The bicycle components aftermarket was valued at USD 14 billion in 2022 and is estimated to reach USD 14.62 billion in 2023. The growing popularity of cycling, driven by high traffic congestion and safety concerns for riders, has led to an increased demand for bicycle accessories. According to FMI analysis, the market is expected to grow at a CAGR of 6.9% from 2023 to 2033, reaching approximately USD 28.3 billion by 2033.
The bicycle components aftermarket industry is a dynamic and essential segment within the cycling market, offering cyclists a wide range of options to enhance the performance, comfort, and customization of their bikes. With growing interest in cycling for fitness, leisure, and commuting, the demand for high-quality, specialized bicycle components has surged. The aftermarket sector plays a pivotal role in supporting cyclists’ needs by providing upgrade options, replacement parts, and custom solutions that cater to diverse riding styles and preferences.
This industry encompasses a variety of components, including wheels, pedals, handlebars, gear sets, brakes, frames, and other parts designed to improve the functionality and aesthetics of bicycles. The rise in cycling’s popularity, driven by health and eco-conscious trends, urban mobility solutions, and competitive sports, has fueled the growth of the bicycle components aftermarket. Additionally, the growth of e-bikes has introduced new opportunities, as specialized parts for electric-assisted bicycles require tailored solutions that support enhanced power systems and performance.
The aftermarket is characterized by a mix of premium and budget-friendly options, catering to professional cyclists, casual riders, and commuting enthusiasts. Online retail platforms, specialized bike shops, and direct-to-consumer sales have further facilitated access to bicycle components, expanding market reach and customer base. As innovation in cycling technology continues, the aftermarket is expected to grow, supported by trends such as 3D printing, lightweight materials, and improved ergonomic designs.
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Key Drivers:
- Growing Popularity of Cycling: An increase in cycling for fitness, recreation, and transportation has fueled the demand for bicycle components that enhance performance and comfort.
- Rising Interest in E-bikes: The growing market for e-bikes has created a demand for specialized aftermarket components that accommodate electric power systems and related technologies.
- Customization and Personalization Trends: Cyclists’ desire to customize and personalize their bikes has led to increased demand for diverse and high-quality aftermarket components.
- Advancements in Cycling Technology: Innovations in materials, design, and manufacturing, such as 3D printing and carbon fiber, have improved the functionality and performance of bicycle components.
- Urban Mobility Solutions: The shift toward sustainable transportation has led to more people incorporating bicycles into their daily commute, boosting the need for durable and reliable components.
- Online Retail and E-commerce Growth: The expansion of online platforms and direct-to-consumer sales channels has made it easier for cyclists to access a wide variety of bicycle parts, enhancing market growth.
- Competitive Cycling and Sports: The increasing popularity of competitive cycling and sports has driven demand for high-performance components designed for professional and semi-professional athletes.
Key Takeaways:
- The bicycle components aftermarket industry is expanding as more consumers take up cycling for fitness, commuting, and recreation, creating demand for quality and customizable parts.
- E-bikes represent a significant and growing market, necessitating specialized parts that support the unique demands of electric-assisted cycling.
- Advances in technology and materials, including lightweight alloys, carbon fiber, and 3D-printed components, are driving product innovation and performance improvements.
- Cyclists’ preference for personalization and upgrades has increased the importance of aftermarket solutions, from entry-level parts to high-end, performance-focused components.
- The rise of urban cycling and environmentally conscious transportation has contributed to higher demand for durable and efficient bicycle parts.
- Online and e-commerce channels have democratized access to bicycle components, making it easier for consumers to find and purchase parts tailored to their needs.
- Competitive sports, from amateur races to professional events, continue to push the boundaries of performance and precision, driving demand for premium bicycle components.
Competitive Landscape
Some of the prominent players profiled in the global market are:
- Dorel Industries Inc
- Accell Group N.V.
- Shimano Inc.
- SRAM LLC
- Hero Cycles Limited
- Campagnolo S.R.L.
- Merida Industry Co. Ltd.
- Specialized Bicycle Components
- Rohloff AG
- Giant Manufacturing Co. Ltd.
- Avon Cycles Ltd.
Some of the important developments of the key players in the market are:
- In January 2023, Hero Cycles, a leading cycle manufacturer in India, announced it might enter the electric vehicle (EV) market with a significant investment of 1,500 crore rupees ( USD 206 million).
- In November 2022, Shimano lifted the veil on a host of new e-bike products and technologies, from an entirely new drive unit to e-specific drivetrains and-in collaboration with Blubrake-antilock braking.
Key Segments Covered in the Bicycle Components Aftermarket Industry Analysis
By Component Type:
- Derailleurs
- Road Groupsets
- Suspensions
- Wheel Sets
- Brakes
- Hydraulic
- Mechanical
- Caliper Type
- Gears
- Others (Bottom Brackets etc.)
By Sales Channel:
- Specialty Bicycle Retailers
- Discount Stores
- Department Stores
- Full-line Sporting Goods Stores
- Outdoor Specialty Stores
- Other Sales Channel
By Bicycle Type:
- Mountain Bike
- Hybrid/Cross
- Road
- Comfort
- Youth
- Cruiser
- Recumbent/Tandem
- Electric
- Folding
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- The Middle East & Africa
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