Bicycle Component Market
Bicycle Component Market Study by Frames, Saddles, Rims, Brakes, and Pedals for Mountain, Hybrid/Cross, Electric, Road, Comfort, Youth, and Cruiser Bikes from 2024 to 2034
Analysis of Bicycle Component Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Bicycle Component Market Outlook (2024 to 2034)
The global bicycle component market size is set to reach US$ 12.35 billion in 2024. Fact.MR’s latest market study projects market expansion at a CAGR of 6.7% and a valuation of US$ 23.7 billion by 2034-end.
Bicycle components include handlebars, pedals, brakes, gears, wheels, tires, and frames. Each component has a specific function in the bike's operation and can vary in design and material for different biking purposes, like road cycling, mountain biking, or commuting. Increasing fuel prices are encouraging more people to ride bicycles.
Manufacturers are focusing on meeting various parameters such as performance, durability, and weight specifications, allowing cyclists to customize and optimize their bikes for specific purposes. The quality and compatibility of bicycle components impact the overall riding experience and safety standards, making them crucial in the cycling industry. Global trends like climate change, which necessitate the adoption of eco-friendly transportation solutions, are also contributing to bicycle component market growth. These factors have opened up new opportunities for product development.
Key Market Growth Drivers :
- Bicycles are becoming an environmentally friendly mode of transportation due to the use of lighter and more durable materials in their production and improved gear systems.
- Growth of this industry is supported by the proliferation of e-commerce platforms, making it easier for customers to access various bicycle parts.
- Key market driver is the cycling industry's focus on using eco-friendly materials.
- Popularity of cycling as both a sport and leisure activity is driving up demand for high-quality bicycle parts.
- Demand for sports and mountain bikes is rising as they often require specialized parts.
- Electric bicycle sales are on the rise, as e-bikes require specific components such as electric motors and batteries.
- Global increase in the adoption of bike riding for health reasons is driving demand for bicycle parts.
- Rising number of cycling events worldwide is boosting sales of bicycles and accessories.
- Following COVID-19 lockdowns in 2020, the European bicycle market experienced a strong rebound in 2021, driven by demand for high-end bicycles, particularly in the United Kingdom, Germany, Spain, and France.
Report Attributes | Details |
---|---|
Bicycle Component Market Size (2024E) | US$ 12.35 Billion |
Forecasted Market Value (2034F) | US$ 23.7 Billion |
Global Market Growth Rate (2024 to 2034) | 6.7% CAGR |
North America Market Share (2024) | 27.8% |
Market Share of Mountain Bikes (2024) | 35.7% |
Sales of Frames (2024) | US$ 4.68 Billion |
Key Companies Profiled |
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What are the Ongoing Bicycle Component Market Trends?
“Growing Emphasis on Reducing Carbon Emissions and Rise in Online Bicycle Sales”
Increasing number of online retail channels are providing consumers with a wide variety of bicycle options to choose from. Retailers online simplify browsing, comparing, and purchasing from home. Factors such as a wide product range, affordability, and doorstep delivery convenience drive this growth. The rise of online shopping, especially among tech-savvy consumers, fuels this trend, offering market players opportunities to expand digitally.
Cycling, popular for recreation and transportation, aligns with the global shift towards sustainability. Bicycles, inherently eco-friendly, help in reducing carbon footprints, thus contributing to market growth.
What are the Challenges Faced by Manufacturers of Bicycle Components?
“High Cost of Electric Bicycle Components Compared to Traditional Bicycles”
High cost of bicycle accessories is impeding the bicycle apparel market. An uneven cost-benefit ratio is projected to restrain demand for bicycle components. The cost of electric bicycle components is higher than that of traditional bicycle components. Another factor contributing to a decrease in demand for electric bicycle components is the high cost of some bike categories, which continues to further reduce consumer buying power.
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Country-wise Insights
East Asia, North America, and Europe are the regions that present profitable opportunities to manufacturers of bicycle components. Cycling parts and accessories have a well-established supply chain in the Asia Pacific region, as it is home to some of the biggest bicycle manufacturers in the world, including Giant Manufacturing Co. Ltd. and Merida Industry Co. Ltd.
Over the forecast period, the market in Europe is forecasted to exhibit significant growth due to a well-established cycling culture. This is boosting demand for high-performance accessories that meet the needs of cycling enthusiasts. The increasing demand for accessories such as batteries, chargers, and motor components that meet the requirements of e-bike riders has increased as e-bikes are becoming more and more popular in the region.
Cities in Europe are ideal for cyclists to commute. The region is also home to several renowned cycling competitions, including the Tour de France and Ronde van Vlaanderen. Furthermore, to promote and facilitate bicycle commuting, European nations like Belgium, Denmark, France, and Italy are making significant infrastructure investments.
What is Augmenting Demand for Bicycle Components in the United States?
“Government Initiatives to Raise Awareness about Reducing Carbon Emissions”
Attribute | United States |
---|---|
Market Value (2024E) | US$ 2.55 Billion |
Growth Rate (2024 to 2034) | 5.9% CAGR |
Projected Value (2034F) | US$ 4.54 Billion |
Sales of bicycle components in North America are projected to rise at a CAGR of 5.9% over the next decade, with the United States holding 74.3% of the bicycle component market share in the region. The United States government's involvement in raising awareness of the importance of reducing carbon emissions is responsible for the rising sales of bicycles. The preference for personal mobility solutions among American consumers is driving up demand for conventional, mountain, and electric bicycles.
How are Manufacturers in China Responding to the Rising Trend of Cycling?
“Focus on Restructuring Supply Chains to Support Surge in Bicycle Production and Exports”
Attribute | China |
---|---|
Market Value (2024E) | US$ 2.18 Billion |
Growth Rate (2024 to 2034) | 7.1% CAGR |
Projected Value (2034F) | US$ 4.33 Billion |
Sales of bicycle components in China are increasing at a significant pace due to government support, infrastructure improvements, and growing health consciousness. With cycling gaining popularity, demand for bicycle components is projected to continue its upward trajectory.
- According to customs data from the People’s Republic of China, 16.19 million bicycles were exported in the first quarter of 2021, which marks a 73.4% increase from 2020. This surge in export volume amounted to US$ 1.06 billion, up by 101.6% from the previous year.
- According to the China Bicycle Association, 60% of all bicycle trade globally originates in China. Therefore, China has an important role to play in driving market growth.
Category-wise Insights
Frames account for 38% market share, while brakes occupy 18% share at present. Sales of both components are forecasted to touch US$ 8.5 billion and US$ 4.3 billion, respectively, over the next 10 years.
Why are Frames an Important Segment of the Market?
“Frames Holding Dominant Share Due to Their Role in Enhancing Bicycle Safety and Appearance”
Attribute | Frames |
---|---|
Segment Value (2024E) | US$ 4.68 Billion |
Market Share (2024) | 37.9% |
Projected Value (2034F) | US$ 8.53 Billion |
The bicycle frame is crucial for both the design and safety of a bicycle. It forms the cornerstone of the bicycle's structure and significantly enhances its appearance and safety features. Due to the increasing popularity of leisure activities, the recreational cycling market is projected to grow. The trend towards bicycles as convenient exercise tools promoting a healthier lifestyle and addressing concerns like obesity is projected to fuel demand for bicycle components.
What is the Reason Behind Increased Demand for Mountain Bike Components?
“Strong Preference for Electric Mountain Bikes among Younger Adventure Enthusiasts”
Attribute | Mountain Bikes |
---|---|
Segment Value (2024E) | US$ 4.4 Billion |
Market Share (2024) | 35.7% |
Projected Value (2034F) | US$ 8.24 Billion |
Mountain biking is becoming more and more popular among young people as a means of recreation and adventure, which is projected to drive market growth. The demand for electric mountain bikes, which have specialized motors to assist riders in pedaling, has surged in recent years. These bikes have made mountain biking accessible to a broader range of riders, including those lacking technical expertise or fitness for traditional mountain bikes.
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Competitive landscape highlights only certain players
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Competitive Landscape
Key players in the bicycle component market are Accell Group, Dorel Industries, Shimano Inc., SRAM LLC, Hero Cycles Ltd., Campagnolo S.R.L., Merida Bikes, Specialized Bicycle Components, Trek Bicycle Corporation, Marin Bikes, and Atlas Cycles Ltd.
- Shimano, the world’s leading bicycle parts manufacturer, will use its new plant in Singapore as a hub for exploring Southeast Asia’s high-potential market for sports bikes. This was declared by the company’s Chair and Chief Executive Yozo Shimano, as per a report by the Financial Times.
- SRAM is a U.S.-based company that specializes in the development and manufacturing of different bicycle components. In January 2023, the company started a testing laboratory in Schweinfurt, Germany, which conducts both dynamic and static tests on different bicycle components.
Segmentation of Bicycle Component Market Research
-
By Type :
- Mountain
- Hybrid/Cross
- Electric
- Road
- Comfort
- Youth
- Cruiser
-
By Component :
- Frames
- Saddles
- Rims
- Brakes
- Pedals
-
By Sales Channel :
- OEMs
- Aftermarket
-
By Region :
- North America
- Europe
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
- FAQs -
How big is the bicycle component market in 2024?
The global bicycle component market is estimated to reach US$ 12.35 billion in 2024.
Which country is anticipated to account for a significant market share in 2024?
The United States market for bicycle components is estimated to reach US$ 2.55 billion in 2024.
What is the estimated market size of Japan for 2034?
The market for bicycle components in Japan is forecasted to reach US$ 4.26 billion by 2034.
Which type of bike holds a significant market share?
Sales of mountain bike components are estimated to reach US$ 4.4 billion in 2024.
How much will sales of cycle brakes reach in 2024?
Sales of bicycle brakes are estimated to reach US$ 2.23 billion in 2024.