From 2013 to 2023, the per capita market value for Bicycle Pedals, Crank-Gear, and Pedals and Crank-Gear Parts in El Salvador experienced a consistent decline, starting at $0.27 in 2013 and reducing to $0.17 in 2023. Year-over-year, the market remained stable from 2021 to 2022, followed by a 5.6% decrease in 2023. Over the past five years (2019-2023), the market’s compound annual growth rate (CAGR) indicates a decreasing trend of approximately -2.2% per year.
Future trends to watch for:
- An increasing interest in biking culture as a means of sustainable transportation could counteract past trends and encourage growth.
- Innovations in bicycle technology and parts, along with any economic improvements, may further drive market resurgence.
