Environmental concerns are tightening their grip around the world with high levels of pollution emanated from vehicles being the prominent reason. As a large chunk of populace becomes aware of the hazardous effects of pollution, bicycles are observing high sales. Hence, based on these factors, the global bicycle components aftermarket may witness tremendous growth across the forecast period of 2020-2030. A diverse range of components such as suspensions, wheelsets, brakes, gears, derailleurs, and road groupsets help in enhancing the riding experience.
The availability of a variety of bicycles catering to different types of terrains is garnering considerable growth for the bicycle components aftermarket. Mountain bikes, hybrid bikes, comfort, road, cruiser, electric, youth, and folding are some of the prominent bicycle types available in the market. Superior quality components are essential for a smooth bicycle riding experience. Hence, this aspect may influence the growth of the bicycle components aftermarket greatly.
This report will offer ideal information on the global bicycle components aftermarket. The report covers extensive parameters of growth such as the geographical dimensions, competitive landscape, and the existing trends across the bicycle components aftermarket. The report also provides scrutinized information on the COVID-19 impact and its effect on the bicycle components aftermarket.
The players in the bicycle components aftermarket strive to stand out from other competitors by launching novel components that assist in improving the durability and comfort level of the bicycles. Well-established players bring a substantial growth share for the bicycle components aftermarket. The bicycle components aftermarket can be categorized as fairly consolidated. Numerous small players are also present in the bicycle components aftermarket but most of them are either merged or acquired by the renowned manufacturers in the bicycle components aftermarket.
Research and development activities also form an essential part of the bicycle components aftermarket. These activities aid the players in the bicycle components aftermarket to gain insights that can be useful for improving the quality of the components. Manufacturers are also trying to develop materials that are corrosion-free, lightweight, and strong. Materials like aluminum and super alloys have properties like high strength and load capacity. Inculcation of such materials in the production of bicycle components may further boost the growth prospects.
The soaring pollution levels have prompted many individuals to opt for green transport, that is, pollution-free transport. Many initiatives and campaigns are being organized by government and non-government organizations to encourage pollution-free transport. As bicycles come under the umbrella of pollution-free means of transport, the demand is eventually increasing, thus bringing immense growth prospects for the bicycle components aftermarket.
The bicycle components aftermarket is no stranger to the loss incurred due to the COVID-19 outbreak. Even though the demand for bicycles increased as compared to the pre-COVID era across the globe, the shortage of raw materials due to the supply chain disruptions caused by lockdown implementations have had a negative effect on the growth of the bicycle components aftermarket.
Manufacturing units and production facilities were also closed due to the lockdown restrictions, thus incurring immense loss. Nevertheless, relaxations are being introduced to bring the economy on track. Therefore, the post-lockdown era may provide a good opportunity for the bicycle components aftermarket to revive the growth rate.
Asia Pacific may witness expansive growth among all regions across the forecast period of 2020-2030. India and China may garner good growth for the bicycle components aftermarket in Asia Pacific due to the growing popularity of bicycles. The presence of a large number of bicycle component production facilities in China may also help in increasing the growth rate.
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