Cycling is "dying"? I don't quite believe it

Can cycling grow if it stops targeting the same audience?

I’m trying to build a career in cycling—not as a pro cyclist, but as someone who helps expand the sport. But I keep hearing the same thing: The cycling industry is dying.

I don’t fully buy it. What if the industry isn’t dying, but just tapped out in its traditional audience - mainly well-off White men in places like Canada, the U.S., and Europe?

I’m a South Asian woman in Canada, and at most rides/events, I’m the only one who looks like me. But South Asian women excel in sports like tennis, badminton, wrestling, and cricket. So why aren’t we in cycling? The same goes for other underrepresented groups—women in general, immigrants (imagine how cycling could help new arrivals from places like Ukraine connect with their communities), or even people with different body types who don’t feel welcome in the current scene.

I think cycling has a massive growth opportunity if it actively reaches out to new groups, but that won’t happen on its own. So I’m asking:

• Is this a real marketing gap, or am I missing something?
• Has anyone here worked on initiatives like this?
• Are there people who’d be interested in tackling this collaboratively?

Would love to hear thoughts from people who’ve been in and around the sport longer than I have!