Market players are engaged in adopting different strategies, for instance the multi-brand promotional strategy, to boost the sales of bicycle components and enhance their geographic reach.
DUBAI, UAE / ACCESSWIRE / December 15, 2020 / The global bicycle components aftermarket is projected to reflect a sturdy CAGR over the assessment period, 2018 to 2028. The market growth can be primarily attributed to increasing fleet on roads and customers preference towards keep their bicycles upgraded.
"European nations are encouraging Taiwanese and Chinese vendors and bicycle components to establish their production units in Europe. This is prompting employments opportunities as well as fulfil demands of local customers - decreasing the exchange loss and overall import costs" says an FMI analyst.
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Key Highlights
- APEJ, led by China 7 India, is likely to foresee rapid growth amid the forecast period.
- Road groupsets component type is anticipated to foresee high demand in the market accounting for majority of market share.
- Electric bicycles are gaining traction amid other bicycle types over the assessment period.
- Specialty bicycle retailers and full-time sporting goods stores will remain highly sought after among consumers for bicycle components.
Drivers
- Growing bicycle sales due to growing awareness about environment is boosting the sales of bicycle components aftermarket.
- Escalating oil prices as well as rising focus on conserving natural resources is positively impact the market growth.
- Increasing preference for green transportation is complimenting the sales over the forecast period.
- Progressions in material technology is anticipated to bolster market demand.
Restraints
- Availability of counterfeit products in the market might impact the market growth.
- The bicycle market has been severely impacted due to the pandemic ensuing in decrease in demand for bicycle components aftermarket.
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COVID-19 Impact on the Market
The onset of COVID-19 outbreak has had an adverse impact on bicycle components aftermarket. While the demand for bicycles has increased in contrast to the pre-COVID-19 period, globally, the lack of raw materials owing to the disruptions of supply chain triggered by lockdown implementations had an adverse effect on the expansion of the bicycle components aftermarket.
Competitive Landscape
The global bicycle components aftermarket is moderately consolidated. The organized companies holds over 35% of the overall market share even though there are several small players existent in the market. Major companies identified in the global market are SRAM Corporation, Shimano, Inc., Dorel Industries Inc., Avon Cycles Ltd., Giant Bicycles Inc., Cannondale Bicycle Corporation, Accell Group N.V., Cycleurope AB, Merida, Campagnolo, Atlas Cycles Inc., Specialized Bicycle Components and Hero cycles.
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About the Study
The study offers readers a comprehensive assessment of the Bicycle Components Aftermarket. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights on the basis of component type ( derailleurs, road groupsets, suspensions, wheel sets, brakes {hydraulic, mechanical, and caliper type}, gears and others (bottom brackets etc.)), bicycle type (mountain bike, hybrid/cross, road, comfort, youth, cruiser, recumbent/tandem, electric and folding), sales channel (specialty bicycle retailers, discount stores, department stores, full-line sporting goods stores, outdoor specialty stores and other sales channel), across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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SOURCE: Future Market Insights
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https://www.accesswire.com/620948/Bicycle-Components-Aftermarket-Demand-to-Surge-Due-to-Growing-Preference-for-Green-Transportation-Future-Market-Insights
