Bicycle Components Market Size, Share & Growth 2024-2033 | Trends & Competitive Insights

The Business Research Company recently released a comprehensive report on the Global Bicycle Components Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The bicycle components market size has grown strongly in recent years. It will grow from $11.83 billion in 2023 to $12.71 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to increasing urbanization, increasing focus on health, increasing popularity of cycling as a sport, growth in environmental awareness, expansion of bike-sharing programs, increasing fuel prices, and increasing popularity of recreational cycling.

The bicycle components market size is expected to see strong growth in the next few years. It will grow to $17.02 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to increasing health and fitness awareness, rising environmental concerns, increasing urbanization and the need for efficient commuting options, increasing e-bike popularity, expansion of cycling infrastructure, shifting consumer preferences towards customizable and high-performance parts, and expanding global bicycle tourism industry. Major trends in the forecast period include advancements in lightweight materials, integration of electronic shifting systems, advancements in aerodynamic designs, integration of smart technology, and advancements in braking system.

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Market Drivers and Trends:
The rising electric bicycle sale is expected to propel the growth of the bicycle component market going forward. Electric bikes are bicycles equipped with electric motors that assist with propulsion. The popularity of electric bikes is growing due to their convenience, environmental benefits, and ability to help riders with varying levels of physical ability. The integration of specialized components such as motors, batteries, drive systems, and braking systems enhances the e-bike riding experience, making cycling more accessible and enjoyable for a wide range of riders. For instance, in November 2021, according to the Urban Transport Group, a UK-based transport organization, the sales of e-bikes in Europe are projected to rise from 3.7 million in 2019 to 17 million by 2030. Therefore, the increasing electric bicycle sales will drive the bicycle components market.

Major companies operating in the bicycle components market are focusing on advancements in electronic shifting systems, such as wireless shifters in electronic shifting systems, to enhance the riding experience by providing more precise and efficient gear changes. Wireless shifters are electronic components that enable gear changes through electronic signals, replacing traditional mechanical cables for better accuracy and performance. For instance, in May 2024, Shimano Inc., a Japan-based cycling component manufacturing company, launched the 2x12-Speed GRX Di2. The GRX Di2 system includes dual control levers designed for comfort and control, a rear derailleur for superior chain management, and a front derailleur optimized for gravel, ensuring precise shifts. It features wireless shifters linked to wired derailleurs via a central battery, with the new shifters offering improved ergonomics. Combined with existing RX820 components, it delivers reliable 2x12-speed gravel gearing performance.

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Major Key Players of the Market:
Trek Bicycle Corporation, SRAM LLC, Merida Industry Co. Ltd., Accell Group, Specialized Bicycle Components Inc., DT Swiss, Cycling Sports Group Inc., Campagnolo S.r.l., Hero Cycles, Mavic, Hayes Bicycle, Avon Cycle, Chris King Precision Components, Cane Creek Cycling Components, Rohloff AG, Look Cycle, Marin Bikes, Magura, Tektro Technology Corporation, PROLOGO, KMC Chain, Praxis Works, RockShox Inc.

Bicycle Components Market 2024 Key Insights:
• The bicycle components market size is expected to see strong growth in the next few years. It will grow to $17.02 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Impact Of Electric Bikes On The Bicycle Component Market
• Advancements in Electronic Shifting Systems Through Wireless Technology
• North America was the largest region in the bicycle component market in 2023

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