Bicycles are the most economical mode of transportation used in rural as well as urban areas across the globe. They are used by various demographics, and find use in personal as well as professional spaces. Bicycle production is highly dependent on the production of bicycle components, as they form critical elements in bicycle construction. With varied end-user requirements, the bicycle components market has evolved over the years with the introduction of integrated technologies, riding safety, new materials, and advanced features for all types of bicycles. Rising carbon emission concerns have led to increased use of bicycles across regions, which is another factor pushing the growth of the global bicycle components market.
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PMR analysis says that, the global bicycle components market is anticipated to expand at a healthy CAGR of over 5% during the forecast period of 2020-2030.
Key Takeaways from Bicycle Components Market Study
- Growth in population will create significant demand for bicycles, and indirectly surge the need for bicycle components. East Asia is the largest base for consumption as well as production of bicycles.
- In Europe, government regulations to boost green transportation have led to a spike in the number of people using bicycles for transportation. The bicycle components market in Europe is expected to grow at a healthy CAGR over the forecast period.
- Gradual inclination of today’s youth toward cycling sports has had a positive impact on the sales of sports bicycles such as mountain bikes and cruiser bikes. Cycling events across the globe attract many sponsors, which has also provided a commercial perspective toward using mountain bikes. The mountain bikes segment dominates the Europe market in terms of volume and value.
- Developments in component materials have led to improved performance characteristics, advanced mechanical properties, and lightweight construction. However, this has also led to increased costs.
- Due to restrictions brought about by the COVID-19 pandemic, production of bicycle components has been hit, which will negatively impact market growth in the short term.
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Market Landscape Continues to Remain Fairly Fragmented
The global bicycle components market is fairly fragmented at global and regional levels. Tier-1 manufacturers account for one-fifth of the market share in the global market. Some of the leading players included in the report are SRAM LLC, Shimano Inc, Giant Manufacturing Co. Ltd, and Dorel Industries Inc. To gain a competitive advantage in this space, market participants are involved in B2B networking with bicycle manufacturers, investments in R&D, promotion at cycling events, partnerships, product innovation, and acquisition activities to achieve market growth.
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