Increasing adoption of bicycles to maintain fitness and health has led to surge in demand for bicycle components significantly. In addition, government in various countries are increasingly encouraging adoption as a public transport in the metro stations. These factors are projected to impact the global market growth of bicycle components positively. Future Market Insights states that the global market of bicycle components is projected to reflect a CAGR of 4.3% over the forecast period, 2017-2026.
Factors Fuelling Global Market Growth
Growth of the global bicycle components market is mainly bound by various macro-economic and micro-economic factors. Surge in the level of pollution has led the manufacturers in the automotive industry to offer environment-friendly mode of transportation. In addition, ruling authorities in various countries are increasingly encouraging adoption of bicycle components as a public transportation. Surge in adoption of bicycle as a public transport on the bus stands and metro stations is projected to boost demand for bicycle components.
Increasing adoption of bicycles among the diabetic and obese population is further projected to impact the global market growth of bicycle components. Growing need to reduce weight and manage the blood sugar level has led to surge in adoption of bicycles globally. In a recent report, CDC states that more than one-third of the adult population in the U.S., which is over 36.5% is obese. Riding bicycles helps in releasing adrenaline and endorphins, which also helps in treatment of depression. Surge in adoption of the bicycles due to various health benefits has revved up demand for bicycles. Increasing demand for bicycles is projected to contribute towards the global market growth of bicycle components during the forecast period.
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The manufacturing companies in the automotive industry are mainly concentrating on developing innovative solutions in order to enhance the cycling experience of the customers. Manufacturers are increasingly integrating leading technology for bicycle components such as onboard sensors, GPS, intelligent safety features and built-in micro USB port. With the help of GPS integrated in the bicycle, the customers can conveniently track the routes. Intelligent safety features such as intelligent lights are integrated that flash brighter as the rider approaches near a roundabout to avoid possibilities of collision. Incorporation of onboard sensors in the bicycle enables the customers to conveniently connect various devices with the bicycles. Sensors allow the end users to share data regarding the updates on blood and sugar, along with tracking the calories burned. Incorporation of leading technological advancements will continue to boost demand for bicycles in the automotive industry. Such factors are further projected to contribute towards the global market growth of bicycle components during the forecast period.
Electric Bicycles to Witness the Fastest Growth
As the need to control the speed of bicycles through gear arises, demand for derailleurs is projected to remain high in the automotive industry. In terms of revenue, the derailleurs component type segment is projected to witness the highest growth, recording around US$ 980 Mn by 2026-end. On the other hand, the others component type segment is projected to reflect a healthy CAGR during the forecast period.
By 2017-end, the discount stores sales channel segment is projected to witness a robust revenue growth, accounting for more than US$ 800 Mn. On the other hand, the other sales channel segment is projected to reflect the fastest growth in the global market of bicycle components by 2026-end. During the forecast period, the electric bicycle type segment is projected to reflect a significant CAGR throughout the forecast period. However, the hybrid/cross segment bicycle type segment is projected to represent a significant growth in terms of revenue, representing more than US$ 800 Mn by 2026-end.
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Market Player
Major players in the global market of bicycle components are Atlas Cycles Inc., Giant Bicycles Inc., Cannondale Bicycle Corporation, Avon Cycles Ltd., Accell Group N.V., Cycleurope AB, Dorel Industries Inc., Currie Technologies Inc., Sr. Suntour, Inc. and Shimano, Inc.