The global bicycle market size was valued at USD 20,280.0 Million in 2019. According to the bicycle market analysis the market is estimated to reach USD 28,667.3 Million by 2027. The bicycle market forecasted a growing CAGR of 4.8% from 2021 to 2027.
Major factors driving the growth of bicycle market are:
The rise in disposable income and surge in consumer spending on the bicycle industry.
Rise in health consciousness among consumers and preference for bicycles as economical means of exercising and travelling short distances.
Increase in demand for electric bikes and cargo bikes as electric bikes are safe, easy to operate, are low in maintenance and no license required.