NEW YORK, Oct. 8, 2020 /PRNewswire/ — Rapidly develop cycling and e-bike infrastructure on a large scale and encouraging of cycling via pricing policies and information campaigns to proliferate are expected to increase the procurement rate of bicycles over the coming years. Subsequently, this will lead to the ascending demand for bicycle brake components.
As per PMR analysis, the global bicycle brake components market is anticipated to expand at a healthy CAGR of 7% during the forecast period of 2020-2030.
Key Takeaways from Bicycle Brake Components Market Study
- The adoption of cycling as a part of healthy lifestyle will have a considerable impact on the environment as well, and is expected to save trillions of dollars over next couple of decades.
PMR forecasts that, there will be a rather sound bicycle fleet growth rate in economies such as Europe, the U.S, and China, with key emphasis on the sports and mountain segments, owing to changing consumer preference and lifestyle. One of the advantages of bicycle is being able to cater to a wide demographic and age range.
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- Automotive companies in the U.S. are increasing their interest in the development of e-bikes. Prominent OEMs such as Ford have displayed concept bikes and have licensed their name in the past, to Dahon and Pedego. The effect of such mega companies, with their powerful marketing and engineering, is speculated to reshape the bicycle brake components market landscape.
- Recent increase in the number of cycling events coupled with rise in the number of participants is expected to drive the growth of the global bicycle brake components market over the forecast period.
- The adoption of electric bicycle in Asia Pacific is driven by the expansion of manufacturing facilities and general growth of automotive, construction and oil & gas industries in the Asian subcontinent. Low manufacturing cost in many countries of Asia Pacific will attract many new investors, which will further boost the growth of the bicycle brake components market in this region.
- East Asia accounts for nearly half share of the global bicycle brake components market. The economic sectors of various countries have shown steep decline since the pandemic begun. However, they are recovering from the effects and adapting to new industry protocols, and the bicycle industry is expected to foresee unprecedented growth owing to current social distancing norms in place.
“The ongoing COVID-19 pandemic could make cycling more inclusive, due to social distancing being followed across many nations and resistance toward public transportation due to safety fears,” says a PMR analyst.
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Bicycle Brake Components Market Landscape Continues to Remain Fragmented
The global bicycle brake components market is fragmented at global and regional levels. Tier-1 manufacturers are estimated to account for merely one-fifth of the global bicycle brake components market share. Some of the leading manufacturers identified in the global bicycle brake components market are Campagnolo S.r.l., Clarks Cycle Systems Ltd., Industrias Galfer S.A., Shimano Inc., SRAM LLC, and Tektro Technology Corporation, amongst others. Bicycle brake component manufacturers are aiming to strengthen their market standing by collaborating with event companies and corporate organizations.
Bicycle Brake Components Market: Conclusion
In recent times, the bicycle industry has witnessed substantial growth due to the virtue of increased awareness toward healthy lifestyle, especially among millennials. The global bicycle brake components market is estimated to be highly fragmented, with the high presence of regional and local manufacturers, and major share of companies operating in the aftersales channel. Additionally, stringent regulatory norms pertaining to carbon footprint control would proliferate the global bicycle brake components market throughout the stipulated time period.
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The research report on the bicycle brake components market published by Persistence Market Research analyzes market demand trends of product on a value and volume basis. Global market estimation and growth projection is based on factors such as adoption of bicycles, replacement rate of components, COVID-19 crisis impact, emergence of electric bikes, and implication of economic and environmental factors. As per PMR’s research scope, the bicycle brake components market has been studied and segmented on the basis of product, bike type, sales channel, and region. The bicycle brake components market report also details pricing trends, cost structure, and market presence of leading manufacturers.
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