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Bicycle Components Market Drivers Increasing Use of Bicycle as Part of Fitness Activities and Fun

HYDERABAD, TELANGANA, INDIA, January 12, 2023 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that Bicycle Components Market is forecast to reach $9.4 billion by 2025, growing at a CAGR 6.1% from 2020 to 2025. The global demand for bicycle components is directly correlated with the rapid industrialization and introduction of new, extremely light but very strong materials. That has transformed the bicycle component manufacturing industry. New technology and advanced methodology used to manufacture such bicycle components have been increasingly applied in the manufacturing sector of sports and mountain bicycles. In addition, there has been an increase in the number of participants involved in cycle sports, and their participation is expected to continue in the coming years. Increasing the number of international cycle racing events in emerging countries such as China, India, etc. is expected to drive growth over the forecast period in the global bicycle component market. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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https://www.industryarc.com/Research/Bicycle-Components-Market-Research-504366

Key takeaways:

1. The global demand for bicycle components is directly correlated with rapid industrialization and new, extremely light but very strong materials being introduced. That transformed the manufacturing of bicycle components.

2. The growing need to change gears in the automotive industry has led to a surge in demand for derailleurs.

3. Strong development in emerging-country economies, including rising employment rates, is also driving consumer spending capacity, which in turn acts as another factor driving growth in the bicycle components market.

4. Asia-Pacific is the fastest growing market region for bicycles on the planet. China, Japan, Australia, India and South Korea are the major contributing countries in the region. Furthermore, these countries have started to host numerous cycling tournaments, which in turn will increase the popularity and demand for sport bikes.

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Segmental Analysis:

1. During the forecast period Derailleurs segment is expected to grow at a CAGR of 7.9%. Derailleur gears are a variable-ratio transmission system that is commonly used on bicycles, consisting of a chain, multiple sprockets of various sizes and a mechanism for moving the chain from one sprocket to another.

2. The Hybrid Bike Segment is projected to grow during the forecast period at the highest CAGR. Bicycling offers a variety of physical and mental benefits and with increasing consumer acceptance of bicycles to enhance health activities, demand has increased significantly in the recent past.

3. APAC is expected to dominate the global Bicycle Component market with a share of more than 35.5%. Asia-Pacific is the fastest growing bicycle market region on the planet. The region's top contributing countries are China, Japan, Australia, India and South Korea.

Competitive Landscape:

The top 5 players in the Bicycle Components industry are -

1. Giant Manufacturing Co., Ltd.

2. Currie Technologies

3. Dorel Industries Inc.

4. Trek Bicycle Corporation

5. Atlas Cycles Limited

Click on the following link to buy the Bicycle Components Market Report:
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IndustryARC is one of the leading market research and consulting firms in the world. It produces over 500 unique market reports annually. If you are looking for a detailed overview of a particular market, you can simply connect with the team at IndustryARC. You can not only buy your preferred market report from the website, but also get personalized assistance on specific reports.

Related Reports:

A. Folding Bikes Market
https://www.industryarc.com/Research/Folding-Bikes-Market-Research-510765

B. Micromobility Market
https://www.industryarc.com/Report/19315/micromobility-market.html

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