Overview and Scope
The bicycle components market consists of sales of suspension forks, rim brakes, disc brakes, chains, cassettes, flat pedals, racks, and lights. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The bicycle components market size has grown strongly in recent years. It will grow from $11.83 billion in 2023 to $12.71 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to increasing urbanization, increasing focus on health, increasing popularity of cycling as a sport, growth in environmental awareness, expansion of bike-sharing programs, increasing fuel prices, and increasing popularity of recreational cycling.
The bicycle components market size is expected to see strong growth in the next few years. It will grow to $17.02 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to increasing health and fitness awareness, rising environmental concerns, increasing urbanization and the need for efficient commuting options, increasing e-bike popularity, expansion of cycling infrastructure, shifting consumer preferences towards customizable and high-performance parts, and expanding global bicycle tourism industry. Major trends in the forecast period include advancements in lightweight materials, integration of electronic shifting systems, advancements in aerodynamic designs, integration of smart technology, and advancements in braking system.
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Segmentation & Regional Insights
The bicycle components market covered in this report is segmented –
1) By Component: Frames, Saddles, Rims, Brakes, Pedals
2) By Bicycle: Mountain, Hybrid Or Cross, Road, Comfort, Youth, Cruiser, Electric
3) By Sales Channel: Original Equipment Manufacturers (OEMs), Aftermarket
North America was the largest region in the bicycle component market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bicycle components market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising electric bicycle sale is expected to propel the growth of the bicycle component market going forward. Electric bikes are bicycles equipped with electric motors that assist with propulsion. The popularity of electric bikes is growing due to their convenience, environmental benefits, and ability to help riders with varying levels of physical ability. The integration of specialized components such as motors, batteries, drive systems, and braking systems enhances the e-bike riding experience, making cycling more accessible and enjoyable for a wide range of riders. For instance, in November 2021, according to the Urban Transport Group, a UK-based transport organization, the sales of e-bikes in Europe are projected to rise from 3.7 million in 2019 to 17 million by 2030. Therefore, the increasing electric bicycle sales will drive the bicycle components market.
Key Industry Players
Major companies operating in the bicycle components market are Trek Bicycle Corporation, SRAM LLC, Merida Industry Co. Ltd., Accell Group, Specialized Bicycle Components Inc., DT Swiss, Cycling Sports Group Inc., Campagnolo S.r.l., Hero Cycles, Mavic, Hayes Bicycle, Avon Cycle, Chris King Precision Components, Cane Creek Cycling Components, Rohloff AG, Look Cycle, Marin Bikes, Magura, Tektro Technology Corporation, PROLOGO, KMC Chain, Praxis Works, RockShox Inc.
The bicycle components market report table of contents includes:
1. Executive Summary
2. Bicycle Components Market Characteristics
3. Bicycle Components Market Trends And Strategies
4. Bicycle Components Market – Macro Economic Scenario
5. Global Bicycle Components Market Size and Growth
..
32. Global Bicycle Components Market Competitive Benchmarking
33. Global Bicycle Components Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Bicycle Components Market
35.Bicycle Components Market Future Outlook and Potential Analysis
36.Appendix
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