The Bicycle Components Aftermarket, valued at USD 14 billion in 2022, is projected to reach USD 14.62 billion in 2023 and is set to grow at a robust compound annual growth rate (CAGR) of 6.9% from 2023 to 2033. By 2033, the market is expected to reach approximately USD 28.3 billion, according to an analysis by FMI.
This growth is being driven by increasing demand for bicycle components, spurred by factors such as rising traffic congestion, high fuel prices, and growing concerns over environmental pollution. While production remains concentrated in a few key countries, the demand for bicycle components is global.
Additionally, heightened awareness of fitness, along with increasing energy costs and vehicle-related expenses, is further propelling the expansion of the bicycle components aftermarket.
The rapid development of cycling and e-bike infrastructure, along with the introduction of bike-sharing programs in major metropolitan areas and mid-sized cities, is creating a supportive environment for the continued growth of the bicycle components aftermarket, according to FMI’s analysis.
Detailed Market Study: Full Report and Analysis
Key Takeaways from this study are:
- The Anticipated value of the global bicycle components aftermarket reached a valuation of USD 13.5 billion in 2021.
- Sales in the bicycle components aftermarket are anticipated to expand by 8.7 X times from 2023 to 2033.
- The United States holds a market share of 35.6% in the global bicycle components aftermarket.
- North America’s bicycle components aftermarket has a market value of 40.2%.
- China is one of the significantly growing markets for bicycle components, holding around 2/3rd of East Asia bicycle components aftermarket.
- Based on component type, demand for road groupsets is expanding at a 7.2% CAGR over the assessment period.
- Based on bicycle type, the electric bicycle segment is expected to capture a market share of 62%.
“Increase in the demand for bicycles are the key opportunity for bicycle components aftermarket manufacturers,” – comments an analyst at Future Market Insights (FMI).
Competition Landscape:
The global bicycle components aftermarket players are attempting to carve out a niche for a particular demographic. Also, some leading and middle-scale manufacturers are focusing on product innovation and high-end technology development in the market to gain a competitive edge.
Some of the prominent players profiled in the Bicycle Components Aftermarket 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 Co. Ltd.
- Avon Cycles Ltd.
Key developments in the Bicycle Components Aftermarket:
- In January 2023, Shimano Announces New Fishing Reels for 2023. Shimano North America Fishing, a legendary innovator in the fishing tackle industry, has announced new additions to its deep lineup of quality reels. These three new offerings will provide extensive value to a wide spectrum of anglers from saltwater bottom fishermen, tournament-savvy bass enthusiasts, and devoted swimbait experts.
- In May 2023, Kinaxis® Inc., the authority in driving agility for fast, confident decision-making in an unpredictable world, announced that Accell Group has deployed Kinaxis’ RapidResponse® platform, digitally transforming its supply chain, providing solutions to supply chain complexities.
Key Segments Covered are:
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, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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Website: https://www.futuremarketinsights.com
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