Bicycle bearings have a notable replacement rate. Moreover, the bicycle fleet is expanding at a pace. Driven by these factors, the global sales of bicycle bearings will be prominent via aftermarket, and would reach a value in excess of US$ 8 Bn in 2027, expanding at a robust CAGR during the forecast period of 2017-2027.
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Traffic congestion will remain a major concern for commuters, increasing demand for bicycles, and in turn, bicycle bearings. The adoption of bicycles aids in the preservation of natural resources that power various modes of transport. Additionally, one does not need to hold a license to ride a bicycle, which makes these vehicles a cheap, healthy, and viable option for anyone.
Key Takeaways
- North America and Europe bicycle bearings market expected to show significant growth owing to the increasing use of bicycles in the regions.
- Corporate sectors in North America and Europe are promoting usage of bicycles and electric vehicles as modes of transportation inside campuses to improve air quality and decrease pollution index.
- Growth in demand for mountain and sport bicycles due to increase in number of terrain cycling events is expected to boost revenue growth of the global bicycle bearings market.
- Increasing use of bicycles, regular maintenance activities, and average operational life directly impact the growth of the bicycle bearings market.
- Bicycle ball bearings category is estimated to dominate the market over the forecast period as these bearings have applications in wheel hubs, bottom brackets, and chain sprockets.
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The bicycle bearings aftermarket holds significant market share in the global bicycle bearings market, and is showing drastic growth with the expanding sales of electric and hybrid bicycles.
Competition Overview
The bicycle bearings market has become increasingly sophisticated as manufacturers are looking to lower cost and increase margins through the use of more stylish, lightweight & extra lightweight bicycle bearings. Key players involved in the bicycle bearings market are Schaeffler Technologies AG & Co. KG, Boca Bearing Inc., Endura Bearings, Jiangsu Wanda Special Bearing Co., Ltd., SKF AB, National Engineering Industries Limited, SMB Bearing, Fuda Bearing Corporation Co., Ltd., Kogel Bearing, and Yuyao Bote Bearing Co., Ltd., among others.
What Lies Ahead?
PMR forecasts an increase in traffic congestion in the forecast period with highest levels of traffic within the confinements of tier 1 and tier 2 cities. Higher demand for vehicles coupled with slower road infrastructure growth can result in increase in vehicles on the road, beyond the rated capacity, leading to congestions, creating surge in demand for bicycles, and subsequently bicycle bearings.
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Though fuel prices have come down as compared to prices of 2014 due to over exploitation and refining, it is likely that the prices may shoot up in the forecast period due to not so favorable demand for electric vehicles and decreasing resources. However, it must be noted that, exponential increase in prices can take place beyond 2028, and is estimated to create high growth for bicycle bearings in the forecast period.
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