Rockville, MD, Sept. 19, 2024 (GLOBE NEWSWIRE) -- The global bicycle brake component market is set to reach US$ 6.37 billion in 2024, according to a new research analysis published by Fact.MR, a market research and competitive intelligence provider. The market has been forecasted to reach US$ 12.54 billion by the end of 2034.
Continuous innovations in the bicycle industry, such as the evolution of e-bikes and the introduction of diverse segments like fitness bikes, children's bikes, and racing bikes, are projected to boost the demand for bicycle brake components. In addition, the increasing involvement of more manufacturers in the production of advanced brake components is attracting new consumers. They are investing in technological advancements, including the development of novel designs and materials. These advancements are further contributing to improved safety and performance of bicycle brakes.
Cycling is an environment-friendly and healthy way used for commute and exercise. The growing awareness among more individuals about cycling benefits is estimated to increase demand for bicycles and their brake components. Furthermore, the growing inclination of consumers to customize or upgrade their bikes is also projected to support aftermarket demand for brake components.
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Key Takeaways from Market Study:
- Sales of bicycle brake components are estimated at US$ 6.37 billion in 2024.
- The global bicycle brake component market is forecasted to reach US$ 12.54 billion by the end of 2034.
- The market is projected to expand at 7% CAGR through 2034.
- East Asia is forecasted to account for 52.8% share of the global market by 2034-end.
- Demand for bicycle brake components in the United States is projected to rise at a CAGR of 7.3% and reach a valuation of US$ 2.12 billion by the end of 2034.
- Worldwide demand for rim brakes is forecasted to increase at a 7.2% CAGR and reach a value of US$ 8.05 billion by 2034-end.
“Increasing adoption of bicycles as a part of recreational and fitness activities, rising environmental concerns, and the growing number of public bicycle renting programs are generating demand for bicycles, which in turn propel sales of brake components,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Bicycle Brake Component Market:
Ashima Ltd., Campagnolo S.r.l., BBB Cycling, DIA-COMPE TAIWAN Co., Ltd., Hayes Bicycles Group Inc., Full Speed Ahead S.r.l., Clarks Cycle Systems Ltd., Shimano Inc., Industrias Galfer S.A., SRAM LLC, Hope Technology (IPCO) Ltd., Tektro Technology Corporation, Rex Articoli, Tecnici SA
High Demand for Bicycle Brake Components with Increased Operational Efficiency in Electric Bikes:
Demand for bicycle brake components for electric vehicles is forecasted to increase at 9.6% CAGR and reach a valuation of US$ 3.62 billion by the end of 2034. The growing use of electric bikes to minimize carbon emission issues is further projected to lead to the adoption of bicycle brake components for increased operational efficiency.
Bicycle Brake Component Industry News:
- In July 2022, Bosch e-Bike Systems introduced innovative anti-lock brake systems designed for e-bikes. In order to prevent e-bike accidents, the company is highlighting the usage of ABS.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the bicycle brake component market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on brake type (rim brakes, disc brakes), bicycle type (mountain, hybrid, road, comfort, youth, cruiser, electric), and sales channel (OEMs, aftermarket), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).
Check out More Related Studies Published by Fact.MR Research:
Automotive Brake Components Market: Worldwide sales of automotive brake components are valued at US$ 49.9 billion at present. The global automotive brake components market is forecast to expand at a CAGR of 4.2% to reach a valuation of US$ 75.6 billion by 2032.
Men’s Bicycle Market: The global men’s bicycle market accounts for a revenue of US$ 28.3 billion in 2023 and is forecasted to reach a valuation of US$ 58.4 billion by the end of 2033. Over the next ten years, this Fact.MR study predicts global demand for men’s bicycles to rise rapidly at 7.5% CAGR.
Air Brake Market: According to the latest study by Fact.MR, Air Brake market is set to behold a moderate growth rate during the forecast period of 2021-2031. The rising adoption of braking solutions in medium and heavy-duty vehicles is one of the foremost driving factors that is expected to drive overall growth and register a net valuation of more than US$ 10 Bn by 2031.
Automotive Brake Caliper Market: The global automotive brake caliper market is valued at US$ 9.3 billion in 2023 and is forecasted to secure a revenue of US$ 13 billion by the end of 2033. Worldwide automotive brake caliper sales are predicted to rise at 3.4% CAGR over the next ten years.
Electric Parking Brake Market: The global electric parking brake market is projected to expand at an impressive CAGR of 12.4% and end up at a valuation of US$ 5.92 billion by 2033, up from US$ 1.83 billion in 2023.
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