Bicycle Components Aftermarket: Snapshot
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.
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Bicycle Components Aftermarket: Competitive Landscape
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.
Bicycle Components Aftermarket: Green Transportation Harnessing Extensive Growth
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.
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Bicycle Components Aftermarket: COVID-19 Impact
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.
Bicycle Components Aftermarket: Regional Dimensions
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.