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The global bicycle market size was valued at USD 54.44 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 7.0% from 2021 to 2028. The increase in the number of people opting for bicycling as a form of leisure is anticipated to propel the growth. Preference for bicycles as a convenient form of exercise to ensure a healthy life, free from obesity and other disorders, is expected to further drive the market expansion. The popularity of dockless bicycle-sharing systems has been rising lately. This system allows users to locate a bicycle nearby and unlock it electronically. Incepted originally in Europe, dockless bicycle-sharing systems are gaining popularity, particularly in Asian nations such as India and China.

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