Bicycle and Components Market Forecasted to Grow at a 6.7% CAGR, Surpassing US$ 21 Bn by 2031 | Persistence Market Research

The bicycle and components market is experiencing steady growth, driven by increasing health consciousness, environmental awareness, and the rising demand for sustainable transportation options. The market is expected to surpass US$ 21 billion by 2031, growing at a compound annual growth rate (CAGR) of 6.7% during the forecast period (2024-2031). As cycling continues to be recognized as both a leisure activity and an environmentally friendly mode of transport, the demand for bicycles and related components is increasing globally.

Several factors are contributing to this market growth, including the rising popularity of cycling for fitness, eco-friendly transportation, and as an alternative to fuel-powered vehicles in urban settings. The growing emphasis on reducing traffic congestion, combined with government initiatives to promote green mobility, is also encouraging the adoption of bicycles across various regions. The leading segment in this market is expected to be the premium and electric bicycles, as consumers are increasingly seeking high-performance and eco-friendly bicycles. Geographically, North America and Europe are the leading regions, thanks to high disposable incomes, strong cycling culture, and the growing trend of cycling as an alternative mode of transport in urban environments.

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Key Highlights from the Report

• The global bicycle and components market is expected to exceed US$ 21 billion by 2031.
• The market is growing at a CAGR of 6.7% from 2024 to 2031.
• Electric bicycles are one of the fastest-growing segments within the market.
• Increasing demand for sustainable transportation solutions is driving market growth.
• North America and Europe are the leading regions for bicycle adoption.
• The popularity of cycling for health and fitness is boosting demand for bicycles globally.

Market Segmentation

The bicycle and components market can be segmented based on product type, end-user, and region. By product type, the market is divided into bicycles, bicycle components, and accessories. Among these, the bicycle segment holds the largest market share, with increasing demand for electric bicycles, mountain bikes, and hybrid models. Electric bicycles are becoming particularly popular due to their eco-friendly nature and growing urban adoption as a solution to traffic congestion and pollution.

The bicycle components segment includes parts such as frames, wheels, tires, pedals, and brakes, which are essential for the functioning of bicycles. The demand for high-quality components is expected to grow alongside the rise in bicycle sales, as consumers seek more durable and performance-oriented products. Accessories, including helmets, lights, locks, and bags, are also seeing increased demand due to heightened consumer awareness of safety and convenience.

The market is also segmented based on end-users, including individual consumers, commercial users, and institutional buyers. Individual consumers are the largest segment, driven by the growing popularity of cycling as a recreational activity and as part of a fitness routine. Commercial users, such as delivery services and bike-sharing platforms, are also playing a significant role in the market, particularly in urban areas where bicycles are increasingly used for last-mile delivery solutions.

Regional Insights

The North American region holds a significant share of the global bicycle and components market. The U.S. in particular has a strong cycling culture, supported by extensive cycling infrastructure and increasing investments in urban cycling networks. The popularity of cycling for fitness and commuting purposes is a major driver in this region, with cities such as Portland and San Francisco being recognized as cycling-friendly hubs.

In Europe, the bicycle market is similarly thriving, with countries like the Netherlands, Germany, and France leading the way in terms of both bicycle sales and infrastructure. European countries have long embraced cycling as a preferred mode of transport, with bike-sharing programs and environmental policies encouraging the shift towards sustainable mobility. Additionally, the increasing adoption of electric bicycles in these regions is contributing to the growth of the market.

Market Drivers

Several factors are driving the growth of the bicycle and components market. First, the growing emphasis on environmental sustainability is pushing consumers to opt for green modes of transportation. Bicycles are an eco-friendly alternative to cars, and as more people seek to reduce their carbon footprints, cycling is becoming an increasingly attractive option.

Second, the health and fitness trend is another key driver. As people become more conscious of the importance of physical activity, cycling is gaining popularity as an accessible and enjoyable exercise form. The increasing focus on healthy lifestyles, coupled with the growing awareness of the benefits of regular cycling, is driving market demand.

Lastly, the surge in urbanization and the need for efficient, eco-friendly transportation solutions are also contributing to the rise in bicycle usage. With more people living in crowded cities where traffic congestion and pollution are major issues, bicycles, particularly electric bicycles, are being seen as a convenient and practical alternative to traditional vehicles.

Market Restraints

Despite the positive growth outlook, there are several challenges facing the bicycle and components market. One major restraint is the high cost of electric bicycles. While the demand for e-bikes is growing, the price of electric bikes remains relatively high compared to traditional bicycles, making them less accessible for some consumers. However, with technological advancements and economies of scale, the cost of e-bikes is expected to decrease over time, making them more affordable.

Another challenge is the lack of infrastructure in certain regions, particularly in developing countries. While countries in North America and Europe have well-established cycling infrastructure, many regions still lack the necessary facilities such as dedicated bike lanes and bike-sharing programs. This lack of infrastructure can deter potential cyclists, limiting market growth in these areas.

Market Opportunities

The growing trend of electric bicycles presents significant opportunities for the bicycle and components market. With advancements in battery technology and the increasing affordability of electric bikes, the segment is expected to see robust growth. Electric bicycles offer consumers the benefit of long-range travel without the physical strain of pedaling, making them an attractive option for commuters and those looking for a more sustainable form of transport.

Additionally, there are opportunities in the expanding bicycle-sharing market. Many cities are adopting bike-sharing programs as part of their urban mobility solutions, presenting a new revenue stream for bicycle manufacturers and component suppliers. This trend is particularly strong in major metropolitan areas, where bicycles are used for short-distance travel and last-mile connectivity.

The growing focus on smart technology also offers opportunities for innovation in the market. Smart bicycles, equipped with GPS, fitness tracking, and other advanced features, are becoming increasingly popular among tech-savvy consumers. As demand for connected devices rises, bicycle manufacturers have the opportunity to integrate technology into their products, creating new value propositions for customers.

Reasons to Buy the Report

✔ Gain a comprehensive understanding of the global bicycle and components market, including current and future trends.
✔ Discover detailed market segmentation by product type, end-user, and region to help inform strategic decisions.
✔ Analyze key drivers and restraints impacting market growth, such as environmental trends and infrastructure challenges.
✔ Learn about emerging opportunities in the market, particularly in the electric bicycle and bicycle-sharing segments.
✔ Obtain insights into the competitive landscape and key players shaping the market's future.

Company Insights

Key players operating in the global bicycle and components market include:
• Trek Bicycle Corporation
• Specialized Bicycle Components
• Giant Manufacturing Co. Ltd.
• Merida Industry Co. Ltd.
• Accell Group
• Scott Sports SA

Recent Developments:

1. Trek Bicycle Corporation expanded its electric bicycle portfolio by introducing new e-bike models aimed at urban commuters, further solidifying its position in the growing e-bike segment.
2. Specialized Bicycle Components has increased its focus on sustainability, introducing a new line of bicycles made with eco-friendly materials, in response to growing consumer demand for environmentally responsible products.

Conclusion

The bicycle and components market is set for significant growth, fueled by rising environmental concerns, a focus on health and fitness, and advancements in technology, particularly electric bicycles. As urbanization continues to rise and consumers increasingly seek sustainable transportation alternatives, the market is expected to surpass US$ 21 billion by 2031. While there are challenges such as high costs and infrastructure limitations, opportunities in the e-bike segment and bicycle-sharing programs will continue to drive market expansion. As the market evolves, both manufacturers and consumers can look forward to a future of enhanced mobility and sustainability through cycling.

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