Bicycle Components Aftermarket to Grow at CAGR of 6.9% through 2032 As Sales of Electric Bicycles Bolster - Future Market Insights, Inc.
Bicycle Components Aftermarket Demand to Surge Due to Growing Preference for Green Transportation. The North America bicycle component market is expected to grow at a 4% CAGR over 2022-2032. The China market for bikes and other cycling equipment is a lucrative one, with sales predicted to hold 2/3rd of the East Asia bicycle component aftermarket share
NEWARK, Del., July 11, 2022 /PRNewswire/ -- Over the forecast period of 2022-2032, sales in the global bicycle components aftermarket are expected to grow at a CAGR of 6.9%, to reach a valuation of US$ 28.3 Bn by the end of 2032. Rising bicycle fleet across the globe is expected to be the key driving factor for the demand for bicycle components.
Growing popularity of bicycling as a recreational activity is expected to fuel the growth in the bicycle component aftermarket. Individuals are preferring cycling as a recreational and fitness activity across the globe.
Increasing awareness regarding chronic disorders caused by leading a sedentary lifestyle among consumers is driving interest in cycling for a healthy lifestyle. As more individuals use biking as a regular form of exercise, demand for bicycle components is expected to increase at a considerable pace.
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Rising importance of sports activities, particularly for health reasons, as well as celebrity endorsement and international or national sporting events, are encouraging people to participate in a variety of cycling activities. Backed by the aforementioned factors, sales of bicycle components will continue gaining traction over the assessment period.
"Increasing demand for electric bicycles, along with rising deployment of bicycle fleet across public entertainment infrastructures such as amusement parks, resorts and adventure parks will augment sales in the market," says an FMI analyst.
Key Takeaways:
- Based on bicycle type, the electric bicycle segment will create an absolute dollar opportunity worth US$ 4.9 Bn.
- Sales of bicycle components from department sales are expected to account for 1/3rd of overall aftermarket sales.
- In terms of component, the road groupsets segment is anticipated to hold more than half of the total market share.
- The U.S. is expected to dominate the North America bicycle component aftermarket, with demand growing at a 4% CAGR over the forecast period.
- Sales in the China market will hold 2/3rd of the East Asia bicycle component aftermarket share.
- Demand in the India bicycle components aftermarket will grow at a 7.2% CAGR over the forecast period.
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Drivers
- Growing bicycle sales due to growing awareness about environment is boosting the sales of bicycle components aftermarket.
- Escalating oil prices as well as rising focus on conserving natural resources is positively impact the market growth.
- Increasing preference for green transportation is complimenting the sales over the forecast period.
- Progressions in material technology is anticipated to bolster market demand.
Restraints
- Availability of counterfeit products in the market might impact the market growth.
- The bicycle market has been severely impacted due to the pandemic ensuing in decrease in demand for bicycle components aftermarket.
Competitive Landscape
The global bicycle components aftermarket is moderately consolidated. The organized companies hold over 35% of the overall market share even though there are several small players existent in the market.
Major companies identified in the global 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. are some of the leading manufacturers operating in the global bicycle components aftermarket.
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Key Segments Covered in Bicycle Components Aftermarket Industry Analysis
By Component Type:
- Derailleurs
- Road Groupsets
- Suspensions
- Wheel Sets
- Brakes
- Hydraulic
- Mechanical
- Caliper Type
- Gears
- Others (Bottom Brackets etc.)
By Sales Channel:
- Specialty Bicycle Retailers
- Discount Stores
- Department Stores
- Full-line Sporting Goods Stores
- Outdoor Specialty Stores
- Other Sales Channel
By Bicycle Type:
- Mountain Bike
- Hybrid/Cross
- Road
- Comfort
- Youth
- Cruiser
- Recumbent/Tandem
- Electric
- Folding
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East & Africa
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About FMI – Automotive and Transportation
The Automotive and Transportation division of FMI provides exclusive coverage and actionable insights about automotive and transportation industry encompassing automotive, aviation, shipping and marine, and railway sector. Market findings and competition intelligence of OEM, aftermarket, services and technology landscape have helped numerous industry stakeholders' right from automakers, component manufacturers, channel partners and service providers in taking informed decisions and keeping them up-to-date with market behavior.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
4.3. Strategic Promotional Strategies
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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