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The bicycle carbon wheel market size is estimated to grow at a CAGR of 26.63% between 2023 and 2028. The market size is forecast to increase by USD 1,936.19 million. Several factors play a crucial role in the market's growth, such as the increasing number of bicycle sports events, the benefits associated with carbon wheels, and government policies and initiatives promoting bicycles.
The report includes a comprehensive outlook on the Bicycle Carbon Wheel Market, offering forecasts for the industry segmented by Application, which comprises on-road and track performance, off-road bicycle or mountain performance, and X-road and hybrid bicycles performance. Additionally, it categorizes Distribution Channel into offline, and online, and covers Regions, including APAC, Europe, North America, South America, and Middle East and Africa. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
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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 increasing number of bicycle sports events is the key factor driving market growth. Bicycle sports events include amateur and professional races that are generally held in Europe, the US, and APAC. Sports events related to cycling are governed by each country's cycling federation and the Union Cycliste Internationale (UCI), a Switzerland-based governing body for sports cycling that oversees international competitive cycling events.
In addition, some of the famous bicycle sports events include the tour de France, giro D Italia, vuelta a Espana, and the Olympic games. Most of these events are held every year, which can lead to an increase in demand for bicycle wheels. Hence, the increasing number of bicycle sports events will drive the growth of the global bicycle carbon wheel market during the forecast period.
The increasing popularity of bicycle rental services is the primary trend shaping market growth. Rapid urbanization and increasing disposable incomes in emerging economies are leading to a rise in automobile sales. The high density of vehicles on the road is increasing traffic congestion levels. This is encouraging people across the globe to opt for bicycles. Moreover, governments of countries such as Japan are encouraging people to opt for bicycles for commuting. Bicycle rental services enable users to access bicycles on an as-needed basis without the responsibilities and costs associated with ownership.
Moreover, it is anticipated that the growing acceptance of bicycles among end-users for commuting purposes will lead to the emergence of several bicycle rental service companies. This is driving the demand for bicycle carbon wheels as bicycle rental service providers are opting for new bicycles to cater to the growing demand. Thus, the increasing popularity of bicycle rental services is expected to drive market growth during the forecast period.
An increase in several bicycle accidents is a challenge that affects market growth. The number of cyclists across the globe has increased as countries such as the UK, the Netherlands, Australia, Japan, South Korea, and Canada are offering provisions such as separate paths for cyclists to increase the use of bicycles. However, with the increase in the number of cyclists, the rate of accidents involving bicycles has increased. The primary reason for the rise in bicycle accidents is the absence of specific guidelines for cyclists traveling on roads and an increase in the number of vehicles on the road.
In addition, some of the other reasons for bicycle accidents include vehicles turning into the path of cyclists, bad roads, and reckless driving. Consequently, the increase in the number of bicycle accidents discourages people from opting for bicycles, which will inhibit the adoption of bicycles, resulting in low demand for bicycle carbon wheels, thereby impeding the growth of the global bicycle carbon wheel 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 Bicycle Carbon Wheel 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 20 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 on-road and track performance segment is estimated to witness significant growth during the forecast period. On-road bicycles are planned for paved roads. These bicycles consist of thin tires and lightweight frames that are designed to maximize efficiency and speed. The geometry and dropped handlebars of these bicycles make riders lean forward during riding. This enables them to ride in an aerodynamically correct position. The lightweight frames, gears, and thin tires of these bicycles enable riders to efficiently cover long distances at high speed. Hence, these types of bicycles are best suited for experienced cyclists.
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The on-road and track performance segment was the largest segment and valued at USD 177.40 million in 2018. A track bicycle is optimized for racing on outdoor tracks or velodromes. Unlike on-road bicycles, these are fixed-gear bicycles. They consist of a single-gear ratio which helps in reducing rolling resistance. Consequently, owing to the rising sales of on-road and track bicycles for fitness and commuting purposes, the on-road and track performance bicycle carbon wheel segment is expected to fuel the growth of the global bicycle carbon wheel market during the forecast period.
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APAC is estimated to contribute 34% 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. Factors like the growing demand for bicycles, boost in health consciousness, increasing environmental concerns to reduce carbon dioxide (CO2) emissions, advancing urbanization and traffic congestion, and increase in the use of personal transportation are anticipated to drive the growth of the bicycle carbon wheel market in the APAC region.
Furthermore, APAC bicycle carbon wheel market players are expanding their footprints by launching new bicycles. Moreover, most small- and mid-sized vendors in the region are selling their bicycle carbon wheels online to expand their businesses to newer geographies and to cut down on the costs associated with storing and transporting, as well as the costs associated with distributors and wholesalers. Hence, such factors are expected to drive market growth in this region during the forecast period.
The bicycle carbon wheel market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Bicycle Carbon Wheel Market Scope |
|
Report Coverage |
Details |
Page number |
151 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 26.63% |
Market Growth 2024-2028 |
USD 1,936.19 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
26.05 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 34% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alexrims, BOYD cycling, Campagnolo Srl, DT Swiss, Easton Cycling, Enve Composites, FFWD Wheels, Fulcrum Wheels s.r.l., Giant Manufacturing Co. Ltd., Hayes Performance Systems Inc., HED Cycling Products Inc., MAVIC Group, Prime Bike Components, Pro lite International Ltd., Profile Design, Santa Cruz Bicycles LLC, SHIMANO INC., SRAM LLC, Trek Bicycle Corp., and Hunt Bike Wheels. |
Market dynamics |
Parent market analysis, 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 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 Application
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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