Global Bicycle & Components Market - Insights
Global bicycle and component market is expected to witness moderate growth during the forecast period. The market growth is majorly attributed to increasing awareness regarding health benefits of cycling, increasing need of fuel-efficient, environment friendly intra-city transportation mode, growing trend of e-bikes, and promotion of bicycles by governing bodies. Furthermore, bicycle sharing has become widely prevalent throughout Asia, Europe, and Americas to encourage cycling as a mode of transport in cities. Increasing traffic congestions in cities is leading to rise in pollution levels and disturbed mentality among citizens. For this, bicycles especially e-bikes have been proven as a beneficial alternative.
Improvements in bicycle design and increasing government support for green transportation modes is driving growth of the market. Availability of resources to evaluate bicycle designs and technologies has positively impacted the adoption of advanced bicycles including e-bikes. One of the advancements in bicycles include collision-warning sensors to detect the possibility of a collision through a laser sensor. Furthermore, capital issued by federal governments to improve public health and transport is one of the primary factors driving growth of the bicycles components market.
Figure 1. Global Bicycle & Components Market, Key Impact Forces
Distribution channels for the sale of bicycles
Bicycles and components can reach to the consumer through mass merchants, specialty bicycle retailers, outdoor specialty stores, sports stores, and others including online stores. In the U.S., around 74% of bicycle units were sold by mass merchants in 2015; while bicycling retailers accounted for around 13% of the share in terms of units sold in the region. However, 49% of the revenue was generated by bicycling retailers. Such strong network of supply for bicycling products in the region has further boosted the market growth of the U.S. bicycle and component market.
High adoption of carbon frames in bicycle industry
Carbon fiber is a strong and light weight polymer composite that is used as a raw material to manufacture a bicycle. This material is stiffer and its stiffness can be finely manipulated divergent to metals which are isotropic. Furthermore, carbon frames are handmade and are repairable. Such properties of carbon frame has made it a preferred choice over metallic frames among manufacturers. By region, Asia Pacific is the largest supplier of carbon across the globe and is expected to witness significant growth during the forecast period.
Health benefits of cycling and initiatives by governments
According to the World Health Organization (WHO), in 2016 more than 1.9 billion adults were overweight, of which more than 650 million were obese. This trend is expected to increase, owing to changing lifestyle, eating habits, and genetic mutations. This growing concern has led society to be more focused on exercise and healthy living. For this, bicycles have witnessed widespread appreciation across the globe. Governing bodies of various economies have started initiatives to promote cycling for healthy living and pollution control. For instance, in Netherlands almost the entire community uses bicycles on daily basis. In Japan, bureaucrats & ministers travel to work on bicycles. Furthermore, public bicycle sharing is a growing trend in the U.S., the UK, the Netherlands, and China. Cycle to Work scheme is a UK Government tax exemption initiatives introduced in the Fiannce Act 1999 to urge people to use environment friendly mode of transport. For instance, a scheme launched in the UK for employees which saves up to 25-39% on a bike and accessories.
Some of the key players operating in the global bicycle & components market include Alma Lasers Ltd., Cutera Inc., Cynosure Inc., Fotona d.d., Lumenis Ltd., Lutronic Corp., Lynton Lasers Ltd., Sciton Inc., Solta Medical Inc., Syneron Medical Ltd., Strata Skin Sciences Inc., and Venus Concept Canada Corp.
Our study includes businesses that deal with manufacturing and supply of bicycles and components across the globe. Bicycles have witnessed considerable adaptation since its inception in terms of materials, design, and other factors that has improved bicycle safety, comfort, and exterior. Inclination of interest towards bicycle as a part of everyday fitness activity and as an efficient substitute for motor vehicles is driving the growth in the global bicycle & component market.
The global bicycle & component market growth is attributed to rising fuel prices for motor vehicles, issues related to traffic congestions, and changing perspective of society towards cycling where it is considered as a fitness activity. Furthermore, increasing demand for low-cost transportation in emerging economies, growing trend of electric bicycles in developed region including North America and government initiatives towards green transport has boosted the adoption of bicycles in everyday life of individuals. However, rise in disposable income in emerging economies has increased the sales of motor vehicles, which in turn affects the acceptance of bicycle as a mode of transport. Continuous improvements in the design, efficiency, and safety designs of bicycles & its components is expected to offer considerable growth opportunities for growth of the global bicycle & components market.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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