New York, Aug. 01, 2023 (GLOBE NEWSWIRE) -- The bicycle brake components market is expected to grow from US$5.95 billion in 2023 to U$11.718 billion in 2033, at a CAGR of 7.0%. The market is driven by the increasing demand for bicycles, the rising awareness about the benefits of cycling, and technological advancements in the bicycle brake components market.
The bicycle industry has witnessed substantial growth over the past few years, with increasing environmental awareness, health consciousness, and recreational activities driving the demand for bicycles. As a vital safety feature, bicycle brake components have become a critical area of focus for manufacturers and consumers alike. This research report explores the current state and future prospects of the Global Bicycle Brake Components Market.
The Global Bicycle Brake Components Market is a significant segment of the cycling industry, comprising various components that play a crucial role in ensuring the safety and performance of bicycles. This research report aims to provide an in-depth analysis of the market, exploring the key trends, drivers, challenges, and opportunities that influence its growth and dynamics.
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By examining various aspects of the market, including product types, materials, distribution channels, and regional variations, this report offers valuable insights for stakeholders and decision-makers.
Key Drivers and Trends
The following are the key drivers and trends that are expected to impact the growth of the bicycle brake components market:
- Increasing demand for bicycles: The global demand for bicycles is expected to grow in the coming years, due to the increasing population and economic growth. This will lead to an increased demand for bicycle brake components.
- Rising awareness about the benefits of cycling: Cycling is a healthy and environmentally friendly way to commute and exercise. The increasing awareness about the benefits of cycling is expected to drive the demand for bicycles and bicycle brake components.
- Technological advancements: The bicycle brake components market is undergoing technological advancements, such as the development of new materials and designs. These advancements are helping to improve the performance and safety of bicycle brakes.
Market Challenges
The following are the key challenges that are expected to impact the growth of the bicycle brake components market:
- High cost of bicycle brake components: The cost of bicycle brake components is relatively high. This could deter some potential buyers from purchasing bicycles.
- Availability of counterfeit products: There is a growing availability of counterfeit bicycle brake components in the market. This could pose a challenge to the growth of the market.
- Stringent regulations: The bicycle brake components market is subject to stringent regulations, such as those related to safety and performance. These regulations could increase the cost of compliance for manufacturers.
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Competitive Landscape:
The Global Bicycle Brake Components Market is characterized by intense competition, with several key players dominating the industry. This section highlights major companies, their strategies, and key developments.
Key Players: Ashima Ltd., BBB Cyclimg, 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 and more
Recent Developments:
here are some recent developments of companies in the bicycle brake components market:
- Shimano launched its new XTR M9100 series of disc brakes in 2022. The brakes feature a new, more powerful design that is said to provide better stopping power and modulation.
- SRAM released its new Force AXS hydraulic disc brakes in 2021. The brakes are wireless, which means that they do not require any cables or housing.
- Tektro introduced its new HD-M275 hydraulic disc brakes in 2020. The brakes are designed for mountain bikes and are said to be more durable than previous models.
- Promax launched its new DSK-R300 hydraulic disc brakes in 2021. The brakes are designed for road bikes and are said to be lightweight and easy to use.
Market Opportunities
The following are the key opportunities that are expected to impact the growth of the bicycle brake components market:
- Growth of the e-bike market: The e-bike market is growing rapidly. This is expected to create new opportunities for the bicycle brake components market.
- Development of new materials and designs: The development of new materials and designs for bicycle brake components is expected to open up new growth opportunities for the market.
- Expansion of the market in emerging economies: The market is expected to expand in emerging economies, such as China, India, and Brazil. This is due to the increasing demand for bicycles and bicycle brake components in these economies.
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Market Segmentations:
The market is segmented by type, application, and region.
- By type, the market is segmented into rim brakes, disc brakes, drum brakes, coaster brakes, drag brakes, and band brakes. The disc brake segment is expected to lead the market during the forecast period, owing to its superior braking performance and increasing adoption in high-performance bicycles.
- By application, the market is segmented into road bikes, mountain bikes, hybrid bikes, and others. Road bikes are projected to account for the largest share of the market during the forecast period, due to the increasing popularity of road cycling among fitness enthusiasts and professionals.
- By region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is expected to be the fastest-growing market during the forecast period, due to the rising popularity of cycling in the region and the increasing demand for high-performance bicycles.
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