The anticipated size of the bicycle components aftermarket in 2022 was USD 14 billion and is estimated to be USD 14.62 billion in 2023.
The increasing popularity of cycling with a high volume of traffic and resulting congestion, has coupled up with concerns for rider safety thus contributing to a surge in the adoption of bicycle accessories. According to FMI analysis, the bicycle components aftermarket is anticipated to expand at a CAGR of 6.9% between 2023 and 2033, totaling around USD 28.3 billion by 2033.
Global bicycle components aftermarket reached a valuation of USD 13.5 billion in 2021. Road group sets segment by component type are expected to account for more than half of the total bicycle components aftermarket sales by the end of the forecast period.
Growing popularity of bicycling as a leisure activity is expected to fuel the growth in the bicycle component market. Bicycles are expected to grow in popularity as a convenient mode of transportation for living a healthy and physically fit life, due to which the adoption of bicycle components is expected to grow steadily over the forecast period.
East Asia is expected to dominate the global bicycle components aftermarket in terms of unit sales in 2022. China is projected to hold a notable share of the East Asia market.
Increasing adoption of green energy, stringent regulations associated with increasing carbon footprint globally, and investments to develop an environmentally efficient mode of transportation are key growth factors of the bicycle components aftermarket. The rising application of bicycles in recreational and trekking activities across the globe is expected to propel the demand for bicycle components.
Bicycle components aftermarket is around 20 to 25% of the global bicycle market.
| Attributes | Details |
|---|---|
| Projected Forecast Value (2022) | USD 14 billion |
| Projected Forecast Value (2023) | USD 14.62 billion |
| Projected Forecast Value (2033) | USD 28.3 billion |
| Growth rate | 6.9% CAGR |
| Forecast period | 2023 to 2033 |
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Global bicycle components aftermarket expanded at a CAGR of 5.4% between 2018 and 2022. Growth forecasts remain optimistic, with the market predicted to exhibit a CAGR of 6.9% between 2023 and 2033.
There might be a corresponding increase in demand for bicycle parts with an increase in bicycle sales. Despite problems with bicycle sales in some countries, cycling is becoming more popular. Plans for rehabilitating recreational areas include bicycle lanes and walkways.
There is extensive infrastructure for taking a nice bike ride away from all sorts of vehicle traffic not just in leading cities but also in small towns and cities. Projects to promote cycling to work are flourishing more than ever. The fact that many businesses now have bike racks outside of their buildings also portends well for aftermarket suppliers of bicycle components.
The ease of use of electric bicycles has contributed to the expansion of the aftermarket for bicycle parts. Despite their small size, new batteries are being produced that have high capacities and durability. The convenience of using electric bicycles is facilitated by these maintenance-free batteries.
Sales in the bicycle components aftermarket are anticipated to increase by 8.7x from 2023 to 2033.
Increase in the Demand for Bicycles
Bicycle demand is increasing now a day. Not only kids but adults are also preferring bicycles as a part of transportation and adventure activities. Further, awareness for maintaining bicycles and upgrading bicycles for recreational activities is rising, which, in turn, is creating opportunities for aftermarket sales of bicycle parts.
According to World Bank data, the global population is predicted to expand by 2.5 billion by 2050, with Asia and Africa accounting for 90% of the growth. Asia Pacific, particularly India, and China, has the most substantial customer base with key opportunities and bicycle components manufacturers.
Rising per capita and disposable incomes in India and China, as well as shifting demographics, are likely to fuel demand for bicycle components over the assessment period.
Principal Consultant
The Surge in the Price of Raw Materials
Global bicycle components aftermarket is expected to be hampered by the high cost of composite materials. Moreover, the global bicycle components aftermarket is projected to be restrained by an uneven cost-benefit ratio over the forecast period.
Compared to the price of traditional bicycle components, the cost of electric bicycle components is rather expensive. The high initial cost of these bikes, which is expected to further reduce consumer buying power parity, is another factor that contributes to the reduced demand for electric bicycles.
Increasing Sales of Mountain Bike Parts are Likely to Fuel Growth
The United States holds a market share of 35.6% and is expected to lead North America’s bicycle component aftermarket which has a market value of 40.2%, with sales expanding at a 4% CAGR over the assessment period. Growth can be attributed to the involvement of the United States government in increasing awareness of lowering carbon emissions.
Consumers in the United States are preferring personal mobility solutions, which is spurring demand for conventional, mountain, and electric bicycles.
Rising Demand for Bicycle Parts Online in China might Boost Sales
China is one of the dominantly growing markets for bicycle components, holding around 2/3rd of East Asia bicycle components aftermarket. China is expected to be one of the most significant markets throughout the forecast period, according to FMI.
This country is one of the large producers and consumers of bicycle and bicycle components in the world. Further, the rising fleet of bicycles, along with the growing adoption of electric bicycles for recreational activities and commutation in public infrastructures such as parks and amusement parks might create opportunities for growth in the market.
Surging Demand for Road Bike Parts in India is likely to Augment Sales
Sales of bicycle components in India’s market are forecasted to increase at a 7.2% CAGR over the assessment period. Moreover, increasing awareness regarding cycling as a recreational and fitness activity, along with the rising preference for personal mobility for shorter distances will boost sales in the forthcoming years.
Environmental concerns, worsening traffic congestion, and government initiatives to encourage cycling are fueling sales of electric bicycles. Further, a growing preference for bicycles with better safety features and aesthetics is expected to augment the growth in the market.
High Demand for High-Performance Accessories Catering to the Needs of Cycling Enthusiasts
Europe is anticipated to witness dominant growth over the forecast period with a market share of 29.9%. Also, the growing demand for high-performance accessories supported by various factors, such as well-established cycling culture leads to the growth of the market.
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Sales of Road Groupsets are Projected to Continue Gaining Traction
Demand for road groupsets is expected to increase at a 7.2% CAGR over the assessment period. Drivetrain, shifters, brakes, and other parts used in bicycles are a part of group sets. Many end-users prefer to buy groupsets over individual components as they are cost-effective and easily available across OEMs and aftermarkets.
Demand for Electric Bicycles to Remain High
The electric bicycle segment is expected to create an absolute dollar opportunity worth USD 4.9 billion over the forecast period with a market share of 62%. Electric bicycles account for a significant chunk of demand in developing nations like China. Governments in many nations promote electric bicycles as a way to cut carbon emissions.
Some of the prominent players profiled in the global market are:
Some of the important developments of the key players in the market are:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.9% from 2023 to 2033 |
| Market value in 2023 | USD 14.62 billion |
| Market value in 2033 | USD 28.3 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD billion for Value and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | By Component Type, By Sales Channel, By Bicycle Type, By Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel, Rest of The Middle East and Africa |
| Key Companies Profiled | Dorel Industries Inc; Accell Group N.V.; Shimano Inc.; SRAM LLC; Hero Cycles Limited; Campagnolo S.R.L.; Merida Industry Co. Ltd.; Specialized Bicycle Components; Rohloff AG; Giant Manufacturing Co. Ltd.; Avon Cycles Ltd. |
| Customisation Scope | Available on Request |
The market is valued at USD 14.62 billion in 2023.
Shimano Inc., SRAM LLC, and Rohloff AG are the key market players.
The market is forecast to register a CAGR of 6.9% through 2033.
The growing popularity of bicycling as a leisure activity fuels the market growth.
The market is estimated to reach USD 28.3 billion by 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Aftermarket Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Aftermarket Analysis 2018 to 2022 and Forecast 2023 to 2033, By Component Type 5.1. Derailleurs 5.2. Road Groupsets 5.3. Suspensions 5.4. Wheel Sets 5.5. Brakes 5.5.1. Hydraulic 5.5.2. Mechanical 5.6. Caliper Type 5.7. Gears 5.8. Others 6. Global Aftermarket Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel 6.1. Specialty Bicycle Retailers 6.2. Discount Stores 6.3. Department Stores 6.4. Full-line Sporting Goods Stores 6.5. Outdoor Specialty Stores 6.6. Others 7. Global Aftermarket Analysis 2018 to 2022 and Forecast 2023 to 2033, By Bicycle Type 7.1. Mountain Bike 7.2. Hybrid/Cross 7.3. Road 7.4. Comfort 7.5. Youth 7.6. Cruiser 7.7. Recumbent/Tandem 7.8. Electric 7.9. Folding 8. Global Aftermarket Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Aftermarket Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Aftermarket Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Aftermarket Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Aftermarket Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Aftermarket Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Aftermarket Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Aftermarket Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Aftermarket Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Dorel Industries Inc 18.2. Accell Group N.V. 18.3. Shimano Inc. 18.4. SRAM LLC 18.5. Hero Cycles Limited 18.6. Campagnolo S.R.L. 18.7. Merida Industry Co. Ltd. 18.8. Specialized Bicycle Components 18.9. Rohloff AG 18.10. Giant Manufacturing Co. Ltd. 18.11. Avon Cycles Ltd. 19. Research Methodology
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Bicycle Components Aftermarket
