Market Forecast by Countries (China, India, Japan, Australia, Indonesia, Philippines, Thailand, Malaysia, Singapore, Rest of Asia), By Types (Transmission Parts, Frame & Forks Parts, Wheel Parts, Steering Components), By Applications (Mountain Bicycles, Road Bicycles, Others) And Competitive Landscape
Product Code: ETC057091 | Publication Date: May 2021 | Updated Date: Dec 2024 | Product Type: Market Research Report | |
Publisher: 6Wresearch | No. of Pages: 200 | No. of Figures: 90 | No. of Tables: 30 | |
Report Name | Asia Pacific Bicycle Parts and Accessories Market (2024-2030) |
Forecast period | 2024-2030 |
Forecast size | USD 12.3 billion by 2030 |
CAGR | 7.8% |
Growing Sector | Recreational |
Asia Pacific Bicycle Parts and Accessories Market report thoroughly covers the market by type, by application and key countries. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Asia Pacific Bicycle Parts and Accessories Market Size is projected to experience robust growth, reaching USD 12.3 billion by 2030 with a CAGR of 7.8% during the forecast period. Transmission parts are leading the growth in this market due to their critical role in enhancing the efficiency and performance of bicycles. As disposable incomes rise in countries such as India and China, consumers are increasingly opting for premium bicycles with advanced components. The surge in cycling as a fitness activity, particularly in countries like Japan and Australia, is also driving demand for high-quality and durable accessories. Furthermore, the expansion of e-commerce platforms has made bicycle parts more accessible, contributing significantly to the Asia Pacific Bicycle Parts and Accessories Market Growth.
Asia Pacific Bicycle Parts and Accessories Industry is experiencing substantial growth, driven by increasing health awareness, environmental concerns, and the rising popularity of cycling as both a recreational and practical activity. The region is home to some of the worldโs largest bicycle manufacturers, such as China and India, which ensures a steady supply of affordable and high-quality bicycles and their components. Urbanization, combined with growing government support for sustainable transportation, has further propelled the demand for bicycles and their parts across countries like Japan and Australia. Additionally, the influence of international cycling events and the increasing trend of adventure sports are positively impacting the market. The market is expected to grow significantly in the coming years, with advancements in technology and material science paving the way for innovative and high-performance bicycle parts.
According to 6Wresearch, the Asia Pacific Bicycle Parts and Accessories Market is estimated to grow at a CAGR of 7.8% during the forecast period 2024-2030. The market growth is underpinned by multiple factors, including urbanization, rising disposable incomes, and increasing environmental awareness across the region. With cities becoming more congested, bicycles have emerged as a viable and eco-friendly mode of transport, particularly in densely populated countries like China and India. This has spurred demand for high-quality and durable bicycle parts, as consumers seek components that enhance their riding experience.
A notable driver of growth is the rising popularity of cycling as a fitness activity, particularly among urban populations in Japan and Australia. The shift towards e-bikes has further accelerated the demand for specialized parts, such as batteries, motors, and advanced braking systems. Additionally, government investments in cycling infrastructure, such as dedicated bike lanes and public bike-sharing programs, are expanding the market.
Apart from this, Asia Pacific Bicycle Parts and Accessories Market faces several challenges that could hinder its growth. One of the primary issues is the high cost of premium parts and accessories, which limits their adoption among price-sensitive consumers in developing countries. Moreover, the region's inconsistent infrastructure for cyclingโcharacterized by a lack of dedicated bike lanes and unsafe road conditionsโacts as a deterrent for potential users. Supply chain disruptions, caused by factors like geopolitical tensions and natural disasters, also pose risks to manufacturers and distributors in the region.
Additionally, competition from motorized two-wheelers, which are often seen as a convenient and affordable alternative to bicycles, impacts market share. These challenges highlight the need for strategic investments in infrastructure and awareness campaigns to overcome existing barriers and sustain the Asia Pacific Bicycle Parts and Accessories Market Share.
Several emerging trends are reshaping the Asia Pacific Bicycle Parts and Accessories Industry, driving innovation and consumer engagement. One key trend is the rise of e-bikes, which require specialized components such as motors, batteries, and control systems. As urban areas seek sustainable transport solutions, e-bikes are gaining popularity among commuters, boosting the demand for advanced parts. Another trend is the increasing preference for lightweight and durable materials, such as carbon fiber and aluminum alloys, in the manufacturing of frames and wheels. This innovation enhances performance and caters to the growing market for high-end bicycles. Customization is also on the rise, with consumers seeking tailored components to improve comfort, aesthetics, and functionality.
Additionally, the integration of smart technologies, such as GPS-enabled accessories and app-connected cycling systems, reflects the growing demand for tech-enhanced riding experiences. These trends are expected to drive the Asia Pacific Bicycle Parts and Accessories Market Size, ensuring sustained growth and competitiveness.
Asia Pacific Bicycle Parts and Accessories Market presents significant investment opportunities for manufacturers, distributors, and technology developers. The rising demand for bicycles across both urban and rural areas creates a lucrative market for localized production units that can cater to specific regional preferences. Investments in research and development (R&D) are particularly promising, as innovation in lightweight materials, advanced gear systems, and sustainable components can capture the growing demand for premium products. The expansion of e-commerce platforms offers another profitable avenue, allowing businesses to reach a broader customer base and streamline distribution. Collaboration with governments to develop cycling infrastructure, such as bike-sharing programs and dedicated lanes, is another strategic investment that can simultaneously boost sales and promote sustainable mobility.
Asia Pacific Bicycle Parts and Accessories Industry is characterized by the presence of prominent global and regional players. Leading companies such as Shimano Inc., SRAM LLC, and Giant Manufacturing Co. dominate the market with their innovative and high-performance products. Shimano Inc. is renowned for its cutting-edge drivetrain components and braking systems, catering to both recreational and professional cyclists. SRAM LLC has established itself as a leader in gear systems and suspension technologies, offering a wide range of solutions for mountain and road bicycles.
Giant Manufacturing Co. focuses on lightweight frames and integrated smart technologies, aligning with the growing trend of customization. Regional manufacturers, particularly in China and India, play a crucial role in meeting the demand for affordable and durable components, contributing to the overall Asia Pacific Bicycle Parts and Accessories Market Share.
The Asia Pacific Bicycle Parts and Accessories Market is significantly influenced by governmental regulations aimed at fostering sustainable transportation and reducing urban congestion. Governments across the region are implementing policies to encourage cycling as an eco-friendly alternative to traditional vehicular transport. For instance, in Japan, tax incentives and subsidies are provided for the purchase of bicycles and related accessories, as part of efforts to decrease carbon emissions and promote a healthier lifestyle among citizens.
Similarly, in China, cities like Beijing and Shanghai have established extensive cycling lanes and bike-sharing programs, making cycling more accessible and safer for the public. These regulations not only boost the adoption of bicycles but also impact the market for bicycle parts and accessories, emphasizing quality standards and safety compliance to enhance the overall biking experience.
The future of the Asia Pacific Bicycle Parts and Accessories Industry is bright, with substantial advancements in technology and infrastructure set to redefine the market. By 2030, the adoption of smart bicycles with integrated GPS, fitness trackers, and safety features is expected to become widespread, driving demand for tech-enabled accessories. Urbanization and the focus on green mobility will continue to fuel bicycle adoption as an affordable and eco-friendly alternative to motorized vehicles. Government investments in cycling infrastructure and public awareness campaigns will also play a pivotal role in shaping the market's trajectory.
Additionally, innovations in manufacturing processes, such as 3D printing and automation, will reduce production costs and improve the availability of high-quality components.
The report offers a comprehensive study of the subsequent market segments and their leading categories.
According to Ayushi, Senior Research Analyst, 6Wresearch, the transmission parts are projected to dominate the Asia Pacific Bicycle Parts and Accessories Market Share due to their critical role in bicycle functionality and performance. The increasing adoption of advanced drivetrain systems, particularly for mountain and road bicycles, drives growth in this segment. Frame and fork parts are also experiencing high demand, supported by innovations in lightweight and durable materials.
Mountain bicycles are a leading the market in terms of revenue, driven by the growing popularity of adventure sports and off-road cycling. Road bicycles are also witnessing substantial growth, fueled by urban consumers adopting them for commuting and fitness purposes.
China and India lead the market, supported by their massive production capabilities and growing cycling culture. Japan and Australia are also significant contributors, driven by government initiatives and a rising focus on health and fitness.
The report provides a detailed analysis of the following market segments:
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Asia Pacific Bicycle Parts and Accessories Market Overview |
3.1 Asia Pacific Regional Macro Economic Indicators |
3.2 Asia Pacific Bicycle Parts and Accessories Market Revenues & Volume, 2020 & 2030F |
3.3 Asia Pacific Bicycle Parts and Accessories Market - Industry Life Cycle |
3.4 Asia Pacific Bicycle Parts and Accessories Market - Porter's Five Forces |
3.5 Asia Pacific Bicycle Parts and Accessories Market Revenues & Volume Share, By Countries, 2020 & 2030F |
3.6 Asia Pacific Bicycle Parts and Accessories Market Revenues & Volume Share, By Types, 2020 & 2030F |
3.7 Asia Pacific Bicycle Parts and Accessories Market Revenues & Volume Share, By Applications, 2020 & 2030F |
4 Asia Pacific Bicycle Parts and Accessories Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Asia Pacific Bicycle Parts and Accessories Market Trends |
6 Asia Pacific Bicycle Parts and Accessories Market, 2020 - 2030 |
6.1 Asia Pacific Bicycle Parts and Accessories Market, Revenues & Volume, By Types, 2020 - 2030 |
6.2 Asia Pacific Bicycle Parts and Accessories Market, Revenues & Volume, By Applications, 2020 - 2030 |
7 China Bicycle Parts and Accessories Market, 2020 - 2030 |
7.1 China Bicycle Parts and Accessories Market, Revenues & Volume, By Types, 2020 - 2030 |
7.2 China Bicycle Parts and Accessories Market, Revenues & Volume, By Applications, 2020 - 2030 |
8 India Bicycle Parts and Accessories Market, 2020 - 2030 |
8.1 India Bicycle Parts and Accessories Market, Revenues & Volume, By Types, 2020 - 2030 |
8.2 India Bicycle Parts and Accessories Market, Revenues & Volume, By Applications, 2020 - 2030 |
9 Japan Bicycle Parts and Accessories Market, 2020 - 2030 |
9.1 Japan Bicycle Parts and Accessories Market, Revenues & Volume, By Types, 2020 - 2030 |
9.2 Japan Bicycle Parts and Accessories Market, Revenues & Volume, By Applications, 2020 - 2030 |
10 Australia Bicycle Parts and Accessories Market, 2020 - 2030 |
10.1 Australia Bicycle Parts and Accessories Market, Revenues & Volume, By Types, 2020 - 2030 |
10.2 Australia Bicycle Parts and Accessories Market, Revenues & Volume, By Applications, 2020 - 2030 |
11 Indonesia Bicycle Parts and Accessories Market, 2020 - 2030 |
11.1 Indonesia Bicycle Parts and Accessories Market, Revenues & Volume, By Types, 2020 - 2030 |
11.2 Indonesia Bicycle Parts and Accessories Market, Revenues & Volume, By Applications, 2020 - 2030 |
12 Philippines Bicycle Parts and Accessories Market, 2020 - 2030 |
12.1 Philippines Bicycle Parts and Accessories Market, Revenues & Volume, By Types, 2020 - 2030 |
12.2 Philippines Bicycle Parts and Accessories Market, Revenues & Volume, By Applications, 2020 - 2030 |
13 Thailand Bicycle Parts and Accessories Market, 2020 - 2030 |
13.1 Thailand Bicycle Parts and Accessories Market, Revenues & Volume, By Types, 2020 - 2030 |
13.2 Thailand Bicycle Parts and Accessories Market, Revenues & Volume, By Applications, 2020 - 2030 |
14 Malaysia Bicycle Parts and Accessories Market, 2020 - 2030 |
14.1 Malaysia Bicycle Parts and Accessories Market, Revenues & Volume, By Types, 2020 - 2030 |
14.2 Malaysia Bicycle Parts and Accessories Market, Revenues & Volume, By Applications, 2020 - 2030 |
15 Singapore Bicycle Parts and Accessories Market, 2020 - 2030 |
16 Rest of Asia Bicycle Parts and Accessories Market, 2020 - 2030 |
16.1 Rest of Asia Bicycle Parts and Accessories Market, Revenues & Volume, By Types, 2020 - 2030 |
16.2 Rest of Asia Bicycle Parts and Accessories Market, Revenues & Volume, By Applications, 2020 - 2030 |
17 Asia Pacific Bicycle Parts and Accessories Market Key Performance Indicators |
18 Asia Pacific Bicycle Parts and Accessories Market - Opportunity Assessment |
18.1 Asia Pacific Bicycle Parts and Accessories Market Opportunity Assessment, By Countries, 2020 & 2030F |
18.2 Asia Pacific Bicycle Parts and Accessories Market Opportunity Assessment, By Types, 2020 & 2030F |
18.3 Asia Pacific Bicycle Parts and Accessories Market Opportunity Assessment, By Applications, 2020 & 2030F |
19 Asia Pacific Bicycle Parts and Accessories Market - Competitive Landscape |
19.1 Asia Pacific Bicycle Parts and Accessories Market Revenue Share, By Companies, 2023 |
19.2 Asia Pacific Bicycle Parts and Accessories Market Competitive Benchmarking, By Operating and Technical Parameters |
20 Company Profiles |
21 Recommendations |
22 Disclaimer |