North America Bicycle Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America Bicycle Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America Bicycle Market is anticipated to grow at a CAGR of 5.5% during the forecast period (2020-2025).

Key Highlights

• Increasing number of cycling events and favorable government and employer initiatives are expected to drive the market studied. They promote road racing, touring and leisure cycling, track racing, off-road racing events, mountain cycling events etc.
• Adoptance of e-bicycles are also driving the sales of the growth of the market studied. Some of the major reasons considered for adopting and driving e-bikes are health benefits, avoidance of traffic congestion, environmental benefits, and the increase in demand for e-bikes as sports equipment.

Key Market TrendsIncreasing Number of Cycling Events

An increasing application base of bicycles in trekking and recreational activities, coupled with a rising number of cycling events, are expected to propel the demand for bicycles, in both general and sports bicycles. The increasing influence of celebrity endorsement, coupled with increasing media coverage for such events, is expected to further fuel the market growth. Cycling events can play an important role in raising awareness regarding cycling and ultimately supporting efforts to encourage modal 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.

United States Holds A Prominent Share

The United States bicycle market is driven by bicycle demand for both fitness and leisure. The increase in the number of people who use a bicycle as a form of recreation is expected to develop 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 grip of the US millennials. In consequence, this is insisting manufacturers to launch products under the same category to captivate two-wheel mobility in the country and to gain sales. Eastern cultural hubs such as Chicago, Minneapolis and New York City have seen huge growth in cycling populations, suggesting weather and climate are not the only factors influencing bike use.

Competitive Landscape

The North America bicycle market is highly fragmented and comprises many international and regional players. The market is dominated by key players, like Accell group, Trek Bicycle Corporation, and Giant Manufacturing Co. Ltd. Moreover, the companies are diversifying their bicycles portfolio by launching bicycles, which are being targeted specifically toward women riders and kids, Thus, making them more consumer centric.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Trek Bicycle Corporation
Giant Bicycles
ALTA CYCLING GROUP
Haro Bikes Corporation
Dorel Industries Inc
Sun Bicycles
Bulls Bikes USA
Accell Group NV

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