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 USD 431.8 million in 2024.
| Attributes | Details |
|---|---|
| Size in 2024 | USD 431.8 million |
| Expected Size in 2034 | USD 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 USD 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 | USD 431.8 million |
| Projected Aftermarket Size in 2034 | USD 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 USD 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 USD 703.3 million by 2034.
The bicycle component aftermarket for road groupsets is opportunistic, comprising 57.9% of the total share in 2024.
| Projected Forecast Value (2023) | USD 14.62 billion |
|---|---|
| Projected Forecast Value (2033) | USD 28.3 billion |
| Growth rate (2023 to 2033) | 6.9% CAGR |
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Bicycle Component Aftermarket Analysis in Korea
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