Global Bicycle Components Market, By Component Type (Derailleurs, Road Group sets, Suspensions, Wheel Sets, Brakes, Caliper Type, Gears, and Others), Sales Channel (Specialty Bicycle Retailers, Discount Stores, Department Stores, Full-line Sporting Goods Stores, Outdoor Specialty Stores, and Other Sales Channel), Bicycle Type (Mountain Bike, Road/700C, Hybrid/Cross, Road, Comfort, Youth, Cruiser, Recumbent/Tandem, Electric, and Folding) - Industry Trends and Forecast to 2031.
Bicycle Components Market Analysis and Size
The bicycle components market is experiencing rapid growth fueled by the latest technological advancements. Innovations such as lightweight carbon fiber frames, electronic shifting systems, and advanced suspension technology are revolutionizing cycling performance. With an increasing emphasis on sustainability and efficiency, manufacturers are continuously pushing the boundaries of design and functionality, driving the market forward.
The global bicycle components market size was valued at USD 14.38 billion in 2023, is projected to reach USD 23.79 billion by 2031, with a CAGR of 6.5% during the forecast period 2024 to 2031. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Component Type (Derailleurs, Road Group sets, Suspensions, Wheel Sets, Brakes, Caliper Type, Gears, and Others), Sales Channel (Specialty Bicycle Retailers, Discount Stores, Department Stores, Full-line Sporting Goods Stores, Outdoor Specialty Stores, and Other Sales Channel), Bicycle Type (Mountain Bike, Road/700C, Hybrid/Cross, Road, Comfort, Youth, Cruiser, Recumbent/Tandem, Electric, and Folding)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Dorel Industries (Canada), Accell Group (Netherlands), SHIMANO INC. (Japan), SRAM LLC. (U.S.), Hero Cycles Ltd (India), Campagnolo S.r.l. (Italy), MERIDA BIKES. (Taiwan), Specialized Bicycle Components, Inc. (U.S.), Rohloff AG (Germany), Giant Bicycles (Taiwan), Currie Technologies (U.S.), OMAX Corporation (U.S.), Trek Bicycle Corporation (U.S.), Marin Bikes (U.S.), Atlas Cycles (Haryana) Ltd. (India)
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Market Opportunities
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Market Definition
Bicycle components encompass various parts crucial for functionality and performance. These include the frame, wheels, tires, gears, pedals, chain, saddle, handlebars, stem, and bicycle brake components. Each component plays a vital role in the overall operation and comfort of the bicycle, contributing to its efficiency, safety, and handling. Quality components are essential for a smooth and enjoyable riding experience.
Bicycle Components Market Dynamics
Drivers
- Growing Popularity of Cycling
The growing popularity of cycling, fueled by health and environmental awareness, propels the demand for top-notch bicycle components. As more individuals embrace cycling for commuting or leisure, there's a surge in the need for high-performance gear such as lightweight frames, aerodynamic wheels, and precision drivetrains. For instance, the demand for carbon fiber frames and electronic shifting systems has soared, reflecting the market's response to cyclists pursuit of enhanced performance and enjoyment.
- Rise in E-commerce
The rise of e-commerce platforms has made it easier for consumers to access a wide range of bicycle components from various brands and manufacturers. This has contributed to the growth of the bicycle components market by expanding the reach to a global audience. For instance, a cyclist in a rural area can now easily access specialized components previously only available in urban bike shops. This global accessibility not only expands market reach but also encourages competition and innovation among manufacturers, ultimately driving the growth of the bicycle components market.
Opportunities
- Rise in Urbanization and Traffic Congestion
The rise in urbanization and traffic congestion has fueled a surge in demand for bicycle components, particularly among urban commuters seeking sustainable transportation alternatives. This trend presents a significant opportunity for the market, as cyclists increasingly seek reliable and durable components to enhance their commuting experience. For instance, the demand for high-quality gears, brakes, and lightweight bicycle frame components has seen a notable uptick as more individuals embrace cycling to navigate congested city streets.
- Growing Options for Customization and Personalization
The demand for customization and personalization in bicycle components is on the rise as cyclists increasingly seek unique and tailored experiences. Companies offering customizable options, such as bespoke frame designs, personalized color schemes, and adjustable components, stand to capitalize on this trend. For instance, brands such as Trek and Specialized offer online customization tools, allowing customers to design their dream bikes from the ground up, fostering brand loyalty and driving sales in the bicycle components market.
Restraints/Challenges
- High Competition in the Market
High competition in the bicycle components market restrains profitability and pricing power, as manufacturers face pressure on margins. Rivalry prompts cost-cutting, potentially compromising quality and innovation. Small companies struggle to gain market share amid the crowded landscape, limiting their growth opportunities.
- Rise in Tariffs and Trade Barriers
Tariffs and trade barriers, often imposed by governments, disrupt the flow of bicycle components across borders. These restrictions inflate costs and impede market dynamics, hindering growth prospects for manufacturers and suppliers. Consequently, businesses face increased expenses and complexities, while consumers may experience limited choices and higher prices, further constraining the expansion of the bicycle components market.
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In April 2022, Hero and Yamaha announce a joint venture to produce Electric Drive units for cycles. HYM Drive Systems, a collaboration between Hero Motors and Yamaha Motor Co Japan, anticipates commencing production soon, promising enhanced technological controls
- In March 2022, Propella introduces the 9S Pro, a lightweight urban electric bike boasting superior parts, increased power, and speed. This launch signifies Propella's dedication to advancing technological controls in the e-bike industry
- In March 2022, Bosch unveils a new smart system revolutionizing traditional bicycles. Featuring magneto ignition technology developed for automobiles, Bosch's innovation promises an interconnected cycling experience. This breakthrough signifies Bosch's commitment to technological advancements and elevating controls in the cycling realm
Bicycle Components Market Scope
The market is segmented on the basis of component type, sales channel, and bicycle type. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component Type
- Derailleurs
- Road Group Sets
- Suspensions
- Wheel Sets
- Brakes
- Caliper Type
- Gears
- Others
Sales Channel
- Specialty Bicycle Retailers
- Discount Stores
- Department Stores
- Full-line Sporting Goods Stores
- Outdoor Specialty Stores
- Other Sales Channel
Bicycle Type
- Mountain Bike
- Road/700C
- Hybrid/Cross
- Road
- Comfort
- Youth
- Cruiser
- Recumbent/Tandem
- Electric
- Folding
Bicycle Components Market Regional Analysis/Insights
The market is analysed and market size insights and trends are provided, component type, sales channel, and bicycle type as referenced above.
The countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America is expected to dominate the bicycle components market due to its advanced technological infrastructure and high adoption of smart city initiatives. The region benefits from a strong presence of major market players and a rising number of research activities, driving innovation and market growth.
Asia-Pacific is expected to witness significant growth in the bicycle components market due to rapid urbanization, infrastructure development, and technology adoption. China, Japan, and India lead with expanding automotive and consumer electronics industries, while government initiatives and smart city projects fuel market expansion.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Bicycle Components Market Share Analysis
The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.
Some of the major players operating in the market are:
- Dorel Industries (Canada)
- Accell Group (Netherlands)
- SHIMANO INC. (Japan)
- SRAM LLC. (U.S.)
- Hero Cycles Ltd (India)
- Campagnolo S.r.l. (Italy)
- MERIDA BIKES. (Taiwan)
- Specialized Bicycle Components, Inc. (U.S.)
- Rohloff AG (Germany)
- Giant Bicycles (Taiwan)
- Currie Technologies (U.S.)
- OMAX Corporation (U.S.)
- Trek Bicycle Corporation (U.S.)
- Marin Bikes (U.S.)
- Atlas Cycles (Haryana) Ltd. (India)
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