Bicycle Components Aftermarket to Reach at a CAGR of 7.0% through 2028
Posted: Jul 14, 2019
The global bicycle components aftermarket, experiencing strong revenue growth, exceeded US$ 11 billion in 2018. At an estimated 6% Y-o-Y growth in the revenue, global bicycle components aftermarket is slated for healthy growth outlook in 2019 and ahead. A new research report of Future Market Insights (FMI) projects strong growth in the market revenue through bicycle components aftermarket sales over the course of coming years.
Mid-sized & Metro Cities Develop Attractive Avenues for Bicycle Components Aftermarket Sales
The global bicycle components aftermarket is characterized by relative concentration of production in a few countries and relative dispersion of global demand. However, in recent years, the demand for bicycle components aftermarket has been seeing an upsurge amid worsening automobile traffic, high gasoline prices, and aggravating pollution concerns. Growing fitness consciousness among people, rising energy & oil prices, and increasing vehicle parc are cited as key factors favoring the growth of bicycle components aftermarket.
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Rapidly developing cycling/e-bike infrastructure and implementation of bike sharing programs in metropolitan and mid-sized cities will create a favourable environment for the development of the bicycle components aftermarket, as per FMI’s analysis. In the next five years, the global revenue of bicycle components aftermarket will register more than 38% growth, says the report.
Sporting Goods Stores & Specialty Retailers Emerging Profitable Channels for Bicycle Components Aftermarket Sales
Road groupsets will remain the most sought after bicycle components in the aftermarket, holding a prominent revenue share in the global bicycle components aftermarket throughout the next few years. FMI has attributed primacy of road groupsets to their consistently growing demand coupled with a relatively higher price point. Among the preferred sales channels within bicycle components aftermarket, full-time sporting goods stores and specialty bicycle retailers will remain popular among consumers, according to the report.
China, accounting for nearly 18% of the global bicycle components aftermarket, is likely to be driven by the increasing product sophistication within a competitive cost range. Several bicycle components manufacturers are seeking both, lower price point and higher margin. Development of lightweight bicycle components has been cited as an influential trend in the bicycle components aftermarket, as indicated by the report. The US will continue to represent the next key region for bicycle components aftermarket growth.
During the last few years, European countries have encouraged Chinese and Taiwanese vendors of bicycle components to establish their manufacturing bases in Europe. According to FMI’s analysis, this would increase local employment opportunities and allow firms to cater better to the local customers – reducing the overall import costs and exchange loss.
Bicycle Components Manufacturers to Focus on Material Sophistication at Lower Price Points to Sell Better in Aftermarket
Shimano, Inc., SRAM Corporation, Dorel Industries Inc., Giant Bicycles Inc., Avon Cycles Ltd., Cannondale Bicycle Corporation, Cycleurope AB, Accell Group N.V., Merida, Atlas Cycles Inc., Campagnolo, Hero cycles, and Specialized Bicycle Components among others, are some of the key players in the global bicycle components aftermarket.
Manufacturers are focusing on enhancing their geographic reach, product offerings and manufacturing capabilities. Importantly, manufacturers are keen on adopting different strategies, such as the multi-brand promotional strategy, to promote the sales of bicycle components.
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Furthermore, price reduction, cost-competitiveness, and material advancements in bicycle components will remain other important factors pushing the growth of the bicycle components aftermarket. The global demand for bicycle components is also expected to be influenced by federal policies, industrial developments, government policies, and sprawling urbanization in various regions.
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