Myriad of trends related to consumer sentiments and technological disruptions will forge ahead the expansion of the bicycle brake components market size. Rapidly developing bicycle infrastructure, revised law and enforcement practices to better protect people cycling, and the need to suppress rising traffic congestion are expected to augment the bicycle industry, thereby augmenting the growth of its sub-components such as bicycle brake components.
Bicycle Brake Components Market Trends
Promotion of e-Mobility in Developed Countries to Augment Market Growth: Since the invention of e-bikes, aggressive promotion and marketing activities have made the market ready for the electric future. Demand for e-bikes is increasing on the onset of rising pollution levels, increased fuel prices, and need for safer transport. Developed regions such as Europe, especially the Netherlands, have seen a comparatively higher growth rate in e-bikes as compared to other countries, owing to strict government regulations in place. Also, governments in countries of Europe, Asia, North America, and Australia are offering subsidies for using e-bikes. Catering to this demand, OEM bicycle brake component manufacturers have already started investing in the development of brake technologies. Additionally, they are actively engaged in the design and development of braking systems that specifically cater to the e-bike sector, in turn, driving the global bicycle brake components market.
Regular Replacement Rate of Bicycle Brake Components: The average lifespan of bicycle brake components depends on a variety of parameters, including the selection of material, metallurgy riding conditions, and weather and type of terrain. Yet, most of these components require replacement after a fixed period of time. Average rate of replacement of bicycle brake pads is when the cycle has been used for around 400-2,000 miles, whichever distance wears out the brake pad faster. Similarly, disc rotors are replaced when they severely wear out, which can be noticed through pedal vibrations. All these factors lead to new sales in the bicycle brake components market.
Providing Bicycle Brake Components as Integrated Units: OEM bicycle brake component manufacturers are focusing on providing brake components designed and produced as a single set. These optimized components offer maximum performance for higher requirement bikes. Manufacturers integrate brake levers with derailleur units, the brake pads with calipers, and brake rotors and the main brake into one unit. Companies such as Shimano, Magura, and SRAM have a line of such products for different bicycle brake configurations. As a result, the advantage derived is added stability and reduced weight.
Regional Outlook of Bicycle Brake Components Market
OEMs of bicycle brake components, having manufacturing and factory outlets in the European region, are aggressively establishing sales offices in East Asia. Countries such as, China, Japan, and Taiwan have seen a large number of foreign expansions in the past few years. This trend is due to increasing population and availability of niche resources. Countries such as Taiwan and Japan are at the forefront of bicycle manufacturing. Hence, they attract a large number of allied industries from their domestic regions. Thus, manufacturers choose to operate such facilities out of Europe, and especially in these growing market, which leads to East Asia having the largest bicycle brake components market share.
Manufacturers’ Focus: Expansion of Bicycle Brake Component Production
Over the past few years, bicycle manufacturers have set up independent production and manufacturing facilities for bicycle components, including braking systems. 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 bicycle brake components market to grow steadily in the future.
Bicycle Brake Components Market: Competition Overview
The bicycle brake components market 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 bicycle brake components market 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, amongst others.
COVID-19 Impact on Bicycle Brake Components Market
The global COVID-19 outbreak has proven disastrous for almost all countries and sectors. With movement restrictions, trade suspensions, and social distancing measures in place, a lot of industries have been adversely affected. However, sales of bicycles have the potential to increase, as more people are preferring rising a bicycle over public transport, as a safety measure. Also, cycling to remain healthy is a growing trend during these times. As such, the COVID-19 pandemic is not expected to have a noteworthy impact on the bicycle brake components market space.
The growth of the bicycle brake components market is primarily driven by increased adoption of bicycles for recreational events and hiking activities. The industry has witnessed a sizable surge over the past couple of years, and the procurement rate is expected to remain healthy throughout the projected period.
Bicycle Brake Components Market - Scope of the Report
Persistence Market Research (PMR) recently published a report on the global bicycle brake components market. The report provides detailed valuation on key market dynamics, such as the drivers, trends, opportunities, and restraints, along with detailed information about the bicycle brake components market structure. This market research report presents exclusive facts and figures about how the bicycle brake components market will grow over the forecast period (2020 to 2030).
Key indicators of market background, such as value chain analysis and supply chain, compounded annual growth rate (CAGR), and year-on-year (Y-o-Y) growth of the market are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative development projections of the bicycle brake components market over the forecast period.
The study is relevant for stakeholders in the bicycle brake components market, as well as manufacturers, distributors, suppliers, and investors, as it can help them understand applicable strategies to grow in the market. Stakeholders, investors, industry experts, researchers, and journalists, as well as business researchers in the bicycle brake components market can leverage the information and statistics presented in PMR’s research report.
The report includes facts and figures related to the macro- as well as micro-economic factors that are impacting the growth of the bicycle brake components market. The study also offers actionable insights based on the future trends in the bicycle brake components market. Furthermore, regional players and new entrants in the bicycle brake components market can also use the information presented in this report to make business decisions and gain momentum in the market.
Key Segments of Bicycle Brake Components Market
PMR’s study on the bicycle brake components market is divided into five significant segments - product type, bike type, sales channel and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories.
Sales Channel Type
Key Questions Answered in PMR’s Bicycle Brake Components Market Report
Bicycle Brake Components Market: Research Methodology
In PMR’s research report, an exclusive research methodology is utilized to conduct comprehensive research on the development of the bicycle brake components market, and reach conclusions on the future growth factors of the market. In this research methodology, secondary and primary research is utilized by analysts to ensure the precision and reliability of the conclusions.
Secondary resources are referred to by analysts during the evaluation of the bicycle brake components market study, which comprise facts and figures from the World Bank, IMF, US Energy Information Administration, International Energy Agency, local & regional government websites, white papers, trade journals, and external and internal databases. Analysts have thoroughly interviewed several industry experts, such as sales supervisors, sales operation managers, product portfolio managers, senior managers, market intelligence managers, marketing/product managers, engineering managers, and production managers to provide insightful information.
Comprehensive information acquired from primary and secondary resources is validated from companies operating in the bicycle brake components market to make PMR’s projections on the growth prospects of the bicycle brake components market more accurate and reliable.