Over the forecast period of 2022 to 2032, the global bicycle components aftermarket size are expected to grow at a CAGR of 6.9%, to reach a valuation of US$ 28.3 Billion by the end of 2032. Rising bicycle fleet across the globe is expected to be the key driving factor for the demand for bicycle components.
One of the major drivers of the growth in the bicycle components market is the increasing demand for electric bikes. E-bikes require specialized components such as motors, batteries, and controllers, which are driving demand for these components.
In addition, the growing popularity of cycling as a form of exercise and recreation is fueling demand for high-performance components that improve speed, comfort, and efficiency. This includes components such as lightweight frames, high-performance wheels, and aerodynamic handlebars.
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Increasing awareness regarding chronic disorders caused by leading a sedentary lifestyle among consumers is driving interest in cycling for a healthy lifestyle. As more individuals use biking as a regular form of exercise, demand for bicycle components is expected to increase at a considerable pace.
Rising importance of sports activities, particularly for health reasons, as well as celebrity endorsement and international or national sporting events, are encouraging people to participate in a variety of cycling activities. Backed by the aforementioned factors, sales of bicycle components will continue gaining traction over the assessment period.
“Increasing demand for electric bicycles, along with rising deployment of bicycle fleet across public entertainment infrastructures such as amusement parks, resorts and adventure parks will augment sales in the market,” says an FMI analyst.
Key Takeaways:
- Based on bicycle type, the electric bicycle segment will create an absolute dollar opportunity worth US$ 4.9 Billion.
- Sales of bicycle components from department sales are expected to account for 1/3rd of overall aftermarket sales.
- In terms of component, the road groupsets segment is anticipated to hold more than half of the total market share.
- The U.S. is expected to dominate the North America bicycle component aftermarket, with demand growing at a 4% CAGR over the forecast period.
- Sales in the China market will hold 2/3rd of the East Asia bicycle component aftermarket share.
- Demand in the India bicycle components aftermarket will grow at a 7.2% CAGR over the forecast period.
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Drivers
- Growing bicycle sales due to growing awareness about environment is boosting the sales of bicycle components aftermarket.
- Escalating oil prices as well as rising focus on conserving natural resources is positively impact the market growth.
- Increasing preference for green transportation is complimenting the sales over the forecast period.
- Progressions in material technology is anticipated to bolster market demand.
Restraints
- Availability of counterfeit products in the market might impact the market growth.
- The bicycle market has been severely impacted due to the pandemic ensuing in decrease in demand for bicycle components aftermarket.
Competitive Landscape
The global bicycle components aftermarket is moderately consolidated. The organized companies hold over 35% of the overall market share even though there are several small players existent in the market.
Major companies identified in the global market are Dorel Industries Inc., Accell Group N.V., Shimano Inc., SRAM LLC, Hero Cycles Limited, Campagnolo S.R.L., Merida Industry Co., Ltd., Specialized Bicycle Components, Rohloff AG, Giant Manufacturing Inc., and Avon Cycles Ltd. are some of the leading manufacturers operating in the global bicycle components aftermarket.
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Key Segments Covered in Bicycle Components Aftermarket Industry Analysis
By Component Type:
- Derailleurs
- Road Groupsets
- Suspensions
- Wheel Sets
- Brakes
- Hydraulic
- Mechanical
- Caliper Type
- Gears
- Others (Bottom Brackets etc.)
By Sales Channel:
- Specialty Bicycle Retailers
- Discount Stores
- Department Stores
- Full-line Sporting Goods Stores
- Outdoor Specialty Stores
- Other Sales Channel
By Bicycle Type:
- Mountain Bike
- Hybrid/Cross
- Road
- Comfort
- Youth
- Cruiser
- Recumbent/Tandem
- Electric
- Folding
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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