Global Bicycle & Components Market to Surpass US$ 66.7 Billion by 2025
The bicycle & components market was valued at US$ 45,080 million in 2016 and is projected to reach US$ 66,692 million by 2025, exhibiting a CAGR of 4.7% over the forecast period, according to Global Bicycle & Components Market Report, by Bicycle Type (Mountain Bike, Touring Bike, City Bike, Electric Bike, Children Bike, and Others), by Component (Rims, Saddles, Frames, and Others), by Materials (Continuous Fiber Composites, Discontinuous Fiber Composites, Metals, and Others), published by Coherent Market Insights.
Increasing concerns regarding fitness has urged individuals to use bicycles as a mode of routine exercise. Furthermore, novel designs of bicycles dedicated towards safety and comfort of the user has further boosted the adoption of various types of cycles across wide range of users based on their age, demographics, and interests. Constant fluctuations of prices for fuels used in motor vehicles and increasing awareness of environment-friendly transportation is improving the adoption of bicycles worldwide.
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Key Trends and Analysis of the Global Bicycle & Components Market:
Among bicycle types, city bike segment held dominant position in the bicycle & components market in 2016. Increasing number of global population and rising urban population have led to better intra-city transportation. Furthermore, increasing health issues due to smog, high carbon concentration in the atmosphere, and other pollutants has urged governing bodies to promote environment-friendly transportation systems such as bicycles inside the city. City bicycles have emerged as a solution for aforementioned issues with improved designs and technological up-gradations including smart bikes.
Among materials, continuous fiber composite segment accounted for the largest market share in 2016 and is estimated to retain its dominance over the forecast period. Properties of these materials such as high-stiffness, high-strength, and lightweight are they key features that boost their adoption in clean energy manufacturing with high potential to produce an energy-efficient transportation mode.
Among Components, frames segment held the largest market share in 2016 and is projected to grow at a considerable CAGR during the forecast period. Increasing demand for carbon frames and their declining prices is the major factor driving growth for the bicycle frame market.
Key Takeaways of the Market:
According to Coherent Market Insights’ analysis, North America region is the largest consumer for bicycles and it is expected to witness moderate growth in market over the forecast years, owing to presence of more than 2,000 companies in the region that are involved in manufacturing and sales of cycling products. Such wide variety of choices, inclination of individuals to healthy living, and government initiatives is expected to further encourage the adoption of bicycle as a way of intra-city transport.
Electric bicycle also known as e-bike, booster bike or powerbike is a type of bicycle that has electric motor being used for propulsion. E-bikes are useful in cardiac rehabilitation programs and have an impressive effect on a heart patient by offering safer and efficient ride as compared to stationary bike. Furthermore, e-bikes are zero-emission vehicles and cause no harm to the surrounding environment.
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According to Coherent Market Insights’ research, China is one of the leading country in the e-bike as well as in public bike share in Asia Pacific region. Other factors contributing to the growth of bicycle in Asia Pacific region include rising population, increasing demand for cheap internal transportation systems, fuel efficient substitutes for vehicles, and growing trend of bikeshare & e-bike. Some of the major players operating in the global bicycle & components market include Atlas Cycles Ltd, Accell Group N.V., Caloi Inc., Avon Cycles Ltd., Cannondale Bicycle Corporation, Campagnolo S.r.l., Giant Bicycle Inc., Cycleurope AB, Hamilton Industries Ltd., and Derby Cycle Corporation.
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