Bicycle Components Aftermarket Projected to Reach USD 28.3 Billion by 2033, Growing at a CAGR of 6.9%

The Bicycle Components Aftermarket was valued at USD 14 billion in 2022 and is projected to reach USD 14.62 billion in 2023, with an anticipated CAGR of 6.9% from 2023 to 2033, potentially reaching around USD 28.3 billion by 2033, according to FMI analysis.

This growth is primarily driven by worsening automobile traffic, rising gasoline prices, and increasing concerns about environmental pollution. The global production of bicycle components is concentrated in a few countries, which contrasts with the widespread demand across various regions.

Additionally, growing fitness awareness and escalating energy costs, along with expenses related to vehicle ownership, are fueling the demand for bicycle components in the aftermarket.

The rapid expansion of cycling and e-bike infrastructures, supported by the implementation of bike-sharing programs in urban and mid-sized areas, further fosters the development of the bicycle components aftermarket, as noted in FMI's analysis.

Request your Sample Report to Explore the Impact of various factors on Bicycle Components Aftermarket:
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Key Takeaways from this study are:

The Anticipated value of the global bicycle components aftermarket reached a valuation of US$ 13.5 billion in 2021.
Sales in the bicycle components aftermarket are anticipated to expand by 8.7 X times from 2023 to 2033.
The United States holds a market share of 35.6% in the global bicycle components aftermarket.
North America's bicycle components aftermarket has a market value of 40.2%.
China is one of the significantly growing markets for bicycle components, holding around 2/3rd of East Asia bicycle components aftermarket.
Based on component type, demand for road groupsets is expanding at a 7.2% CAGR over the assessment period.
Based on bicycle type, the electric bicycle segment is expected to capture a market share of 62%.

"Increase in the demand for bicycles are the key opportunity for bicycle components aftermarket manufacturers," - comments an analyst at Future Market Insights (FMI).

Competition Landscape:

The global bicycle components aftermarket players are attempting to carve out a niche for a particular demographic. Also, some leading and middle-scale manufacturers are focusing on product innovation and high-end technology development in the market to gain a competitive edge.

Some of the prominent players profiled in the Bicycle Components Aftermarket 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 Co. Ltd.
Avon Cycles Ltd.

Key developments in the Bicycle Components Aftermarket:

In January 2023, Shimano Announces New Fishing Reels for 2023. Shimano North America Fishing, a legendary innovator in the fishing tackle industry, has announced new additions to its deep lineup of quality reels. These three new offerings will provide extensive value to a wide spectrum of anglers from saltwater bottom fishermen, tournament-savvy bass enthusiasts, and devoted swimbait experts.
In May 2023, Kinaxis® Inc., the authority in driving agility for fast, confident decision-making in an unpredictable world, announced that Accell Group has deployed Kinaxis' RapidResponse® platform, digitally transforming its supply chain, providing solutions to supply chain complexities.

Detailed Market Study: Full Report and Analysis
https://www.futuremarketinsights.com/reports/bicycle-components-market

Key Segments Covered are:

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, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.