Bike and Components Market to Cross $90 Billion in Revenue Between

Bicycle and Components Market 2022

Bicycle and Components Market 2022

The market for bicycles and components is expected to touch a value of nearly US$90 billion between 2019 and 2029.

The global bicycles and components market is expected to witness a strong CAGR of 18% during the forecast period, 2019-2029. The demand for bicycles and components is mainly driven by rising crude oil prices and growing consumer awareness of health issues due to air pollution.

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Depletion of oil reserves across the globe will remain among the key factors necessitating the adoption of sustainable means of transportation, thus fueling the growth of the bicycles and components market. As a viable transportation alternative, bicycles are gaining traction across all age groups, which would shape the long-term growth of the bicycle and component market.

Key Companies-

• Shimano, Inc.
• Brooks England SRL
• Specialty Bike Components, Inc.
• Speedplay Inc.
• Accell Group SA
• Samchuly Bicycle Co., Ltd.
• Strider Sports International, Inc.
• Neco Technology Industry Co. Ltd.
• Crankbrothers
• Endura Ltd.
• Raj Cycles India Private Limited
• Eastman Industries Limited
• DT Swiss AG

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Environmentally friendly transportation Gain acceptance through promotional activities

In regions such as Europe and North America, head offices use electric vehicles and bicycles as a means of use in all transportation within their campuses. It has become mandatory for each employee to comply with them in order to improve air quality and reduce the pollution index inside company premises.

For example, the US Green Building Council (UGBC) has encouraged all multinational companies to be LEED (Leader in Energy and Environment Design) certified. The main intention behind this is to promote cycling, transport efficiency, and also to improve public health by inspiring practical and recreational physical activities. This should positively increase the demand for bikes and components in the forecast year.

According to the PMR study, leading players in the bicycle and component market are focusing on the introduction of lightweight bicycles and components, associated with better performance characteristics on all terrains. In addition, due to the growing consumer focus on e-mobility, e-bikes are gaining popularity. Major manufacturers are focusing on introducing such models in order to attract new customers and give a much-needed boost to their revenue stream.

Increase public bicycle rental programs and government initiatives

Bike-sharing programs provide an active mobility option to people with the aim of increasing the number of bikes, reducing traffic congestion and minimizing environmental pollution. In addition, the bikes available for rent allow users to save the investment needed to buy their own bikes. In addition, users who are used to using rental bikes may be potential buyers in the future to travel shorter distances.

For example, the Indian government plans to implement various policies such as “Startup India” and “Make in India”, with the aim of strengthening the manufacturing sector and also improving the per capita income of average Indian consumers. Such a policy would further stimulate the development of the bicycle and component market, in addition to benefiting the stakeholders. All these factors are expected to drive the growth of the bicycles and components market in the Asia-Pacific region such as India.

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Key Questions Answered in the Global PMR Bicycles and Components Market Report

• Which regions are expected to prevail as leading markets in the projected years?
• What factors will be instrumental in driving the global demand for bicycles and components during the forecast period?
• What impact will current developments have on the global bicycle and component market?
• How can the market players seize the opportunities at hand in the global bicycle and components market in the developed regions?
• Who are the prominent players in the global bicycle and components market?
• What are the crucial strategies of the major players in the global bicycle and components market to improve their position in this landscape?

Related reports:

Auto Parts Aftermarket –

The global automotive aftermarket market size had reached US$270 billion in 2020 and is expected to reach US$390 billion by 2026 at a decent CAGR of 4% during the forecast period 2021-26.

Bicycle Bearing Market –

Bicycle bearings will take a prominent place via the secondary market and would reach a value of over US$8 billion in 2027, expanding at a robust CAGR during the forecast period 2017-2027.

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This press release was published on openPR.

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