New York, Sept. 15, 2022 (GLOBE NEWSWIRE) -- North American sales of bicycle accessories are estimated to be valued at US$ 2.33 Bn in 2022, with steady long-term projections, according to the latest insights by Persistence Market Research.
The report estimates the market to expand at a value CAGR of 4.2% from 2022 to 2032. Market growth is the result of the significant impact of technology, macroeconomic environment, and environment-conscious consumer behaviour that is driving the sales of bicycles and e-bikes.
Over the decade, demand for sports bicycles will rise as more people use bicycles for recreational and trekking purposes and cycling competitions. In the past few years, there has been an increase in the number of biking expeditions to challenging terrains such as steep mountain ranges. As such, from 2022 to 2032, the market for bicycles and bicycle accessories is likely to develop due to the increasing popularity of such adventures.
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Key Takeaways from Market Study
- By product, speedometers are anticipated to witness prominent demand growth at 6.2% CAGR by volume during the forecast period of 2022 to 2032.
- Under bicycle type, the electric and others segment is projected to expand at a value CAGR of 7.7%.
- By country, the U.S. is anticipated to witness substantial demand growth for bicycle accessories and hold a value share of 79.3% in North America.
- By sales channel, offline sales are estimated to hold a prominent volume share of 65.9% in 2022.
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“Governments in the U.S and Canada are supporting the use of electric bicycles to reduce both, road congestion and carbon emissions. Additionally, growing use of bicycles in recreational and trekking activities and rising number of e-bikes will drive the demand for bicycle accessories in the region,”says a Persistence Market Research analyst.
Competitive Landscape
Leading manufacturers of bicycle accessories include Accell Group, Avon Cycles Ltd, Campagnolo S.R.L., Garmin Ltd., Shimano Inc., Giant Manufacturing Co., Ltd., Merida Industry Co Ltd, Samchuly Bicycle Co., Ltd, Trek Bicycle Corporation, DT SWISS, Endura Ltd., and Eastman Industries Limited.
To gain a competitive advantage in the industry, key manufacturers are developing innovative bicycle accessory products. Market players are also heavily investing in expansion, mergers, acquisitions, and strategic partnerships to expand their regional footprint.
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More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the North America bicycle accessories market that contains an industry analysis of 2017–2021 and opportunity assessment for 2022–2032.
The report provides an in-depth analysis of the market through different segments, namely, product, bicycle type, sales channel, and country. The report also provides supply and demand trends along with an overview of the parent market.
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