According to a recent report by Future Market Insights (FMI), the bicycle components aftermarket is projected to grow at CAGR of 7.0% from 2021 to 2031, surpassing US$ 26.5 Bn. The demand for bicycle components is associated with the rise in demand for bicycles.
The rise in the number of people choosing bicycling as a leisure activity is expected to fuel sales and revenue. Bicycles are projected to emerge as a convenient method of exercise and transport. Dock less bicycle-sharing systems have also supported market developments.
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People are becoming increasingly aware about the importance of healthy lifestyles and exercise. As more individuals turn to biking as a regular fitness method, the demand for components is expected to expand.
The growing relevance of sports activities, celebrity endorsement, and international or national sporting events are increasing bicycle use. In addition, an increase in government programs in several nations aimed at increasing participation rates has aided growth in recent years.
Bicycle components will see a considerable increase in demand due to rising bicycle sales and the growing popularity of environment friendly e-bikes. Manufacturers are also being pressured by environmental regulations to develop associated tech improvements. Low-cost part production in Southeast Asia and the development of new transit corridors will create a conducive environment for growth.
Key Takeaways from Market Study
- Electric bikes will account for over 24.2% by 2031 owing to the demand for emission-free, energy-efficient, and low-cost, transport options.
- Road bicycles to account for over 55% of sales by 2031 owing to light weight characteristics and smoother gear shifting and better braking performance.
- India is a major market in the South Asia and Pacific holding over 30% of value share, supported by a vast consumer base for low-cost transport.
- China will hold more than 70% of the East Asia market by 2031, supported by demand in recreation and transport sectors, and the rising popularity of bike sharing programs.
- The U.S. dominates North America with a share of 86.7% in 2021, with growing health awareness among buyers driving sales.
“Low-cost manufacturing in South-East Asia and Africa, in addition to new transit routes, are likely to boost the demand for bicycle components by improving logistics. Distributors in South Asia and Pacific and MEA are expected to adopt aggressive marketing strategies to gain competitive edge,” said an analyst at FMI.
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Key Market Segments Covered
- Road Groupsets
- Wheel Sets
- Caliper Type
- Others (Bottom Brackets etc.)
- Specialty Bicycle Retailers
- Discount Stores
- Department Stores
- Full-line Sporting Goods Stores
- Outdoor Specialty Stores
- Other Sales Channel
- Mountain Bike
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
Bicycle Components Market Competitive Landscape
Leading players in the bicycle component aftermarket are focused on keeping up with design improvements brought out by OEMs. Strategies to expand production capacity, while keeping production costs low remain important for industry participants.
Some the key players in the bicycle components 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 Inc., and Avon Cycles Ltd.
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Key Points Covered in the Bicycle Components Aftermarket Study
- Market estimates and forecast 2021-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Bicycle Components Aftermarket and How to Navigate
- Recommendation on Key Winning Strategies
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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Press Release Source: https://www.futuremarketinsights.com/press-release/bicycle-components-market