In this paper, we examine the spatial transformation of world’s bicycle industry in the past 120years, from the coevolution perspective. Through indepth case analysis we explore factors and mechanisms behind the long and complex transformation process. We conclude that : the spatial transformation has been influenced by the interaction between "push" and "pull" resulting from the "cohesive force" and the "diffusion force" among industrial regions; the process has also shaped by factor conditions, including labor costs, iceberg cost, capital income and institutional environment, as well as the formation and development of industrial clusters; and such spatial transformation has been the consequence of the coevolution process of firm strategy and industrial environment.