PUBLISHER: The Business Research Company | PRODUCT CODE: 1546426
PUBLISHER: The Business Research Company | PRODUCT CODE: 1546426
The bicycle component aftermarket encompasses the sector involved in selling replacement and upgraded parts for bicycles following the initial sale of complete bicycles. This market enables cyclists to customize their rides based on personal preferences and requirements, often featuring enhanced performance or specialized features not typically found in standard factory-built bicycles.
Key categories within the bicycle component aftermarket include derailleurs, road groupsets, suspensions, wheelsets, brakes, caliper types, gears, and other accessories. Derailleurs, for instance, facilitate gear changes by moving the chain across different sprockets on the cassette or chainrings. Various types of bicycles catered to in this market include mountain bikes, hybrids, road bikes, comfort bikes, youth bikes, cruisers, recumbents, tandems, electric bikes, and folding bicycles. These products are distributed through diverse sales channels such as specialty bicycle retailers, discount stores, department stores, full-line sporting goods stores, outdoor specialty stores, among others.
The bicycle components aftermarket market research report is one of a series of new reports from The Business Research Company that provides bicycle components aftermarket market statistics, including bicycle components aftermarket industry global market size, regional shares, competitors with a bicycle components aftermarket market share, detailed bicycle components aftermarket market segments, market trends and opportunities, and any further data you may need to thrive in the bicycle components aftermarket industry. This bicycle components aftermarket market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The bicycle components aftermarket market size has grown strongly in recent years. It will grow from $15.97 billion in 2023 to $17.48 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth observed in the historical period can be attributed to increases in road cycling and gravel biking, economic downturns, higher spending on premium aftermarket upgrades, growing environmental awareness, and increased emphasis on health and fitness.
The bicycle components aftermarket market size is expected to see strong growth in the next few years. It will grow to $25.53 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. Anticipated growth in the forecast period is driven by government initiatives promoting cycling, the expansion of online retail platforms, the demand for maintenance and replacement parts for older bicycles, growing interest in customizing bicycles, and updated safety regulations necessitating regular upgrades and replacements. Key trends expected in the forecast period include rising demand for e-bike components, adoption of eco-friendly materials, refurbishment and recycling practices, integration of smart technologies, utilization of advanced materials, enhancements in performance, and a move towards standardization.
The rising demand for bicycles is expected to drive growth in the bicycle component aftermarket market. A bicycle, a human-powered vehicle with two wheels in line, operated by pedals, is increasingly sought after due to health benefits, eco-friendly transportation options, and recreational popularity. The aftermarket for bicycle components supplies replacement parts and accessories, supporting cyclists in maintaining and improving their bikes' performance and longevity. For instance, a report from the Portland Bureau of Transportation noted a 5% increase in biking in 2023 compared to 2022 and a 4.8% rise from 2021, highlighting the growing bicycle demand propelling the aftermarket market.
Leading companies in the bicycle component aftermarket market are concentrating on innovation, such as minimalist LED blinkers, to enhance safety, aesthetics, and compliance with cycling regulations. Minimalist LED blinkers feature simple, often monochromatic, color schemes, emphasizing clean design. In November 2023, Uno Minda launched a new line of customizable LED blinkers for two-wheelers, catering to individual preferences for sleek or detailed designs while meeting regulatory standards. This innovation is aimed at ensuring cyclists can confidently and legally use these products on the road.
In October 2022, North Arc Capital acquired Project 321, a move aimed at expanding its portfolio in precision cycling components. This acquisition enhances North Arc Capital's capabilities in manufacturing and product innovation within the cycling industry. Project 321 specializes in high-quality cycling hubs, aligning with North Arc Capital's strategy to integrate advanced manufacturing technologies and drive further innovation in bicycle components.
Major companies operating in the bicycle components aftermarket market are Continental AG, SHIMANO INC., Fox Factory, SRAM LLC, DT Swiss, Mavic, Jagwire, ENVE Composites, Renthal Ltd, Zipp Battery LLC, Wheels Manufacturing, Selle Italia s.r.l., Lezyne, Race Face, Campagnolo, Lizard Skins, CeramicSpeed, Ergon Bike, Bike Thomson, Full Speed Ahead, Maxxis, Easton Cycling, Hope Technology (IPCO) Ltd, KMC Chain
North America was the largest region in the bicycle components aftermarket market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bicycle components aftermarket market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the bicycle components aftermarket market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The bicycle component aftermarket consists of sales of frames, chains, handlebars, multi-tools, lubricants, and cleaners. 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 Aftermarket 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 afterMarket 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 aftermarket ? 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 afterMarket 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.