The global bicycle and components market is largely consolidated yet competitive due to the prominence of several top companies. Product innovation and technological advances to develop light weighted bicycles and to serve consumer demand of green vehicle are the focus of companies involved in the manufacture of bicycle. Key companies in the bicycle market include Giant Bicycles Inc., Avon Cycles Ltd., Cannondale Bicycle Corporation, Atlas Cycles Inc., , Cycleurope AB, Accell Group N.V., Caloi Inc., Currie Technologies Inc., Merida Industry Co. Ltd., Dorel Industries Inc.
Meanwhile, component manufacturers are vying to enter into business contracts with original equipment manufacturers (OEMs) and composite material manufacturers for uninterrupted demand-supply value chain. Some key components manufacture are Shimano, Mavic, Campagnolo S.r.l, and Sachs-Huret among others.
The bicycle and components market, according to a market intelligence study, is predicted to rise at a CAGR of 3.51% for the 2017-2026 forecast period. At this rate, the opportunities in the market is likely to translate into a revenue of US$70,144.2 mn by the end of 2026.
Adoption of Natural Fiber Gains Prominence to Enhance Tensile Strength of Composites
The global bicycle and components market is segregated on the basis of application, technology, component, and region. In terms of application, mountain bikes, road bikes, city bikes, electric bikes, children bikes, and other bikes are the segments into which the bicycle and components market is divided. Among them, city bikes hold prominence due to their widespread demand for environmental and health reasons. Individuals are increasingly opting cycling for short distance travel for both work and non-work needs. On the other hand, electric bikes are gaining traction due to the rising demand for light weight vehicles; advances in lithium ion battery technology has aided the manufacture of light weight bikes.
Depending upon technology, continuous fiber composites, discontinuous fiber composites, and metals are the segments into which the bicycle and components market is divided. Fiber composites both continuous and discontinuous hold prominence due to the emerging trend of using renewable natural fibers to strengthen tensile strength of plastic parts. Vegetable-based fibers such as flax, jute, hemp, or kenaf are some commonly used natural fibers. In addition, rising demand for light weighted vehicles is likely to boost the demand for fiber composite technology.
On the other hand, metals segment is likely to display decelerated growth due to the rising demand for light weight vehicles. However, OEMs are vying to manufacture lightweight aluminum frames by adding carbon fibers.
By component, rims, saddles, frames, and others are the segments into which the global bicycle and components market is divided. Vis-à-vis growth rate, frames is likely to surpass other component segments over the forecast period.
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Governmental Mandates to Curb Vehicular Pollution Promotes Cycling in Emerging Economies of Asia Pacific
Geography wise, the report takes stock of the potential of demand in North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Of them Europe is anticipated to lead in terms of revenue contribution to the overall market over the 2017-2026 forecast timeframe. However, Asia Pacific is anticipated to emerge as a significant market for bicycle due to increasing adoption of fitness activities with rising education level and rising disposable income in emerging economies of the region.
In a nutshell, rising adoption of cycling especially for short distances for environmental considerations and for health reasons is favoring the bicycle and components market.