Global Bicycle Components Market Forecast 2024-2033: Estimated Market Size And Growth Rate
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What is the Expected Growth Rate of the Bicycle Components Market from 2024 to 2033?
The bicycle components market has experienced strong growth recently. It is expected to grow from $11.83 billion in 2023 to $12.71 billion in 2024, at a CAGR of 7.5%. Growth drivers include increased urbanization, a focus on health, the popularity of cycling as a sport, growing environmental awareness, the expansion of bike-sharing programs, rising fuel prices, and recreational cycling trends.
The bicycle components market is projected for strong growth, expected to reach $17.02 billion by 2028 at a CAGR of 7.6%. Growth drivers include heightened health and fitness awareness, environmental concerns, urbanization and commuting needs, rising e-bike popularity, expanded cycling infrastructure, consumer preference for customizable parts, and a growing bicycle tourism industry. Major trends include lightweight materials advancements, electronic shifting systems integration, aerodynamic design innovations, smart technology integration, and braking system improvements.
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What Key Factors Are Fueling the Growth of the Bicycle Components Market?
The growing sales of electric bicycles are expected to drive the bicycle component market. Electric bikes, equipped with motors for assistance, are gaining popularity due to their convenience and environmental benefits. Specialized components enhance the riding experience, making cycling accessible for diverse riders. The Urban Transport Group projected that e-bike sales in Europe would rise from 3.7 million in 2019 to 17 million by 2030. Thus, the increase in electric bicycle sales will positively impact the bicycle components market.
What Are the Major Segments of the Bicycle Components Market?
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
What New Trends Are Transforming the Bicycle Components Market?
Companies in the bicycle components market are advancing electronic shifting systems, particularly wireless shifters, to enhance cycling performance. In May 2024, Shimano Inc., a Japan-based cycling component manufacturer, launched the 2×12-Speed GRX Di2, which offers precise shifting and improved ergonomics.
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Which Regions Are Driving Growth 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.
The Bicycle Components Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the bicycle components market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Bicycle Components Market Include
1. Bicycle Components Market Executive Summary
2. Bicycle Components Market Segments
3. Bicycle Components Market Size And Template Market Growth Rate
4. Key Bicycle Components Market Trends
5. Major Bicycle Components Market Drivers
……
25. Key Mergers And Acquisitions In The Bicycle Components Market
26. Top Bicycle Components Companies
27. Bicycle Components Market Opportunities And Strategies
28. Bicycle Components Market, Conclusions And Recommendations
29. Appendix
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