Bicycle and Road Bike Market Report 2024 (Global Edition)

Global Bicycle and Road Bike Market Report 2024 Market Size Split by Frame Material (Aluminum, Carbon Fiber, Steel, Titanium), by Suspension (Rigid, Front Suspension, Full Suspension), by Discipline (...

Bicycle and Road Bike Market Report Description

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Bicycle and Road Bike Market Insights Video

Competitive Landscape of the Bicycle and Road Bike Market

The bicycle and road bike market is highly competitive, with key players leading in innovation and performance models. Smaller brands and regional manufacturers also compete, particularly in affordable and niche segments. The rise of e-bikes has introduced tech-driven companies, intensifying competition. Market players focus on lightweight materials, advanced components, and eco-friendly designs to attract consumers. Additionally, direct-to-consumer models and online retail channels are reshaping distribution, increasing accessibility and market reach.

In July 2021, Trek Bicycles established the Trek Foundation, which aims to support public mountain bike trail development as well as cycling infrastructural projects. (Source: https://www.trekbikes.com/us/en_US/trek-foundation/#:~:text=The%20Trek%20Foundation%20was%20established,free%20for%20all%20to%20use.) In May 2023, Kinaxis® Inc., the authority in driving agility for fast, confident decision-making in an unpredictable world, announced that Accell Group had deployed Kinaxis' RapidResponse® platform, digitally transforming its supply chain, providing solutions to supply chain complexities. (Source: https://www.kinaxis.com/en/news/press-releases/2023/accell-group-european-market-leader-e-bikes-using-kinaxis-support-digital) In February 2022, Hero Cycles launched a range of bicycles designed especially for kids. The models include Hero Sprint Jimmy, Hero Sprint Jordan, and Hero X Doraemon. The bikes have enhanced anti-infection protection and Anti-Pinch braking systems. The company has focused on the safety features that enhance the product offerings for children. (Source: https://www.herocycles.com/new-hero-cycles-range.html)

Top Companies Market Share in Bicycle and Road Bike Industry: (In no particular order of Rank)

• Accell Group
• Atlas Cycles (Haryana) Ltd.
• Avon Cycles Ltd.
• Cervelo
• Dorel Industries Inc.
• Giant Bicycles
• Merida Industry Co.
• Ltd
• Specialized Bicycle Components
• Inc.
• SCOTT Sports SA
• Trek Bicycle Corporation
• Orbea
• BH Bikes
• Axalko Bikes
• Hagen Bikes
• Mammoth bikes
• Egurra Bikes
• Garri Bike
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Bicycle and Road Bike Market

Which Region Dominates the Bicycle and Road Bike Market in 2024?

According to Cognitive Market Research, North America currently dominates the Bicycle and Road Bikes market, and the region is expected to have significant growth during the projected period. This is due to high consumer demand for recreational cycling, advanced infrastructure, and strong fitness culture.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR) due to rising health awareness, urban congestion, and government initiatives promoting eco-friendly transportation.

The current report Scope analyzes Bicycle and Road Bike Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Bicycle and Road Bike

According to Cognitive Market Research, the global Bicycle and Road Bike market size was estimated at USD 114514.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 45805.80 million in 2024 and will rise at a compound annual growth rate (CAGR) of 9.0% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Bicycle and Road Bike market with a market size of USD 36140.78 million in 2024 and is projected to rise at the CAGR of 8.8% during the forecast years due to the increased popularity of cycling as a sustainable transportation mode.
• The Canada Bicycle and Road Bike market had a market share of USD 5496.70 million in 2024 and is projected to rise at the CAGR of 9.8% during the forecast years due to the expansion of cycling infrastructure and trail networks.
• The Mexico Bicycle and Road Bike market is projected to witness growth at a CAGR of 9.5% during the forecast period, with a market size of USD 4168.33 million in 2024.

Europe Bicycle and Road Bike

According to Cognitive Market Research, the global Bicycle and Road Bike market size was estimated at USD 114514.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 34354.35 million in 2024 and will rise at a compound annual growth rate (CAGR) of 9.3% from 2024 to 2031.

• The United Kingdom Bicycle and Road Bike market had a market share of USD 5771.53 million in 2024 and is projected to rise at the CAGR of 10.1% during the forecast years. In the UK, Bicycle and Road Bike sales witness an upswing due to the increasing urbanization and traffic congestion.
• The France Bicycle and Road Bike market is projected to witness growth at a CAGR of 8.5% during the forecast period, with a market size of USD 3160.60 million in 2024.
• According to Cognitive Market Research, the German Bicycle and Road Bike market size was valued at USD 6802.16 million in 2024 and is projected to rise at a CAGR of 9.5% during the forecast period. In Germany, Bicycle and Road Bike surged due to the rise in health and fitness consciousness.
• The Italy Bicycle and Road Bike market is projected to witness growth at a CAGR of 8.7% during the forecast period, with a market size of USD 2954.47 million in 2024.
• The Russia Bicycle and Road Bike market is projected to witness growth at a CAGR of 8.3% during the forecast period, with a market size of USD 5324.92 million in 2024.
• The Spain Bicycle and Road Bike market is projected to witness growth at the CAGR of 8.4% during the forecast period with a market size of USD 2817.06 million in 2024
• The Luxembourg Bicycle and Road Bike market is projected to witness growth at a CAGR of 9.4% during the forecast period, with a market size of USD 1064.98 million in 2024.
• The Portugal Bicycle and Road Bike market is projected to witness growth at a CAGR of 9.1% during the forecast years, with a market size of USD 721.44 million in 2024.
• The Greece Bicycle and Road Bike market is projected to witness growth at a CAGR of 9.6% during the forecast period, with a market size of USD 412.25 million in 2024.
• The Rest of Europe's Bicycle and Road Bike market is projected to witness growth at a CAGR of 8.0% during the forecast period, with a market size of USD 5324.92 million in 2024.

Asia Pacific Bicycle and Road Bike

According to Cognitive Market Research, the global Bicycle and Road Bike market size was estimated at USD 114514.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 26338.34 million in 2024 and will rise at the compound annual growth rate (CAGR) of 12.8% from 2024 to 2031.

• According to Cognitive Market Research, the China Bicycle and Road Bike market size was valued at USD 11852.25 million in 2024 and is foreseen to rise at a CAGR of 12.3% during the forecast years. Bicycle and Road Bike surged in China due to the growing urbanization and traffic congestion.
• The Japan Bicycle and Road Bike market is foreseen to witness growth at a CAGR of 11.3% during the forecast period, with a market size of USD 3634.69 million in 2024.
• The India Bicycle and Road Bike market had a market share of USD 3160.60 million in 2024 and is projected to rise at the CAGR of 14.6% during the forecast years due to Government Initiatives and Infrastructure Development .
• The South Korean Bicycle and Road Bike market is foreseen to witness growth at a CAGR of 11.9% during the forecast period, with a market size of USD 2633.83 million in 2024.
• The Australian Bicycle and Road Bike market is foreseen to witness growth at a CAGR of 12.5% during the forecast years, with a market size of USD 1369.59 million in 2024.
• The South East Asia Bicycle and Road Bike market is projected to witness growth at a CAGR of 13.8% during the forecast period, with a market size of USD 1817.35 million in 2024.
• The Rest of Asia Pacific Bicycle and Road Bike market is projected to witness growth at a CAGR of 12.6% during the forecast period, with a market size of USD 1870.02 million in 2024.

South America Bicycle and Road Bike

According to Cognitive Market Research, the global Bicycle and Road Bike market size was estimated at USD 114514.5 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 5725.73 million in 2024 and will rise at a compound annual growth rate (CAGR) of 10.2% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Bicycle and Road Bike market size was valued at USD 2450.61 million in 2024 and is projected to rise at the CAGR of 10.8% during the forecast years. Bicycle and Road Bikes flourished in Brazil due to the increasing health awareness and fitness trends.
• Argentina's Bicycle and Road Bike market had a market share of USD 961.92 million in 2024 and is projected to rise at the CAGR of 11.1% during the forecast years due to the government initiatives promoting cycling infrastructure .
• Colombia's Bicycle and Road Bike market is foreseen to witness growth at a CAGR of 10.0% during the forecast period, with a market size of USD 509.59 million in 2024.
• Peru Bicycle and Road Bike market is foreseen to witness growth at a CAGR of 10.4% during the forecast period, with a market size of USD 469.51 million in 2024.
• Chile's Bicycle and Road Bike market is foreseen to witness growth at a CAGR of 10.5% during the forecast period, with a market size of USD 412.25 million in 2024.
• The Rest of Latin America's Bicycle and Road Bike market is projected to witness growth at a CAGR of 9.3% during the forecast period, with a market size of USD 921.84 million in 2024.

Middle East and Africa Bicycle and Road Bike

According to Cognitive Market Research, the global Bicycle and Road Bike market size was estimated at USD 114514.5 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 2290.29 million in 2024 and will rise at a compound annual growth rate (CAGR) of 10.5% from the year 2024 to 2031..

• The GCC Countries Bicycle and Road Bike market is projected to witness growth at a CAGR of 11.3% during the forecast period, with a market size of USD 980.24 million in 2024. Bicycle and Road Bike sales flourish due to the growing demand for sustainable transportation.
• The Egypt Bicycle and Road Bike market is foreseen to witness growth at a CAGR of 10.8% during the forecast period, with a market size of USD 240.48 million in 2024.
• The South Africa Bicycle and Road Bike market is foreseen to witness growth at a CAGR of 11.5% during the forecast period, with a market size of USD 361.87 million in 2024. Bicycle and Road Bike sales flourished in South Africa due to the government initiatives promoting cycling infrastructure.
• The Turkey Bicycle and Road Bike market is foreseen to witness growth at a CAGR of 10.0% during the forecast period, with a market size of USD 196.96 million in 2024.
• The Nigeria Bicycle and Road Bike market is foreseen to witness growth at a CAGR of 9.6% during the forecast period, with a market size of USD 240.48 million in 2024.
• The Rest of the MEA Bicycle and Road Bike market is projected to witness growth at a CAGR of 9.5% during the forecast period, with a market size of USD 270.25 million in 2024.

Bicycle and Road Bike Market Analysis

Bicycle and Road Bike Market Frame Material Segment Analysis

According to Cognitive Market Research, aluminum is likely to dominate the Bicycle and Road Bike Market over the forecast period due to its lightweight, durability, and cost-effectiveness. Its high strength-to-weight ratio makes it ideal for performance and recreational bikes, offering cyclists enhanced speed and handling. Additionally, aluminum’s resistance to rust and relatively low cost make it widely accessible across price ranges.

Carbon fiber is the fastest-growing segment in the Bicycle and Road Bike Market due to its strength-to-weight ratio, providing lightweight yet durable frames that enhance speed and performance. Favored by competitive and recreational cyclists alike, carbon fiber's aerodynamic advantages and evolving affordability make it highly desirable for high-performance bikes.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Bicycle and Road Bike Industry. Request a Free Sample PDF!

Bicycle and Road Bike Market Suspension Segment Analysis

According to Cognitive Market Research, the rigid segment holds the largest share of the market due to its lighter weight, efficient energy transfer, and low maintenance requirements. Unlike suspension systems, rigid frames allow for greater speed and control on paved surfaces, making them ideal for performance-focused cyclists and commuters.

In the Bicycle and Road Bike Market, the full suspension sector has been expanding at a rapid pace due to their superior comfort, control, and adaptability on rough terrains. Popular among mountain bikers and adventure cyclists, these bikes reduce impact and improve handling and driving demand as more riders seek versatile, high-performance options for varied landscapes.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Bicycle and Road Bike Discipline Segment Analysis

Bicycle and Road Bike Market Discipline Segment Analysis

According to Cognitive Market Research, the road racing segment holds the largest market share by driving demand for high-performance bikes with lightweight frames, advanced aerodynamics, and efficient gearing systems. This segment attracts competitive cyclists and enthusiasts alike, fueling innovation and brand loyalty. Major brands emphasize developing specialized road bikes that enhance speed and endurance, sustaining market growth.

In the Bicycle and Road Bike market, the rapidly growing sector is the gravel cycling category due to its versatility, allowing riders to explore both paved roads and rough trails. Its appeal lies in the adventure-focused experience and accessibility for all skill levels, making it popular among recreational and endurance cyclists alike.

• Road Racing
• Gravel
• Cyclocross
• Touring

Bicycle and Road Bike Gearing Segment Analysis

Bicycle and Road Bike Market Gearing Segment Analysis

According to Cognitive Market Research, the multi-speed segment dominates the market by offering versatility and ease in handling varied terrains, from flat roads to steep inclines. Cyclists benefit from greater control and energy efficiency, making multi-speed bikes ideal for commuting, fitness, and recreational cycling, thereby appealing to a broad consumer base.

Electric-assist is projected to be the fastest-growing segment in the Bicycle and Road Bike market due to their convenience, making cycling accessible to a wider audience. E-bikes offer powered support, ideal for urban commuting, long distances, and challenging terrains, aligning with consumer demand for eco-friendly, efficient, and flexible transportation alternatives.

• Single Speed
• Multi-Speed
• Electric-Assist

Bicycle and Road Bike Price Range Segment Analysis

Bicycle and Road Bike Market Price Range Segment Analysis

According to Cognitive Market Research, the mid-range segment dominates the market by balancing quality, affordability, and performance, appealing to both recreational riders and daily commuters. These bikes offer durable frames and reliable components without the high price of premium models, attracting a broad consumer base seeking value, functionality, and versatility for diverse riding needs.

Entry-level is projected to be the fastest-growing segment in the Bicycle and Road Bike market due to increasing interest in cycling for commuting and recreation among new riders. Affordable pricing, user-friendly designs, and growing health awareness attract budget-conscious consumers, making these bikes accessible and appealing to a broader demographic looking to embrace cycling.

• Entry-Level
• Mid-Range
• High-End

Author's Detail

Kalyani Raje

Senior Research Analyst at Cognitive Market Research

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An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile & Transportation vertical.

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