Bicycle and Components Market Set to Expand at a 6.7% CAGR, Reaching US$ 21 bn by 2031, Says Persistence Market Research

The global bicycle and components market is set to experience a robust expansion over the next several years, with market valuation projected to rise from US$ 12.1 billion in 2024 to US$ 21 billion by 2031, growing at a compound annual growth rate (CAGR) of 6.7%. This surge is fueled by an evolving consumer preference toward sustainable and fitness-driven transportation alternatives. In addition, rising urban congestion, increasing health awareness, and government incentives for green mobility are further propelling market growth.

The electric bicycle segment is emerging as the leading category, driven by technological innovations and greater affordability. Regionally, Asia Pacific is expected to dominate the market, led by countries like China and India, due to their expanding urban populations, growing cycling culture, and supportive policy frameworks. In Europe and North America, increasing demand for eco-friendly commuting solutions also continues to support strong market growth.

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✅Key Highlights from the Report:

➤ The bicycle and components market is expected to reach US$ 21 billion by 2031 from US$ 12.1 billion in 2024.
➤ Market CAGR is projected at 6.7% during the forecast period from 2024 to 2031.
➤ The electric bicycle segment is forecasted to dominate due to rising consumer adoption and innovation.
➤ Asia Pacific is set to lead geographically, driven by demand in China and India.
➤ Government incentives and environmental policies are catalyzing global market expansion.
➤ Urban mobility challenges and lifestyle shifts are boosting bicycle usage globally.

✅Market Segmentation:

The bicycle and components market is segmented based on product type, including mountain bikes, road bikes, hybrid bikes, electric bikes, and accessories such as chains, frames, brakes, pedals, wheels, and saddles. Electric bicycles are witnessing the fastest growth due to increasing electrification in personal transport, supportive regulations, and battery technology improvements. Accessories like lightweight frames and precision gear systems are also in demand as consumer preferences shift toward performance and customization.

In terms of end-user segmentation, the market caters to men, women, and children, with additional classifications for professional and recreational use. Recreational and commuting uses dominate the landscape, especially in urban regions with high traffic congestion. The growing fitness trend is also pushing more consumers-across all age groups-to embrace cycling as a regular activity, enhancing demand across all demographics.

✅Regional Insights:

The Asia Pacific region leads the global market, accounting for a significant share due to a large base of bicycle users, urbanization, and government-backed cycling infrastructure projects. Countries like China, India, and Japan have witnessed increased investment in urban mobility solutions, positioning them as dominant players.

North America and Europe are showing consistent growth, supported by eco-conscious policies and rising fuel prices. Countries like the Netherlands, Germany, and Canada are emphasizing bike-friendly cities and increasing public investment in dedicated cycling lanes and safety infrastructure.

✅Market Drivers:

One of the primary market drivers is the surge in environmental awareness and the global push toward carbon-neutral transportation. Bicycles are increasingly viewed as sustainable solutions to climate challenges, especially in cities where vehicle emissions and traffic congestion are serious issues. Additionally, growing health consciousness among consumers is encouraging more people to incorporate cycling into their daily lives.

Technological advancements-particularly in electric bicycles and high-performance components-are also contributing significantly. Innovations like GPS-enabled smart bikes, electric assist motors, and lightweight carbon fiber frames are enhancing both functionality and user experience, stimulating market demand across both developed and emerging economies.

✅Market Restraints:

Despite strong growth prospects, the market faces notable challenges. High initial costs of premium and electric bicycles remain a barrier, particularly in developing regions. Additionally, limited cycling infrastructure in some countries hampers safe riding and discourages widespread adoption. Weather dependency and safety concerns also continue to be deterrents, especially for non-recreational users.

Moreover, supply chain disruptions-as witnessed during the pandemic-have caused delays in component availability and price inflation. These disruptions have raised input costs for manufacturers, affecting profit margins and limiting product availability in certain segments.

✅Market Opportunities:

Rising interest in bike-sharing platforms and micromobility solutions opens significant market opportunities. Urban centers are increasingly adopting rental models to reduce traffic congestion and promote green mobility. This shift creates demand not only for bicycles but also for robust, low-maintenance components tailored for shared use.

Additionally, the market is benefiting from the integration of Internet of Things (IoT) and AI-powered diagnostics in bicycles. Smart features such as real-time health tracking, automated gear shifting, and theft prevention systems are becoming major selling points, especially among tech-savvy consumers. These innovations are likely to reshape the industry and offer lucrative growth opportunities for manufacturers and investors alike.

✅Reasons to Buy the Report:

☑️ Provides in-depth market insights and trends forecasted through 2031.
☑️ Identifies key growth drivers and challenges shaping the future of the bicycle industry.
☑️ Includes detailed segmentation analysis by product type, end-user, and geography.
☑️ Offers strategic recommendations for new entrants and existing players.
☑️ Helps stakeholders make informed investment decisions with reliable market data.

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✅ Key Players

✦ Giant Manufacturing Co. Ltd.
✦ Trek Bicycle Corporation
✦ Merida Industry Co., Ltd.
✦ Accell Group N.V.
✦ Dorel Industries Inc.
✦ Shimano Inc.
✦ Specialized Bicycle Components, Inc.
✦ Hero Cycles
✦ Accell Group
✦ Cannondale Bicycle Corporation

■ In March 2024, Trek launched a new line of electric commuter bikes integrated with advanced GPS and anti-theft systems.
■ Shimano announced the expansion of its production facilities in Asia to meet the growing demand for high-performance bicycle components in Q1 2024.

This comprehensive outlook suggests the bicycle and components market is poised for transformative growth, driven by sustainable transport demand, innovation, and policy support. As cycling becomes central to urban mobility planning, companies positioned at the intersection of health, mobility, and technology stand to gain the most in this evolving landscape.

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About Persistence Market Research:

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This release was published on openPR.