PUBLISHER: The Business Research Company | PRODUCT CODE: 1435707
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435707
The bicycle frame constitutes the primary structural element of the bike, serving as the foundational structure for assembling various components into the frameset. It significantly influences the bicycle's safe and comfortable traversal from one point to another. Functioning as the backbone, bicycle frames securely hold all parts together, providing the platform for a rider to sit on and control the steering of the bicycle.
There exist various categories of bicycle frames, including mountain, hybrid, road, and other specialized types. The mountain frame is designed for navigating natural elevations, typically exceeding 2,000 feet, with abrupt ascents. These frames utilize materials such as aluminum, steel, carbon fiber, titanium, and others for construction. Distribution channels encompass both online and offline avenues.
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The bicycle frames market size has grown rapidly in recent years. It will grow from $30.81 billion in 2023 to $34.62 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%. Historical growth can be attributed to advancements in materials, changes in frame design trends, the impact of mountain biking, the rise of road racing, and a market shift favoring lightweight frames.
The bicycle frames market size is expected to see rapid growth in the next few years. It will grow to $56.05 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. Forecasted growth is driven by innovations in frame geometry, sustainability, urban mobility solutions, and component integration. Major trends include carbon fiber dominance, innovative designs, the surge in e-bikes, material variety, and enhanced customization options.
The rising popularity of bicycles is anticipated to drive the growth of the bicycle frames market in the foreseeable future. Bicycles, defined as vehicles with two wheels in tandem, handlebars for steering, a saddle seat, and pedals for propulsion, are experiencing increased adoption. Improvements in social infrastructure, particularly in developing countries, have played a pivotal role in encouraging people to choose cycling as a preferred mode of transportation. This surge in bicycle adoption subsequently fuels the demand for bicycle frames. As an illustration, in 2021, CBC News, a Canada-based news broadcast media, reported a significant 75% increase in bicycle usage. Consequently, the escalating preference for bicycles is a key factor propelling the growth of the bicycle frames market.
The expanding reach of e-commerce is anticipated to drive the growth of the bicycle frames market in the coming years. E-commerce, involving the online buying and selling of goods and services, provides a platform for consumers from diverse regions to access and purchase bicycle frames. This trend offers manufacturers the advantage of maintaining optimal inventory levels, reducing storage costs, and minimizing the time it takes for products to reach end-users. As an example, in August 2023, the United States Census Bureau, a US-based government agency, reported a 7.5% increase (or 1.4%) in the estimate for e-commerce during the second quarter of 2023 compared to the same period in 2022. In contrast, overall retail sales saw a 0.6% rise (or 0.4%), with online stores accounting for 15.4% of all sales in the second quarter of 2023. Consequently, the expanding footprint of e-commerce emerges as a significant driver for the growth of the bicycle frames market.
Product innovations have become a prominent trend gaining traction in the bicycle frames market. Key industry players are concentrating their efforts on introducing new and innovative solutions to enhance their market positions. A notable example is Giant Manufacturing Co. Ltd., a China-based bicycle designer and manufacturing company, which, in February 2021, launched the XTC Advanced SL 29 as a novel bicycle framework. Distinguished by its lightweight design, efficiency, and competitive advantages in climbing, accelerating, and sprinting, this innovative product exemplifies the industry's commitment to pushing the boundaries of bicycle frame technology. The emphasis on product innovation underscores its pivotal role in reinforcing the competitive standing of major companies within the dynamic bicycle frames market.
Major companies in the bicycle frames market are actively pursuing strategic collaborations to deliver reliable services to customers. Strategic collaboration involves mutually beneficial partnerships between independent entities working together to achieve shared goals aligned with their individual strategic objectives. A case in point is the collaboration between Fujitsu Limited, a Japan-based company, and Teijin Limited, a Japan-based chemicals company, announced in January 2023. In this collaboration, Fujitsu Limited aims to conduct joint trials with V Frames and Advanced Bikes, contributing to enhancing the environmental value of recycled carbon fiber utilized in the manufacturing process of bicycle frames. Additionally, the partnership is designed to reduce greenhouse gas (GHG) emissions in the production process by promoting the use of recycled materials. This strategic collaboration exemplifies the industry's commitment to sustainable practices and underscores the importance of collaborative efforts in meeting both environmental and business objectives.
In February 2022, Cardinal Cycling Group, a US-based bicycle manufacturer, successfully acquired Detroit Bikes for an undisclosed amount. This strategic acquisition is aimed at enabling Cardinal Cycling Group to broaden its bicycle manufacturing operations into Asia and expand its product range in both the USA and Europe. Detroit Bikes, the acquired company, is a US-based manufacturer specializing in urban bikes and bicycle frames.
Major companies operating in the bicycle frames market report are Harison International, Fiend BMX, Pinion GmbH, Grimaldi Industri AB, Giant Manufacturing Co. Ltd., PIERER Mobility AG, The Cannondale Bicycle Corporation, Ideal Bike Corporation, Trek Bicycle Corporation, SCOTT Sports SA, Advanced International Multitech Co. Ltd., Topkey Corporation, Tianjin Fuji-Ta Bicycle Co. Ltd., Worksman Cycles, Hutch BMX Bicycles, Strangerco, Specialized Bicycle Components Inc., Cicli Pinarello SRL, Merida Industry Co. Ltd., ADK Technology Limited, Cinelli Official, Kona Bicycle Company, S&M Bikes, Velocite Tech Co. Ltd., All-City Cycles, Quest Composite Technology Corporation, Dengfu Sports Equipment Co. Ltd., WeThePeople Bike Co., Fuji Bikes, Jiangsu QYH Carbon Tech Co.
Asia-Pacific was the largest region in the bicycle frames market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the bicycle frames market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the bicycle frames market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The bicycle frame market consists of sales of low-step frame, mid-step frame, and high-step frame. 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.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Bicycle Frames Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on bicycle frames market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for bicycle frames ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The bicycle frames market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.