By the year 2023, Persistence Market Research forecasts sales of bicycle brake components to total $5.957 Billion. Growing awareness about health and fitness has made bikes one of the most popular methods of transportation amongst commuters.
The bicycle brake components market is expected to grow significantly in the upcoming years. Global demand for bicycles, an increased reliance on technology, and the emergence of e-bikes have resulted in higher production volumes of bicycle components. A major factor driving growth in this market is the increasing number of safety regulations that require efficient braking systems in all types of two-wheelers. Simultaneously, technological advancements are creating demand for advanced brake systems and components such as disc brakes or drum brakes that offer superior performance compared to traditional rim brakes.
Further, manufacturers are working towards improving product quality and efficiency which has further boosted market growth. Moreover, bicycling has become a popular form of exercise and leisure activity which has resulted in an increase in sales of premium bicycles with improved features like rider-controlled shifting systems and other advanced technologies. All these factors are leading to a promising outlook for the bicycle brake components market through 2023-2033.
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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.
- 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.
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The bicycle brake components market refers to the production and sales of components used in the braking systems of bicycles. This market is driven by the increasing demand for bicycles, especially in the urban areas, for leisure, recreation and commuting purposes. The market is segmented by brake type (disc brakes and rim brakes), component type (calipers, rotors, brake pads, levers, and hoses), and geography. The Asia-Pacific region is the largest market for bicycle brake components due to the presence of large-scale bicycle manufacturers and suppliers in countries such as China, Taiwan, and India. The market is expected to grow in the coming years due to the increasing demand for high-performance and lightweight braking components.
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
- Ashima Ltd.
- BBB Cycling
- Campagnolo S.r.l.
- DIA–COMPE TAIWAN Co., Ltd.
- Full Speed Ahead S.r.l
- Hayes Bicycles Group Inc.
- Clarks Cycle Systems Ltd.
- Industrias Galfer S.A.
- Shimano Inc.
- SRAM LLC
- Tektro Technology Corporation
- Hope Technology (IPCO) Ltd
- Rex Articoli Tecnici SA
Key Segments Covered in Bicycle Brake Components Industry Research
By Disc Type
- Rim Brake
- Caliper
- Brake Lever
- Brake Cable
- Disc Brake
- Rotor
- Caliper
- Brake Lever
- Brake Cable Hose
By Bike Type
- Mountain
- Hybrid
- Road
- Comfort
- Youth
- Cruiser
- Electric
By Sales Channel
- OEM
- Aftermarket
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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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