Newark, Del, Aug. 08, 2023 (GLOBE NEWSWIRE) -- The Bicycle Components Aftermarket in 2022 was US$ 14 Billion and is estimated to be US$ 14.62 Billion in 2023. According to FMI analysis, the bicycle components aftermarket is projected to expand at a CAGR of 6.9% between 2023 and 2033, totaling around US$ 28.3 Billion by 2033.
The surge in demand for bicycle components aftermarket has been seen amid the worsening conditions of automobile traffic, leading to high gasoline prices, and disturbing pollution concerns. Further, the global bicycle components aftermarket has been characterized by the corresponding concentration of production in a few countries leading to the correspondence of dispersion in the global demand.
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Growth in fitness consciousness among people directly raises energy and oil prices, with the rise in vehicles cited acts a key factor favoring the growth of the bicycle components aftermarket.
Rapid growth in the development of cycling and e-bike infrastructures with the implementation of bike-sharing programs in metropolitan and mid-sized cities creates a favorable environment for the development of the bicycle components aftermarket, as per FMI’s analysis.
The key Takeaways from this study are:
- The Anticipated value of the global bicycle components aftermarket reached a valuation of US$ 13.5 billion in 2021.
- Sales in the bicycle components aftermarket are anticipated to expand by 8.7 X times from 2023 to 2033.
- The United States holds a market share of 35.6% in the global bicycle components aftermarket.
- North America’s bicycle components aftermarket has a market value of 40.2%.
- China is one of the significantly growing markets for bicycle components, holding around 2/3rd of East Asia bicycle components aftermarket.
- Based on component type, demand for road groupsets is expanding at a 7.2% CAGR over the assessment period.
- Based on bicycle type, the electric bicycle segment is expected to capture a market share of 62%.
“Increase in the demand for bicycles are the key opportunity for bicycle components aftermarket manufacturers,” - comments an analyst at Future Market Insights (FMI).
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Competition Landscape:
The global bicycle components aftermarket players are attempting to carve out a niche for a particular demographic. Also, some leading and middle-scale manufacturers are focusing on product innovation and high-end technology development in the market to gain a competitive edge.
Some of the prominent players profiled in the Bicycle Components Aftermarket 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 Co. Ltd.
- Avon Cycles Ltd.
Key developments in the Bicycle Components Aftermarket:
- In January 2023, Shimano Announces New Fishing Reels for 2023. Shimano North America Fishing, a legendary innovator in the fishing tackle industry, has announced new additions to its deep lineup of quality reels. These three new offerings will provide extensive value to a wide spectrum of anglers from saltwater bottom fishermen, tournament-savvy bass enthusiasts, and devoted swimbait experts.
- In May 2023, Kinaxis® Inc., the authority in driving agility for fast, confident decision-making in an unpredictable world, announced that Accell Group has deployed Kinaxis’ RapidResponse® platform, digitally transforming its supply chain, providing solutions to supply chain complexities.
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Key Segments Covered are:
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
Automotive Division at Future Market Insights (FMI):
The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one billion+ data points, the team has analyzed the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
Explore Wide-ranging Coverage of Future Market Insights Automotive Landscape:
Bicycle Market Size: Is expected to be worth US$ 109,511.7 Million by 2032.
Bicycle Chain Market Share: Is expected to reach US$ 11,774.8 Million by 2032.
Bicycle Light Market Demand: Is projected to grow at a CAGR of 7.1% by the year 2032.
Bicycle Tires Market Growth: Is expected to expand at a CAGR of 6.4% from 2023 to 2033.
Two Wheeler Accessories Aftermarket Demand: Is projected to expand rapidly at a CAGR of 8.6% value during the forecast period.
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient 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 favor 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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