Bicycle Component Market Overview
As per MRFR analysis, the Bicycle Component Market Size was estimated at 15.72 (USD Billion) in 2022. The Bicycle Component Market Industry is expected to grow from 16.17(USD Billion) in 2023 to 20.87 (USD Billion) by 2032. The Bicycle Component Market CAGR (growth rate) is expected to be around 2.87% during the forecast period (2024 - 2032).
Key Bicycle Component Market Trends Highlighted
Significant growth is predicted in the worldwide bicycle component market driven by an increased demand for bicycles for transportation and recreation purposes. Growth in urbanization rates, increased awareness about the environmental advantages of cycling, and a rise in the popularity of e-bikes are among the main drivers of this trend. The development of inventive, lightweight components and penetration into new markets present valuable opportunities for growth.
The recent developments in the bicycle component market include increasing use of carbon fiber and aluminum in framing and components, integration of electronic shifting systems, and development of new suspension technologies. Additionally, there is an increase in the application of 3D printing technology for manufacturing custom parts. This trend will continue due to insistence on faster bikes that can be tailored to individual specifications.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Bicycle Component Market Drivers
Rising Popularity of Cycling
The increasing ubiquity of cycling for recreational and transportation goals has increased the demand for bicycle components. The health, environmental, and cost advantages associated with cycling have made cycling attractive as an exercise option, a way to relax oneself, and a mode of transit. There is a growing number of bike lovers, and the development of better cycling infrastructure has contributed to the dramatic increase in the number of bicycles and their components.
Technological Advancements
The bicycle component industry has been completely transformed by technological progress. When a variety of new materials, designs, and manufacturing methods were added, it resulted in the development of lightweight and high-performance components. These developments have increased efficiency, improved durability, and aesthetics in bicycles, attracting a larger customer base. This has also led to an increase in demand for advanced components thanks to the burgeoning popularity of electric bicycles, especially in cities.
Growth in E-commerce
The Bicycle Component Market Industry has been significantly impacted by the rise of e-commerce. This is because there are convenient online platforms where a consumer can buy bicycle parts from different manufacturers and retailers. The growth of the e-commerce sector in this industry has been driven by the ease of online shopping, coupled with competitive prices and fast delivery options for consumers.
Bicycle Component Market Segment Insights
Bicycle Component Market Component Type Insights
The Bicycle Component market is categorized by the type of components such as drivetrain components, structural components, handlebar and stem components, braking components, and lighting and visibility components. Drivetrain Components had the highest market share in 2023, and this trend is likely to continue through 2032. This increase can be attributed to the growing popularity of mountain biking and road cycling, which demands high-performing drivetrain components. The second largest segment of the Bicycle Component market is structural components.
These include frames, forks, and wheels. There has been an increased demand for lightweight but tough bicycles, which is driving growth in this sector. Handlebar and Stem Components were ranked third among the Bicycle Component Market segments. These consist of handlebars, stems, and grips. Increasingly comfortable ergonomic bikes are behind this growth in such a category. Fourth on the list of the Bicycle Component Market is Braking Components.
This rapid increase is driven by enhanced safety requirements for reliable bicycles in our markets today. Fifth among the Bicycle Component Market segments is Lighting and Visibility Components. This includes light reflectors, bells, etc. This growth shall be brought about due to the increasing popularity of cycling as a form of recreation and transportation as well as rising preference for top quality innovative bike parts, among others.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Bicycle Component Market Bicycle Type Insights
The bicycle component market has five segments based on types of bicycles. These segments include mountain bikes, road bikes, hybrid bikes, e-bikes, and cargo bikes. In 2023, mountain bikes had a higher market share at about 32%, while the E-bikes segment is expected to witness a sturdy CAGR of 10.2% during the forecast period, which is the highest among others. Mountain biking is gaining popularity, and high demand for e-bikes is leading to growth in these divisions. Road bikes are liked by riders who value speed and performance, but hybrid bicycles provide a mix of speed and comfort.
Cargo bicycles have been identified as being eco-friendly when used as a means of delivery for both goods and passengers. The segmentation of the global market for bicycle components has important information on different bicycle types and their position in this market, as it helps producers and distributors make relevant marketing strategies.
Bicycle Component Market Material Insights
The bicycle component market has been categorized based on materials such as Steel, aluminum, carbon fiber, titanium, and plastics. The steel category dominates the market in terms of cost-effectiveness, durability, and ease of access due to its substantial market share. Another common material used for bike components is aluminum because it combines strength plus weight with affordable prices. High-end bikes increasingly use carbon fiber due to its superior strength-to-weight ratio compared to other materials, although it is expensive. Titanium has also been widely accepted as a high-performance material in premium bikes because it is strong, durable, and resistant to corrosion.
Plastics are preferred for many bicycle parts, including saddles and fenders because they are light and cheap. In 2023, the Bicycle Component Market revenue for Steel was valued at USD 4.22 billion, whereas by 2032, it is projected to reach USD 5.07 billion, growing at a CAGR of 2.5%. Aluminum accounted for a 28.4% share of the market in 2023 and could be worth around USD6.12 billion by 2032, with an annual growth rate of about 3.1%. At a CAGR of around 4.2%, Carbon Fiber will grow substantially over the forecast period, culminating in a market size of about USD2.78 billion in FY2032.
Bicycle Component Market End-User Insights
The End-User segment of the Bicycle Component Market is expected to have substantial potential, primarily due to the increasing popularity of cycling for various reasons. A significant portion of this is accounted for by recreational cyclists who are adopting it as a leisure or health habit. On the other hand, professional racers form a relatively small category, but they contribute to innovation and technological change in bicycle components. The commuters who use bicycles as their main mode of transport also provide one of the best market growth opportunities because there is a rising need for efficient and sustainable urban transportation solutions.
Adventure biking enthusiasts offer an emerging niche with unique component requirements that are dedicated to providing exciting off-road experiences. Cargo bikers serve the increasing demand for last-mile delivery and urban cargo transportation and are therefore poised for high growth rates within the next few years. For manufacturers and retailers, these divisions in the end-consumer groups will help them decide on product variety and marketing strategies in order to meet each group’s specific needs.
Bicycle Component Market Regional Insights
The Bicycle Component Market is divided into North America, Europe, APAC, South America, and MEA. Among these areas, the largest market share in 2023 is expected to be held by North America due to the rise of recreational cycling activities and a host of bicycle manufacturers residing within its boundaries. In terms of market share, Europe will come after North America because many European countries have embraced electric bicycles and have a well-established cycling infrastructure.
APAC should witness the highest future growth rate thanks to rising disposable incomes and the growing interest in cycling found in China, India, etc.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Bicycle Component Market Key Players And Competitive Insights
Major players in the Bicycle Component Market industry are focusing on developing innovative and lightweight bicycle components to meet the growing demand for high-performance bicycles. Leading Bicycle Component Market players are also investing in research and development to improve the durability and efficiency of their products. The development of the bicycle component market is being driven by the increasing popularity of cycling as a fitness and recreational activity. The competitive landscape of the Bicycle Component Market is characterized by the presence of a large number of global and regional players.SRAM Corporation, a leading player in the Bicycle Component Market, offers a wide range of components for road, mountain, and urban bikes. The company's products are known for their high quality and performance. Shimano, Inc., another major player in the Bicycle Component Market, is a Japanese company that manufactures a wide range of bicycle components, including derailleurs, brakes, and wheels. Shimano's products are known for their reliability and durability.Campagnolo S.r.l., an Italian company, is a leading manufacturer of high-performance bicycle components. The company's products are used by professional cyclists and are known for their lightweight and aerodynamic design. Other notable players in the Bicycle Component Market include FSA, Rotor, and DT Swiss. These companies offer a wide range of components for different types of bicycles.
Key Companies in the Bicycle Component Market Include
Bicycle Component Market Industry Developments
The Bicycle Component market is projected to grow from USD 16.17 billion in 2023 to USD 20.87 billion by 2032, at a CAGR of 2.87%. The market is driven by increasing demand for bicycles, the rising popularity of e-bikes, and growing health consciousness.Recent news developments include the launch of new products by major players, such as Shimano's new 12-speed drivetrain system and SRAM's new Eagle AXS wireless shifting system. Additionally, there is a growing trend towards customization and personalization of bicycles, which is leading to increased demand for aftermarket components.Key players in the market include Shimano, SRAM, Campagnolo, FSA, and Ritchey. These companies are focusing on innovation and product development to meet the evolving needs of cyclists.
Bicycle Component Market Segmentation Insights
Bicycle Component Market Component Type Outlook
- Drivetrain Components
- Structural Components
- Handlebar and Stem Components
- Braking Components
- Lighting and Visibility Components
Bicycle Component Market Bicycle Type Outlook
Bicycle Component Market Material Outlook
- Steel
- Aluminum
- Carbon Fiber
- Titanium
- Plastics
Bicycle Component Market End-User Outlook
- Recreational Cyclists
- Professional Cyclists
- Commuters
- Adventure Cyclists
- Cargo Bikers
Bicycle Component Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
15.72(USD Billion) |
| Market Size 2023 |
16.17(USD Billion) |
| Market Size 2032 |
20.87(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
2.87% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Easton, Campagnolo, Zipp, SRAM, Rotor, Enve Composites, Industry Nine, HED Cycling, KMC, DT Swiss, HOPE Technology, Praxis Works, Shimano, Reynolds Cycling, FSA |
| Segments Covered |
Component Type, Bicycle Type, Material, End-User, Regional |
| Key Market Opportunities |
Ebike and gravel bike growth Increasing popularity of cycling Rising health consciousness Technological advancements Growing disposable income |
| Key Market Dynamics |
Rising demand for lightweight bicycles Growing popularity of e-bikes Increasing government initiatives to promote cycling Technological advancements in bicycle components Growing awareness about the health benefits of cycling |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Bicycle Component market size was valued at USD 16.17 billion in 2023 and is projected to reach USD 20.87 billion by 2032, exhibiting a CAGR of 2.87% during the forecast period.
North American region is expected to dominate the Bicycle Component market throughout the forecast period due to the increasing popularity of cycling, rising disposable income, and growing awareness about health and fitness.
The growth of the Bicycle Component market is primarily driven by factors such as the rising demand for bicycles, the increasing popularity of e-bikes, and the growing focus on health and fitness.
Bicycle components are primarily used in the manufacturing of various types of bicycles, including road bikes, mountain bikes, hybrid bikes, and e-bikes.
Some of the key players operating in the Bicycle Component market include Shimano, SRAM, Campagnolo, FSA, and Tektro.
The Bicycle Component market faces challenges such as intense competition, fluctuating raw material prices, and the impact of the COVID-19 pandemic.
