The North America Bicycle Market would witness market growth of 7.3% CAGR during the forecast period (2021-2027).
The utilization of bicycles is also being supported by administrations all over the world. Governments are rapidly implementing several initiatives to restructure and remodel streets in order to accommodate the growing number of bicycles on the road. Governments are also enacting policies requiring transportation agencies to build bicycle lane networks, which include sidewalk improvements, crossing enhancements, off-street shelters, parking racks, service facilities, and specific traffic signs and signals. These policies aim to create the necessary infrastructure to make bicycling on highways safe for everyone. Therefore, these programs encourage bike-friendly communities.
Recent advancements in digital app development and GPS have led to application-based dockless bicycle-sharing systems. In addition, the growing popularity of dockless bicycle-sharing technology is expected to considerably increase the demand for bicycles. To take advantage of market prospects, various bicycle-sharing companies are rapidly investing and accelerating their operations in several countries. This factor is projected to drive the market growth over the forecasting period.
Consumer spending in the sector of bicycles increased annually, resulting in significant investment in developing new areas such as dirt, Ebikes, event bikes, composite bikes, and children's cycles. Simultaneously, persistent structural alterations prompted digital distribution models to capture a portion of overall profits.
The bicycle industry in the United States, which has long been hampered by tariffs, safety concerns, lack of recognition, and aging demographics, is primed to prosper. Resilience, adaptability, and capacities to capitalize on servicing expanding requirements as well as exploiting emerging opportunities are built into the business passion. According to conventional knowledge, the capacity to win cyclists was primarily determined by proprietary goods or distribution methods, which are important. However, in 2021 and ahead, the sector would be able to meet consumers' demands by tailoring its services to the most pressing personal and physical demands.
The US market dominated the North America Bicycle Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $18,243.5 Million by 2027. The Canada market is estimated to grow at a CAGR of 9.7% during (2021 - 2027). Additionally, The Mexico market would exhibit a CAGR of 8.8% during (2021 - 2027).
Based on Technology, the market is segmented into Conventional and Electric. Based on End User, the market is segmented into Men, Women, and Kids. Based on Distribution Channel, the market is segmented into Offline, and Online. Based on Product, the market is segmented into Road, Mountain, Hybrid, Cargo, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Bicycle Market is Estimated to reach $93.5 Billion by 2027, at a CAGR of 8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accell Group, Giant Manufacturing Co. Ltd., Cervélo (Pon Holdings BV), SCOTT Sports SA, Merida Industry Co., Ltd., and Specialized Bicycle Components, Inc.
By Technology
By End User
By Distribution Channel
By Product
By Country
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