The market for bicycle frames, forks, and parts in Belgium has experienced a significant decline over the past decade. As of 2023, the market size, expressed in value terms, stands at 19.676 million US dollars. Analyzing year-on-year changes over the last two years, there has been a consistent downward trend, with 2022 seeing a reduction of 11.32% and 2023 a further decrease of 12.63%. The compound annual growth rate (CAGR) over the last five years sits at -9.72%, indicating an average annual decline in market value.
Future trends to watch for include:
- The potential impact of increasing demand for sustainable and eco-friendly transport options.
- Technological advancements in materials that could revitalize market interest.
- Government incentives and initiatives promoting cycling that may stimulate market growth.
- The influence of global supply chain dynamics on the availability and cost of components.
How does Belgium rank in Bicycle Frames, Bicycle Forks and Bycicle Frames and Forks Parts Market Size Value?
| # | 15 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 United States | 1,262,600,000 | 2023 | -0.44% | -0.82% | View data |
| 2 | 2 Italy | 464,770,000 | 2023 | +0.21% | +0.033% | View data |
| 3 | 3 France | 289,850,000 | 2023 | -1.26% | -2.52% | View data |
| 4 | 4 Spain | 249,040,000 | 2023 | +1.03% | +0.48% | View data |
| 5 | 5 United Kingdom | 231,440,000 | 2023 | +0.36% | +0.31% | View data |
| 9 | 9 Canada | 60,822,000 | 2023 | -6.6% | -5.86% | View data |
| 10 | 10 Australia | 37,529,000 | 2023 | -9.92% | -9.01% | View data |
| 11 | 11 Belgium | 19,676,000 | 2023 | -12.63% | -9.72% | |
| 12 | 12 Sweden | 19,389,000 | 2023 | +0.56% | +1.79% | View data |
| 13 | 13 Guatemala | 12,258,000 | 2023 | +1.2% | +3.25% | View data |
