One of the main factors propelling the bicycle wheels market is the increased demand for bicycles as a result of growing health and fitness consciousness. Additionally, the increased popularity of cycling as an environmentally responsible mode of transportation is assisting in the expansion of this market. Additionally, this industry is expanding because of technological developments including lightweight materials and cutting-edge designs.
Bicycle wheels that are stronger, lighter, and more manoeuvrable are becoming more and more necessary. Additionally, there is a greater need for bicycle wheels of different sizes, designs, materials, and costs as a result of the growing demand for bicycles in nations like the United States, Germany, China, and Japan. It is anticipated that this trend would continue over the anticipated time period, driving the market.
This market is expanding as a result of the expanding interest in environmentally friendly transportation and rising health and fitness consciousness. A growing number of people are choosing to use bicycle wheels made of lightweight materials like carbon fibre because of their dependability, strength, and affordability. Additionally, modern designs that offer superior handling and better aerodynamics are becoming more popular. Additionally, technological developments like the creation of disc brakes are giving customers improved control and safety features, supporting the expansion of this market.
The round elements that make up a full wheel are bicycle wheels. A wheel is made up of two parts: the hub and the rim. The hub is joined to the spokes, which are attached to the rim. Bicycle wheels come in a range of sizes, forms, materials, and prices depending on the type of bicycle they are made for. There are sizes like 16 inches, 20 inches, 24 inches, and 26 inches available. Additionally, they can be built from a variety of materials, including carbon fibre, magnesium alloy, titanium alloy, and aluminium alloy.
During the forecast period, the market for bicycle wheels is anticipated to expand at a CAGR of 2.92% and reach USD 1249.59 Million by 2031.
The expansion of this market is attributable to the increasing demand for bicycles on a global scale. Additionally, factors including rising income levels increased interest in fitness and health, and technological developments all contribute to the expansion of this industry.
One of the challenges limiting the growth of this industry is the high price of carbon fibre wheels and the lack of knowledge about new technologies utilised in wheel building. Additionally, safety issues related to disc brakes and other modifications in wheel design restrain market expansion. But it's anticipated that rising bicycle sales in developing nations will boost demand for bicycle wheels and related parts, expanding the industry.
SRAM Corporation, Shimano Inc., DT Swiss AG, Zipp Speed Weaponry, Mavic SA, Easton Cycling, Ritchey Design Components Inc., Novatec Wheelset Company, and Black Inc. are a few of the major competitors in the cycling wheels market. To stay ahead of the competition, these businesses are putting more and more emphasis on releasing novel items with cutting-edge features and aesthetics. Additionally, strategic alliances and partnerships with other businesses are assisting them in increasing their market share.
The Alloy Wheel segment forms a major portion of the market
Due to its low cost and excellent strength, the alloy wheel category is anticipated to experience the largest increase during the projection period. The development of this sector is also being aided by technological developments like disc brakes. Due to its less weight and enhanced aerodynamics, the carbon wheel market is also anticipated to experience significant growth.
North America to dominate the market
Due to its high demand for bicycles and growing awareness of health & fitness, North America is predicted to lead the global market for bicycle wheels over the forecast period. The expansion of this market is further aided by the presence of important companies in this area. Due to its substantial population and rising standard of living, Asia-Pacific is also anticipated to have significant expansion. It is anticipated that the rising demand for bicycles in nations like China, India, and Japan will fuel the expansion of this region.
Mountain Bike segment to be on top of the market
Due to the rising popularity of cycling and adventure sports, the mountain bike category is anticipated to experience the largest growth throughout the projected period. The market is also developing as a result of the increasing appeal of all-terrain bicycles. Due to its extensive use by both amateur and professional riders, the road bike market is also anticipated to experience significant growth.
Covid-19 Impact & Market Status
Due to broken supply chains and decreased consumer expenditure, the COVID-19 epidemic has had a severe effect on the world market for bicycle wheels. Due to this, there has been a decrease in the demand for bicycles and related parts, which is impeding the expansion of this industry. The market, however, is anticipated to rebound in the latter half of 2021 as lockdowns ease.
Latest Innovations in the Global Bicycle Wheel Market: A Snapshot
- SRAM Corporation has introduced a new line of lightweight carbon fibre wheels that are stronger and have better aerodynamics.
- Shimano Inc. added disc brakes to their wheelsets to enhance bicycle braking performance.
- Zipp Speed Weaponry just unveiled a new line of wheels that are intended to enhance cornering and lower rolling resistance. Such developments aid market expansion.
Bicycle Wheels Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 1249.59 Million|
|Growth Rate||CAGR of 2.92% during 2021-2031|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||SRAM Corporation, Shimano Inc., DT Swiss AG, Zipp Speed Weaponry, Mavic SA, Easton Cycling, Ritchey Design Components Inc., Novatec Wheelset Company, and Black Inc.|
Key Segment of Global Bicycle Wheels Market
By Type Overview 2021-2031, (USD Million)
- Alloy Wheel
- Carbon Whee
By Application Overview 2021-2031, (USD Million)
By End-User Overview 2021-2031, (USD Million)
By Region Overview 2021-2031, (USD Billion)
- Rest of Asia Pacific
- Rest of North America
- Rest of Europe
Middle East and Africa