PUBLISHER: The Business Research Company | PRODUCT CODE: 1808810
PUBLISHER: The Business Research Company | PRODUCT CODE: 1808810
Bicycle insurance offers coverage for damage to or theft of your bike, as well as liability for injuries or damages you may cause to others while riding. This insurance can also protect accessories and gear, as well as cover bike repairs. Policies can vary significantly, catering to both recreational and high-value bicycles.
The primary types of bicycle insurance include third-party insurance policies, standalone own-damage insurance policies, and comprehensive insurance policies. A third-party insurance policy provides coverage for damages or injuries that the insured causes to a third party, but it does not cover the insured's own losses or damages. This type of insurance is available through various platforms, both online and offline, and it can cover injuries, illnesses, death, and more. It is distributed by insurance agents or brokers, through direct response methods, banks, and other channels, and is applicable to various types of bicycles, including pedal cycles and exercise cycles.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
The sharp rise in U.S. tariffs and the ensuing trade tensions in spring 2025 are having a considerable impact on the financial sector, particularly in the areas of investment strategies and risk management. The increased tariffs have intensified market volatility, leading institutional investors to adopt more cautious approaches and driving greater demand for hedging solutions. Banks and asset managers are encountering higher costs in cross-border transactions as disrupted global supply chains and declining corporate earnings weigh on equity market performance. At the same time, insurance providers are facing elevated claims risks linked to supply chain interruptions and trade-related business losses. Furthermore, reduced consumer spending and weaker export demand are limiting credit growth and dampening investment appetite. In response to these challenges, the sector must focus on diversification, accelerate digital transformation, and strengthen scenario planning to manage the heightened economic uncertainty and safeguard profitability.
The bicycle insurance market research report is one of a series of new reports from The Business Research Company that provides bicycle insurance market statistics, including the bicycle insurance industry's global market size, regional shares, competitors with a bicycle insurance market share, detailed bicycle insurance market segments, market trends and opportunities, and any further data you may need to thrive in the bicycle insurance industry. This bicycle insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The bicycle insurance market size has grown strongly in recent years. It will grow from $69.48 billion in 2024 to $76.41 billion in 2025 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to an increase in bicycle usage, an increase the danger of accidents, a surge in the number of cycle riders, the rising popularity of adventure sports, and growing awareness of the benefits of bicycles.
The bicycle insurance market size is expected to see rapid growth in the next few years. It will grow to $112.5 billion in 2029 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to the growing popularity of multi-modal transportation, rising adoption of e-bikes, rising traffic congestion, growing health-conscious and environmentally friendly population, and rising crude oil prices. Major trends in the forecast period include technology development, digital integration and claims process, government initiatives, customizable coverage plans, and environmental and sustainability discounts.
The forecast of 10.2% growth over the next five years reflects a slight reduction of 0.1% from the previous projection. This reduction is primarily due to the impact of tariffs between the US and other countries. This is likely to directly affect the US through increased premium rates, as internet of things (IoT)-enabled bicycle tracking devices and theft prevention systems, predominantly manufactured in the Netherlands and Denmark, face import tariffs that raise overall program costs. The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.
The rising incidence of bicycle-related accidents is anticipated to drive the growth of the bicycle insurance market in the coming years. Bicycle-related accidents refer to events in which cyclists are involved in collisions or crashes. These incidents arise from various factors, including infrastructure issues, inadequate safety education, driver awareness, and distractions. Bicycle insurance provides users with coverage for repair costs, medical expenses, and liability for damages in the event of an accident, offering both financial support and peace of mind. For example, the National Coalition for Safety Roadways, a US-based organization, reported in September 2023 that approximately 850 cyclists lost their lives in collisions with cars and trucks in 2022, which represents a 12% increase compared to the previous year. Consequently, the growing number of bicycle-related accidents is a key driver of the bicycle insurance market.
Leading companies in the bicycle insurance market are concentrating on developing innovative insurance services to improve customer experience and cater to specific coverage needs for cyclists. Innovative insurance services encompass customized, technology-driven policies that provide flexible coverage, real-time claims processing, and tailored protection for individual customer requirements. For instance, in July 2024, Laka Ltd, a UK-based insurance provider, launched bicycle insurance in France, offering comprehensive coverage options tailored specifically for cyclists. This new plan includes theft protection, accidental damage coverage, roadside assistance, and insurance for races and travel. This launch represents a significant step in Laka's strategy to enhance its presence in the European cycling market while supporting green mobility initiatives.
In September 2024, Laka Ltd., a UK-based insurance company that specializes in bicycle insurance, acquired the renewal rights of CoverCloud for an undisclosed amount. This acquisition strengthens Laka's position as a leading bicycle insurer in the UK, providing CoverCloud's existing customers with access to its community-driven insurance model while expanding its footprint across Europe. CoverCloud is a UK-based insurance firm that specializes in offering bicycle insurance solutions.
Major companies operating in the bicycle insurance market are Allianz SE, Progressive Corporation, Zurich Insurance Group Ltd, Chubb, Liberty Mutual Insurance, GEICO, Aviva Plc, Farmers Insurance Group, QBE Insurance Group Limited, Markel Group Inc., Suncorp Bank, Hiscox Ltd, Direct Line Insurance Group plc, HDFC Ergo General Insurance Company Limited, Admiral Group plc, Axa SA, Laka Ltd., Bikmo UK, Qover SA, BTA Baltic Insurance Company, AAS, Yellow Jersey LLP, Pedal Cover, Velosurance, Symbo Southasia Enterprises Pvt. Ltd
North America was the largest region in the bicycle insurance market in 2023. The regions covered in the bicycle insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the bicycle insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The bicycle insurance market includes revenues earned by entities by theft coverage, roadside assistance, replacement cost coverage, injury coverage, and damage coverage. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Bicycle Insurance Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on bicycle insurance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for bicycle insurance ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The bicycle insurance market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.