Bicycle and Components Market Set to Expand from USD 12.1 Billion in 2024 to USD 21 Billion by 2031 at 6.7% CAGR | Persistence Market Research

The global bicycle and components market is witnessing strong traction, spurred by increasing health awareness, eco-conscious consumer preferences, and the growing adoption of sustainable transportation. According to a recent market study by Persistence Market Research, the industry is projected to grow from US$12.1 billion in 2024 to an impressive US$21 billion by 2031, registering a CAGR of 6.7% during the forecast period.

This growth reflects a paradigm shift towards green mobility and fitness, especially in urban environments. Lightweight materials, electric assist systems, and advanced drivetrain technologies are revolutionizing both bicycles and their components. The electric bicycle segment leads the market in value contribution, while Europe remains the dominant geographical region, primarily due to high adoption rates and supportive government infrastructure for cycling.

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✅Key Highlights from the Report:

➤ The bicycle and components market is valued at US$12.1 billion in 2024.
➤ The market is forecast to grow to US$21 billion by 2031.
➤ A compound annual growth rate (CAGR) of 6.7% is projected for 2024-2031.
➤ Electric bicycles dominate the market due to consumer demand for assisted mobility.
➤ Europe holds the largest market share, driven by environmental policies and bike-friendly cities.
➤ Technological innovation in gears, frames, and braking systems fuels component-level demand.

📊 Market Segmentation:

The bicycle and components market can be segmented based on product type, such as mountain bikes, road bikes, hybrid bikes, electric bikes, and specialty bikes. Among these, electric bikes (e-bikes) have seen exponential growth in recent years. The demand is primarily driven by urban commuters and fitness-conscious consumers looking for an efficient, eco-friendly transport alternative. On the components side, frames, wheels, drivetrains, brakes, and suspension systems form the major segments, with carbon fiber and lightweight alloys seeing increased preference.

Based on end users, the market caters to recreational riders, professional cyclists, and daily commuters. Recreational and fitness-oriented usage continues to dominate, especially post-pandemic, as consumers prioritize outdoor wellness activities. Meanwhile, government initiatives in several countries promoting bicycle usage through subsidies and bike lanes are encouraging daily commutes by bike, further boosting the demand for durable and high-performance components.

📊 Regional Insights:

Europe dominates the global bicycle and components market, thanks to widespread adoption of cycling for commuting and recreation. Countries like the Netherlands, Germany, and Denmark have strong cycling cultures, with robust infrastructure and government incentives supporting bicycle usage.

Asia Pacific follows closely, fueled by rapid urbanization, growing health awareness, and a large middle-class population. In nations like China and India, increasing investments in urban mobility and eco-friendly transport options are driving sales across both bicycles and associated components.

Market Drivers

The primary market driver is the growing global emphasis on sustainability and fitness. Urban dwellers are increasingly turning to bicycles as a healthier, cost-effective mode of transport. The surge in demand for electric bikes-especially among aging populations and daily commuters-has catalyzed growth across the components sector, including batteries, motors, and smart controllers. Additionally, the rise of adventure sports and cycling tourism has boosted demand for high-end, performance-focused bicycles.

Market Restraints

Despite promising growth, the market faces challenges like high upfront costs of advanced bicycles and components, especially e-bikes. Moreover, the lack of safe cycling infrastructure in many developing countries acts as a deterrent for broader adoption. Supply chain disruptions and fluctuations in raw material prices also impact production and pricing across the value chain.

Market Opportunities

There is immense untapped potential in emerging economies, where growing urbanization and government push for sustainable transport can significantly boost bicycle usage. Furthermore, the integration of IoT and smart technology in bicycles offers opportunities for innovation, such as GPS tracking, anti-theft systems, and performance analytics. Manufacturers also have a chance to leverage eco-friendly materials and modular designs to appeal to environmentally conscious consumers.

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👉Frequently Asked Questions (FAQs):

➤ How Big is the Bicycle and Components Market in 2024?
➤ What is the Projected CAGR for the Bicycle and Components Market through 2031?
➤ Who are the Key Players in the Global Bicycle and Components Market?
➤ What is the Forecasted Market Value of the Bicycle and Components Market in 2031?
➤ Which Region is Estimated to Dominate the Industry through the Forecast Period?

📌 Key Players

Leading companies operating in the bicycle and components market include:

✦ Giant Manufacturing Co. Ltd.
✦ Trek Bicycle Corporation
✦ Shimano Inc.
✦ Accell Group
✦ Merida Industry Co., Ltd.
✦ Dorel Industries Inc.
✦ Pon Holdings B.V.
✦ Scott Sports SA
✦ Hero Cycles Ltd.
✦ Specialized Bicycle Components, Inc.

Recent Developments:

■ Giant Manufacturing launched a new range of lightweight carbon fiber frames in 2024, targeting premium performance cyclists.
■ Shimano introduced an AI-based electronic shifting system for e-bikes, enhancing riding precision and user customization.

The bicycle and components market is in a period of dynamic transformation, supported by health consciousness, technological advancements, and policy support. As the global population leans towards cleaner, smarter, and more efficient modes of personal mobility, the bicycle sector-with its evolving components ecosystem-is set to ride a wave of long-term growth.

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