The bicycle components aftermarketstudy by Future Market Insights (FMI) offers riveting insights into key segments including component and bicycle. It underscores product launches as key strategy adopted by market players as they aim for expanding their footprint globally
DUBAI, UAE, Aug. 17, 2021 /PRNewswire/ -- As per the latest study by Future Market Insights (FMI), the global bicycle components aftermarket is estimated to rise at a CAGR of 7.0% over the forecast period 2021-2031, surpassing a valuation of US$ 26.5 Bn by the end of 2031. Despite logistical challenges amid restrictions imposed to contain the pandemic in 2020, the market is forecast to register 6% year-on-year growth between 2020 and 2021.
Consumer preference towards green transportation along with escalating oil prices have encouraged use of bicycles across the globe, which is further boosting sales of bicycles components aftermarket.
In response to the COVID-19 outbreak, the bicycle sales witnessed a phenomenal surge, as a large percentage of population started felt wary about travelling in public transports and switched to private and eco-friendlier modes of transport such as bicycles.
Among various components, road groupsets are highly sought-after as they come in compatible sets. FMI has also estimated that road groupsets will continue dominating the market, accounting for over 53% of the market share in 2021.
The market also will gain on account of growing demand for electric bicycles from Europe and Asia. Meanwhile, initiatives undertaken and campaigns organized by governments to promote pollution-free commute are likely to bolster future growth prospects.
As per FMI, electric bicycles will account for 15.9% of the market share in 2021. The category also is to account for over 24% of the overall sales in 2031.
According to the study, North America will remain a highly lucrative market, registering 5% CAGR through 2031. Growth prospects in the U.S. are likely to remain optimistic driven by rising imports of bicycles. As per FMI, the U.S. will account for over 86% of the bicycle components aftermarket in 2021.
"Increasing emphasis on electric mobility coupled with rising government subsidies will command the market growth. On the other hand, increasing focus of manufacturers towards strategic collaborations and acquisitions will create opportunities for expansion in the coming years," said a FMI analyst.
Bicycle components manufacturers are focusing on new product launches to enhance their product portfolio.
For instance, in 2020, Giant Manufacturing announced the launch of its new Trance X E + Pro 29. Giant has used its maestro suspension layout with 135mm of rear travel, mated to 150mm fork.
In 2021, Shimano launched its new Linkglide technology to provide increased drivetrain durability. The new Linkglide components include, rear derailleurs, chains and cassettes, Deore XT 1x 11 and Deore 1x10-speed shifters.
Some of the leading players operating in the bicycle components aftermarket profiled by Future Market Insights are:
FMI, in its new report, offers an unbiased analysis of the global bicycle components aftermarket, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in bicycle components aftermarket with detailed segmentation:
Key Questions Covered in the Bicycle Components AftermarketReport
The market survey also highlights projected sales growth for bicycle components aftermarket between 2021 and 2031
The report offers insight into bicycle components aftermarket demand outlook for forecast period 2021-2031.
bicycle components aftermarket share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
bicycle components aftermarket analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.