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Report Overview: Bicycle Frames MarketThe global bicycle frames market size was valued at USD 19.5 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 5.0% from 2021 to 2027. The bicycle frame forms the basic structure of a bicycle. It has the functionality to provide design and safety to the bicycle. The frame forms the basic structure of a bicycle. It aids to provide design and safety to the cycle. The rising number of people choosing bicycling as a form of leisure is expected to catapult the market growth. Increasing adoption of sports and recreational activities along with inclination towards bicycle as a convenient form of exercise to ensure a healthy lifestyle, free from disorders such as obesity and so on is estimated to further drive the market growth. Bicycle sales are directly proportional to product sales and thus the increasing use of bicycle is expected to drive the market growth. Rising environmental concerns is encouraging people towards the adoption of bicycles which in turn will escalate the demand. A significant portion of the population prefers usage of a bicycle over the other transportation modes for commutation. The rising traffic congestion and shortage of parking space, especially in metropolitan cities, is encouraging people to consider bicycle commutation for short distances for saving time. Additionally, several governments are increasingly rolling out the infrastructure required to support bicycle commutation, thus prompting people to opt for bicycles thereby driving the bicycle frames demand by 2027. Moreover, several bike enthusiasts have been trying to create their own customized bicycles by procuring and installing different components such as frames and so on. Also, many end users are showing interest in bicycle frames made of advanced materials to achieve better stability and robustness while riding. The bicycle frames market is extremely influenced by the demand for upgrading an existing bicycle or designing a custom-built bicycle. Companies are offering bicycle manufacturers with hand-built steel, titanium, carbon, or alloy frames that provide better performance. The growth opportunity for the cycle manufacturers lies in the choice of material of frames which defines the functioning and design of bicycles. However, the cost associated with customization is on the higher side as compared to the regular frames. Material Insights In terms of value, aluminum lead the market with a share of 32.4% in 2019. The bicycle frame forms an integral component of a bicycle to which several other components are attached including tires, handles, fork, paddling mechanism, and so on. The frames are manufactured using a wide range of materials such as steel, aluminum, titanium, carbon fiber, and so on. Over the years, steel and aluminum have been the most preferred materials to manufacture a sturdy frame. Aluminum frames accounted for majority market share in 2019 and the segment is expected to witness considerable growth over the forecast period 2021-2027. Steel frames also held a significant share in 2019 as the material is easy to bend and shape. However, the popularity of carbon fiber is increasing in recent years. This segment is anticipated to witness the fastest growth over the forecast period as it is able to absorb shock while offering fine handling. Additionally, it is significantly lighter than steel, titanium, or aluminum making it a suitable material for a superlight road bike.
Type Insights: Bicycle Frames MarketRoad bicycle segment accounted for 39.8% of the market share in 2019. Different types of frames are used for constructing various types of bicycles such as mountain bikes, road bikes, and hybrid bikes. In 2019, road bicycles accounted for the majority market share. It is further anticipated to continue its dominance over the forecast period. This can be accounted by the fact that road bike is the most basic type of bicycle, that do not necessitate any sophisticated accessories, such as those required by the mountain, or any other type of bikes. The rising trend of customization of road bicycles for specific purposes is also projected to contribute to the segment growth in the forthcoming years. Meanwhile, the mountain bicycle segment is also anticipated to witness significant growth over the forecast years. This is ascribed to the consumers, especially millennials, continuously opting for mountain bicycling as a form of adventure and leisure activity.
Distribution Channel Insights: Bicycle Frames MarketOffline distribution channel held the highest share in 2019 accounting for 58.1% in terms of revenue. Based on the distribution channel, the market is primarily categorized as an online and offline channel. A large number of consumers prefer to buy bicycle frames from local authorized brand stores as these stores have a large variety of frames to choose from within as well as offer personalized service and physical verification of products before purchase. In that way, consumers can study and understand various aspects as per their requirements, and thus make a clear decision. Online distribution channel is anticipated to expand at the fastest CAGR of from 2020 to 2027. The smooth shopping experience and ease of payment are the factors estimated to attract more consumers to choose online channels. Moreover, these distribution channels are gaining significant popularity among the working population ascribed to the accessibility the online stores offer over the offline channels. Key players also sell products through their own online portals to directly connect with the consumers, which enables them to understand their requirements and feedback.
Regional Insights: Bicycle Frames MarketAsia Pacific lead the market with a revenue share of 32.6% in 2019. This is attributable to the increasing popularity of sports activities such as mountain and road bicycle racing in the region. The region is expected to maintain its dominance over the global market by 2027. North America is expected to hold a healthy market share over the forecast period. This is ascribed to the high espousal of innovative and personalized frames in the region. Europe accounted for over 20% market share in 2019. The predicted rise in demand for bicycles for commutation and the presence of large bicycle fleet is further expected to drive the regional product demand in the forthcoming years.
Key Companies & Market Share Insights: Bicycle Frames MarketKey manufacturers try to maintain their brand value by procuring frames from different OEMs. Moreover, the availability of a huge variety of frames facilitates bike enthusiasts to build customized bicycles. Hence, customized frames have become popular among professional cyclists and enthusiasts over the past few years. With the increasing competition, companies are focused on creating strong product differentiation for increasing their market presence. Key players have strong distribution networks and adopt various strategies to maintain a competitive edge and to achieve a higher market share. Mergers and acquisitions, partnerships, and contractual agreements are being undertaken by these players to grow and expand in the market. Moreover, companies are also focusing on R&D activities to introduce new and differentiated products. Some of the prominent players in the bicycle frames market include:
Key companies Profiled: Bicycle Frames Market Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global bicycle frames market report on the basis of material, type, distribution channel, and region:
- ADK TECHNOLOGY CO., LTD
- Advanced International Multitech Co. Ltd.
- TOPKEY CORPORATION
- Dengfu Sports Equipment Co. Ltd.
- Ideal Bike Corporation
- Giant Manufacturing Co Ltd.
Material Outlook (Revenue, USD Million, 2016 - 2027)
- Carbon Fiber
Type Outlook (Revenue, USD Million, 2016 - 2027)
Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
Table of Contents Chapter 1. Methodology and Scope 1.1. Research Methodology 1.2. Research Scope and Assumptions 1.3. List of Data SourcesChapter 2. Executive Summary 2.1. Bicycle Frames - Industry Snapshot & Key Buying Criteria, 2016 - 2027Chapter 3. Bicycle Frames Industry Outlook 3.1. Market Segmentation and Scope 3.2. Market Size and Growth Prospects, 2016 - 2027 3.3. Value Chain Analysis 3. | read more...