Consumer spend in U.S. bike market flattens, but remains strong
Data released by the Bureau of Economic Analysis has revealed the U.S. bike market to be experiencing a post spike lull in spending on bicycle goods, though interest remains above pre-pandemic levels.
The inflation-adjusted data put American expenditure on bicycles and accessories in 2020 at $7 billion, up by a healthy slice on the prior year’s $6.1 billion. The peak came in 2021, when total spend in the U.S. bike market nearly hit $8 billion with a particularly strong spell in Q2 of 2021.
During this time, exports from Taiwan surged by 69% into the largely import reliant market. The North American value tally registered at $304,430,109 of goods imported, up 64.1%. The U.S. took 204,073 bike units in the nine months to September of 2021. By volume this was 54.1% of the prior year’s levels from Taiwan.
Furthermore, the U.S. electric bike market has been showing strength, with sales up 145% between 2019 and 2020. This growth rate is vastly ahead of the general trend in pedal powered cycling.
Thereafter in Q3 of 2021 the pandemic had begun to come somewhat under control with vaccination rates improving. With life returning to nearly normal patterns spending on cycling goods again began to fall away to register at an annual rate of $7.5 billion. This remains an impressive tally against the pre-pandemic figures and the tailing off will also likely be reflective of stock shortages that began to appear in the marketplace, damaging growth potential.
The National Bicycle Dealers’ Association is currently operating its Cost of Doing Business study alongside U.S. bike market retailers. This dataset, once compiled, will be available to participants, giving insight into where a business sits within the marketplace and what broader opportunities may exist.
For data on the UK’s bike market, CyclingIndustry.News’ annual report is now available to purchase. Email the editor here for details.