Historical Bicycle Market Size from 2019 to 2024

Steady growth in the Global Bicycle Market occurred from 2019 to 2024, propelled by the growing global demand for bicycles. The market was valued at USD 50.32 billion in 2019, setting a solid foundation for future growth. By 2020, it had increased to USD 55.25 billion, reflecting a surge in interest for eco-friendly transportation options. This rise was partly fuelled by the COVID-19 pandemic, which led to a shift toward personal transportation to ensure safety and avoid crowded public transit. The growth trend continued into 2021, with the market further expanding due to the ongoing health-conscious movement and an increased focus on outdoor activities during the pandemic. With social distancing measures in place, cycling became an ideal recreational and fitness activity.

The Global Bicycle Market reached USD 63.49 billion in 2022, and by 2023, it had increased to USD 68.44 billion. This consistent upward trajectory was driven by factors such as the rise in health-conscious consumers, urban cycling infrastructure development, and sustainability initiatives. The market reached USD 73.88 billion in 2024, reinforcing its role in the transportation and fitness industries. Driven by growing demand for eco-friendly commuting and fitness, the market is positioned for sustained growth, with strong potential for continued success in the coming years.