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Market Insight- Global Bicycle and Components Market

Market Overview

A bicycle or a bike is a manually-powered or peddle-drive, motor-powered vehicle with two wheels that are attached to frames, one behind the other. The composites refer to the combination of two or more constituent materials that possess typically different chemical and physical properties. These constituents when combined produces a material that possesses characteristics different from that of individual components. There are different components associated with a bicycle including axle, bar ends, belt-drive, cable-guide, dynamo, brake, bearing, bell, etc. Since its first model, bicycle has evolved significantly with better designs, comfort, driving experience and overall appearance. Bicycles are used for various activities such as mountain bike, road bike, city bike, electric bike, children bike, and others such as freight bike, ice bike, and more.

The global bicycle and components market is estimated to account for US$ 54,735.3 Mn in 2019 and is expected to grow at a CAGR of 3.5% during the forecasted period (2019-2027)

Market Dynamics- Drivers

  1. Increasing use of bicycle as part of fitness activities and fun are expected to drive growth of the global bicycle and components market during the forecast period

Bicycling offers various physical and mental benefits and with growing consumer acceptance of bicycles to enhance health activities, its demand has increased significantly in the recent past. Apart from health and wellness, bicycle has been used for transportation and recreational activities, which in turn, is expected to drive the global bicycle and components market growth over the forecast period. Moreover, cycling is often recommended as aerobic activity and helps in protecting against numerous diseases such as stress, hypertension, obesity, heart attack, some cancers, depression, diabetes, and arthritis. Cycling is also used for controlling, maintaining, and reducing weight. Furthermore, growing traffic congestion combined with increasing fuel prices is expected to drive the market growth in the near future.

  1. Growing public bicycle renting programs worldwide is expected to propel the global bicycle and components market growth over the forecast period

Bike-sharing programs have become popular across the globe, as an initiative to increase cycling, minimize environmental pollution, and reduce traffic congestions. These bicycles are available on rent thus users need not purchase a new bike for the use. Moreover, users who have inculcated the habit of bicycling can become the potential buyers in future to commute shorter distance, which in turn, expected to accelerate the market growth over the forecast period. According to a study conducted by Institute for Transportation and Development Policy (ITDP), in 2014, bike-share programs have been initiated in over 600 cities worldwide, and more bicycle rental programs are starting each year.

Europe region dominated the global bicycle and components market in 2019, accounting for 29.6% share in terms of value, followed by North America, and Asia Pacific, respectively.

Bicycle & Components  | Coherent Market Insights

Source: Coherent Market Insights

Market Dynamics- Restraints

  1. High cost associated with composite materials is expected to restrain growth of the global bicycle and components market during the forecast period

Consumers are shifting towards lightweight bikes, which has increased the demand for composite materials for manufacturing bicycle components. However, composite materials such as fiber-reinforced polymer or fiberglass are expensive, which in turn, is expected to restrict the market growth up to certain extent. Moreover, slow production rate and increasing concerns regarding recyclability of composite materials are some other factors restraining the global bicycle and components market growth in the near future.

  1. Uneven cost-benefits ratio is expected to hinder the global bicycle and components market growth over the forecast period

Major market players can invest significantly in research and development activities, in order to leverage untapped market potential. However, this situation is not the same with small-scale manufacturers who are reluctant to invest in R&D. This is owing to inability to attain cost-benefit ratio, which bicycle market offers in the long-term. Furthermore, manufacturers are expected to invest significantly in supply chain management. Hence, these factors are expected to hamper the market growth in the near future.

Market Opportunity

  1. High growth potential for bicycle manufacturers in emerging economies

According to data from World Bank, the global population is expected to increase by 2.5 billion by 2050, with 90% of this increase expected to be concentrated in Asia and Africa. Countries in Asia Pacific, especially India and China are the most significant consumer base with high potential opportunities, which in turn, is boosting the demand for bicycles. Moreover, increasing per capita and disposable income combined with changing demographics in India and China are expected to pose lucrative growth opportunities for manufacturers during the forecast period. According to Coherent Market Insights’ analysis, the Asia Pacific bicycle market is projected to witness a relatively higher CAGR over the forecast period, followed by the Latin America bicycles market. According to the same source, currently, China leads in terms of number of bike-sharing schemes, with around 170 bike-sharing ongoing programs in the country. Moreover, the Government of Singapore making investment to improve bicycle infrastructure and bike lanes in order to encourage people to adopt cycling culture and as a transportation mode.

  1. Advancements in technology for the production of composite materials are providing market opportunity

Growing adoption of technologically advanced production techniques to manufacture low-cost fiber from precursor such as plant fibers, polymers or renewable natural fibers with properties such as light weighted bicycle components. Moreover, advent of novel carbonization technologies that can facilitate production of uniform fiber properties for manufacturing at relatively low cost are expected to pose significant growth opportunities for market players in the near future.

Bicycle & Components  | Coherent Market Insights

Source: Coherent Market Insights

In global bicycle and components market, by application segment city bikes sub-segment dominated the global bicycle and components market in 2019, accounting for 24.6% share in terms of value, followed by road bike, mountain bike, children bike, electric bike and other bike respectively.

Bicycle & Components  | Coherent Market Insights

Source: Coherent Market Insights

Market Trends

  1. Growing adoption of lightweight bicycles among consumers

Increasing focus on lightweight bicycles is expected to be the major trend in the global bicycle and components market during the forecast period. This is owing to advent of composite materials and engineering plastics that help to reduce bodyweight of bicycles. Moreover, production of polymer-based components and lightweight plastics results in significantly lower emission as compared to manufacturing of metal frames and components of bicycles. Introduction of composites technology, manufacturers can meet legislative requirements set for the industry and gain competitive edge in the market.

  1. Increasing need for greener vehicles is expected to be another major trend in the market

Since bicycles do not require any form of fossil fuel or energy, they do not produce harmful greenhouse gases such as CO2. Moreover, governments of various countries are supporting fuel-efficient vehicles and implementing strict regulatory policies on the use of gasoline-powered vehicles, in order to reduce air pollution. This, in turn, is expected to increase the adoption of bicycles and boost their demand in the near future.

Value Chain Analysis

Bicycle & Components  | Coherent Market Insights

Competitive Section

Key players involved the global bicycle and components market are

Bicycle manufacturers: Giant Manufacturing Co., Ltd., Currie Technologies, Dorel Industries Inc., Trek Bicycle Corporation, Atlas Cycles (Haryana) Limited, Marin Bikes, Accell Group N.V., Merida Industry Co. Ltd., and Avon Cycles Ltd.

Components Suppliers: SRAM LLC, SHIMANO INC., Mavic (Amer Sports), Campagnolo S.r.l., and SR Suntour.

Materials Suppliers: BASF SE, Mitsubishi Rayon Co., Ltd., Toho Tenax, Saudi Basic Industries Corporation (SABIC), and Toray Industries, Inc.

Key Developments

  1. Key companies in the market are focused on mergers and acquisitions, in order to gain competitive edge in the market. For instance, in January 2019, Dorel Industries, Inc. acquired Hot Wheels and Circle Bikes, a U.K.-based company.
  2. Key players in the market are involved in product launch, in order to enhance their product portfolio. For instance, in March 2018, Trek Bikes, a U.S.-based bikes manufacturer, introduced 34 bicycle models in India Market across categories hybrid and mountain in premium and super-premium segments.

A bicycle or a bike is a manually-powered or peddle-drive, motor-powered vehicle with two wheels that are attached to frames, one behind the other. There are different components associated with a bicycle including axle, bar ends, belt-drive, cable-guide, dynamo, brake, bearing, bell, etc. Since its first model, bicycle has evolved significantly with better designs, comfort, driving experience and overall appearance. Bicycles are used for various activities such as mountain bike, road bike, city bike, electric bike, children bike, and others such as freight bike, ice bike, and more.

Market Dynamics

Increasing use of bicycle as part of fitness activities and fun are expected to drive growth of the global bicycle and components market during the forecast period. As bicycle offers various physical and mental benefits and with growing consumer acceptance of bicycles to enhance health activities, its demand has increased significantly in the recent past. Apart from health and wellness, bicycle has been used for transportation and recreational activities, which in turn, is expected to drive the global bicycle and components market growth over the forecast period. Furthermore, growing bicycle sharing platforms across the globe is expected to drive the market in the near future. For instance, In October 2017 Self-drive car Rental Company Zoomcar has launched PEDL, which is a bicycle renting services in India announced that they are starting their bike renting service in Bangalore, Chennai and Kolkata and are planning to deploy 10,000 bicycles across these cities in 2017. Owing to these factors the demand for bicycle and component are expected to grow during the forecasted period 2019-2027.

Market Taxonomy

This report segments the global bicycle and component market on the basis of application the market is segmented into, mountain bike, road bike, city bike, electric bike, children bike and others. On the basis of technology, the global bicycle and component market is segmented into, continuous fiber composites, discontinuous fiber composites and metals. On the basis of component, the market is segmented into rims, frames, saddles and other components.

Key features of the study:

  • This report provides an in-depth analysis of the global bicycle and component market and provides market size (US$ Million) and Compound Annual Growth Rate (CAGR %) for the forecast period (2019 – 2027), considering 2018 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global bicycle and component market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key players operating in the global Bicycle and Component are Bicycle manufacturers: Giant Manufacturing Co., Ltd., Currie Technologies, Dorel Industries Inc., Trek Bicycle Corporation, Atlas Cycles (Haryana) Limited, Marin Bikes, Accell Group N.V., Merida Industry Co. Ltd., and Avon Cycles Ltd. Components Suppliers: SRAM LLC, SHIMANO INC., Mavic (Amer Sports), Campagnolo S.r.l., and SR Suntour. Materials Suppliers: BASF SE, Mitsubishi Rayon Co., Ltd., Toho Tenax, Saudi Basic Industries Corporation (SABIC), and Toray Industries, Inc.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up-gradation, market expansion, and marketing tactics
  • The global bicycle and component market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts.
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global Bicycle and Component market.

Detailed Segmentation:

  • Global Bicycle and Component Market, By Application:
    • Mountain Bike
    • Road Bike
    • City Bike
    • Electric Bike
    • Children Bike
    • Others
  • Global Bicycle and Component Market, By Technology:
    • Continuous Fiber Composites
    • Discontinuous Fiber Composites
    • Metals
  • Global Bicycle and Component Market, By Component:
    • Rims
    • Frames
    • Saddles
    • Other Components
  • Company Profiles (Bicycle Manufacturer)
    • Giant Manufacturing Co., Ltd.*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Currie Technologies
    • Dorel Industries Inc
    • Trek Bicycle Corporation
    • OMAX Corporation
    • Atlas Cycles (Haryana) Limited
    • Marin Bikes
    • Accell Group N.V.
    • Merida Industry Co. Ltd
    • Avon Cycles Ltd
  • Company Profiles (Component Suppliers)
    • SRAM LLC*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • SHIMANO INC
    • Mavic (Amer Sports)
    • Campagnolo S.r.l.
    • SR Suntour
  • Company Profiles (Material Suppliers)
    • BASF SE *
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Mitsubishi Rayon Co., Ltd
    • Toho Tenax
    • Saudi Basic Industries Corporation (SABIC)
    • Toray Industries, Inc

*Browse all the market data tables and figures on "Global Bicycle and Component Market - Forecast to 2027”

Table of Contents

  1. Research Objective and Assumption
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Application
      • Market Snippet, By Technology
      • Market Snippet, By Component
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • Merger and Acquisitions
      • New system Launch/Approvals
      • Value Chain Analysis
      • Porter’s Analysis
      • PEST Analysis
  4. Global Bicycle and Components Market, By Application, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Mountain Bike
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Road Bike
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • City Bike
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Electric Bike
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Children Bike
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Others
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
  5. Global Bicycle and Components Market, By Technology, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Continuous Fiber Composites
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Discontinuous Fiber Composites
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Metals
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
  6. Global Bicycle and Components Market, By Component, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Rims
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Frames
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Saddles
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
    • Other Components
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Million)
  7. Global Bicycle and Components Market, By Region, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2027 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Application, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Technology, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Component, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Application, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Technology, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Component, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By Application, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Technology, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Component, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Application, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Technology, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Component, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, By Application, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Technology, 2019–2027 (US$ Million)
      • Market Size and Forecast, By Component, 2019–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Israel
        • GCC Countries
        • South Africa
        • Rest of the Middle East and Africa
  8. Competitive Landscape
    • Company Profiles (Bicycle Manufacturers)
      • Giant Manufacturing Co., Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Currie Technologies
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Dorel Industries Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Trek Bicycle Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Atlas Cycles (Haryana) Limited
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Marin Bikes
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Accell Group N.V.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Merida Industry Co. Ltd
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Avon Cycles Ltd
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
    • Company Profiles (Components Suppliers)
      • SRAM LLC
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • SHIMANO INC
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Mavic (Amer Sports)
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Campagnolo S.r.l
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • SR Suntour
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
    • Company Profiles (Materials Suppliers)
      • BASF SE
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Mitsubishi Rayon Co., Ltd
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Toho Tenax
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Saudi Basic Industries Corporation (SABIC)
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Toray Industries, Inc
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
    • Analyst Views
  9. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse market data tables and figures on "Bicycle and Components Market - Global forecast to 2027”.

Frequently Asked Questions

The global bicycle and components market is estimated to reach US$ 72,571.34 Million by 2027.
Major players operating in the global bicycle and components market include Giant Manufacturing Co., Ltd., Currie Technologies, Dorel Industries Inc., Trek Bicycle Corporation, Atlas Cycles (Haryana) Limited, Marin Bikes, Accell Group N.V., Merida Industry Co. Ltd., Avon Cycles Ltd., SRAM LLC, SHIMANO INC., Mavic (Amer Sports), Campagnolo S.r.l., SR Suntour., BASF SE, Mitsubishi Rayon Co., Ltd., Toho Tenax, Saudi Basic Industries Corporation (SABIC), and Toray Industries, Inc.
Growing preference for motorcycles and cars to commute through longer distances quickly is one of the major factors that is expected to hamper growth of the market over the forecast period.
Increasing use of bicycle as part of fitness activities and fun is one of the major factors that is expected to propel growth of the market over the forecast period.
The global bicycle and components market is estimated to exhibit a CAGR of 3.5% over the forecast period.
Among regions, Europe dominated the global bicycle and components market in 2019, accounting for 29.6% share in terms of value, followed by North America, and Asia Pacific, respectively.
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