In order to lower the pollution levels, government in various countries are increasingly encouraging adoption of bicycles as a short mode of transportation. As the need for eco-friendly mode of commutation remains high, demand for bicycles will continue to increase significantly. The ruling authorities in various countries are encouraging adoption of bicycles as a public transport in metro stations and bus stands. In addition, growing need for riding bicycles to maintain health and fitness will continue to fuel growth of the global bicycle components market.
According to Future Market Insights, the global bicycle components market is expected to represent a value of over US$ 6,700 Mn by the end of 2026.
Health Benefits to Impact Global Market Growth
Prevalence of obesity and diabetes is further expected to impact growth of the global bicycle components market positively. According to CDC, more than 36.5%, which is one-third of the adult population in the U.S is obese. Growing need to reduce weight has led to surge in demand for bicycles. Riding cycles also releases endorphins and adrenaline, which helps in overcoming depression. In addition, growing need to manage the blood sugar level has led to an increase in demand for bicycles among the diabetic patients. Surge in adoption of bicycles is expected to contribute towards growth of the global bicycle components market significantly.
Replacement of Components to Rev Up Demand
Demand for bicycle components are also expected to remain high attributed to growing need for replacing damaged or old bicycle parts. Growing need to replace a broken spoke, rim, and bicycle frames will continue to rev up sales of the bicycle components. Riding bicycles on an uneven road can lead to deflated tire and damaged inner tubes. As the need to repair the inner tube of the bicycle tire arises, sales of the bicycle components in the automotive industry continues to remain high. Surge in demand to replace the damaged components of the bicycle is expected to impact growth of the global bicycle components market positively.
Technological Advancements to Underscore Lucrative Growth Opportunities
In order to improve the cycling experience, manufacturers are increasingly focusing on developing innovative component technology. Integration of innovative component technology such as GPS, which allows the end users to track the route through navigation is expected to rev up sales of the bicycles. In addition, the manufacturers are also incorporating advanced features such as built-in micro USB port, safety features and other onboard sensors that allows the end users to connect their devices with the bicycle. Other features that enable the diabetic patients to monitors the blood sugar level will continue to impact growth of the global bicycle components market significantly. However, growing preference for car and bikes to commute through longer distances quickly will continue to inhibit growth of the global market during the forecast period.
Discount Stores to Represent a Leading Segment
Growing need for changing gears has led to surge in demand for derailleurs in the automotive industry. On the basis of component type, the derailleurs segment is expected to represent the highest revenue growth, accounting for a value of nearly US$ 980 Mn by the end of 2026. In contrary, the others component type segment is expected to register a robust CAGR throughout the forecast period.
Based on sales channel, the discount stores segment is expected to generate significant revenues, recording for a value of over US$ 800 Mn by the end of 2017. However, the other sales channel segment is expected to register the highest CAGR through 2026.
By bicycle type, the hybrid/cross segment is expected to witness a significant revenue growth, accounting for a value of over US$ 800 Mn by the end of 2026. On the other hand, the electric bicycle type segment is expected to register a healthy CAGR during the forecast period.
Leading market players operating in the global bicycle components market include Giant Bicycles Inc., Atlas Cycles Inc., Avon Cycles Ltd., Cannondale Bicycle Corporation, Cycleurope AB, Accell Group N.V., Currie Technologies Inc., Dorel Industries Inc., Shimano, Inc and Sr. Suntour, Inc.
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