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U.S. & Canada Bicycle Accessories Market Segmented By Helmets, Gloves & Warmers, LED Lights, Mirrors, Bottle Cages, Pumps Product for Mountain Bikes, Hybrid/Cross, Road, Comfort, Youth, Cruisers
The U.S. & Canada bicycle accessories market is valued at US$ 2.33 Bn and is projected to expand steadily at a CAGR of 4.2% to reach a market value of US$ 3.53 Bn by the end of 2032.
In the U.S. and Canada, cycling is one of the most common exercises for good health and fitness, according to medical professionals. Many people cycle frequently to keep fit due to rising awareness about health and fitness, especially after the COVID pandemic. As a result, it is anticipated that the market for bicycle accessories will also grow in tandem with the bicycle market in the region.
The U.S. is anticipated to hold a majority of the market share in North America as bicycle accessory manufacturers are looking to develop new products for electric as well as conventional bicycles to expand their customer base.
Persistence Market Research has analyzed that the U.S. holds 79.3% of the North American bicycle accessories market value share. Overall, North America currently accounts for 13% to 16% share of the global bicycle accessories market.
North America Bicycle Accessories Market Size (2021A)
US$ 2.24 Bn
Estimated Market Size (2022E)
US$ 2.33 Bn
Projected Market Value (2032F)
US$ 3.53 Bn
Value CAGR (2022-2032)
From 2017 to 2021, the North American market for bicycle accessories expanded at a CAGR of 3.1%.
With the increase in oil prices, bicycles are being seen as a more practical transportation option than fuel-powered vehicles. Additionally, more people are considering using bicycles for short commutes.
Therefore, reducing needless fuel-powered car usage and increasing bicycle use are opportunities for the manufacturers of bicycle accessories.
Over the forecast period, demand for sports bicycles will increase as more people use bicycles for recreational & trekking purposes and cycling competitions. There has also been an increase in the number of biking adventures in recent years, which is impacting market growth. Persistence Market Research expects the market to expand at 4.2% CAGR through 2032.
“Investments in Electric Bicycle Market Will Offer Opportunities for Suppliers of Bicycle Accessories”
Entrepreneurs in North America are making investments in the electric bicycles market. Several firms are anticipated to move to the area over the coming years because of the region's attractive business climate. Additionally, governments are establishing bilateral economic ties with many other nations.
Over the course of the projection period, this will present prospects for the expansion of the U.S. & Canada market for electric bicycles. Additionally, established bicycle brands are selling pedelecs in the higher price ranges. e-bike manufacturers usually offer both, power-on-demand (POD) and pedelecs, with POD bikes in the lower price range. This is likely to positively impact the demand for bicycle accessories in the region.
“Introduction of Bicycles in Corporate Sector to Promote Eco-Friendly Transportation”
Businesses have started to notice that more and more people are using bicycles for transportation, exercise, and recreation. To encourage a healthier, more environment-friendly mode of transportation, cities throughout the region have started constructing bike-friendly infrastructure. Businesses can gain economically from cycling in areas such as mobility costs, parking costs, employee absence, and productivity by encouraging cycling throughout the organization.
In North America, many corporate employees are using bicycles and electric vehicles as modes of transport inside campuses, and it is mandatory for every employee to follow this to improve the air quality and decrease the pollution index inside company premises.
All international corporations are encouraged to obtain LEED (Leader in Energy and Environmental Design) certification by the U.S. Green Building Council (UGBC). The primary goals of this are to encourage practical and recreational physical activity, bicycle use as a mode of transportation, and public health improvement.
Which Country Dominates the Bicycle Accessories Market in North America?
“Substantial Demand for Aftermarket Parts in the U.S.”
In 2022, the U.S. bicycle accessories market is expected to register 3.5% year-on-year growth by volume.
Subsequently, the frequency of replacing bicycle accessories will reinforce the demand outlook, as many accessories such as horns, fenders, and others have a higher replacement rate.
According to this study, the U.S. market will reach revenue worth US$ 2.74 Bn by the end of 2032.
Why is the Market in Canada Registering Robust Growth?
“Continuously Increasing Demand for Faster & Cleaner Modes of Transportation”
From 2022 to 2032, the market in Canada is estimated to expand at a CAGR of 5.1%.
Governing authorities in Canada are promoting the use of bicycles in cities where schools, offices, shopping centers, etc., are closer to residential complexes. Such changing policies and promotions by governmental bodies are anticipated to boost the market for bicycles and their accessories in the country.
The Canadian bicycle accessories market is slated to reach a size of US$ 788.4 Mn by the end of 2032.
Why is There High Demand for Mountain Bikes in the Region?
“Popularity of Recreational Activities Driving Demand for Mountain Bikes and Accessories”
Bicycles are used by professional cyclists for different racing competitions, such as cycling trade events, mountain biking events, and motorsports. Mountain biking has been a well-liked recreational activity over the past few decades.
Such applications drive bicycle usage in personal and commercial spaces. This has led to an upsurge in the production of different bicycle accessories to cater to the demand from customers.
The mountain bike accessories segment is projected to create an absolute dollar opportunity of US$ 399.3 Mn between 2022 and 2032.
Which Product is Expected to Bring in High Revenue Streams?
“Increasing installation of Speedometers in New Bicycles”
Sales of speedometers are projected to increase at a CAGR of 6.6% between 2022 and 2032 in terms of value.
Basic bicycle speedometers are discreet, tiny gadgets that can be used while riding. They are low-profile and can be attached directly to the handlebars of bicycles using basic cables so as not to obstruct the operation of the bicycle.
A bicycle speedometer displays data directly on the handlebars, enabling one to see and understand how swiftly he or she is travelling. Other significant statistics and data, including miles travelled, ride duration, and more can also be seen on these devices.
Thus, due to their several benefits, the installation of speedometers is high in bicycles in the region and is only expected to increase over the coming years.
Over the past few years, acquisition and expansion activities have increased to improve the supply chain of bicycle accessories. Key manufacturers are providing a wide range of customized bicycle accessories depending on the requirement and also provide services that are designed for each unique customer.
The emergence of various manufacturers has also been witnessed in this space.
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The North American bicycle accessories market is valued at US$ 2.33 Bn in 2022.
Demand for bicycle accessories in North America is set to increase at 4.2% CAGR and reach US$ 3.53 Bn by 2032.
Trek Bicycle Corporation, Giant Manufacturing Co., Ltd., Shimano Inc., Garmin Ltd, and Accell Group are leading manufacturers of bicycle accessories, collectively accounting for 8% to 12% market share.
Sales of bicycle accessories in the U.S. are expected to increase at 4% CAGR over the decade.
Offline sales of bicycle accessories account for more than 65% market share in the region.
The Canada bicycle accessories market is forecasted to expand at 5.1% CAGR through 2032.