New York, Sept. 15, 2022 (GLOBE NEWSWIRE) — North American Bike Accessory Sales are estimated at US$2.33 billion in 2022, with stable long-term projections, according to the latest insights from Persistence Market Research.
The report estimates that the market is expected to grow at a CAGR of 4.2% from 2022 to 2032. The growth of the market is the result of the significant impact of technology, the macroeconomic environment, and consumer-conscious behavior. the environment that stimulate sales of bicycles and e-bikes.
During the decade, the demand for sports bikes will increase as more and more people use bikes for recreational purposes, trekking and cycling competitions. In recent years, the number of bicycle expeditions over difficult terrain such as steep mountain ranges has increased. Thus, from 2022 to 2032, the market for bicycles and bicycle accessories is likely to grow due to the growing popularity of such adventures.
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Key insights from market research
- By product, speedometers are expected to experience significant demand growth at a CAGR of 6.2% in volume during the forecast period from 2022 to 2032.
- Under bicycle type, the electric and other segment is expected to grow at a CAGR of 7.7%.
- By country, the United States is expected to experience substantial growth in demand for bicycle accessories and hold a 79.3% market share in North America.
- By sales channel, offline sales are expected to hold a significant volume share of 65.9% in 2022.
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“The governments of the United States and Canada support the use of e-bikes to reduce both traffic congestion and carbon emissions. Moreover, the increasing use of bicycles in leisure and trekking activities and the growing number of electric bicycles will drive the demand for bicycle accessories globally. region,” says a personStence Market Research Analyst.
Major manufacturers of bicycle accessories include Accell Group, Avon Cycles Ltd, Campagnolo SRL, 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 edge in the industry, leading manufacturers are developing innovative bicycle accessories products. Market players are also investing heavily in expansion, mergers, acquisitions, and strategic partnerships to expand their regional footprint.
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More valuable information about the offer
Persistence Market Research, a research and advisory firm, has published a new market research report on the North America Bicycle Accessories Market which contains 2017-2021 industry analysis and opportunity assessment for 2022-2032.
The report provides an in-depth analysis of the market across different segments, namely product, type of bicycle, sales channel and country. The report also provides supply and demand trends along with an overview of the parent market.
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