The fast industrialization and introduction of new materials, which are incredibly light yet very robust, are directly tied to the increase in demand for bicycles and their components worldwide. The production of bicycles and their components has changed as a result. The market for manufacturing sports and mountain bicycles has found increased utilisation of new technologies and enhanced methods employed for the manufacturing of such bicycle and components.
For instance, Canyon Ultimate CF SLX 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.
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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.
Consumer Inclination Towards E-mobility Influencing Electric Bicycle Sales
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.
Increasing Influence of Regional Players Shaping Market Growth
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.
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Analyst’s Viewpoint
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.
Key Segments of the Global Bicycle and Components Market
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.
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