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Bicycle and Components Market Segmented By Bicycle Accessories, Mountain Bicycle, Road Bicycle, Hybrid Bicycle, Youth Bicycle, Comfort Bicycle, Cruiser Bicycle, Electric Bicycle, Saddle Component, Pedal Component, Rim Component, Frame Component, Brake Component
The global demand for bicycle and components is directly correlated to the rapid industrialization and introduction of new materials, which are extremely light but are very strong. This has transformed the manufacturing of the bicycle and components industry. New technology and advanced methodology used for the manufacturing of such bicycle and components have found increasing application in the manufacturing of sports and mountain bicycles market.
For instance, Canyon Ultimate CF SLX, which was launched in June 2016, has the lightest but one of the strongest frames in the latest version of racing bicycles. This machine was ranked second at the Tour de France by Movistar’s Nairo Quintana and the total weight is around 6.7 kg.
Furthermore, there has been increase in the number of participants taking part in cycle sports, and is expected to continue their participation in upcoming years. Increase in the number of international cycle racing events in emerging countries such as China, India, etc. is expected to drive the growth of the global bicycle and components market over the forecast period.
In terms of value, the electric bicycle is likely to influence majority of the market share and grow at a volume CAGR of 8% during the forecast period. On the other hand, under the product segment, the mountain bicycle is projected to account for 15% share in the global market.
Even though the hybrid bicycle is estimated to have a limited share in the global market, it is expected to register a CAGR of 5% over the forecast period of 2019 - 2029. Strong development in the economies of emerging countries, which include increasing employment rate is also driving the spending capacity of consumers, which in turn, acts as another factor driving the bicycle and components market growth.
The bicycle and components market in Asia Pacific is driven by the expansion of manufacturing facilities and general growth of oil and gas, construction and automotive industries in the region. Low labor costs in many countries across the Asia Pacific region is expected to attract numerous investors, which will further drive the growth of the bicycle and components market over the forecast period.
Furthermore, in India, the automotive industry has a strong grip but has started to face problems, mainly in New Delhi, on the back of rising air pollution in the region, which has touched an uncontainable limit. Bicycles are used as an effective substitute to lower the pollution level across the globe and encouraged numerous government authorities to reduce such problems and endeavor environment-friendly transport mode. All these factors are directly driving the bicycle and components market growth.
Bicycles commuting is ideal and suitable for shorter distances as the human capability to travel by cycle is limited. The energy to be exerted for cycling over longer distances is comparatively higher and thus, becomes a tiresome task. The average distance covered by an individual conducting a long-trip is between 40 to 60 miles (64 - 96 kilometers) each day. This, in comparison with gasoline powered vehicles, is small to the average distance travelled per day.
Moreover, the speed of bicycles is limited, whereas automobiles go faster and the destination can be reached sooner. This is a key restraint for the bicycle and components market. Increasing disposable income among lower and middle class consumers has empowered them to purchase four wheelers and mopeds.
The global bicycle and components market is highly fragmented, in which small and unorganized players are estimated to hold ~60% of the overall market. Tier-I and Tier-II players in the bicycle and components market have strong regional potentials, sound operations, and sales infrastructures across the East and South Asia with limited global presence. Key tactics adopted by these players are launching of new products to strengthen their portfolios or expansion of manufacturing facilities.
For Instance, in April 2019, Shimano, Inc. introduced the new lightweight “Discover Carbon Handlebar” equipping gravel riders with high-end options in the PRO Discover line.
An inclusive view of the bicycle and components market has directed our analysts to conclude that the market is rising at a remarkable rate with East Asia and Europe holding a prominent share in the global bicycle and components market. The East Asia is projected to hold the prominent share in terms of consumption over the forecast period.
The bicycle and components market is categorized by the presence of limited large manufactures from East Asia and Europe. The electric bicycle type is projected to govern the global bicycle and components market throughout the foreseen year. The bicycle and components market is anticipated to be grow through pioneering product innovations for variable components over the upcoming years.
PMR study on the global bicycle and components market is divided into two significant segments such as product and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.