The Canadian Bicycle Wheel Rims and Spokes market per capita value decreased from $0.6 in 2013 to $0.34 in 2023. The year-on-year decline slowed to an average reduction of approximately 4% over the last five years, a noticeable dip from the relatively larger initial decreases observed from 2013 to 2017. Particularly, from 2022 to 2023, the market saw a slight contraction of around 5.5%. The overall CAGR from 2019 to 2023 was around -4% annually, underscoring a sustained downtrend in demand.

For future trends to watch for:

Increased focus on eco-friendly and sustainable transportation might influence demand positively.
Technological advancements and smart bike trends may revitalize consumer interest.
Economic factors and demographic shifts could further impact market value per capita.