North America Bicycle Market Oulook, 2027

North America Bicycle Market Oulook, 2027

The bicycle industry has been continuously growing since the decades when it was a major means of personal transportation. With the advancement of technology, the trend of bicycle use has been reduced in the United States for the past couple of decades, but its popularity is growing again on account of the health consciousness and environmental concerns to reduce CO2 emissions. Rising urbanization, congestion, and sustainability are majorly driving the rising demand for bicycles all over the United States. The United States has a huge bicycle market with around 134 million cyclists in 2017, but bicycles supplied are largely through imports, majorly from China and Taiwan. It inhibits top bicycle manufacturers such as Trek Bicycle Corporation, Specialized Bicycle Components, Inc., and GT Bicycles, who have a large global presence.

According to the report, North America Bicycle Market Outlook, 2027 published by Bonafide Research, the market was valued at more than USD 9.5 billion in terms of value in 2021. Further, the market is projected to grow at a CAGR of above 2% for 2022–2027. An increasing number of cycling events and favorable government and employer initiatives are expected to drive the market study. They promote road racing, touring and leisure cycling, track racing, off-road racing events, mountain cycling events, etc. Cycling events can play an important role in raising awareness regarding cycling and ultimately supporting efforts to encourage a shift toward bicycle use. Events may be targeted at particular groups, including children, families, those who are new to cycling, or employees of a particular organization or location. USA Cycling is the official governing body for all disciplines of competitive cycling in the United States, including BMX, cyclotrons, mountain biking, road, and track.

The United States bicycle market is driven by bicycle demand for both fitness and leisure. The increase in the number of people who use bicycles as a form of recreation is expected to drive the market. Further, the preference for bicycles as a convenient way of exercising for fitness is expected to drive the market further. Trendy mountain bikes and e-bikes are gaining the grip of the millennial generation in the country. As a consequence, this is insisting that manufacturers launch products under the same category to capture two-wheel mobility in the country and to gain sales. Eastern cultural hubs such as Chicago, Minneapolis, and New York City have seen a huge growth in cycling populations, suggesting weather and climate are not the only factors influencing bike use. When many fitness centres across the United States closed temporarily, gym members quickly looked for other alternatives. Since exercising alone was a better way to reduce risk, biking solo was among the activities folks embraced amid the pandemic. This burst of interest in biking increased demand for lower-priced bikes and, at the same time, bike aficionados continued to buy high-end gravel, mountain, road, and electric bikes that can cost thousands of dollars.

Further, the trend of e-bikes has huge growth opportunities in the U.S. as well as in many emerging economies, as the majority of the population has never ridden an e-bike. Moreover, the increased import price of e-bikes is expected to decline over the forecast period on the back of rising sales in the region. The rising awareness of the benefits of riding bicycles and government initiatives to promote bicycles are further increasing the number of cyclists in the region. Bicycle prices range from very low to very high; in 2017, medium-to-high priced bicycles had a significant market share of 39.7%, which was largely catered by online distribution channels such as Amazon.North America has to put much more emphasis on the use of e-bikes. It is a cleaner, greener way of commuting, and companies like iZip bikes, X-treme electric, and Specialised Inc are moving in the direction that may boost the e-bike market. The standard bikes in the other section cover the largest market in terms of volume and 1/4th in terms of value in the year 2020. Mexico, Caribbean countries, and other countries have been contributing to this section of bicycles and are estimated to grow by 1–2% by the year 2026, both in terms of value and volume.

On average, there are 1.88 vehicles per U.S. household, according to the US Department of Transportation. It has the largest market share in terms of both value and volume. A high per capita income and a better standard of living make the US a perfect market for many bicycle-manufacturing companies. Innovation, branding, and an attempt to acquire the rest of the North American region would be a brilliant strategy for the bicycle manufacturers in the North American bicycle market. The demographic segmentation of the North American bicycle market shows the potential for kids' and women's bicycle market share in terms of both value and volume. In developed countries like the US and Canada, women's and kids' bicycles are also showing great potential. The men's bicycle has a market share of over 40% in terms of value, which is very prominent in the region.

The North American bicycle market is highly competitive and comprises many international and regional players. The market is dominated by key players like Dorel Industries, Inc., Trek Bicycle Corporation, and Giant Manufacturing Co., Ltd. Moreover, the companies are diversifying their bicycle portfolio by launching bicycles, which are being targeted specifically toward women riders and kids. These companies are investing aggressively, launching new products; introducing new services, such as home delivery of high-end bicycles; after-sales support and maintenance; and pricing their products and services competitively as part of their efforts to retain their competitiveness.

Recent Developments
• In April 2020, Cannondale, a brand of Dorel Industries Inc., launched direct-to-home shipping via its network of dealers across the United States. The new programme authorises retailers to place a bike order and have it shipped from Cannondale's warehouses to their customers.
• In March 2020, BULLS Bikes USA launched three new electric bicycles with Fazua's removable motors.
• In October 2019, BULLS Bikes USA, a global leader in the mountain, road, gravel, and e-bike categories, announced the launch of the company's new website, BullsBikesUSA.com.

Covid-19 Impacts:
The outbreak of COVID-19 is certainly expected to favor the market growth in coming years as several governments around the region are significantly promoting bicycles as one of the safest-medium of transportation, which helps people to maintain social distancing. During the pandemic, people started realizing the importance of staying fit and having a healthy life. They have also started realizing that regular bicycling can keep disorders, such as obesity, at bay. These factors positively impacted the bicycle market in the region. Also, Sporting goods store sales fell in April 2020, shortly after the start of the pandemic in the United States, but rebounded and surpassed pre-pandemic levels by March 2021.

Major companies present in the market
Accell Group, Amer Sports, Bridgestone Cycle, Campagnolo, Cannondale, Cervelo Cycles, Cube Cycles, Curtlo Cycles, Dorel Industries Inc., Giant Bicycles, Merida Bikes International, Orbea Corporation, Scott Sports, Specialized Bicycle Components, Inc., STRiDA Cycles, XDS Shenzhen Xidesheng Bicycles Co., Ltd

Considered in this report
• Geography: North America
• Historic year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027

Aspects covered in this report
• North America Bicycle market with its value and forecast along with its segments
• Country-wise toy market analysis
• Various divers and challenges
• Ongoing trends and developments
• Five force models
• Top profiled companies
• Strategic recommendation

Countries covered in the report
• USA
• Canada
• Mexico

Segment covered in the report
By Type
• Road Bikes
• Mountain Bikes
• Hybrid Bikes
• E-bikes
• Others (Kids, standard, maas)

By End User
• Men
• Women
• Kids

By Bikers Type
• Highly Engaged
• Engaged
• Leisure
• Travel

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual reports of companies, and analyzing the government- generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have verified the details obtained from secondary sources.

Intended audience
This report can be useful to Industry consultants, manufacturers, suppliers, associations & organizations related to bicycle products industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.