How Is The Global Bicycle Components Aftermarket Market defined?
The bicycle component aftermarket refers to the market segment that deals with the sale of replacement and upgrade parts for bicycles after the initial sale of the complete bicycle. The aftermarket allows cyclists to personalize their rides according to their preferences and needs, often offering higher performance or specialized features not found in standard factory-built bicycles.
Bicycle Components Aftermarket Global Market Report 2024 provides data on the global bicycle components aftermarket market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The bicycle components aftermarket market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Bicycle Components Aftermarket Market Size Expected To Change, And What Are The Growth Rate Projections?
The bicycle components aftermarket market has grown significantly, increasing from $15.97 billion in 2023 to $17.48 billion in 2024 at a CAGR of 9.5%. Past growth was attributed to surging interest in cycling activities like road and gravel biking, economic recessions encouraging upgrades, environmental concerns, and growing awareness of health and fitness. The market is projected to reach $25.53 billion in 2028 at a CAGR of 9.9%, driven by government cycling policies, the expansion of online retail, demand for maintenance parts, bicycle customization, and stricter safety standards. Trends include demand for e-bike components, the use of eco-friendly materials, refurbishment initiatives, smart technology integration, performance enhancements, and efforts toward standardization.
Which Drivers Are Accelerating Growth In The Bicycle Components Aftermarket Market?
The rising demand for bicycles is expected to boost the growth of the bicycle component aftermarket market. Bicycles are becoming more popular due to increased awareness of their health benefits, environmental advantages, and the appeal of cycling for recreation and commuting. The bicycle component aftermarket provides essential parts and accessories that help maintain and enhance bike performance. According to the Portland Bureau of Transportation, the number of people biking grew by 5% in 2023 compared to the previous year. As such, the growing demand for bicycles is driving the growth of the bicycle component aftermarket market.
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What Are The Core Segments Of The Global Bicycle Components Aftermarket Market?
The bicycle components aftermarket market covered in this report is segmented –
1) By Component Type: Derailleurs, Road Groupsets, Suspensions, Wheel Sets, Brakes, Caliper Type, Gears, Other Components
2) By Bicycle Type: Mountain Bike, Hybrid or Cross, Road, Comfort, Youth, Cruiser, Recumbent or Tandem, Electric, Folding
3) By Sales Channel: Specialty Bicycle Retailers, Discount Stores, Department Stores, Full-Line Sporting Goods Stores, Outdoor Specialty Stores, Other Sales Channel
Which Emerging Trends Are Reshaping The Bicycle Components Aftermarket Market Size?
The bicycle component aftermarket is evolving with innovative products like minimalistic LED blinkers designed to enhance safety and aesthetics while complying with regulations. Minimalistic LED blinkers use simple, often monochromatic designs with solid colors such as white, amber, or red. For instance, in November 2023, Uno Minda, an India-based automotive component manufacturer, introduced a customizable range of LED blinkers for two-wheelers. These blinkers offer sleek designs that meet regulatory standards, providing cyclists with a stylish yet compliant safety solution.
What Is The Largest Region In The Bicycle Components Aftermarket Market?
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.
