Operators in the Bicycle Manufacturing industry manufacture bicycles and bicycle components.
During the five years to 2021, strong international competition inhibited greater industry growth; however, increases in disposable incomes and consumer confidence have led to rising demand for industry products.
Consequently, industry revenue has increased at an annualized rate of 2.7% to $1.1 billion during the five-year period to 2021, despite an estimated 0.1% decrease in 2021.
Demand for high-end bicycles has increased at a significant pace during the period.
As a result, many operators have refocused their efforts toward catering to this market, promoting more high-end bicycles to a younger and wealthier consumer base, resulting in higher revenue.
Moreover, demand for bikes actually surged in 2020 during the COVID-19 (coronavirus) pandemic, boosting industry revenue 4.9% in the year.