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The bicycle gearbox system market size is estimated to grow by USD 1.65 billion at a CAGR of 6.42% between 2023 and 2028. Several factors are pivotal to the market's growth, including the need to reduce air pollution, the surge in bicycle users, and the availability of various gearbox configurations. These elements collectively drive market expansion, reflecting a blend of environmental concerns, lifestyle changes, and technological advancements. The need to reduce air pollution emphasizes the shift towards eco-friendly transportation options. Simultaneously, the upsurge in bicycle users highlights the growing popularity of cycling for both commuting and recreational purposes. Additionally, the availability of multiple gearbox configurations caters to diverse consumer preferences and enhances the versatility of bicycles. Thus, the interplay of these factors shapes the landscape for the anticipated growth of the market catering to bicycles and related technologies.
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The market is growing rapidly, driven by the demand for high performance bicycles among cyclists. These advanced systems feature lightweight gearboxes that enhance efficiency and comfort for various cycling activities, including road cycling, mountain biking, and touring. The gearing system optimizes rotational speed and power transfer to the drive wheels, improving the performance of both traditional and electric bikes. The market intersects with the automation industry, where innovations in advanced and lightweight gearboxes are also applied to cars and other vehicles. Bicycle enthusiasts and bicycle associations emphasize cycling as one of the safest methods of travel, often participating in sports tournaments. As technology advances, the integration of these sophisticated gear systems will continue to support the market's growth and cyclists' needs. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The need to reduce air pollution is the key factor driving the market growth. One of the reasons for the reduction in air pollution is that bicycles do not use any fuel. A car, on average, produces around 1.3 billion cubic yards of polluted air throughout its lifespan. Furthermore, air pollution can occur from worn tire particles, brake garbage, and emissions from the plastic and other materials used in vehicles. Bicycles are equipped with gears, which help manage speed better and make it easier to drive through mountain areas, overpasses, and rough roads. Several people in Europe now prefer to cycle to work, especially with governments constructing bicycle-friendly streets.
In addition, a growing number of commuters in China are using battery-operated bikes. Therefore, the increase in fuel prices is driving the adoption of bicycles in everyday activities. Gearboxes are an essential part of bicycles, and each bicycle has a gearbox equipped with either single gear or multiple gears, which helps drivers to have a better experience of riding as it eases the effort needed to manage the speed. Hence, the rise in the adoption of bicycles will drive the growth of the market during the forecast period.
The introduction of CVT in bicycles is the primary trend shaping market growth. Continuously variable transmission (CVT) changes the way mechanical power is transmitted. This technology provides improved transmission with flexibility ranging from bicycles and automobiles to small wind turbines. The system maintains the fuel and helps provide smooth and continuous progression from one speed to another without any harsh ratio changes or gear engagement. It is compact, lightweight, has a high torque density, and is user-friendly.
Moreover, the manufacturing cost of this transmission is also low as standard industrial materials are used. This also makes it scalable for various applications. Moreover, some of the market players are also focusing on launching bicycle transmission products with CVT technology for the smooth functioning of gears. Thus, the introduction of CVT in bicycles will drive the growth of the market during the forecast period.
The increase in maintenance of multiple-gear system bicycles is a challenge that affects market growth. Single-speed bicycles are mostly used by individuals who ride on flat surfaces rather than on hills. On the other hand, multiple-geared bicycles are mostly used in MTBs and performance bicycles. Selecting the appropriate gear ratio will ease riding. However, the components attached to the multi-gear bicycle make it appropriate to tackle different types of terrain and conditions.
Furthermore, the complex design and the multiple parts involved will increase the maintenance cost when compared to a single-gear bicycle, thereby posing a challenge to the adoption of the multiple-gear system. Therefore, an increase in the maintenance of multiple-gear system bicycles will impede the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The multiple gear segment is estimated to witness significant growth during the forecast period. Multiple gears offer various speed ranges and are useful in hilly terrains, rocky areas, and difficult and normal road conditions. Multiple gears are usually used in sports and mountain bicycles. Multiple gear ratio helps in minimizing the torque at low revolutions, which is especially useful in climbing hilly areas. It lessens the power required to pedal. The choices available for altering gears help for riding smoothly and at different speeds and inclines.
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The multiple gear segment was the largest segment and was valued at USD 3.24 billion in 2018. Several market players are developing multiple gearboxes to provide various speeds. A multiple-gearbox system can contain a hub gear or derailleur gear or both hub and derailleur gears. The derailleur gear system is the most prevalent in the market. The hub gear system is costly and is just penetrating the market. Thus, such factors will positively impact the growth of the multiple gear segment of the market during the forecast period.
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Europe is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The European countries are shifting toward car-free cities, thereby driving the bicycle market in the region. Certain areas in cities such as Paris, Copenhagen, and Hamburg have become car-free owing to the congestion in traffic and an increase in pollution. These cities are increasing commuting by bicycle by developing an infrastructure of only bicycle lanes. The introduction of a public bicycle scheme, which is also known as the bicycle-sharing program or community bicycling scheme, is another major step taken by countries in Europe to promote bicycles. Hence, such factors are expected to drive market growth in this region during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market is experiencing significant growth, driven by cycling enthusiasts seeking reliable gearbox systems for eco-friendly transportation. These systems provide efficient gearbox systems with seamless gear shifting, reduced wear and tear, and enhanced performance levels. Innovations such as electric assist gearboxes and automatic shifting systems are becoming popular among biking enthusiasts. The market is booming, driven by cycling as a sport and increasing eco friendly transportation options. Cycling enthusiasts seek efficient gearbox systems that optimize gear shifts and gear ratios for various road conditions and rider needs. High-end gear bicycles and high speed bicycles benefit from innovations in power transmission, torque multiplication, and speed control.
Furthermore, with an increasing focus on reducing carbon emissions, the cycling industry offers high performance levels for gear bicycles, mountain bikes, and high-speed bicycles. The development of advanced technology like Bluetooth, GPS, and anti-theft locks, along with durable battery and lightweight bicycle components made of aluminum and carbon fiber, supports the market. Additionally, rental bicycle services and the growth of outdoor sports and bike rallies highlight the market's potential from a business perspective. The market caters to men, women, and aged people, promoting health benefits like improved heart, lungs, strength, and balance while addressing cardiovascular problems and reducing risk of fractures. Tourists and tourism industries also drive demand for adventure and fun activities.
Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.42% |
Market Growth 2024-2028 |
USD 1.65 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.3 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 32% |
Key countries |
US, China, Germany, Italy, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Campagnolo Srl, Efneo, FSA Srl, Kindernay, New Effigear, Pinion GmbH, Pon Holdings BV, Rohloff AG, Rotor Componentes Technologicos SL, SHIMANO INC., SRAM LLC, SR Suntour Europe GmbH, Sun Race Sturmey Archer Inc., Tsubakimoto Chain Co., and TienYuen Machinery Mfg. Co. Ltd. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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