog, famous for detailed gadget's reviews and companies statistics. Joseph is committed to providing clear, well-researched content, making tech easy to understand for everyone. Coolest Gadgets is a trusted source for tech news, loved by both tech fans and beginners.

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