The bicycle components aftermarket global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Bicycle Components Aftermarket Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The bicycle components aftermarket market size has grown strongly in recent years. It will grow from $15.97 billion in 2023 to $17.48 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to surges in road cycling and gravel biking, economic recessions, increased spending on high-end aftermarket upgrades, growing environmental concerns, and rising awareness of health and fitness.
The bicycle components aftermarket market size is expected to see strong growth in the next few years. It will grow to $25.53 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to government policies promoting cycling, the expansion of online retail platforms, the need for maintenance and replacement parts for older bicycles, increased interest in customizing bicycles, and safety regulations and standards requiring regular updates and replacements. Major trends in the forecast period include increased demand for e-bike components, eco-friendly materials, refurbishment and reuse, integration of smart technology, use of advanced materials, performance enhancements, and movement towards standardization.
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Scope Of Bicycle Components Aftermarket Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Bicycle Components Aftermarket Market Overview
Market Drivers –
The increase in the demand for bicycles is expected to propel the bicycle component aftermarket market growth going forward. A bicycle is a manually powered vehicle with two wheels aligned in a row, driven by pedals. The increase in bicycle demand is due to Growing awareness of health benefits, demand for sustainable and eco-friendly modes of transportation, and popularity for recreational purposes. The bicycle component aftermarket supplies replacement parts and accessories, allowing cyclists to maintain and enhance their bikes’ performance and lifespan. For instance, in May 2024, according to a report published by the Portland Bureau of Transportation, a Portland-based department of transportation, in 2023, the number of people biking increased by 5% compared to 2022 and a 4.8% rise from 2021. Therefore, an increase in the demand for bicycles is driving the growth of the bicycle component aftermarket market.
Market Trends –
Major companies operating in the bicycle component aftermarket market are focusing on developing innovative products, such as minimalistic color in LED blinkers, to enhance safety, aesthetics, and compliance with regulatory standards for cyclists. Minimalistic color in LED blinkers refers to simple, often monochromatic, color schemes emphasizing clean and uncluttered design. In the context of LED blinkers, this typically involves using single, solid colors such as white, amber, or red. For instance, in November 2023, Uno Minda, an India-based automotive component manufacturer, launched a new range of LED blinkers for two-wheelers in the aftermarket. It offers customization in LED blinkers that can be tailored to individual preferences, whether you prefer a sleek, minimalistic look or a more elaborate design. These blinkers are designed to meet regulatory standards and comply with traffic regulations, ensuring riders can confidently and legally use them.
The bicycle components aftermarket market covered in this report is segmented –
1) By Component Type: Derailleurs, Road Groupsets, Suspensions, Wheel Sets, Brakes, Caliper Type, Gears, Other Components
2) By Bicycle Type: Mountain Bike, Hybrid or Cross, Road, Comfort, Youth, Cruiser, Recumbent or Tandem, Electric, Folding
3) By Sales Channel: Specialty Bicycle Retailers, Discount Stores, Department Stores, Full-Line Sporting Goods Stores, Outdoor Specialty Stores, Other Sales Channel
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Regional Insights –
North America was the largest region in the bicycle components aftermarket market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bicycle components aftermarket market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the bicycle components aftermarket market are Continental AG, SHIMANO INC., Fox Factory, SRAM LLC, DT Swiss, Mavic, Jagwire, ENVE Composites, Renthal Ltd, Zipp Battery LLC, Wheels Manufacturing, Selle Italia s.r.l., Lezyne, Race Face, Campagnolo, Lizard Skins, CeramicSpeed, Ergon Bike, Bike Thomson, Full Speed Ahead, Maxxis, Easton Cycling, Hope Technology (IPCO) Ltd, KMC Chain
Table of Contents
1. Executive Summary
2. Bicycle Components Aftermarket Market Report Structure
3. Bicycle Components Aftermarket Market Trends And Strategies
4. Bicycle Components Aftermarket Market – Macro Economic Scenario
5. Global Bicycle Components AfterMarket Size and Growth
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32. Global Bicycle Components AfterMarket Competitive Benchmarking
33. Global Bicycle Components AfterMarket Competitive Dashboard
34. Key Mergers And Acquisitions In The Bicycle Components AfterMarket
35. Bicycle Components AfterMarket Future Outlook and Potential Analysis
36. Appendix
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