Bicycle Industry Statistics 2024: 50 Sales and Market Stats

Cycling, especially in its sporting form, is inherently related to numbers. Every man and his dog loves to quantify their bike, their bike ride even their next accessory purchase. Total bike weight, average speed or the waterproof rating of a waterproof jacket – the industry is littered with ratings and figures. 

Furthermore, as cycling grows in popularity, particularly as a clean, green and healthy means of transport, so does the appetite for cycling and bicycle data. The rise of electric bikes has only served to add fuel to this fire.

For stat lovers, policymakers, cycling fans and those who work in the industry, our list of the top bike industry statistics in 2023 compiles a wide variety of figures that might surprise, delight or even shock. 

Bicycle Industry Statistics 2023 

• Around the world, over 256 million bikes were sold in 2021. (Statista)
• The total global bicycle industry is worth $64.6 billion. (Grand View Research)
• China is the world’s biggest producer of bikes. In 2020 the country produced 116 million bikes. (Global Times)
• In the EU, Portugal manufactured the most bikes. 2.9 million in 2021 alone. (Eurostat)
• By 2029, the global cycling industry is slated to be worth $127 billion. (Fortune Business Insights)
• Road bikes have the largest market share by bike type. (Grand View Research)
• 9.7 million electric bikes were sold in 2021. (Bike Europe)

Bicycle Sales Statistics by Country 

• In 2020 3.1 million bicycles were sold in the UK. (Bicycle Association) 
• On average, 15 to 20 million bicycles are sold each year in the US. (Statista)
• Germany is the biggest country for bike sales in the EU. The market value reached €6.56 billion in 2021. (Statista)
• Over 39 million bicycles were brought in India in 2022. (Statista)
• Japan saw 1.63 million bike sales in 2021. (Statista)
• In China, over 41 million electric bikes were purchased in 2021. (Statista)
• Over 50% of new bikes bought in the Netherlands in 2020 were electric. (Statista)
• Russia, the largest country in the world, topped 4.5 million in 2021. (Statista)
• In 2020, the arrival of coronavirus kickstarted sales of bikes in the UK. In a matter of months, sales increased by 60%. (Bicycle Association)
• 3.6 of the 4.5 million e-bikes sold in the EU/UK in 2020 were manufactured in the EU/UK. (CONEBI)

Global Bicycle Industry Statistics

• In the EU, 22 million bikes were purchased in 2019. (Statista)
• The largest market for bicycles is Asia-Pacific. Over 34% of total global sales in 2022 were conducted in the region. (Grand View Research)
• In the USA, cycling contributed over $3.28 billion to the economy. (Bureau of Economic Analysis)
• In 2020, the UK manufactured 180,000 bikes. (Bicycle Association)

Bicycle Market Sales Statistics 

• Shimano’s global revenue in 2021 topped out at 546¥ billion. (Statista) 
• Giant, the largest manufacturer of bikes in the world, coined in $2.85 billion of revenue. (Bicycle Retailer)
• Accell, one of the largest bike manufacturers with a European headquarters sold 831,000 bikes in 2021. (Accell)
• China and Taiwan account for over half of all bike imports into the US. (Bicycle Retailer)  
• Brompton, the largest manufacturer of Bikes in the UK, produce 80,000 bikes every year. (BikeRadar)
• Electric cargo bikes are growing in popularity in the UK. A 40% increase in sales was reported in 2022. (Bicycle Association)
• Gravel bikes enjoyed popularity from 2019 onwards with 21% of bike shops suggesting they’d increase their offering. (Cycling Industry News) 
• UK sales had declined post COVID with the first half of 2022 seeing a market value decline of 25%. (Bicycle Association)
• 80% of Shimano’s income every year is earnt from bicycle parts. (Wikipedia)

How Many Bikes Are Sold Each Year? 

•  Over 3 times as many bikes as cars were sold in 2021. (Statista)
•  Around the world, 488 bikes were sold every minute in 2021. (Statista)
• Giant the world’s biggest bike manufacturer sells more than 6 million units every year. (Road.cc)
• Gazelle, one of Europe’s largest producers of bikes, produce and sell 300,000 bikes every year. (Gazelle)
• Electric bike sales topped half a million in France for the first time in 2020. (Statista)
• Over 1.7 million bikes were imported into Australia in 2021. (Bicycle Industries Australia)
• In 2021 the number of registered electric bikes in Singapore grew 100% in 12 months. (Singapore Land Transport Authority)
• 500,000 bicycles are sold each year in Denmark. (Cycling Embassy of Denmark)
• 40% of current cyclists in the UK intend to buy a new bike in the next 12 months. (Mintel)
• In the UK, 12% of people considering a new bike are looking at an electric model. (Mintel)

How Much Do Bikes Cost?

•  In 2020, the average price paid for a bike in the UK was £332. (Bicycle Association)
• The average price of an electric bike in the UK in 2020 was £1,854. (Bicycle Association)
• Over in Europe and its biggest market, the average price for a bike sold in 2021 was €1,395. (Statista)
• €1,564 was the average price of an electric bike purchased by the French population in 2017. (Observatoire du Cycle)
• In 2021, city bicycles sold in Japan typically had a price range between 10 thousand and 30 thousand Japanese yen. (Statista)
• The most expensive mass-produced road bike is the Trek Madone SLR 9 eTap Gen 7, retailing at £14,500. (Trek)
• Specialized’s S Works Turbo Kenevo SL is one of the most expensive mass-produced electric bikes in the world. It retailers for £14,500. (Specialized)
• At £5,999, the Gocycle G4i+ is one of the most expensive electric folding bikes available today. (Gocycle)
• Van Nicholas produces the world’s most expensive balance bike for children. It retailers at £1,000. (Van Nicholas)
• Amongst Chinese bike purchasers, the largest group of cyclists were willing to spend 8,001 to 15,000 yuan ($1,182 to 2,217) on a new bike. (BJReview)

What These Bicycle Industry Statistics Mean

That’s our top 50 bike industry statistics, but what do all these numbers mean? Read on to get our key takes from the data.

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Take 1: China leads the way

Ranking as both the largest manufacturer and the largest consumer of bicycles in the world, the cycling industry in China is truly staggering. However many bicycles there are in the world, there’s always going to be plenty in China!

Whilst there’s not a great deal of data freely available, it’d be safe to say that Chinese cities have some of the most cyclists in the world, certainly enough to rival the European powerhouses of the Netherlands and Denmark.

Take 2: There’s a general air of positivity in the bike industry

Whether you digested one, ten or all fifty of our bicycle industry statistics in 2023, you’ll probably have noticed a general buoyancy to each statistic. Pushed along by strong tailwinds like the coronavirus pandemic and a push for sustainable transport globally, the bike industry certainly looks set for continued growth in the years to come, albeit with a few bumps along the way. 

Thanks to the pandemic, government lockdowns and an appetite for leisure equipment, most markets experienced growth from 2020 into 2021. However, as the calendar flipped to 2022, geo-political tensions, rising prices and supply issues cooled the bicycle industry.

Take 3: Electric bikes are growing fast

Electrification has entered the cycling world in a big way. Trends from the UK show that now 1 in 20 people own an electric bike.

Data from early adopters or those countries with an inherent cycling lifestyle, like Germany and the Netherlands, have shown that the thirst for electric bikes shows no sign of stopping. 

How much you spend on a bike is up to you, but growth in electric bikes has meant that the overall price of bikes is rising, more on this later. 

Take 4: Cycling infrastructure and investment may hinder some countries

Like cycling in the rain, one commonly cited reason for a small take-up of cycling is the lack of cycling infrastructure – something predominately designed to make cycling safe. 

Take the UK for example, which has seen spectacular growth in sales and participation over the past three years and yet, bike lanes, low-traffic routes and low emissions zone continue to provoke ire and consternation. 

That being said, there were fewer casualties and fewer deaths of cyclists than drivers in the UK in 2020. 

Take 5: Bikes can be expensive – very expensive

Whilst the average price of a bike in the UK sits well below £500, at the top end of the market, prices are becoming downright eyewatering. In defence of the manufacturers, new technology doesn’t come cheap, especially with electric bikes. Plus, with overheads like manufacturing and shipping all on the rise, it’s no surprise to see top-end bikes retailing at five figures and over.

Take 6: Variety is the spice of life

Bicycles come in all shapes and sizes – they’re part of leisure, sporting and travelling lives of many across the globe. Whilst major bike categories like road and mountain will forever be the largest in total volume and revenue, smaller niches like cargo bikes and folding bikes continue to find favour. 

That brings an end to our list of the top sales statistics for the bicycle industry in 2023.