Bike Gear Market

Goals

To obtain an understanding of the statistics and trends in the global/United States bicycle market and bicycle accessories market.

Early Findings

Bicycle Market

  • According to Persistence Market Research, the "global bicycle accessories market was pegged at approximately 2.4 billion units at the end of 2018, and is projected to grow at a CAGR of around 7% during the forecast period (2019-2029), and go to 5.0 billion units by the end of 2029."
  • The global bicycle accessories market is estimated to be valued at $13 billion in 2018.
  • The global bicycle market size is estimated to be $29.2 billion and is expected to grow at a CAGR of 2.4% from 2020 to 2027.
  • According to Statista, the bicycle market in the United States is estimated to be $6.2 billion.
  • In 2018, the market size for e-bikes in the United States was estimated to be $176 million.

Trends

Increase in Sales

  • According to Goldstein Market Intelligence, the demand for bicycles is growing due to "rising urbanization, congestion, and sustainability."
  • The bicycle market in the United States is projected to experience growth of 5.7% per year and is expected to reach $9.88 billion by 2024.

Summary

  • Our initial hour of research was spent gathering some data that addressed the question asked as well as ensuring there is publicly available data that can provide the required data in line with the goals of the project. During our preliminary research, we found that statistics on specific bicycle accessories such as handlebar grips and phone mounts may not be publicly available.

Proposed next steps:

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