The Bicycle Components Aftermarket Share in 2022 was US$ 14 Billion and is estimated to be US$ 14.62 Billion in 2023. According to FMI analysis, the bicycle components aftermarket is projected to expand at a CAGR of 6.9% between 2023 and 2033, totaling around US$ 28.3 Billion by 2033.
Definition and Scope: The bicycle components aftermarket encompasses a wide range of parts and accessories that cyclists can purchase to repair, upgrade, or customize their bicycles. These components include but are not limited to drivetrain parts (such as chains, cassettes, and derailleurs), braking systems (brake pads, rotors), wheels, tires, saddles, handlebars, stems, pedals, suspension components, and various accessories like lights, racks, fenders, and grips.
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Market Size and Growth: The market size for the bicycle components aftermarket is significant, driven by factors such as the growing popularity of cycling as a recreational activity and mode of transportation, the lifespan of bicycle components requiring periodic replacement or upgrades, technological advancements leading to higher-performance components, and the increasing trend of DIY bike maintenance and customization.
Technological Trends: Technological advancements in bicycle components focus on improving performance, durability, and user experience through innovations such as lighter materials (carbon fiber, titanium), electronic shifting and braking systems, wireless connectivity, aerodynamic designs, improved bearing technologies, and advanced manufacturing processes (such as 3D printing).
Market Drivers: Factors driving the bicycle components aftermarket include the continuous innovation and development of new products by component manufacturers, the desire of cyclists to upgrade and personalize their bicycles, the need for replacement parts due to wear and tear or damage, the increasing adoption of cycling as a recreational and fitness activity, and the growth of online retail channels offering convenient access to a wide range of components.
Key Takeaways from this study are:
- The Anticipated value of the global bicycle components aftermarket reached a valuation of US$ 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 group sets 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).
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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 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
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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