Bicycle Components Market Report 2024 (Global Edition)

Global Bicycle Components Market Report 2024 Market Size Split by Component Type (Derailleurs, Road Group Sets, Suspensions, Wheel Sets, Brakes, Caliper Type, Gears, Others), by Bicycle Type (Mountain...

Bicycle Components Market Report Description

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Bicycle Components Market Insights Video

Competitive Landscape of the Bicycle Components Market

The bicycle components market is highly competitive with key players like Shimano, SRAM, and Campagnolo dominating due to their extensive product portfolios and strong global presence. These companies innovate continuously to offer lightweight, durable, and high-performance components. Competitive strategies include technological advancements, partnerships with bicycle manufacturers, and expanding distribution networks. Market dynamics are shaped by consumer demand for customization, sustainability initiatives, and regulatory standards promoting cycling safety and efficiency. Overall, competition fosters innovation and drives the evolution of bicycle components globally.

February 2023: Trek Bicycle Corporation introduced two new electric bikes aimed at transporting kids and cargo. The Trek Fetch Plus 2 and Trek Fetch Plus 4 represent Trek's significant entry into the cargo e-bike market. These models include a longtail cargo bike (Trek Fetch Plus 2) and a front-loader cargo bike (Trek Fetch Plus 4), designed with family-friendly features and distinct layouts. (Source: https://www.theverge.com/2023/2/16/23601506/trek-fetch-ebike-cargo-families-photos-price-specs)

Top Companies Market Share in Bicycle Components Industry: (In no particular order of Rank)

• Shimano Inc. (Japan)
• SRAM LLC (USA)
• Campagnolo S.r.l. (Italy)
• Trek Bicycle Corporation (USA)
• Giant Manufacturing Co.
• Ltd. (Taiwan)
• Specialized Bicycle Components
• Inc. (USA)
• Cannondale Bicycle Corporation (USA)
• Fox Factory Holding Corp. (USA)
• FSA (Full Speed Ahead) (Italy)
• RockShox
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Bicycle Components Market

Which Region Dominates the Bicycle Components Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024. It accounted for around 40% of the global revenue because of the area's robust cycling culture, high disposable incomes allowing for premium component purchases, and a strong presence of leading manufacturers and brands. Moreover, extensive investments in cycling infrastructure, supportive government policies, and a growing trend towards recreational and fitness cycling contribute to the region's dominance. These factors collectively bolster demand for bicycle components and sustain North America's leading position in the market.

Which Region is Expanding at the Fastest CAGR?

The Asia Pacific region is experiencing the fastest growth in the bicycle components market due to several key factors. These include increasing urbanization, rising disposable incomes, and a growing awareness of health and environmental benefits associated with cycling. Government initiatives supporting cycling infrastructure development further propel market growth. Additionally, the region's strong manufacturing base and presence of leading bicycle component manufacturers contribute to its rapid CAGR, making Asia Pacific a dynamic and expanding market for bicycle components.

 

The current report Scope analyzes Bicycle Components Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Bicycle Components

According to Cognitive Market Research, the global Bicycle Components market size was estimated at USD 15245.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 6098.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031

• According to Cognitive Market Research, the US had a major share in the Bicycle Components market with a market size of USD 4811.39 million in 2024 and is projected to grow at a CAGR of 5.0% during the forecast period. The demand is amplified by the nation's rising awareness of health benefits associated with cycling and initiatives promoting eco-friendly transportation drive demand for high-quality bicycle components.
• The Canada Bicycle Components market had a market share of USD 731.77 million in 2024 and is projected to grow at a CAGR of 6.0% during the forecast period. Canada's robust consumer demand and a diverse range of applications to increased usage of Bicycle Components.
• The Mexico Bicycle Components market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 554.93 million in 2024.

Europe Bicycle Components

According to Cognitive Market Research, the global Bicycle Components market size was estimated at USD 15245.2 Million out of which Europe held the market of more than 30% of the global revenue with a market size of USD 4573.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031.

• The United Kingdom Bicycle Components market had a market share of USD 768.36 million in 2024 and is projected to grow at a CAGR of 6.3% during the forecast period. In the UK, Bicycle Components sales witness an upswing due to the nation's Government investments in cycling infrastructure.
• The France Bicycle Components market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 420.77 million in 2024.
• According to Cognitive Market Research, the Germany Bicycle Components market size was valued at USD 905.56 million in 2024 and is projected to grow at a CAGR of 5.7% during the forecast period. In Germany, Bicycle Components sales surged due to supportive policies promoting eco-friendly transportation.
• The Italy Bicycle Components market is projected to witness growth at a CAGR of 4.9% during the forecast period, with a market size of USD 393.33 million in 2024.
• The Russia Bicycle Components market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 708.90 million in 2024.
• The Spain Bicycle Components market is projected to witness growth at a CAGR of 4.6% during the forecast period with a market size of USD 375.03 million in 2024
• The Luxembourg Bicycle Components market is projected to witness growth at a CAGR of 5.6% during the forecast period, with a market size of USD 141.78 million in 2024.
• The Portugal Bicycle Components market is projected to witness growth at a CAGR of 5.3% during the forecast period, with a market size of USD 96.04 million in 2024.
• The Greece Bicycle Components market is projected to witness growth at a CAGR of 5.8% during the forecast period, with a market size of USD 54.88 million in 2024.
• Rest of Europe's Bicycle Components market is projected to witness growth at a CAGR of 4.2% during the forecast period, with a market size of USD 708.90 million in 2024.

Asia Pacific Bicycle Components

According to Cognitive Market Research, the global Bicycle Components market size was estimated at USD 15245.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 3506.40 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.0% from 2024 to 2031.

• According to Cognitive Market Research, the China Bicycle Components market size was valued at USD 1577.88 million in 2024 and is projected to grow at a CAGR of 8.5% during the forecast period. Bicycle Components sales surge in China due to expanding urbanization, increasing disposable incomes, and rising health consciousness.
• The Japan Bicycle Components market is projected to witness growth at a CAGR of 7.5% during the forecast period, with a market size of USD 483.88 million in 2024.
• The India Bicycle Components market had a market share of USD 420.77 million in 2024 and is projected to grow at a CAGR of 10.8% during the forecast period. India's rising demand for bicycles and high-quality components augment the demand encourage adoption of sports technologies.
• The South Korea Bicycle Components market is projected to witness growth at a CAGR of 8.1% during the forecast period, with a market size of USD 350.64 million in 2024.
• The Australia Bicycle Components market is projected to witness growth at a CAGR of 8.7% during the forecast period, with a market size of USD 182.33 million in 2024.
• The South East Asia Bicycle Components market is projected to witness growth at a CAGR of 10.0% during the forecast period, with a market size of USD 241.95 million in 2024.
• The Rest of Asia Pacific Bicycle Components market is projected to witness growth at a CAGR of 8.8% during the forecast period, with a market size of USD 248.95 million in 2024.

South America Bicycle Components

According to Cognitive Market Research, the global Bicycle Components market size was estimated at USD 15245.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 762.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Bicycle Components market size was valued at USD 326.25 million in 2024 and is projected to grow at a CAGR of 7.0% during the forecast period. Bicycle Components sales flourish in Brazil due to increasing urbanization and traffic congestion in cities.
• Argentina Bicycle Components market had a market share of USD 128.06 million in 2024 and is projected to grow at a CAGR of 7.3% during the forecast period. Argentina's favorable climate for outdoor activities encourages recreational cycling augment the demand to drive innovation in the sports industry.
• Colombia Bicycle Components market is projected to witness growth at a CAGR of 6.2% during the forecast period with a market size of USD 67.84 million in 2024.
• Peru Bicycle Components market is projected to witness growth at a CAGR of 6.6% during the forecast period with a market size of USD 62.51 million in 2024.
• Chile Bicycle Components market is projected to witness growth at a CAGR of 6.7% during the forecast period with a market size of USD 54.88 million in 2024.
• The Rest of Latin America Bicycle Components market is projected to witness growth at a CAGR of 5.5% during the forecast period, with a market size of USD 122.72 million in 2024.

Middle East and Africa Bicycle Components

According to Cognitive Market Research, the global Bicycle Components market size was estimated at USD 15245.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 304.90 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031.

• The GCC Countries Bicycle Components market is projected to witness growth at a CAGR of 7.5% during the forecast period with a market size of USD 130.50 million in 2024. Bicycle Components sales flourish due to increasing urbanization, rising disposable incomes, and government initiatives promoting cycling as a sustainable mode of transport.
• The Egypt Bicycle Components market is projected to witness growth at a CAGR of 7.0% during the forecast period, with a market size of USD 32.01 million in 2024.
• The South Africa Bicycle Components market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 48.17 million in 2024. Bicycle Components sales flourish in South Africa due to expanding infrastructure for cycling and recreational activities.
• The Turkey Bicycle Components market is projected to witness growth at a CAGR of 6.2% during the forecast period, with a market size of USD 26.22 million in 2024.
• The Nigeria Bicycle Components market is projected to witness growth at a CAGR of 5.8% during the forecast period, with a market size of USD 32.01 million in 2024.
• The Rest of MEA Bicycle Components market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 35.98 million in 2024.

Bicycle Components Market Analysis

Bicycle Components Market Component Type Segment Analysis

According to Cognitive Market Research, Derailleurs stands out as the dominating category. Derailleurs have captured the largest market share in the bicycle components market due to their crucial role in shifting gears efficiently, enhancing cycling performance across various terrains and conditions. Their widespread adoption in both road and mountain biking segments, where precise gear changes are essential, drives their dominance. Manufacturers continually innovate to improve derailleur designs, making them lighter, more durable, and capable of smoother gear transitions, thus solidifying their position as a cornerstone component in bicycle drivetrains.

Road group sets are growing at the highest CAGR in the bicycle components market due to increasing popularity among road cycling enthusiasts and competitive cyclists. These component sets integrate essential elements like shifters, derailleurs, brakes, and cranksets into cohesive systems optimized for road racing and endurance riding. Technological advancements in lightweight materials, aerodynamic designs, and electronic shifting systems enhance performance and appeal. The trend towards high-performance road bikes and the demand for precision components drive the rapid growth of road group sets in the market.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Bicycle Components Industry. Request a Free Sample PDF!

Bicycle Components Market Bicycle Type Segment Analysis

According to Cognitive Market Research, the dominating category is Mountain Bike. Mountain bikes have captured the largest market share in the bicycle components market due to their versatility and widespread appeal among cycling enthusiasts. These bikes are designed for off-road riding, featuring robust frames, suspension systems, and durable components that withstand rugged terrain and varied conditions. The growing popularity of mountain biking as a recreational and competitive sport drives demand for specialized components such as suspension forks, disc brakes, and durable wheels, solidifying mountain bikes' dominance in the market.

Road/700C bicycles are growing at the highest CAGR in the bicycle components market due to their popularity in competitive road cycling, endurance riding, and urban commuting. These bikes are favored for their lightweight frames, aerodynamic designs, and efficiency on paved surfaces. Increasing participation in road cycling events, rising health consciousness, and advancements in component technologies such as lightweight materials and aerodynamic wheels contribute to the rapid growth of Road/700C bicycles in the market.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Bicycle Components Sales Channel Segment Analysis

Sales Channel Segment Analysis

According to Cognitive Market Research, the dominating category is Specialty Bicycle Retailers. Specialty bicycle retailers have captured the largest market share in the bicycle components market due to their specialized knowledge, customer service, and wide product range catering to cycling enthusiasts. These retailers offer expert advice, fitting services, and a comprehensive selection of components tailored to various cycling disciplines and preferences. Moreover, they foster brand loyalty and trust among consumers seeking quality assurance and personalized recommendations, solidifying their dominance in the distribution of bicycle components globally.

Outdoor specialty stores are experiencing the highest CAGR in the bicycle components market due to their increasing focus on cycling as part of outdoor and adventure sports. These stores cater to a diverse customer base interested in outdoor activities like mountain biking, bikepacking, and touring. They offer a curated selection of high-performance components, gear, and accessories tailored to outdoor enthusiasts' needs. Rising interest in outdoor recreation and exploration drives demand for specialized bicycle components through this sales channel.

• Specialty Bicycle Retailers
• Discount Stores
• Department Stores
• Full-line Sporting Goods Stores
• Outdoor Specialty Stores
• Other Sales Channel

Author's Detail

David Fuller

Senior Analyst at Cognitive Market Research

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I am working as a Senior Analyst with Cognitive Market Research in the areas of Industry Survey and Market Research/Analytics. I collaborate with CXOs, VPs, and other senior executives to understand their data needs and provide solutions and business strategy building.

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