Global Bicycle and Components Market to Reach US$21 Billion by 2031, Expanding at a CAGR of 6.7%

According to the latest industry analysis by Persistence Market Research, the global Bicycle and Components Market is poised for substantial growth, projected to increase from US$ 12.1 billion in 2024 to approximately US$ 21 billion by 2031, reflecting a robust compound annual growth rate (CAGR) of 6.7% over the forecast period (2024-2031). The market is undergoing a transformative phase as bicycles evolve from traditional transport options into essential tools for sustainable mobility, recreation, fitness, and lifestyle. This comprehensive report delivers in-depth qualitative and quantitative insights into the market, including detailed growth trends, competitive intelligence, technological innovations, challenges, and emerging opportunities. It further analyzes the impact of government policies promoting eco-friendly mobility, supply-chain developments, and the integration of smart and electric components shaping the future of the global bicycle industry.

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Scope of the Report

The Bicycle and Components Market Report (2024-2031) by Persistence Market Research provides a complete evaluation of the global industry, drawing from both primary and secondary research methodologies. The study examines historical data from 2019 to 2023 and provides projections up to 2031, measuring performance in US$ billion terms. The report offers a thorough assessment of market trends, technological advancements, demand patterns, and regional insights, supported by market volume and value analysis.

It investigates critical growth factors, such as rising urbanization, the growing emphasis on sustainability, and the increasing popularity of electric bicycles and high-performance components. The report also delves into value chain dynamics, price structures, and strategic developments among major players. Through detailed segmentation by product type, bicycle type, and region, it enables readers to understand the market's evolving structure, competitive environment, and key opportunities expected to influence long-term growth.

Highlights and Key Insights of the Report:

• The global Bicycle and Components Market is forecasted to grow from US$ 12.1 billion in 2024 to US$ 21 billion by 2031, expanding at a CAGR of 6.7%.

• Rising consumer awareness around sustainability and fitness continues to propel demand for bicycles across both developed and developing economies.

• The market's expansion is fueled by technological advancements in lightweight materials, gear systems, braking mechanisms, and electric assist components.

• Increasing government initiatives promoting cycling infrastructure, such as bike-sharing programs and bicycle lanes, are enhancing accessibility and safety.

• The electric and hybrid bicycle segment is witnessing accelerated adoption, driven by urban commuters and eco-conscious consumers.

• Demand for aftermarket components is rising, supported by growing maintenance, customization, and performance enhancement trends.

• Technological Focus: Lightweight carbon fiber frames, high-efficiency gear systems, regenerative braking, and integrated IoT-based performance tracking.

• Consumer Behavior Insight: Increasing participation in cycling events, preference for recreational biking, and adoption of bicycles as secondary commuting vehicles.

• Future Outlook: The market is expected to witness increased consolidation through strategic partnerships, vertical integration of supply chains, and enhanced R&D investments in energy-efficient and durable components.

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Key Players Highlighted in This Report:

• 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.

These players dominate the global landscape through continuous innovation, brand reputation, and extensive distribution networks. Companies like Shimano Inc. and SRAM LLC lead in drivetrain and braking technologies, while manufacturers such as Giant, Merida, and Hero Cycles focus on scaling production and affordability in key markets.

Market Segmentation

By Product:
• Apparels
• Components

By Bicycle Type:
• Mountain Bicycles
• Hybrid Bicycles
• Road Bicycles
• Cargo Bicycles

By Type:
• OEM (Original Equipment Manufacturer)
• Aftermarket

By Region:
• North America
• Latin America
• Europe
• South Asia & Oceania
• East Asia
• The Middle East & Africa

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Regional Overview

North America:

The North American market is witnessing significant momentum due to the rising popularity of cycling as a lifestyle and fitness trend. Cities like New York, Portland, and Vancouver have seen rapid infrastructure expansion with dedicated cycling lanes and urban bike-sharing systems. The region also shows increasing demand for electric bicycles and smart connectivity components, as well as premium and mountain bicycles for recreational use.

Latin America:

Latin America's bicycle market is gradually expanding as countries like Brazil, Mexico, and Colombia promote cycling through green mobility initiatives. Local manufacturing activities are strengthening, and component imports from Asia are increasing to meet the needs of both commuter and recreational cyclists.

Europe:

Europe remains a global leader in the bicycle and components industry, underpinned by mature markets in Germany, the Netherlands, France, Italy, and the U.K. The European Union's strong focus on decarbonization and urban mobility supports bicycle usage across all demographics. E-bikes dominate growth in the region, accounting for a rising share of total sales. Component manufacturers like Shimano and Campagnolo are at the forefront of innovation, producing high-precision systems for electric and performance bikes.

South Asia & Oceania:

This region represents a major growth hub, led by India, Indonesia, and Australia. India's large population, rising middle class, and government campaigns for cleaner transport are fueling demand. Leading Indian companies such as Hero Cycles and Avon Cycles continue to expand exports while focusing on affordability and product diversification. Meanwhile, Australia's focus on sustainable commuting and outdoor recreation is increasing bicycle ownership rates.

East Asia:

East Asia, with dominant players like China, Japan, and South Korea, accounts for a substantial share of global production and export. China's rapidly growing e-bike segment is reshaping global supply chains. Japan remains a leader in component technology, while South Korea is investing heavily in bicycle infrastructure and safety innovations.

Middle East & Africa:

The Middle East & Africa region, while still emerging, is showing promising signs of growth, particularly in GCC countries and South Africa. Rising awareness of health and environmental concerns, coupled with expanding urban areas and tourism-driven cycling initiatives, supports regional demand. Government investments in cycling lanes and events are boosting market development.

Reasons to Purchase this Report:

• Access comprehensive quantitative and qualitative data on market size, segmentation, and forecast analysis through 2031.
• Evaluate the competitive landscape, including market share and strategic initiatives of key manufacturers and component suppliers.
• Understand emerging opportunities in electric bicycles, premium components, and aftermarket customization.
• Identify macroeconomic and microeconomic factors influencing market growth across global regions.
• Gain insights into pricing structures, value chains, and technological innovation pathways shaping the market.
• Leverage SWOT and PESTEL analysis to assess external challenges and long-term opportunities.
• Benefit from detailed coverage of government regulations and sustainability initiatives impacting global bicycle production.
• Utilize the report to guide strategic planning, investments, and market entry decisions in high-growth regions.

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Important Issues Resolved in the Report:

1. What is the current size and projected valuation of the global Bicycle and Components Market by 2031?
2. What are the key factors driving growth in this market, and which challenges may hinder expansion?
3. Which regions hold the highest potential for future investment and manufacturing expansion?
4. Who are the leading companies in the market, and what strategies are they using to maintain their competitive edge?
5. How are government policies and sustainability goals influencing product innovation and market adoption?
6. What are the emerging technological trends-such as smart connectivity and electric assistance-that are redefining the market?
7. How is the aftermarket segment shaping consumer spending and product customization trends?

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