Global Bicycle Components Market Size Forecast 2024 - 2033
13 Dec, 2024
What Is The Scope Of The Global Bicycle Components Market?
Bicycle components are the individual parts and accessories that make up a bicycle. Each part plays a distinct role in ensuring the bicycle operates smoothly, offering performance, comfort, and usability. The purpose and use of components helps in selecting the right bike for specific needs, maintaining it properly, and enhancing the overall riding experience.
Bicycle Components Global Market Report 2024 provides data on the global bicycle components market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The bicycle components market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Bicycle Components Market?
The bicycle components market has experienced significant growth in recent years. From $11.83 billion in 2023, it is expected to grow to $12.71 billion in 2024, reflecting a CAGR of 7.5%. The market’s historical growth has been driven by urbanization, increasing health awareness, cycling’s popularity as a sport, environmental concerns, the expansion of bike-sharing programs, rising fuel prices, and a surge in recreational cycling. By 2028, the market is projected to reach $17.02 billion, with a CAGR of 7.6%. Factors supporting this growth include increasing health and fitness awareness, growing environmental concerns, urbanization, the rise of e-bikes, the expansion of cycling infrastructure, a shift towards customizable and high-performance components, and the growth of global bicycle tourism. Major trends in the future include advancements in lightweight materials, electronic shifting systems, aerodynamic designs, smart technology integration, and improvements in braking systems.
What Are The Core Factors Supporting Growth In The Bicycle Components Market?
The increasing sales of electric bicycles are expected to drive the bicycle component market. Electric bicycles, equipped with motors to assist with pedaling, are becoming more popular due to their environmental benefits, convenience, and ability to assist riders with varying physical abilities. Specialized components such as motors, batteries, drive systems, and braking systems are essential for enhancing the e-bike experience. According to the Urban Transport Group, sales of e-bikes in Europe are expected to rise from 3.7 million in 2019 to 17 million by 2030. Therefore, the growing sales of electric bicycles will drive the bicycle components market.
Get Your Free Sample of the Global Bicycle Components Market ReportWhat Are The Major Segments Within The Global Bicycle Components Market?
The bicycle components market covered in this report is segmented –
1) By Component: Frames, Saddles, Rims, Brakes, Pedals
2) By Bicycle: Mountain, Hybrid Or Cross, Road, Comfort, Youth, Cruiser, Electric
3) By Sales Channel: Original Equipment Manufacturers (OEMs), Aftermarket
Which Trends Are Expected To Transform The Bicycle Components Market?
In the bicycle components market, major companies are advancing electronic shifting systems, such as wireless shifters, to enhance cycling experiences with more precise and efficient gear changes. Wireless shifters replace mechanical cables with electronic signals, offering superior accuracy and performance. For instance, in May 2024, Shimano Inc., a Japan-based cycling component manufacturer, launched the 2x12-Speed GRX Di2 system. This system includes wireless shifters linked to wired derailleurs and features improved ergonomics and performance, offering precise shifting and reliable gravel gearing.
What Is The Fastest Growing Region In The Bicycle Components Market?
North America was the largest region in the bicycle component market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bicycle components market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.