25+ Bicycle Industry Statistics [2023]: Bicycle Market Size, Share, Growth, And Trends

Research Summary. Bicycles are becoming increasingly more prominent in the commuting and recreation cultures of the United States. The bicycle industry has seen incredible growth over the last several years. Here are some statistics about the bicycle industry:

• The market size by revenue of the bicycle industry is estimated to be around $6.9 billion.

• Ebike market sales grew by 240% between 2020 and 2021.

• 17-20 million bikes were sold in the 2022.

• 364,000 bicycles are produced per day.

• The United States bike industry CAGR for 2022 to 2027 is 6.12%

For further analysis, we broke down the data in the following ways:
Consumers | Bikes | Trends | Projections | Global

General Bicycle Industry Statistics

• 38.8% of specialty bike shops were closed or consolidated between 2000 and 2015.

  This trend is estimated to have continued at a rate of 5%. This means that there are between 3,000 and 3,400 specialty bike shops currently in the U.S.

• The global market size of the bike industry is $64.62 billion in 2022.

  The bike industry has a sizable share of the global economy, and it continues to grow. Bicycle enthusiasts and industry specialists alike are excited about its prospects.

• There are roughly 7,000 bicycle shops in the United States.

  This includes the 3,000 or so specialty bike shops along with the large chain stores and outdoor recreation shops that also sell bikes. There are also a growing number of bicycle brand-specific stores.

U.S. Bicycle Industry Statistics by Consumers

• There are 52 million bicycle riders in the U.S.

  Most of these bicycle riders are doing so for recreation. However, an increasing number of people cycle as part of their commute to work. There is also a small but significant number of cyclists who participate in non-paved and mountainous area cycling.

• In 2022, $8.2 billion was spent by Americans on bicycles and accessories.

  This is over a billion-dollar increase from 2020, when Americans spent an estimated $6.9 billion on bicycles and accessories.

• Americans spent $903 million on bicycle equipment.

  Bicycle equipment and accessories make a significant portion of the bicycle industry revenue. Many consumers are replacing old bicycle parts or adding new features.

• 70% of cyclists in the United States are men, and 30% are women.

  This is up from 24% of cyclists being female in 2010. The gender gap in cycling is still one that is being researched with several hypotheses, including risk tolerance and socio-economic factors.

U.S. Bicycle Industry Statistics by Bikes

• 95% of bikes in the U.S. were imported from China in 2018.

  China is the leading exporter of bicycles to the U.S. Taiwan is second. In 2018, 3.6% of bicycles were imported from Taiwan. These trade figures have changed slightly in the last few years due to supply chain issues.

• The average price of a mass-produced bike is between $100 and $300.

  Whereas high-end speciality bikes can range in the thousands of dollars, the run-of-the-mill bike found in most shops remains affordable for the average American consumer. This affordability has helped the industry grow over the last several years.

• There are over 200 bike brands on the U.S. market.

  Along with several big-name brands that dominate the market, there are dozens of smaller brands that help round out the bicycle industry and provide diversity.

• Trek Bikes has the largest bike industry market share in the U.S., at 22.5%.

  This is then followed by Giant Bicycle (10.5%), Specialized Bicycle Components, Inc. (9.5%), Redline (6%), and Raleigh (5%).

Bicycle Market Share By Brand

Brand	Market Share
Trek Bikes	22.5%
Giant Bicycle	10.5%
Specialized Bicycle Components, Inc.	9.5%
Redline	6%
Raleigh	5%
Haro Bicycles	4%
Electra Bicycle Company	3.5%
Cannondale	3%
Sun Bicycles	2.5%
Schwinn	2%

• There are over 100 million bicycles in the U.S.

  Averaging about two per every rider, this figure shows that there are many bikes either not in use, used infrequently, or else used by those who prefer to have several bikes for different occasions.

Bicycle Industry Trends

• Bicycle sales increased by 40% between 2019 and 2020.

  Partially as a result of the Covid Pandemic, bicycle sales increased dramatically between 2019 and 2020.

• Bike-specific shops declined from 6,195 in 2000 to 3,790 in 2015, with current estimates of around 3,000.

  The bicycle industry has seen a decline in bicycle specialty shops as large-scale stores and online retail have encroached on the market.

  

• Bicycle sales increased by 57% between 2020 and 2021.

  Again, partially attributed to the Covid Pandemic, bicycles have seen significant positive growth over the last couple of years. This growth is currently being debated among those who think it will slow down with the Pandemic, while others see it as a stable market.

• An estimated 17.4 million bicycles were sold in the U.S. in 2015.

  Based on market trends, this means the number of bicycles sold in 2021 could be around 20 million.

• The number of bicycle riders grew in the U.S. from about 43 million in 2015 to 52 million in 2022.

  Simply put, more people are riding bikes which explains the growth of the industry. Such growth in ridership bodes well for the future of bicycles.

Bicycle Industry Projections

• By 2025, it is estimated that the global sales of e-bikes could reach $27 billion.

  The e-bike market is one of the fastest-growing sectors in the bicycle industry. Many experts predict that they could soon be the dominant product due to their convenience and affordability.

• By 2028 the global bicycle market could reach $92 billion.

  As the world population increases alongside urbanization and rising gasoline prices, more people will turn to bicycles as a means of transportation. Also, the relatively low costs of bicycles entice more people to use them as a form of recreation.

Global Bicycle Industry Statistics

• There are an estimated 1 billion bicycles in the world.

  The top three countries with bicycles are:

  Country	Bicycles (millions)
  China	450
  United States	100
  Japan	72

• European countries top the list of bicycles per capita.

  The top three countries with bicycles per capita are:

  Country	Bicycles owned (% of the population)
  Netherlands	99%
  Denmark	80%
  Germany	76%

  Country	Cyclists	Population	Bicycles
  Netherlands	99.10%	16,652,800	16,500,000
  Denmark	80.10%	5,560,628	4,500,000
  Germany	75.80%	81,802,000	62,000,000
  Sweden	63.70%	9,418,732	6,000,000
  Norway	60.70%	4,943,000	3,000,000

• Minneapolis was named the most bike-friendly city in the U.S. in 2020.

  The top five bike-friendly cities in the U.S. are:

  1. Minneapolis, MN

  2. Portland, OR

  3. Chicago, IL

  4. Denver, CO

  5. San Francisco, CA

Bicycle Industry Statistics FAQ

1. How much is the bicycle industry worth?

   The global bicycle industry was valued at over $64 billion in 2022, with the United States value being estimated at over $6 billion. Experts predict that this industry will continue to grow at a significant rate both domestically and globally.

   In the United States, the CAGR from 2022 to 2027 is expected to be 6.12%. Globally the CAGR from 2022 to 2028 is predicted to be 8.2%.

   A variety of reasons can explain the size of this industry. Technology has improved bicycle use by making it more convenient for consumers to buy, maintain, and use their equipment. For example, social media apps and GPS tracking have created online communities of cyclists.

   Cycling for recreation, exercise, and environmental consciousness have all compounded the growth of the cycling culture. Meanwhile, urbanization and rising gasoline prices make cycling a preferred choice for commuters who have the option to cycle to work.

2. How many bicycles are produced each year?

   Around 100 million bicycles are produced each year. The manufacturing process of bicycles has seen great improvements over the years, in part thanks to globalization policies and more efficient production technologies.

   Bicycles are produced all around the world, with most being made in China. However, bicycles are made from many different parts, so companies in many different countries are involved in the process.

3. How many bike shops are there in the U.S.?

   There are over 7,000 stores in the U.S. that sell bicycles. Around 3,000 of the stores specialize in selling bikes, with the rest being large chain stores that provide outdoor recreation products.

   Many consumers still prefer to buy bikes in brick and mortar stores so that they can test them out. However, a sizable amount of people are turning to online retail stores to buy bikes as well.

4. What company sells the most bicycles?

   Trek/Fisher and Giant are the top-selling brands of bicycles in the U. S. Both companies have significant shares of the market. In 2011, it was reported that Trek had a 22.5% share of the U.S. market, and Giant had a 10.5% share. Both organizations have maintained their dominance since then.

   Other top-selling brands of bicycles include Scott, Cannondale, and Specialized.

5. In what country is cycling most popular?

   The Netherlands is the country where cycling is the most popular. Due to a combination of high population density, public investment in bike infrastructure, and a lack of car culture, the Dutch love their bikes. Nearly everyone in the country owns a bicycle, with an estimated per capita bicycle ownership rate of 99%

6. Who is the biggest bicycle manufacturer in the world?

   The biggest bicycle manufacturer in the world is Giant. In 2014, Giant had a 10% share of the global bike market, producing 6 million units. The Taiwanese based company benefits from having a dense manufacturing cluster which gives it an advantage over other companies who see their products built in a variety of regions.

7. Is the bicycle industry growing?

   Yes, the bicycle industry is growing. The United States alone is adding millions of cyclists each year. The growth rate of the industry is so significant that many investors are taking notice. Bicycles are a product that is here to stay.

8. What trends are currently affecting the bicycle industry?

   Several trends are affecting the bicycle industry. This includes technology that has lowered the cost of entry as well as added convenient accessories to the bicycle community. For example, thanks in part to technological improvements, consumers are better able to find a bike that fits their needs for relatively low costs.

   Other trends that are affecting the bicycle industry include the rise of urbanization, which has placed commuters in environments that make bicycling the most practical option of travel. Rising gasoline prices, as well as greater consumer awareness of green living, are also affecting the bicycling industry.

   More consumers are looking to reduce their bills and carbon footprint, and bicycling provides an answer to both questions.

Conclusion

The bicycle industry should not be slept on by consumers and investors alike. Bicycles are growing, and this growth is here to stay. In the United States, the industry saw nearly a billion-dollar growth in just one year between 2019 and 2020.

Bicycles provide an affordable option for those seeking options in both recreational and professional transportation. Bicycle commuters are becoming a more and more prominent feature in American cities, and many are now providing the infrastructure that only compounds the growth of cyclists.

It goes without saying, bicycles will be a mainstay of American transportation.

References

1. Statista. “U.S. Bicycle Industry – Statistics & Facts.” Accessed April 9, 2022.

2. NPD. “The Cycling Market Pedals Ahead in 2021.” Accessed April 9, 2022.

3. Mordor Intelligence. “NORTH AMERICA BICYCLE MARKET – GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 – 2027).” Accessed April 9, 2022.

4. National Bicycle Dealers Association. “Bicycle Industry Overview 2015.” Accessed April 9, 2022.

5. Bicycle Retailer. “Just How Many Bike Shops Are There, Anyway?” Accessed April 9, 2022.

6. Statista. “Number of participants in bicycling in the United States from 2006 to 2020.” Accessed April 9, 2022.

7. Statista. “Pandemic-Fueled Bicycle Boom Coasts Into 2021.” Accessed April 9, 2022.

8. Taylor & Francis Online. “Cycling Behaviour in 17 Countries Across 6 Continents: Levels of Cycling, Who cycles, For What purpose, and How Far?” Accessed April 9, 2022.

9. Reuters. “U.S. bike firms face uphill slog to replace Chinese supply chains.” Accessed April 9, 2022.

10. Statista. “Cycling – Statistics & Facts.” Accessed April 9, 2022.

11. National Bicycle Dealers Association. “The Future of the Bicycle Industry.” Accessed April 9, 2022.

12. Statista. “Number of specialty bicycle retail locations in the U.S. from 2000 to 2015.” Accessed April 9, 2022.

13. Discerning Cyclist. “Which City Has the Most Cyclists?” Accessed April 9, 2022.

14. Redfin News. “Top 10 U.S. Cities for Biking in 2020.”

15. BBC. “How is a Bicycle Made?” Accessed April 9, 2022.

Author

Conor McMahon

Conor McMahon is a writer for Zippia, with previous experience in the nonprofit, customer service and technical support industries. He has a degree in Music Industry from Northeastern University and in his free time he plays guitar with his friends. Conor enjoys creative writing between his work doing professional content creation and technical documentation.