The bicycle component aftermarket in Korea is poised to expand at a CAGR of 5.0% from 2024 to 2034. The aftermarket in Korea is standing at the threshold of significant prospects, starting with a valuation of US$ 431.8 million in 2024.
| Attributes | Details |
|---|---|
| Size in 2024 | US$ 431.8 million |
| Expected Size in 2034 | US$ 703.3 million |
| Forecasted CAGR from 2024 to 2034 | 5.0% |
Integration of smart technologies into bicycle components, such as GPS tracking, smart lighting, and electronic gear shifting systems, is expected be a growing trend. The scope for the bicycle component aftermarket in Korea is likely to translate into a valuation of US$ 703.3 million by 2034.
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Road cyclists place a strong emphasis on performance and efficiency. Upgrading to higher quality road groupsets can significantly improve an overall performance of a bike, including smoother gear shifting and enhanced power transfer.
| Bicycle Component Aftermarket in Korea based on Component | Road Groupsets |
|---|---|
| Share in % in 2024 | 57.9% |
In terms of component, the road groupsets segment is expected to account for a share of 57.9% in 2024. The popularity of road cycling as a sport and recreational activity is a major factor driving the demand for road groupsets. Enthusiasts and amateur cyclists often prefer specialized components designed for road biking.
The interest in competitive cycling events and road races contributes to the demand for high performance components, including road groupsets, as participants seek to enhance their bikes for better performance.
Ongoing innovations in road bike technology, including lightweight materials, aerodynamics, and advanced gear systems, drive the demand for upgraded road groupsets among cyclists looking for cutting edge features.
Major departmental stores often carry products from well known and reputable brands. The presence of established brands enhances the visibility of bicycle components and instills confidence in consumers regarding product quality.
| Bicycle Component Aftermarket in Korea based on Sales Channel | Departmental Store |
|---|---|
| Share in % in 2024 | 34.2% |
Based on sales channel, the departmental store segment is expected to account for a share of 34.2% in 2024. Departmental stores often offer a diverse range of products under one roof. The availability of a wide variety of bicycle components in a single location provides consumers with convenience and choice.
Departmental stores typically provide customer service and expert advice. Knowledgeable staff can assist customers in selecting the right bicycle components based on their needs, contributing to a positive shopping experience.
Consumers often prefer a one stop shopping experience where they can find everything they need for their bicycles in a single location. Departmental stores offering a comprehensive options of components meet this demand.
Supportive government policies and investments in cycling infrastructure, such as dedicated bike lanes and parking facilities, can encourage the use of bicycles, thereby boosting the demand for bicycle components.
Efforts to promote cycling as a part of a healthy and active lifestyle can increase the popularity of cycling, leading to higher demand for bicycles and their components. Increasing urbanization and efforts to address traffic congestion can lead to a rise in cycling for daily commuting. The trend can drive the demand for bicycles and associated components.
The increasing emphasis on health and wellness can drive the demand for recreational activities such as cycling. Consumers looking for fitness related activities may invest in bicycles and their components. A growing interest in outdoor recreational activities can boost the aftermarket. The natural landscapes and scenic areas of North Jeolla are expected to attract individuals looking for outdoor adventures, including cycling.
Collaborating with or sponsoring local and regional cycling events, races, or competitions can enhance brand visibility and stimulate interest in cycling, driving the demand for components. The growth of e-commerce platforms can provide consumers in North Jeolla with convenient access to a wide range of bicycle components, expanding the aftermarket reach.
Collaborating with or sponsoring local and regional cycling events, races, or competitions can enhance brand visibility and stimulate interest in cycling, driving the demand for components. Economic growth in the province, coupled with rising disposable income, can increase ability of consumers to invest in recreational activities like cycling, including the purchase of quality bicycle components.
Educational programs that promote the benefits of cycling, proper maintenance, and the importance of quality components can contribute to a more informed and discerning consumer base. Establishing partnerships with local bike shops can enhance distribution channels and provide consumers in Jeju with convenient access to a variety of bicycle components.
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The bicycle components aftermarket in Korea is characterized by a dynamic and competitive landscape driven by factors such as a strong cycling culture, increasing interest in recreational and competitive cycling, and government initiatives to promote sustainable transportation. Korea has a growing community of cycling enthusiasts, and this has contributed to the demand for high quality bicycle components.
| Attribute | Details |
|---|---|
| Estimated Aftermarket Size in 2024 | US$ 431.8 million |
| Projected Aftermarket Size in 2034 | US$ 703.3 million |
| Anticipated CAGR from 2024 to 2034 | 5.0% |
| Historical Analysis of Demand for Bicycle Component Aftermarket in Korea | 2019 to 2023 |
| Demand Forecast for Bicycle Component Aftermarket in Korea | 2024 to 2034 |
| Report Coverage | Aftermarket Size, Aftermarket Trends, Analysis of key factors influencing Bicycle Component Aftermarket adoption in Korea, Insights on Global Players and their Aftermarket Strategy in Korea, Ecosystem Analysis of Providers in Korea |
| Key Provinces Analyzed while Studying Opportunities in Bicycle Component Aftermarket in Korea | South Gyeongsang, North Jeolla, South Jeolla, Jeju |
| Key Companies Profiled | YoungWonCycle; Shimano Inc.; Merida Industry Co. Ltd.; Dorel Industries Inc.; Accell Group N.V.; Shimano Inc.; SRAM LLC; Hero Cycles Limited; Giant Manufacturing Co. Ltd.; Avon Cycles Ltd. |
The bicycle component aftermarket in Korea is to be valued at US$ 431.8 million by 2024.
The bicycle component aftermarket in Korea is anticipated to incline at a CAGR of 5.0% from 2024 to 2034.
The bicycle component aftermarket in Korea is expected to reach US$ 703.3 million by 2034.
The bicycle component aftermarket for road groupsets is opportunistic, comprising 57.9% of the total share in 2024.
1. Executive Summary
1.1. Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Industry Analysis and Outlook 2019 to 2023 and Forecast, 2024 to 2034
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2019 to 2023
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2024 to 2034
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034, By Component Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Component Type, 2019 to 2023
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Component Type, 2024 to 2034
5.3.1. Derailleurs
5.3.2. Road Group sets
5.3.3. Suspensions
5.3.4. Wheel Sets
5.3.5. Brakes
5.3.5.1. Hydraulic
5.3.5.2. Mechanical
5.3.6. Calliper Type
5.3.7. Gears
5.3.8. Others (Bottom Brackets etc.)
5.4. Y-o-Y Growth Trend Analysis By Component Type, 2019 to 2023
5.5. Absolute $ Opportunity Analysis By Component Type, 2024 to 2034
6. Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034, By Sales Channel
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Sales Channel, 2019 to 2023
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Sales Channel, 2024 to 2034
6.3.1. Specialty Bicycle Retailers
6.3.2. Discount Stores
6.3.3. Department Stores
6.3.4. Full-line Sporting Goods Stores
6.3.5. Outdoor Specialty Stores
6.3.6. Other Sales Channel
6.4. Y-o-Y Growth Trend Analysis By Sales Channel, 2019 to 2023
6.5. Absolute $ Opportunity Analysis By Sales Channel, 2024 to 2034
7. Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034, By Bicycle Type
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Bicycle Type, 2019 to 2023
7.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Bicycle Type, 2024 to 2034
7.3.1. Mountain Bike
7.3.2. Hybrid/Cross
7.3.3. Road
7.3.4. Comfort
7.3.5. Youth
7.3.6. Cruiser
7.3.7. Recumbent/Tandem
7.3.8. Electric
7.3.9. Folding
7.4. Y-o-Y Growth Trend Analysis By Bicycle Type, 2019 to 2023
7.5. Absolute $ Opportunity Analysis By Bicycle Type, 2024 to 2034
8. Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2019 to 2023
8.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2024 to 2034
8.3.1. South Gyeongsang
8.3.2. North Jeolla
8.3.3. South Jeolla
8.3.4. Jeju
8.3.5. Rest of Korea
8.4. Market Attractiveness Analysis By Region
9. South Gyeongsang Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034
9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023
9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034
9.2.1. By Component Type
9.2.2. By Sales Channel
9.2.3. By Bicycle Type
9.3. Market Attractiveness Analysis
9.3.1. By Component Type
9.3.2. By Sales Channel
9.3.3. By Bicycle Type
9.4. Key Takeaways
10. North Jeolla Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034
10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023
10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034
10.2.1. By Component Type
10.2.2. By Sales Channel
10.2.3. By Bicycle Type
10.3. Market Attractiveness Analysis
10.3.1. By Component Type
10.3.2. By Sales Channel
10.3.3. By Bicycle Type
10.4. Key Takeaways
11. South Jeolla Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034
11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023
11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034
11.2.1. By Component Type
11.2.2. By Sales Channel
11.2.3. By Bicycle Type
11.3. Market Attractiveness Analysis
11.3.1. By Component Type
11.3.2. By Sales Channel
11.3.3. By Bicycle Type
11.4. Key Takeaways
12. Jeju Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034
12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023
12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034
12.2.1. By Component Type
12.2.2. By Sales Channel
12.2.3. By Bicycle Type
12.3. Market Attractiveness Analysis
12.3.1. By Component Type
12.3.2. By Sales Channel
12.3.3. By Bicycle Type
12.4. Key Takeaways
13. Rest of Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034
13.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2019 to 2023
13.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2024 to 2034
13.2.1. By Component Type
13.2.2. By Sales Channel
13.2.3. By Bicycle Type
13.3. Market Attractiveness Analysis
13.3.1. By Component Type
13.3.2. By Sales Channel
13.3.3. By Bicycle Type
13.4. Key Takeaways
14. Market Structure Analysis
14.1. Competition Dashboard
14.2. Competition Benchmarking
14.3. Market Share Analysis of Top Players
14.3.1. By Regional
14.3.2. By Component Type
14.3.3. By Sales Channel
14.3.4. By Bicycle Type
15. Competition Analysis
15.1. Competition Deep Dive
15.1.1. YoungWonCycle
15.1.1.1. Overview
15.1.1.2. Product Portfolio
15.1.1.3. Profitability by Market Segments
15.1.1.4. Sales Footprint
15.1.1.5. Strategy Overview
15.1.1.5.1. Marketing Strategy
15.1.1.5.2. Product Strategy
15.1.1.5.3. Channel Strategy
15.1.2. Shimano Inc.
15.1.2.1. Overview
15.1.2.2. Product Portfolio
15.1.2.3. Profitability by Market Segments
15.1.2.4. Sales Footprint
15.1.2.5. Strategy Overview
15.1.2.5.1. Marketing Strategy
15.1.2.5.2. Product Strategy
15.1.2.5.3. Channel Strategy
15.1.3. Merida Industry Co. Ltd.
15.1.3.1. Overview
15.1.3.2. Product Portfolio
15.1.3.3. Profitability by Market Segments
15.1.3.4. Sales Footprint
15.1.3.5. Strategy Overview
15.1.3.5.1. Marketing Strategy
15.1.3.5.2. Product Strategy
15.1.3.5.3. Channel Strategy
15.1.4. Dorel Industries Inc
15.1.4.1. Overview
15.1.4.2. Product Portfolio
15.1.4.3. Profitability by Market Segments
15.1.4.4. Sales Footprint
15.1.4.5. Strategy Overview
15.1.4.5.1. Marketing Strategy
15.1.4.5.2. Product Strategy
15.1.4.5.3. Channel Strategy
15.1.5. Accell Group N.V.
15.1.5.1. Overview
15.1.5.2. Product Portfolio
15.1.5.3. Profitability by Market Segments
15.1.5.4. Sales Footprint
15.1.5.5. Strategy Overview
15.1.5.5.1. Marketing Strategy
15.1.5.5.2. Product Strategy
15.1.5.5.3. Channel Strategy
15.1.6. Shimano Inc.
15.1.6.1. Overview
15.1.6.2. Product Portfolio
15.1.6.3. Profitability by Market Segments
15.1.6.4. Sales Footprint
15.1.6.5. Strategy Overview
15.1.6.5.1. Marketing Strategy
15.1.6.5.2. Product Strategy
15.1.6.5.3. Channel Strategy
15.1.7. SRAM LLC
15.1.7.1. Overview
15.1.7.2. Product Portfolio
15.1.7.3. Profitability by Market Segments
15.1.7.4. Sales Footprint
15.1.7.5. Strategy Overview
15.1.7.5.1. Marketing Strategy
15.1.7.5.2. Product Strategy
15.1.7.5.3. Channel Strategy
15.1.8. Hero Cycles Limited
15.1.8.1. Overview
15.1.8.2. Product Portfolio
15.1.8.3. Profitability by Market Segments
15.1.8.4. Sales Footprint
15.1.8.5. Strategy Overview
15.1.8.5.1. Marketing Strategy
15.1.8.5.2. Product Strategy
15.1.8.5.3. Channel Strategy
15.1.9. Giant Manufacturing Co. Ltd.
15.1.9.1. Overview
15.1.9.2. Product Portfolio
15.1.9.3. Profitability by Market Segments
15.1.9.4. Sales Footprint
15.1.9.5. Strategy Overview
15.1.9.5.1. Marketing Strategy
15.1.9.5.2. Product Strategy
15.1.9.5.3. Channel Strategy
15.1.10. Avon Cycles Ltd.
15.1.10.1. Overview
15.1.10.2. Product Portfolio
15.1.10.3. Profitability by Market Segments
15.1.10.4. Sales Footprint
15.1.10.5. Strategy Overview
15.1.10.5.1. Marketing Strategy
15.1.10.5.2. Product Strategy
15.1.10.5.3. Channel Strategy
16. Assumptions & Acronyms Used
17. Research Methodology
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Bicycle Component Aftermarket Analysis in Korea
