Press release
Dynamics and Trends Driving the Bicycle Component Market Expansion at 6.7% CAGR to US$ 23.7 Billion by 2034
The bicycle component market has been experiencing robust growth driven by increasing consumer interest in cycling as a recreational activity, fitness regime, and eco-friendly transportation option. This market encompasses a wide range of components that are essential for the functioning and performance of bicycles, including frames, wheels, pedals, brakes, gears, and handlebars, among others. As urbanization continues to promote sustainable modes of transportation, the demand for high-quality and durable bicycle components is expected to escalate globally.
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Market Dynamics
The bicycle component market dynamics are shaped by several key factors:
Rising Popularity of Cycling: Growing awareness about health and environmental benefits associated with cycling is driving the demand for bicycles, thereby boosting the market for components.
Technological Advancements: Innovations in materials, such as carbon fiber and titanium, have led to lighter and more durable components, enhancing performance and comfort for cyclists.
Shift towards Electric Bikes: The emergence of electric bicycles (e-bikes) has created a new segment within the market, requiring specialized components like motors, batteries, and electronic controls.
Urbanization and Infrastructure Development: Expansion of bike lanes and infrastructure in cities worldwide supports increased bicycle usage, thereby stimulating the demand for components.
Market Future Outlook
The future outlook for the bicycle component market (자전거 부품 시장) remains promising:
Technological Integration: Continued advancements in materials and manufacturing processes will drive innovation, leading to lighter, more efficient, and aerodynamic components.
E-bike Segment Growth: With the rising popularity of e-bikes, there will be significant opportunities for component manufacturers catering to this segment.
Sustainability Initiatives: Increasing focus on sustainability and eco-friendly transportation options will further bolster the market as governments and organizations promote cycling infrastructure.
Market Insights
The bicycle component market is segmented based on product type, material type, distribution channel, and geography. Key insights include:
Product Segmentation: Components such as drivetrain systems, braking systems, and wheels account for a significant share of the market, driven by their critical role in bicycle performance.
Material Trends: Carbon fiber and aluminum alloys are widely adopted due to their lightweight properties and durability, although traditional materials like steel remain relevant in certain applications.
Distribution Channels: The market is characterized by a mix of distribution channels including online retail, specialty stores, and direct sales from manufacturers, each catering to different consumer preferences and needs.
Key Players
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
Atlas Cycles Ltd.
Competitive Landscape
Shimano, the global leader in bicycle parts manufacturing, plans to leverage its new facility in Singapore to expand into Southeast Asia's promising sports bike market. Yozo Shimano, the company's Chairman and CEO, announced this strategy, as reported by the Financial Times.
SRAM, a U.S.-based company specializing in bicycle component development and manufacturing, inaugurated a testing laboratory in Schweinfurt, Germany, in January 2023. The facility conducts comprehensive dynamic and static tests on various bicycle components.
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Segmentation of Bicycle Component Market (自転車部品市場) 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
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