The aftermarket for bicycle components is expected to grow at a CAGR of 7.0% from 2021 to 2031
DUBAI, DUBAI, UNITED ARAB EMIRATES, December 15, 2021 /EINPresswire.com/ – According to a recent report from Future Market Insights (IMF), the aftermarket for bicycle components is expected to grow at a CAGR of 7.0% from 2021 to 2031, exceeding US $ 26.5 billion. The demand for bicycle components is associated with the increasing demand for bicycles.
The increase in the number of people choosing cycling as a leisure activity is expected to boost sales and income. Bicycles should become a convenient method of exercise and transportation. Dockless bike sharing systems have also supported market developments.
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People are more and more aware of the importance of a healthy lifestyle and exercise. As more and more people turn to cycling as a regular fitness method, the demand for components is expected to increase.
The growing importance of sports activities, celebrity support and international or national sporting events are increasing the use of the bicycle. In addition, an increase in government programs in several countries aimed at increasing participation rates has contributed to growth in recent years.
Bicycle components will see a huge increase in demand due to the increase in bicycle sales and the growing popularity of environmentally friendly electric bicycles. Manufacturers are also forced by environmental regulations to develop associated technological improvements. The production of low-cost parts in Southeast Asia and the development of new transit corridors will create an environment conducive to growth.
Key points of the market research
• Electric bikes will account for over 24.2% by 2031 due to demand for emission-free, energy-efficient and low-cost transportation options.
• Road bikes will account for over 55% of sales by 2031 thanks to their lightweight characteristics, smoother shifting and better braking performance.
• India is a major market in South Asia and the Pacific with over 30% value share, supported by a large consumer base for low cost transportation.
• China will hold more than 70% of the East Asian market by 2031, driven by demand in the leisure and transportation sectors, and the growing popularity of bike sharing programs.
• The United States dominates North America with an 86.7% share in 2021, with growing health awareness among buyers driving sales.
“Low-cost manufacturing in Southeast Asia and Africa, in addition to new transit routes, is likely to boost demand for bicycle components by improving logistics. Distributors in Southeast Asia, the Pacific and the MEA should adopt aggressive marketing strategies to gain a competitive advantage, ”said an IMF analyst.
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Key market segments covered
• Road groups
• Wheel sets
• Caliper type
• Others (boxes, etc.)
Sales channel :
• Specialized bicycle retailers
• discount stores
• Department stores
• Complete sporting goods stores
• specialized outdoor stores
• Other sales channel
Type of bike:
• Mountain bike
• Hybrid / Cross
• Recumbent / Tandem
• North America
• Latin America
• East Asia
• South Asia and the Pacific
• Middle East and Africa
Competitive Landscape of the Bicycle Components Market
The major players in the bicycle components aftermarket are focusing on design improvements made by OEMs. Strategies to increase production capacity, while keeping production costs low, remain important to industry participants.
Some of the major players in the bicycle components market are Dorel Industries Inc., Accell Group NV, Shimano Inc., SRAM LLC, Hero Cycles Limited, Campagnolo SRL, Merida Industry Co., Ltd., Specialized Bicycle Components, Rohloff AG, Giant Manufacturing Inc., and Avon Cycles Ltd.
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Key Points Covered In The Bicycle Components Aftermarket Study
• Market estimates and forecasts 2021-2031
• Main drivers and constraints having an impact on market growth
• Analysis by segment, country and region
• Mapping and comparative analysis of the competition
• Brand share and market share analysis
• Key product innovations and regulatory climate
• Impact of COVID-19 on the aftermarket for bicycle components and how to navigate
• Recommendation on key winning strategies
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About the IMF
Future Market Insights (FMI) is a leading provider of business information and advisory services, serving clients in more than 150 countries. IMF is headquartered in Dubai, the world’s financial capital, and has delivery centers in the United States and India. IMF’s latest market research and sector analysis reports help companies meet challenges and make critical decisions with confidence and clarity amid fierce competition. Our personalized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of analysts led by FMI experts continually monitors emerging trends and events across a wide range of industries to ensure that our clients are preparing for the changing needs of their consumers.
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