Over the forecast period of 2022 to 2032, sales in the global bicycle components aftermarket are expected to grow at a CAGR of 6.9%, to reach a valuation of US$ 28.3 Billion by the end of 2032.
An expanding bicycle fleet across the globe is expected to be the main factor driving the need for bicycle components.
The rising popularity of recreational riding is expected to promote the expansion of the aftermarket for bicycle components. All across the world, people favour cycling as a form of recreation and exercise.
Customers are becoming more interested in cycling as a way to maintain a healthy lifestyle due to growing understanding of the chronic illnesses brought on by live a sedentary lifestyle. It is anticipated that demand for bicycle parts would rise quickly as more people adopt cycling as a regular method of exercise.
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The growing popularity of sports, particularly for health-related reasons, as well as celebrity endorsement and international or national athletic competitions, motivate people to engage in a variety of bicycle activities. Sales of bicycle components will increase over the evaluation period for the reasons outlined above.
“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 1/3rdof 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 2/3rdof 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
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