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This question is about bicycle industry statistics.
How much is the bicycle industry worth?
The global bicycle industry was valued at over $59 billion in 2021, 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.
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