Global Bicycle Market Size & CAGR 2024
The global bicycle market size is expected to reach $62.8 billion in 2024, with projections to grow to $70 billion by 2029. The global bicycle market is anticipated to grow at a CAGR of 2.1% during the forecast period from 2024 to 2029.
China’s Export Trend 2024
China has the largest bicycle market in the world and is also the largest bicycle producer. Each year, China’s bicycle exports account for approximately 60% of the global bicycle trade.
Before 2022, China exported over 50 million bicycles annually. However, in 2022, due to a peak in global inventory accumulation, export figures dramatically dropped to 41.74 million units. In 2023, China’s bicycle exports continued to decline to 39.648 million units, reaching a historic low.
However, there is a noticeable trend of recovery in these figures. In the first quarter of 2024, China’s bicycle exports reached 10.999 million units, a 13.7% increase compared to the fourth quarter of 2023. From January to August 2024, China exported 31.71 million bicycles, which is an increase of 5.39 million units year-on-year, representing a growth of 21.1% compared to the same period in 2023.
China is exporting cheaper bicycles
In the first eight months of 2024, the average export price of bicycles from China was $56.92 per unit. By August 2024, the average export price dropped to $48.46 per unit, while the average export price for bicycles in the first eight months of 2023 was $69.57 per unit.
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