Bicycles - United States

United States

In 2024, the projected revenue in the Bicycles market in the United States is estimated to reach US$8.68bn.
Looking ahead, the market is expected to experience a steady annual growth rate (CAGR 2024-2029) of 3.52%.
This growth trajectory is anticipated to result in a projected market volume of US$10.32bn by 2029.
Furthermore, it is predicted that the unit sales of Bicycles market in the United States will reach 22.77m bicycles by 2029.
Taking a closer look at the market dynamics, the volume weighted average price of Bicycles market in the United States is expected to be US$409.60 in 2024.
Interestingly, when considering the global perspective, it is evident that China will generate the highest revenue in the Bicycles market, with an estimated US$12,370m in 2024.
The United States is experiencing an increase in electric bicycle sales, as consumers seek eco-friendly transportation options.

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Analyst Opinion

The Bicycles market in United States has experienced significant growth in recent years, driven by changing consumer preferences and the increasing popularity of cycling as a form of transportation and recreation.

Customer preferences: One of the key factors driving the growth of the Bicycles market in United States is the increasing emphasis on health and fitness. With a growing awareness of the importance of leading an active lifestyle, more people are turning to cycling as a way to stay fit and improve their overall well-being. Additionally, the rising concern for the environment and the need to reduce carbon emissions has also contributed to the growing popularity of bicycles as a greener mode of transportation.

Trends in the market: The Bicycles market in United States has witnessed a shift towards electric bicycles, also known as e-bikes. E-bikes have gained popularity due to their convenience and ease of use. They provide an electric boost to the rider's pedaling, making it easier to navigate hilly terrains and longer distances. The demand for e-bikes has been driven by a combination of factors, including the desire for a more efficient and effortless cycling experience, as well as the increasing availability of e-bike infrastructure and charging stations. Another trend in the Bicycles market in United States is the growing popularity of bike-sharing programs. These programs allow individuals to rent bicycles for short periods of time, typically for a few hours or a day, providing a convenient and affordable transportation option for urban dwellers. Bike-sharing programs have gained traction in major cities across the country, with both residents and tourists utilizing these services for commuting and sightseeing.

Local special circumstances: The Bicycles market in United States is also influenced by local factors such as urbanization and infrastructure development. As cities become more congested and parking becomes increasingly scarce, bicycles offer a practical solution for short-distance travel. Many cities in United States have implemented bike lanes and cycling-friendly infrastructure to encourage cycling as a viable mode of transportation. This has further contributed to the growth of the Bicycles market in United States.

Underlying macroeconomic factors: The Bicycles market in United States is also influenced by macroeconomic factors such as disposable income and employment levels. A strong economy and low unemployment rates have contributed to increased consumer spending power, enabling more individuals to purchase bicycles for recreational purposes. Additionally, the COVID-19 pandemic has also played a role in the growth of the Bicycles market in United States, as people have sought alternative forms of transportation and outdoor activities amidst restrictions and social distancing measures. In conclusion, the Bicycles market in United States is experiencing growth due to changing customer preferences towards health and fitness, the popularity of e-bikes and bike-sharing programs, local infrastructure development, and underlying macroeconomic factors such as disposable income and the impact of the COVID-19 pandemic. As these trends continue to shape the market, the Bicycles industry in United States is expected to witness further expansion in the coming years.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of bicycles and the respective average prices for bicycles.

Modeling approach:

Market sizes are determined through a Bottom-Up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use publications of industry associations, expert blogs, and data provided by governments and scientific institutions. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, population, and consumer spending per capita (based on current prices). This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the ARIMA time series forecast and forecasts based on previous growth rates are well suited for forecasting the future demand for bicycles due to the brick and mortar nature of this market. The main drivers are GDP, consumer spending per capita, and population.

Additional notes:

The data is modeled using current exchange rates. The market is updated once a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).