Aftermarket for bicycle components expected to grow at a CAGR of 6.9% through 2032 as electric bicycle sales strengthen
The aftermarket demand for bicycle components will increase due to the growing preference for green transportation. The North America The bicycle components market is expected to grow at a CAGR of 4% over the period 2022-2032. The China The market for bicycles and other cycling equipment is lucrative, with sales expected to represent 2/3 of the East Asia Aftermarket share of bicycle components
NEWARK, Del., July 11, 2022 /PRNewswire/ — During the forecast period from 2022 to 2032, sales in the global bicycle components market are expected to grow at a CAGR of 6.9%, reaching a valuation of US$28.3 billion by the end of 2032. The increase in bicycle fleet across the world is expected to be the major driving factor driving the demand for bicycle components.
The growing popularity of cycling as a recreational activity is expected to fuel the growth of the aftermarket for bicycle components. People all over the world prefer cycling as a recreational and fitness activity.
Growing consumer awareness of chronic disorders caused by a sedentary lifestyle is driving interest in cycling for a healthy lifestyle. As more and more people use the bicycle as a regular form of exercise, the demand for bicycle components is expected to increase at a considerable rate.
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The growing importance of sporting activities, especially for health reasons, along with the endorsement of celebrities and international or national sporting events, encourages people to participate in a variety of cycling activities. Supported by the above factors, sales of bicycle components will continue to gain momentum over the assessment period.
“The growing demand for electric bicycles, along with the increasing deployment of bicycle fleets in public entertainment facilities such as amusement parks, resorts and adventure parks, will increase sales in the market,” says an IMF analyst.
Key points to remember:
- Based on the type of bike, the e-bike segment will create an absolute dollar opportunity worth US$4.9 billion.
- Sales of bicycle components from departmental sales are expected to account for 1/3rd overall aftermarket sales.
- In terms of components, the road groupset segment is expected to hold more than half of the total market share.
- The United States should dominate the North America aftermarket for bicycle components, with demand growing at a CAGR of 4% during the forecast period.
- Sales in the China the market will hold 2/3rd of the East Asia share of the bicycle component aftermarket.
- The demand in the India The bicycle components aftermarket will grow at a CAGR of 7.2% during the forecast period.
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- Growth in bicycle sales due to growing environmental awareness is driving aftermarket bicycle component sales.
- Escalating oil prices along with growing attention to conservation of natural resources are positively impacting the growth of the market.
- The growing preference for green transportation complements the sales over the forecast period.
- Advances in materials technology are expected to drive market demand.
- The availability of counterfeit products in the market could impact the growth of the market.
- The bicycle market has been severely affected due to the pandemic which has led to a drop in demand for bicycle components in the aftermarket.
The global bicycle components market is moderately consolidated. Organized businesses hold more than 35% of the overall market share, although there are several smaller players in the market.
Major companies identified in the global market are Dorel Industries Inc., Accell Group NV, Shimano Inc., SRAM LLC, Hero Cycles Limited, Campagnolo SRL, Merida Industry Co., Ltd., Specialized Bicycle Components, Rohloff AG, Giant Manufacturing Inc , and Avon Cycles Ltd. are among the leading manufacturers operating in the global bicycle components market.
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Key segments covered in the Bicycle Components Aftermarket industry analysis
By component type:
- Road Groups
- pendant lights
- Wheel sets
- Caliper type
- Others (lower brackets, etc.)
By sales channel:
- Specialized bicycle retailers
- Discount stores
- Department stores
- Full-Line Sporting Goods Stores
- Outdoor specialty stores
- Other sales channel
By type of bike:
- Mountain bike
- North America
- Latin America
- East Asia
- South Asia Pacific
- Middle East & Africa
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About FMI – Automotive and Transportation
FMI’s Automotive and Transportation division provides exclusive coverage and actionable insights into the automotive and transportation industry encompassing the automotive, aviation, shipping and marine, and rail sectors. Market findings and competitive intelligence from the OEM, aftermarket, service and technology landscape have helped numerous industry players, automakers, component manufacturers, channel partners and service providers services, make informed decisions and stay abreast of market behavior.
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Technology roadmap
1.5. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Key Market Trends
3.1. Key trends impacting the market
3.2. Product Innovation / Development Trends
4. Key success factors
4.1. Product Adoption / Usage Analysis
4.2. USP/Product Features
4.3. Strategic promotional strategies
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More information: https://finance.yahoo.com/news/bicycle-components-aftermarket-demand-surge-150000410.html
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