Report ID: PMRREP19414
Number of Pages: 185
Format: PPT*, PDF, EXCEL
Industry: Automotive
Published Date: June-2024
The global bicycle brake components market is expected to rise from US$5.9 Bn in 2023 to US$11.7 Bn by the end of 2033. The market is anticipated to secure a CAGR of 7% during the forecast period from 2023 to 2033.
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Attributes |
Key Insights |
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Bicycle Brake Components Market Size (2023E) |
US$5.9 Bn |
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Projected Market Value (2033F) |
US$11.7 Bn |
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Forecast Growth Rate (CAGR 2023 to 2033) |
7.0% |
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Historical Growth Rate (CAGR 2018 to 2022) |
6.5% |
Key Highlights of the Market
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Growing awareness about health and fitness has made bikes one of the most popular methods of transportation among commuters. With numerous biking trails being developed around cities and countries, there is an increased need for durable bike parts that can withstand long rides on rough terrain.
The growing popularity of cycling as a recreational activity and an eco-friendly mode of transportation is fueling the demand for bicycles and related components, including brakes.
Cycling events have been gaining momentum worldwide creating further impetus for manufacturers to produce high-quality brake components that are accessible to all kinds of riders.
Growing awareness about health and fitness has made bikes one of the most popular methods of transportation amongst commuters. With numerous biking trails being developed around cities and countries, there is an increased need for durable bike parts that can withstand long rides on rough terrain.
Cycling events have been gaining momentum worldwide creating further impetus for manufacturers to produce high-quality brake components that are accessible to all kinds of riders.
The rise of electric bikes has emerged as a major growth driver for the bicycle brake components market. E-bikes offer a convenient and efficient alternative to traditional bicycles, especially for commuting and covering longer distances.
As the popularity of e-bikes continues to soar, there is a corresponding demand for robust braking systems capable of handling the increased speed and weight of these vehicles.
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Get a Customized VersionHistorically, the bicycle brake components market witnessed a CAGR of 4.8% from 2018 to 2022, with regions such as East Asia and South Asia & Pacific holding a significant part of the global market.
Cycling events are now conducted in various parts of the world, be it amateur or professional racing tournaments. This has opened a new market for OEM and aftermarket component suppliers, offering them an opportunity to increase their revenue streams. In the light of this, the market is poised to embark on a positive growth trajectory until 2033.
A variety of factors, including material selection, ride mechanics, weather, and terrain type, influence the typical lifespan of bicycle brake parts. However, a significant number of these parts need to be replaced after a set amount of time.
Bicycle brake pads typically need to be replaced every 400 to 2,000 miles of use, depending on whether distance causes the brake pad to wear out quickly. Disc rotors are also replaced when they badly wear out, which is indicated by vibrations in the pedal. These elements all contribute to increased sales of bicycle brake components.
The global bicycle brake components market is projected to expand at a CAGR of roughly 7.0% over the forecast period.
Promotion of e-Mobility in Developed Countries to Augment Market Growth
The necessity for safe transportation as well as rising pollution levels and fuel expenses are driving up demand for electric bikes.
Due to stringent government rules, developed regions like Europe, particularly the Netherlands, have witnessed a relatively significant growth rate for these bikes than other countries.
Governments in Australia, Asia, Europe, and North America are also providing subsidies for the use of electric bikes.
Manufacturers of OEM bicycle brake components have already begun to invest in the advancement of braking technologies in response to this demand.
They also actively participate in the research and development of braking systems tailored exclusively for the electric bike industry, which in turn drives the market for bicycle brake components globally.
Increasing Popularity of Cycling as a Recreational Activity
The increasing popularity of cycling as a recreational activity, sport, and mode of transportation fuels the demand for high-performance brake components.
As many people embrace cycling for health, environmental, and economic reasons, there is a corresponding demand for reliable and efficient braking systems.
There is a corresponding demand for bicycles equipped with high-performance braking systems as more people engage in cycling for leisure and recreation.
Cyclists seek brakes that offer precise control, reliable stopping power, and durability, especially when navigating challenging terrain or engaging in recreational cycling activities.
Increase in International Raw Material and Production Expenses
International raw material prices and production expenses in the bicycle industry have increased dramatically because of the epidemic's disruptions and the ongoing Russian–Ukrainian war.
The market witnessed increased sales in 2020 and 2021, although the year 2022 saw a decline in the gross profit margins of several businesses, including OEMs, bicycle foundries, spare parts factories, and OEMs. As a result, many businesses adopted a monthly rolling adjustment of quotations.
Aluminium prices have increased by as much as 63%, and 30–40% of the cost of a bicycle's materials are made of aluminium. Regarding bicycle parts, depending on the grades, the average growth has been between 20% and 30%. In addition, the export price of complete bicycle has increased by 10% to 20%.
The prominent challenge faced by market stakeholders in the bicycle brake component market has been fulfilling orders. The average delivery rate of orders has only been roughly 80% recently due to the shortage of parts brought on by disruptions in the international market.
The sector has had to deal with multiple commercial difficulties because of the conflict between Ukraine and Russia, inflation, rising raw material prices, a lack of materials, and bad logistics.
The Integration of Electronic Braking Systems
The integration of electronic braking systems presents opportunities for players to enhance braking performance, precision, and control.
Smart braking systems that incorporate sensors, actuators, and electronic control units offer potential for customization, connectivity, and improved rider safety, catering to tech-savvy cyclists, and enthusiasts.
Electronic braking systems offer advanced features such as precise modulation, automatic adjustment, and adaptive control algorithms that enhance braking performance compared to traditional mechanical systems.
Players can capitalize on this by developing EBS components that provide superior stopping power, control, and reliability, catering to performance-oriented cyclists, and enthusiasts.
Electric Bicycles Secured a Remarkable CAGR of 9.6% by 2023
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Category |
CAGR through 2023 |
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Electric Bicycles |
9.6% |
Electric bicycles provided significant growth potential through the end of the forecast period, expanding at a CAGR of 9.6% in terms of value in 2023.
Future growth is probably going to be fuelled by the widespread use of electric vehicles to meet growing carbon emission issues.
Hybrid bicycles are projected to witness growth opportunities at the same time due to the rising desire for multi–functionality in bicycle activities.
Growth potential is being driven by an increase in sporting activities on various terrains. By the end of 2023, the segment generated over 14% of total revenue.
Disc Brake Accounted for 30% of Market Share in 2023
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Category |
Share through 2023 |
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Disc Brake |
30% |
By product type, the disc brake segment led the market and accounted for more than 30% of the market share by 2023. The hydraulic disc brake has gained significant popularity, with extensive adoption on road bicycles.
In last few years, disc brakes have dominated the brakes category particular rim brakes, which press brake pads up against the rim of the wheel. There are valid arguments in favour of that, prominently improved efficiency and reliable stopping regardless of the weather.
East Asia to Remain the Frontrunner in the Market
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Region |
Share through 2023 |
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East Asia |
55.8% |
East Asia region is expected to remain dominant throughout the forecast period and is estimated to account for 55.8% of market share on value basis. There have been numerous foreign expansions into countries like China, Japan, and Taiwan in recent years. The availability of niche resources and rising population result for this trend.
Mainland China, and Taiwan are at the forefront of bicycle manufacturing. As a result, they draw many allied businesses from their domestic regions. Thus, manufacturers choose to operate such facilities out of Europe, and especially in this growing market, which leads to East Asia having the prominent market share in global market share.
South Asia and Pacific Demonstrated an Impressive 7.7% CAGR by 2023
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Region |
CAGR through 2023 |
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South Asia and Pacific |
7.7% |
South Asia and Pacific region is expected to witness a CAGR of 7.7% during the assessment period and will remain attractive region for bicycle brake component market. India stands out among all countries open to opportunity, thanks to the presence of a sizable middle-class population.
According to the All India Bicycle Manufacturers Association (AICMA) over 11 million bicycles were sold between 2021 and 2022 as people understood the value of maintaining appropriate social distance during the pandemic.
Bicycle brake component market in India has become a lucrative one in recent years to be competitive in the export market and India being ranked among the top bicycle exporters in the world.
However, stakeholders in this market need to overcome several obstacles if they are to maintain their competitive edge. These include export and import duties, certifications and compliance with local regulations.
In addition, the increasing cost of raw materials has made it difficult for businesses to remain competitive. There is also a challenge of ensuring quality control standards for exported components.
This can be difficult for companies that do not have access to advanced technology, or resources needed for quality assurance tests and certifications. Additionally, due to the lack of standardization across various export markets, companies often find themselves unable to meet customer requirements efficiently or economically.
Bicycle manufacturers have set up independent production and manufacturing facilities for bicycle components, including braking systems over the past few years. They are aiming to become one-stop suppliers for all parts of a bicycle to end users, so that they retain their market position in the bicycle brake components market.
This has given rise to a lot of competition related to products, regional expansions, and the provision of different services. These factors provide an opportunity for the market to grow steadily in the future.
The market for bicycle brake components is projected to be highly fragmented in nature, with a handful of tier–1 players occupying around one–fifth share in the global market.
Some of the active and leading participants in the global market for bicycle brake components include Campagnolo S.r.l., Clarks Cycle Systems Ltd., Industrias Galfer S.A., Shimano Inc., SRAM LLC, Tektro Technology Corporation, Hope Technology (IPCO) Ltd., and Rex Articoli Tecnici SA.
August 2023
Magura, a company that designs brakes for bicycles, has created a new braking system - CBS, specifically for electric cargo bikes. This system applies brakes to both wheels when a rider uses either brake lever, improving braking distance, and safety. Magura also announced plans to make CBS standard on cargo bikes in 2024.
April 2023
TRUMPF, a 3D printer manufacturer, created 3D printed bicycle brake levers for Trickstuff, a leading brake manufacturer. 3D printing allows for the creation of lighter, and stronger parts compared to traditional carbon fiber brakes. 3D printed titanium is more durable, and eco-friendly than carbon fiber.
July 2022
Bosch eBike Systems launched new anti–lock brake systems for e–bikes and according to company 29% of e–bike accidents would be avoided if the riders had ABS.
April 2022
PSB Bike revealed a new design for bicycle brakes, the 3D Floating Rotor. This rotor is designed to address the overheating and deformation issues common in the then current disc brakes. It uses features like spring rivets, and open cuts to allow for movement and absorb heat, improving braking performance and safety. The design won a Red Dot Product Design Award.
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Attributes |
Details |
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Forecast Period |
2023 to 2033 |
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Historical Data Available for |
2018 to 2022 |
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Market Analysis |
US$ Billion for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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Customization & Pricing |
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Increasing popularity of cycling as a recreational activity is driving the bicycle brake components market.
A few of the leading industry manufacturers of the market include Ashima Ltd., BBB Cycling, and Campagnolo S.r.l.
Electric bicycles provided significant growth potential expanding at a CAGR of 9.6% in terms of value by 2023.
The integration of electronic braking systems is creating an opportunity for the market players.
The market is expected to rise from US$5.9 Bn in 2023 to US$11.7 Bn by the end of 2033.
