The global bicycle industry is on a strong growth trajectory, projected to expand from USD 56.13 billion in 2024 to USD 118.18 billion by 2034, reflecting a CAGR of 7.73% over the forecast period. Asia Pacific leads the revenue charts, while North America shows robust future growth potential. Road bikes and offline sales channels dominate today, but cargo bikes and online platforms are witnessing the fastest rise.
Let’s explore the key players shaping the bicycle industry, their unique offerings, and market position.
🚴 Bicycle Market Highlights
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Asia Pacific: Leading region by revenue.
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North America: Expected to post the strongest CAGR in the coming decade.
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Product Segment: Road bikes dominate, while cargo bikes are the fastest-growing.
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Distribution Channel: Offline leads, but online is expanding rapidly.
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Gender Segment: Men’s bicycles lead, but women’s usage is steadily increasing.
🌟 Top Global Bicycle Companies Driving Innovation
1️⃣ Accell Group
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About: Headquartered in the Netherlands, Accell Group is one of Europe’s largest bicycle manufacturers.
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Products: Focuses on e-bikes, city bikes, and sports bicycles under brands like Haibike, Raleigh, and Winora.
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Market Cap: Approx. USD 1.2 billion.
2️⃣ Atlas Cycles (Haryana) Ltd.
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About: An iconic Indian brand founded in 1951, Atlas Cycles caters to both domestic and export markets.
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Products: Offers a wide range from traditional roadsters to kids’ bikes.
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Market Cap: Estimated at USD 80 million.
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3️⃣ Avon Cycles Ltd.
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About: Another major Indian player, Avon Cycles has decades of presence in manufacturing affordable bicycles.
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Products: Covers commuter bikes, mountain bikes, and e-bikes.
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Market Cap: Estimated at USD 100 million.
4️⃣ Cervélo
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About: A Canadian company known for premium road racing and triathlon bikes.
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Products: Specializes in high-performance aerodynamic bicycles.
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Market Cap: Privately held, valued at approx. USD 200 million.
5️⃣ Specialized Bicycle Components, Inc.
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About: Based in California, USA, Specialized is a leader in innovation and performance-focused bikes.
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Products: Mountain, road, and electric bikes; popular for Turbo and Stumpjumper series.
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Market Cap: Privately held, estimated valuation USD 1.5 billion.
6️⃣ SCOTT Sports SA
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About: Swiss company known for sports equipment, including cutting-edge bicycles.
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Products: Road, MTB, gravel, and electric bikes.
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Market Cap: Estimated at USD 500 million.
7️⃣ Trek Bicycle Corporation
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About: A US-based giant known for quality, innovation, and professional cycling sponsorships.
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Products: Road, mountain, hybrid, and electric bikes; includes Bontrager accessories.
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Market Cap: Privately held, valuation approx. USD 1.8 billion.
8️⃣ Dorel Industries Inc.
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About: Canadian conglomerate owning several bike brands like Cannondale, Schwinn, and GT.
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Products: Ranges from recreational bikes to pro-level cycles.
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Market Cap: Approx. USD 1 billion.
9️⃣ Giant Bicycles
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About: Taiwanese company and the world’s largest bicycle manufacturer.
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Products: Known for road, MTB, e-bikes, and OEM production.
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Market Cap: Listed company, approx. USD 2.6 billion.
🔟 Merida Industry Co., Ltd.
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About: Another Taiwan-based leader, Merida combines performance and affordability.
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Products: Produces Merida-branded bikes and OEM for other global brands.
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Market Cap: Approx. USD 1.5 billion.
1️⃣1️⃣ Orbea
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About: A Spanish co-op with a history dating back to 1840.
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Products: High-end road bikes, MTBs, and e-bikes.
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Market Cap: Approx. USD 300 million.
1️⃣2️⃣ BH Bikes
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About: Spanish brand known for lightweight road and mountain bikes.
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Products: Specializes in road, MTB, and urban electric bikes.
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Market Cap: Estimated at USD 150 million.
1️⃣3️⃣ Axalko Bikes
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About: Boutique Spanish manufacturer focusing on wood-frame bicycles.
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Products: Handmade wooden bikes for urban and road cycling.
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Market Cap: Niche player, approx. USD 20 million.
❓ FAQs About the Global Bicycle Market
Q1. What is the projected size of the global bicycle market by 2034?
The market is projected to reach USD 118.18 billion by 2034, growing at a CAGR of 7.73%.
Q2. Which region leads the bicycle market currently?
Asia Pacific holds the largest revenue share as of 2024.
Q3. What segment of bicycles is growing the fastest?
Cargo bikes are expected to register the highest CAGR during the forecast period.
Q4. Which sales channel is dominating the market?
The offline segment leads currently, but online channels are gaining momentum rapidly.
Q5. Who are the top players in the global bicycle market?
Some leading companies include Giant Bicycles, Trek Bicycle Corporation, Accell Group, Specialized, and Merida Industry.
Source : https://www.towardsautomotive.com/insights/bicycle-market-sizing