Global Bicycle & Components Market Size By Type (Mountain Bike, Touring Bike), By Application (Professional sports, Outdoor activities), By Region, And Segment Forecasts, 2023 to 2031

The Global Bicycle & Components Market was valued at USD 64 billion in 2023 and is projected to surpass USD 102 billion by 2031, growing at a CAGR of 6.0% during the forecast period from 2023 to 2031. The market's growth is primarily driven by increasing awareness about health and fitness, rising environmental concerns, and the adoption of bicycles as an eco-friendly mode of transportation. The proliferation of e-bikes and advancements in bicycle components are further fueling market growth.

Drivers:

Health and Fitness Trends: Growing health consciousness among consumers and a surge in recreational cycling activities are driving the demand for bicycles.

Eco-friendly Transportation: Rising awareness of climate change and the need to reduce carbon footprints have encouraged governments and individuals to opt for bicycles.

Technological Advancements: Innovations in materials (e.g., carbon fiber frames), gears, and e-bike technology are enhancing the performance and appeal of bicycles.

Restraints:

High Costs of Premium Models: Advanced bicycles and components, particularly e-bikes, are often expensive, which could deter some buyers.

Lack of Cycling Infrastructure: In developing regions, inadequate cycling lanes and safety measures pose a challenge to market growth.

Opportunity:

Growing E-bike Adoption: Increasing interest in electric bicycles due to their convenience and efficiency presents significant growth opportunities.

Emerging Markets: Rapid urbanization and increasing disposable incomes in Asia-Pacific and Latin America are creating lucrative opportunities for market players.

Bike-sharing Initiatives: The global proliferation of bike-sharing programs supported by government policies is anticipated to boost market demand.

Market Insights:

Market by System Type:

Mountain Bikes dominated the market in 2023, owing to their popularity for recreational use and adaptability to various terrains.

E-bikes are the fastest-growing segment, driven by advancements in battery technology and increasing urban use.

Market by End-use:

Recreational and Sports bicycles held the largest share in 2023, fueled by rising interest in outdoor activities.

Commuter Bikes are expected to grow significantly, supported by urbanization and sustainability initiatives.

Market by Regional Insights:

Asia-Pacific led the market in 2023, driven by strong demand from populous countries like China and India.

Europe is expected to witness the fastest growth during the forecast period due to its cycling-friendly infrastructure and green initiatives.

Competitive Scenario:

Key players in the market include Giant Manufacturing Co. Ltd., Trek Bicycle Corporation, Accell Group, Specialized Bicycle Components, Inc., and Shimano Inc. Companies are focusing on innovation, strategic partnerships, and expanding production capacities to strengthen their market position. Notable developments include:

2023: Giant Manufacturing launched a new line of lightweight e-bikes with extended battery life.

2024: Shimano introduced an advanced automatic gear-shifting system for bicycles.

Scope of Work – Global Bicycle & Components Market