PUBLISHER: The Business Research Company | PRODUCT CODE: 1531890
PUBLISHER: The Business Research Company | PRODUCT CODE: 1531890
Bicycle components are the various parts and accessories that together comprise a bicycle, each fulfilling a specific function to ensure smooth operation, performance, comfort, and usability. Understanding the purpose and functionality of these components is crucial for selecting the right bike, maintaining it effectively, and improving the overall riding experience.
The primary components in the bicycle components market include frames, saddles, rims, brakes, and pedals. The bicycle frame serves as the fundamental structural element, forming the framework to which other components are attached. Bicycles come in various types such as mountain bikes, hybrid or cross bikes, road bikes, comfort bikes, youth bikes, cruisers, and electric bikes, which are distributed through different sales channels including original equipment manufacturers (OEMs) and aftermarket retailers.
The bicycle components market research report is one of a series of new reports from The Business Research Company that provides bicycle components market statistics, including the bicycle components industry global market size, regional shares, competitors with bicycle components market share, detailed bicycle components market segments, market trends, and opportunities, and any further data you may need to thrive in the bicycle components industry. These bicycle components market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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%. Historical growth in the bicycle components market can be attributed to several key factors. These include increasing urbanization leading to a higher demand for transportation alternatives such as cycling, a growing focus on health and fitness encouraging more people to take up cycling, the rising popularity of cycling as a sport driving sales of high-performance components, increased environmental awareness promoting eco-friendly modes of transportation, expansion of bike-sharing programs in urban areas, escalating fuel prices motivating commuters to switch to bicycles, and the increasing popularity of recreational cycling as a leisure activity.
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%. Anticipated growth in the bicycle components market for the forecast period can be attributed to several key factors. These include increasing awareness about health and fitness, rising environmental concerns promoting sustainable transportation, the continued trend of urbanization necessitating efficient commuting options such as cycling, the growing popularity of e-bikes driving demand for specialized components, expansion of cycling infrastructure in cities and urban areas, shifting consumer preferences towards customizable and high-performance parts for personalized riding experiences, and the expanding global bicycle tourism industry. Major trends expected in the forecast period include advancements in lightweight materials for improved performance and durability, integration of electronic shifting systems for seamless gear changes, innovations in aerodynamic designs to enhance speed and efficiency, integration of smart technology for connectivity and data tracking, and advancements in braking systems for enhanced safety and control.
The bicycle component market is set to experience growth driven by the increasing sales of electric bicycles. Electric bikes are bicycles equipped with electric motors that provide propulsion assistance. Their popularity is rising due to factors such as convenience, environmental advantages, and their ability to cater to riders with varying physical abilities. These bikes integrate specialized components such as motors, batteries, drive systems, and braking systems, enhancing the overall riding experience and making cycling more accessible and enjoyable for a diverse range of riders. For instance, the Urban Transport Group projects that e-bike sales in Europe will surge from 3.7 million in 2019 to 17 million by 2030, highlighting the significant impact of rising electric bicycle sales on the bicycle components market.
Key players in the bicycle components market are focusing on technological advancements, particularly in electronic shifting systems such as wireless shifters, to improve gear changes and overall ride performance. Wireless shifters are electronic components that facilitate gear changes through electronic signals, offering greater precision and efficiency compared to traditional mechanical cables. For example, in May 2024, Shimano Inc. introduced the 2x12-Speed GRX Di2 system. This system includes dual control levers for comfort and control, a rear derailleur for optimal chain management, and a front derailleur designed for gravel terrain, ensuring precise gear shifts. The wireless shifters in this system are connected to wired derailleurs via a central battery, providing improved ergonomics and reliable 2x12-speed gravel gearing performance when combined with existing RX820 components.
In December 2021, DT Swiss AG acquired Trickstuff GmbH, underscoring the industry's rapid evolution and the establishment of a development center in a region highly attractive to avid cyclists. Trickstuff GmbH specializes in high-end disc brakes and related bicycle accessories, aligning well with DT Swiss AG's strategic vision for growth and innovation in the bicycle component market.
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.
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.
The countries covered in the bicycle components market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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.
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 Components 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 components 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 components ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The bicycle components 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.