Bicycle and Components Market to Hit US$ 21 Billion by 2031 as Key Players Like Giant Manufacturing, Shimano, and Trek Expand Product Innovation

The bicycle and components market has been experiencing notable growth, driven by shifting consumer preferences towards sustainable transportation and increasing demand for recreational and professional cycling. According to Persistence Market Research, the market is forecasted to see a significant increase in its value, reaching US$21 billion by 2031, growing from US$12.1 billion in 2024. This impressive growth is expected to be supported by a CAGR of 6.7% during the forecast period from 2024 to 2031. This article provides an in-depth analysis of the bicycle and components market, focusing on its key drivers, regional insights, market segmentation, and future opportunities.

The bicycle and components market encompasses the manufacturing, distribution, and sale of bicycles and their key components, such as wheels, pedals, handlebars, brakes, and frames. This market has seen substantial growth due to several global factors, including increasing environmental consciousness, a rise in fitness and wellness trends, and the development of innovative bicycle designs and technologies. The market for bicycles is particularly thriving in regions where urban transportation systems are being redefined and cycling is being promoted as an eco-friendly mode of transport.

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Key Growth Drivers Behind Market Growth

The bicycle and components market has benefited from several key drivers, including the rising awareness of environmental sustainability, growing interest in fitness and health, and government incentives promoting cycling infrastructure. Additionally, technological advancements in bicycle design, such as electric bikes (e-bikes), have spurred further market growth, appealing to a broader demographic beyond traditional cycling enthusiasts.

Company Insights

Key Players in the Bicycle and Components Market

• 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.

Key Highlights from the Report:

➤ The global bicycle and components market is projected to reach US$21 billion by 2031, growing at a CAGR of 6.7% from 2024 to 2031.
➤ The electric bicycle (e-bike) segment is expected to dominate the market, contributing to the growing preference for eco-friendly transportation solutions.
➤ Europe is expected to lead the market, driven by a strong cycling culture, extensive infrastructure, and government support for sustainable transport initiatives.
➤ Increasing urbanization and rising awareness of fitness and health will continue to drive demand for bicycles across the globe.
➤ Technological advancements in bicycle design and components, such as smart bicycles and improved battery technology for e-bikes, will further fuel market expansion.
➤ The market is expected to witness a shift in consumer preferences towards high-performance and lightweight bicycles, including those for recreational, fitness, and professional cycling.

Bicycle and Components Market Segmentation

By Product

• Apparels
• Components

By Bicycle Type

• Mountain
• Hybrid
• Road
• Cargo

By Type

• OEM
• Aftermarket

By Region

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

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Regional Insights

Europe

Europe remains the largest and most mature market for bicycles and components. Countries like the Netherlands, Germany, and Denmark are known for their extensive cycling infrastructure and high cycling participation rates. In these countries, cycling is deeply embedded in the culture, and it serves as both a mode of transport and a recreational activity. Moreover, governments in these regions are increasingly promoting cycling as a sustainable and healthy alternative to cars, further boosting market growth.

The demand for e-bikes in Europe is also rising, especially in countries like Germany, where e-bikes are becoming increasingly popular for commuting. The combination of technological advancements, such as improved battery life and smart bike features, with government incentives is likely to drive continued growth in the European market.

North America

In North America, the bicycle and components market is witnessing steady growth, especially in the United States and Canada. Growing concerns over air pollution, rising fuel prices, and the need for sustainable transportation are prompting more people to adopt bicycles, including e-bikes. Cities such as New York and San Francisco are investing heavily in cycling infrastructure, and the expansion of bike-sharing programs is further supporting market growth.

The increasing interest in cycling as a fitness activity is also contributing to the demand for high-quality bicycles, including mountain bikes and road bikes. The rising trend of e-bikes in North America, fueled by both environmental concerns and the convenience they offer, is expected to play a major role in the market's expansion.

Market Drivers

The primary driver of the bicycle and components market is the growing shift towards sustainable transportation. As more consumers seek alternatives to fossil-fuel-dependent vehicles, bicycles are emerging as an eco-friendly, cost-effective, and health-promoting mode of transport. E-bikes, in particular, are gaining popularity as they offer a green solution for commuting in urban environments while providing the added benefit of motorized assistance.

In addition to environmental concerns, the increasing awareness of health and fitness is driving the market for bicycles. Many consumers are turning to cycling as a way to improve physical fitness and engage in outdoor recreational activities. The growing popularity of fitness tracking technologies, including smart bicycles with integrated sensors, is also helping to drive demand for high-tech bicycles.

Market Restraints

One of the key challenges facing the bicycle and components market is the relatively high cost of electric bicycles. Although e-bikes offer numerous benefits, including convenience, speed, and sustainability, their initial cost can be prohibitive for many consumers, particularly in developing markets. While prices for e-bikes are gradually coming down, the upfront investment is still higher than traditional bicycles, limiting their adoption among price-sensitive consumers.

Another restraint is the lack of proper cycling infrastructure in some regions. Despite the growing adoption of bicycles, there are still many cities, particularly in developing countries, where cycling infrastructure is insufficient or non-existent. This lack of infrastructure can make cycling less safe and less appealing for commuters, hindering the market's growth in these areas.

Market Opportunities

The increasing shift towards electric mobility presents significant opportunities for growth in the bicycle and components market. With governments worldwide providing incentives for electric vehicles, including e-bikes, the market for electric bicycles is expected to expand rapidly. The growth of bike-sharing programs in cities around the world also represents a major opportunity for market players, as more individuals and businesses opt for shared bicycle services instead of owning bikes.

Additionally, the rising trend of cycling tourism presents a lucrative opportunity for the market. Countries with established cycling routes, such as France and Italy, are witnessing an increase in cycling tourism, which is contributing to the demand for high-end bicycles and accessories. The development of new cycling paths and tourism initiatives will likely further boost this market segment.

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Frequently Asked Questions

➤ What are the main factors influencing the Bicycle and Components Market 2025-2032?
➤ Which companies are the major sources in this Bicycle and Components industry?
➤ What are the market's opportunities, risks, and general structure?
➤ Which of the top Bicycle and Components Market 2025-2032 companies compare in terms of sales, revenue, and prices?
➤ How are market types and applications and deals, revenue, and value explored?

Recent Developments

• November 2024: Trek Bicycle Corporation launched a new line of high-performance electric bicycles equipped with advanced battery systems.
• July 2025: Specialized Bicycle Components introduced an upgraded mountain bike model, featuring improved suspension and smart technology integration.

Future Opportunities and Growth Prospects

The bicycle and components market holds significant growth potential, particularly in the electric bicycle segment. As urban populations grow, so does the need for efficient, sustainable transport solutions, making bicycles and e-bikes increasingly attractive. Technological advancements in bicycle design and battery technology will further enhance the market's appeal, offering new opportunities for innovation. Additionally, as governments continue to promote green transport options, the bicycle and components market is poised for long-term success, benefiting from both consumer demand and supportive policy frameworks.

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