Bicycle Components Aftermarket to reach a valuation of US$ 28.3 Billion by year 2032 | Future Market Insights

Over the forecast period of 2022-2032, sales in the global bicycle components aftermarket are expected to grow at a CAGR of 6.9%, to reach a valuation of US$ 28.3 Billion by the end of 2032. Rising bicycle fleet across the globe is expected to be the key driving factor for the demand for bicycle components.

Growing popularity of bicycling as a recreational activity is expected to fuel the growth in the bicycle component aftermarket. Individuals are preferring cycling as a recreational and fitness activity across the globe.

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Increasing awareness regarding chronic disorders caused by leading a sedentary lifestyle among consumers is driving interest in cycling for a healthy lifestyle. As more individuals use biking as a regular form of exercise, demand for bicycle components is expected to increase at a considerable pace.

Rising importance of sports activities, particularly for health reasons, as well as celebrity endorsement and international or national sporting events, are encouraging people to participate in a variety of cycling activities. Backed by the aforementioned factors, sales of bicycle components will continue gaining traction over the assessment period.

"Increasing demand for electric bicycles, along with rising deployment of bicycle fleet across public entertainment infrastructures such as amusement parks, resorts and adventure parks will augment sales in the market," says an FMI analyst.

Key Takeaways:

Based on bicycle type, the electric bicycle segment will create an absolute dollar opportunity worth US$ 4.9 Billion.
Sales of bicycle components from department sales are expected to account for 1/3rd of overall aftermarket sales.
In terms of component, the road groupsets segment is anticipated to hold more than half of the total market share.
The U.S. is expected to dominate the North America bicycle component aftermarket, with demand growing at a 4% CAGR over the forecast period.
Sales in the China market will hold 2/3rd of the East Asia bicycle component aftermarket share.
Demand in the India bicycle components aftermarket will grow at a 7.2% CAGR over the forecast period.

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Drivers

Growing bicycle sales due to growing awareness about environment is boosting the sales of bicycle components aftermarket.
Escalating oil prices as well as rising focus on conserving natural resources is positively impact the market growth.
Increasing preference for green transportation is complimenting the sales over the forecast period.
Progressions in material technology is anticipated to bolster market demand.
Restraints

Availability of counterfeit products in the market might impact the market growth.
The bicycle market has been severely impacted due to the pandemic ensuing in decrease in demand for bicycle components aftermarket.
Competitive Landscape

The global bicycle components aftermarket is moderately consolidated. The organized companies hold over 35% of the overall market share even though there are several small players existent in the market.

Major companies identified in the global market are Dorel Industries Inc., Accell Group N.V., Shimano Inc., SRAM LLC, Hero Cycles Limited, Campagnolo S.R.L., Merida Industry Co., Ltd., Specialized Bicycle Components, Rohloff AG, Giant Manufacturing Inc., and Avon Cycles Ltd. are some of the leading manufacturers operating in the global bicycle components aftermarket.

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Key Segments Covered in Bicycle Components Aftermarket Industry Analysis

By Component Type:

Derailleurs
Road Groupsets
Suspensions
Wheel Sets
Brakes
Hydraulic
Mechanical
Caliper Type
Gears
Others (Bottom Brackets etc.)
By Sales Channel:

Specialty Bicycle Retailers
Discount Stores
Department Stores
Full-line Sporting Goods Stores
Outdoor Specialty Stores
Other Sales Channel
By Bicycle Type:

Mountain Bike
Hybrid/Cross
Road
Comfort
Youth
Cruiser
Recumbent/Tandem
Electric
Folding
By Region:

North America
Latin America
Europe
East Asia
South Asia Pacific
Middle East & Africa

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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