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.
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.
“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.
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.
About Persistence Market Research – Automotive and Transportation
The Automotive and Transportation division of Persistence Market Research provides exclusive coverage and
actionable insights about automotive and transportation industry
encompassing automotive, aviation, shipping and marine, and railway
sector. Market findings and competition intelligence of OEM,
aftermarket, services and technology landscape have helped numerous
industry stakeholders’ right from automakers, component manufacturers,
channel partners and service providers in taking informed decisions and
keeping them up-to-date with market behavior.
