The global bicycle component market (자전거 부품 시장) is expected to reach US$ 12.35 billion by 2024. The study forecasts a compound annual growth rate (CAGR) of 6.7%, projecting a market value of US$ 23.7 billion by 2034. Bicycle components encompass essential parts such as handlebars, pedals, brakes, gears, wheels, tires, and frames, each tailored to specific biking needs such as road cycling, mountain biking, or commuting. Rising fuel costs are further incentivizing greater bicycle usage worldwide. The bicycle component market encompasses a wide range of parts and accessories essential for the construction, maintenance, and enhancement of bicycles. These components include frames, forks, handlebars, stems, saddles, seat posts, brakes, gears, chains, pedals, and wheels. The market has seen significant growth in recent years due to the increasing popularity of cycling as a mode of transportation, a form of exercise, and a recreational activity. Additionally, the rise of e-bikes and the growing trend of bike-sharing programs have further fueled demand for high-quality bicycle components.
Market Opportunity
E-bike Growth: The surge in e-bike popularity presents a substantial opportunity. E-bikes require specialized components such as electric motors, batteries, and advanced braking systems. Manufacturers can capitalize on this by developing and supplying high-performance e-bike components.
Sustainability Trends: With a global push towards sustainable and eco-friendly transportation, bicycles are becoming a preferred choice for many urban commuters. This trend opens up opportunities for innovation in lightweight, durable, and environmentally friendly materials for bicycle components.
Customization and Personalization: The demand for customized bicycles tailored to individual preferences and needs is on the rise. Companies that offer bespoke components and accessories stand to gain a competitive edge. This includes customizable handlebars, saddles, and advanced gear systems.
Health and Fitness Boom: The increasing awareness of health and fitness has driven more people to take up cycling. This trend boosts demand for performance-enhancing components such as aerodynamic wheels, advanced gear systems, and ergonomic saddles designed to improve the cycling experience.
Technological Advancements: Innovations such as smart bike components equipped with sensors, GPS, and connectivity features provide significant growth opportunities. These advancements can enhance safety, performance, and the overall cycling experience.
Market Challenges
Supply Chain Disruptions: The global supply chain disruptions caused by events like the COVID-19 pandemic have affected the availability of raw materials and components, leading to increased costs and delays in production.
Intense Competition: The bicycle component market (自転車部品市場) is highly competitive, with numerous players ranging from established brands to emerging startups. This intense competition can lead to price wars and reduced profit margins.
Technological Complexity: As bicycle components become more technologically advanced, the complexity of manufacturing and integrating these parts increases. Companies need to invest in research and development to stay ahead, which can be costly.
Regulatory Hurdles: Compliance with varying international standards and regulations can be challenging, especially for companies looking to expand globally. Meeting these requirements often involves additional testing and certification costs.
Environmental Concerns: The production of bicycle components, particularly those made from carbon fiber and other advanced materials, can have significant environmental impacts. Companies face the challenge of balancing performance with sustainability.
Key Players
- Accell Group
- Dorel Industries
- Shimano Inc.
- SRAM LLC
- Hero Cycles Ltd
- Campagnolo S.R.L.
- Merida Bikes
- Specialized Bicycle Components
- Trek Bicycle Corporation
- Marin Bikes
- Atlas Cycles Ltd.
Competitive Landscape
Shimano, the global leader in bicycle parts manufacturing, plans to leverage its new facility in Singapore to expand into Southeast Asia’s promising sports bike market. Yozo Shimano, the company’s Chairman and CEO, announced this strategy, as reported by the Financial Times.
SRAM, a U.S.-based company specializing in bicycle component development and manufacturing, inaugurated a testing laboratory in Schweinfurt, Germany, in January 2023. The facility conducts comprehensive dynamic and static tests on various bicycle components.
- By Type :
- Mountain
- Hybrid/Cross
- Electric
- Road
- Comfort
- Youth
- Cruiser
- By Component :
- Frames
- Saddles
- Rims
- Brakes
- Pedals
- By Sales Channel :
- OEMs
- Aftermarket
- By Region :
- North America
- Europe
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
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