The global cycling industry has been growing at a compound annual growth rate of 4.6%. The industry is expected to reach a market size of $62.39 billion by 2026. In Great Britain, around 3.25 million bikes were sold in 2021, with sales recovering after the COVID-19 pandemic. In the European Union, over 22 million bicycles were sold in 2021.

Covid-19 brought about a dramatic increase in bicycle sales in response to the pandemic. Heightened anxiety over public transportation and a surge in exercise has meant that more and more are choosing to use one of the most basic forms of mobility, leading to a so-called “bike boom”.

People’s determination to stay active under the pandemic resulted in a huge exercise boom around the world with cycling being one of the fastest-growing segments.As a result, the global bicycle market size is expected to rise at a rate of 6.1% CAGR, from US$65 billion in 2019 to US$ 147 billion by 2027 according to a research by Fortune Business Insights.