Persistence Market Research’s recent report on “Global Market Study on Bicycle and Components: U.S. Market Expected to Remain Dominant in Terms of Value and Volume Through 2026” estimates the global market revenue to reach US$ 70,144.2 Million by 2026 end.
Growing Importance of Bicycles as a Physical Exercise Tool
While bicycles are an eco-friendly mode of commutation, their gratifying additional utility as an exercise tool is a key factor for their increasing demand. The rapid advancement of component technology in bicycle mechanism is alluring consumers to purchase the contemporary models of road bikes, mountain bikes and city bikes. In addition, the demand for commuter bicycles having condition-specific components has gained traction in the recent past and is foreseen to have a strong influence on the overall bicycle and components market growth.
The Introduction of Cutting-Edge Composite Raw Materials
Modern bicycles are becoming increasingly lightweight as compared to the conventional types. This is primarily due to the development of lighter composite materials such as carbon fiber, aluminum and titanium. Consumers have a higher preference for lightweight vehicles, as a result, manufacturers are adopting advanced lightweight component technology including continuous and discontinuous fiber technology. This, in turn, is expected to further propel the growth of the market during 2016 to 2026. Moreover, development of such lightweight composite materials has enabled the production of heavy duty and lightweight bicycles that are capable of handling rough terrains.
By application, electric bikes segment is anticipated to witness a relatively higher CAGR as compared to other segments, expanding at a value CAGR of 3.4% during the forecast period. Improved battery life and incorporation of high-fidelity battery technology used in four wheelers have significantly enhanced their performance, which is fueling their demand in the market.
Based on technology, metal components is projected to remain the dominant segment of the market through 2026, whereas continuous fiber composites segment is estimated to witness the fastest growth reflecting a value CAGR of 4.3%. This is largely attributed to the growing demand for lightweight bicycles from consumers.
Based on components, the frames segment is expected to witness the highest growth, increasing at a CAGR of 4.4% in terms of value during the forecast period. The segment is closely followed by the rims segment.
On the basis of regional prospect, the market in Europe is expected to be the most lucrative in terms of revenue, whereas, the market in Asia Pacific is projected to witness the fastest growth, expanding at a CAGR of 4.2% in terms of value during the period of assessment.
Bicycle and Components Market Will Remain Dynamically Competitive
Giant Bicycles Inc., Atlas Cycles Inc., Avon Cycles Ltd., Cannondale Bicycle Corporation, Cycleurope AB, Accell Group N.V., Caloi Inc., Merida Industry Co. Ltd., Currie Technologies Inc., Dorel, Industries Inc., Shimano, Campagnolo S.r.l., Mavic, SunTour, Sachs-Huret, SABIC, Innovative Plastics, Toray Industrial, Mitsubishi Rayon, Toho Tenax and BASF are the leading players in the global bicycle and components market. Manufacturers are largely concentrating on developing advanced and lightweight components.