Bicycle Components Aftermarket Market Insights 2024-2033: Forecast, Growth, Trends, and Analysis

Global bicycle components aftermarket market size is expected to reach $25.53 billion by 2028 at a rate of 9.9%, segmented as by component type, derailleurs, road groupsets, suspensions, wheel sets, brakes, caliper type, gears, other components

Sep 4, 2024 - 13:33

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Bicycle Components Aftermarket Market Insights 2024-2033: Forecast, Growth, Trends, and Analysis

The Bicycle Components Aftermarket Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Bicycle Components Aftermarket Global Market Report 2024, The bicycle components aftermarket market size is expected to see strong growth in the next few years. It will grow to $25.53 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to government policies promoting cycling, the expansion of online retail platforms, the need for maintenance and replacement parts for older bicycles, increased interest in customizing bicycles, and safety regulations and standards requiring regular updates and replacements. Major trends in the forecast period include increased demand for e-bike components, eco-friendly materials, refurbishment and reuse, integration of smart technology, use of advanced materials, performance enhancements, and movement towards standardization.

The increase in the demand for bicycles is expected to propel the bicycle component aftermarket market growth going forward. A bicycle is a manually powered vehicle with two wheels aligned in a row, driven by pedals. The increase in bicycle demand is due to Growing awareness of health benefits, demand for sustainable and eco-friendly modes of transportation, and popularity for recreational purposes. The bicycle component aftermarket supplies replacement parts and accessories, allowing cyclists to maintain and enhance their bikes' performance and lifespan. For instance, in May 2024, according to a report published by the Portland Bureau of Transportation, a Portland-based department of transportation, in 2023, the number of people biking increased by 5% compared to 2022 and a 4.8% rise from 2021. Therefore, an increase in the demand for bicycles is driving the growth of the bicycle component aftermarket market.

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The bicycle components aftermarket market covered in this report is segmented –

1) By Component Type: Derailleurs, Road Groupsets, Suspensions, Wheel Sets, Brakes, Caliper Type, Gears, Other Components

2) By Bicycle Type: Mountain Bike, Hybrid or Cross, Road, Comfort, Youth, Cruiser, Recumbent or Tandem, Electric, Folding

3) By Sales Channel: Specialty Bicycle Retailers, Discount Stores, Department Stores, Full-Line Sporting Goods Stores, Outdoor Specialty Stores, Other Sales Channel

Major companies operating in the bicycle component aftermarket market are focusing on developing innovative products, such as minimalistic color in LED blinkers, to enhance safety, aesthetics, and compliance with regulatory standards for cyclists. Minimalistic color in LED blinkers refers to simple, often monochromatic, color schemes emphasizing clean and uncluttered design. In the context of LED blinkers, this typically involves using single, solid colors such as white, amber, or red. For instance, in November 2023, Uno Minda, an India-based automotive component manufacturer, launched a new range of LED blinkers for two-wheelers in the aftermarket. It offers customization in LED blinkers that can be tailored to individual preferences, whether you prefer a sleek, minimalistic look or a more elaborate design. These blinkers are designed to meet regulatory standards and comply with traffic regulations, ensuring riders can confidently and legally use them.

The bicycle components aftermarket market report table of contents includes: