Bicycle and Components Market Valued at US$21 Bn by 2031, Growing at a CAGR of 6.7% | Persistence Market Research

The global bicycle and components market has witnessed remarkable growth in recent years, driven by rising consumer interest in sustainable mobility and recreational activities. According to Persistence Market Research, the market is projected to grow from a valuation of US$12.1 Bn in 2024 to US$21 Bn by 2031, registering a CAGR of 6.7% during the forecast period. This trajectory reflects the rising adoption of bicycles not only as an eco-friendly mode of transportation but also as a means of promoting health, fitness, and leisure among diverse demographic groups.

The demand is further fueled by technological innovations in bicycle components, such as lightweight frames, advanced braking systems, and integrated smart features. The leading market segment continues to be commuter and city bicycles, driven by rapid urbanization and increasing need for cost-effective mobility solutions. Regionally, Asia Pacific holds the leading position due to high bicycle usage across countries like China and India, where population density and environmental concerns play a critical role. The region benefits from both manufacturing expertise and rising consumer adoption, positioning it as a dominant contributor to overall market expansion.

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Key Highlights from the Report

➤ The global bicycle and components market is projected to reach US$21 Bn by 2031 from US$12.1 Bn in 2024.
➤ A steady CAGR of 6.7% is expected during the forecast period of 2024 to 2031.
➤ Commuter and city bicycles remain the leading product segment in terms of sales and usage.
➤ Asia Pacific dominates the market due to high consumer demand and robust manufacturing presence.
➤ Technological advancements in lightweight frames and braking systems drive consumer preference.
➤ Rising adoption of bicycles for health, fitness, and sustainability boosts long-term market potential.

Market Segmentation

The bicycle and components market can be segmented by product type into categories such as road bicycles, mountain bicycles, commuter bicycles, electric bicycles, and others. Among these, commuter bicycles are expected to maintain their dominance due to their affordability, widespread utility, and suitability for urban travel. Electric bicycles are also experiencing rapid adoption, thanks to their ease of use and environmental benefits, further enhanced by government incentives and consumer focus on reducing carbon footprints.

End-user segmentation highlights a diverse consumer base, including men, women, and children, with adult usage forming the largest share of demand. Growing interest among women and children, supported by targeted designs and marketing campaigns, contributes to market expansion. Commercial use, such as bicycle-sharing services, also forms a critical segment, driven by urban mobility trends and smart city initiatives. Collectively, these segments ensure the market caters to both individual consumers and institutional applications.

Regional Insights

Asia Pacific leads the global bicycle and components market, fueled by strong demand in China, India, and Southeast Asian nations. These regions are characterized by dense populations, growing environmental concerns, and a cultural inclination toward cycling as an affordable transportation method. The manufacturing ecosystem in these countries also supports competitive pricing and innovation, enhancing market strength.

North America and Europe follow closely, with growth fueled by rising fitness awareness, government support for eco-friendly transport, and an expanding trend of bicycle-sharing services. In Europe, particularly, cycling has become an integral part of urban infrastructure, while in North America, recreational and electric bicycle demand continues to expand.

Market Drivers

The increasing focus on sustainable and eco-friendly transportation remains the primary growth driver for the bicycle and components market. With global concerns around climate change and pollution, bicycles offer a cost-effective, zero-emission alternative to motorized transport. Government initiatives supporting cycling infrastructure, such as dedicated lanes and bike-sharing programs, have further boosted adoption rates. Additionally, the health and fitness trend encourages individuals to adopt cycling as a regular activity, complementing the growing recreational demand.

Technological advancements are also playing a pivotal role in driving market growth. The development of electric bicycles with longer battery life, lightweight materials like carbon fiber, and advanced safety features such as hydraulic brakes enhances consumer interest. These innovations not only improve performance but also expand the market appeal to a broader audience, including older demographics seeking convenient mobility solutions.

Market Restraints

Despite promising growth, the bicycle and components market faces certain challenges that could hinder expansion. High upfront costs of premium bicycles, particularly electric and technologically advanced models, limit accessibility for cost-sensitive consumers. Affordability issues are especially pronounced in emerging economies, where disposable income levels remain lower compared to developed regions.

Additionally, limited cycling infrastructure in some regions acts as a barrier to market penetration. Urban congestion, lack of dedicated lanes, and safety concerns discourage potential users from adopting bicycles as a daily mode of transport. Weather conditions also restrict year-round usage in certain geographies, thereby limiting consistent consumer adoption.

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Market Opportunities

The future of the bicycle and components market holds significant opportunities for growth, especially through the integration of smart technologies. Connected bicycles equipped with GPS tracking, fitness monitoring, and anti-theft systems are gaining traction, catering to the tech-savvy consumer base. These innovations enhance user experience and position bicycles as modern, multipurpose mobility solutions.

Expansion of bicycle-sharing services across urban centers presents another promising avenue. Cities worldwide are investing in sustainable transport ecosystems, and bicycles form a key component of these initiatives. Additionally, rising disposable incomes in emerging economies, combined with changing lifestyle trends, create a favorable environment for market penetration of premium and electric bicycles. With growing emphasis on health, sustainability, and mobility, the market is poised to capture new segments globally.

Reasons to Buy the Report

➤Provides detailed insights into market valuation of US$21 Bn by 2031 with CAGR of 6.7%.
➤Offers in-depth segmentation analysis by product type and end-user categories.
➤Delivers comprehensive regional analysis with focus on Asia Pacific, Europe, and North America.
➤Highlights technological innovations driving adoption across consumer groups.
➤Equips stakeholders with actionable opportunities for strategic investments and growth.

Company Insights

The global bicycle and components market features the presence of leading players, including:

Giant Manufacturing Co. Ltd.

• 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.

Recent Developments

• Leading companies are investing in the development of electric and smart bicycles with integrated digital features to cater to the evolving consumer base.
• Several players are expanding partnerships with urban mobility providers to strengthen the adoption of bicycle-sharing services in metropolitan cities.

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