Bicycle Components Aftermarket Market to Witness Steady Growth with a Projected CAGR of 5.9% during 2023-2030
According to a new report published by MarkWide Research, titled, “Bicycle Components Aftermarket Market – Enabling Customization and Performance Enhancement,” the global bicycle components aftermarket is expected to witness steady growth, driven by the increasing demand for personalized and upgraded bicycle parts. The report forecasts a Compound Annual Growth Rate (CAGR) of 5.9% for the bicycle components aftermarket from 2023 to 2030.
As cycling gains popularity as both a recreational activity and a sustainable mode of transportation, enthusiasts are seeking ways to enhance their riding experience. The bicycle components aftermarket offers a range of products such as gears, brakes, saddles, and wheels that cater to individual preferences and performance needs.
The report highlights the role of the bicycle components aftermarket in promoting customization and innovation in the cycling industry. Cyclists can choose from a variety of aftermarket components to optimize their bicycles for different terrains, riding styles, and purposes.
The report provides insights into the regional trends of the bicycle components aftermarket. North America is anticipated to lead the market growth, driven by the region’s active cycling community and demand for high-quality components. The Europe region is also projected to contribute significantly, with a strong cycling culture and a market for premium cycling products.
Asia-Pacific and other regions are expected to exhibit steady growth as cycling gains traction as a leisure activity and alternative transportation option. Key players in the bicycle components aftermarket are focusing on product innovation and partnerships to offer a wide range of options to cyclists.
In conclusion, the bicycle components aftermarket is set for steady growth as cycling enthusiasts seek ways to upgrade and personalize their bicycles. With their role in enabling performance enhancement and customization, aftermarket components are poised to shape the future of cycling.
About MarkWide Research: MarkWide Research is a leading market research firm dedicated to providing accurate and comprehensive insights into various industries. With a team of experienced analysts and a commitment to delivering high-quality market intelligence, MarkWide Research assists businesses and organizations in making informed decisions based on the latest industry trends and data.