Several reasons are driving the bike wheels market. First, the market is expanding due to the rising demand for high-end bikes. The wheels on premium motorcycles are typical of the highest calibre and are constructed of materials like alloy and carbon. Second, the rise of the market is also being driven by consumers' increasing disposable income. People are purchasing more expensive bikes and accessories as they have more money to spend. Thirdly, the market is expanding as a result of technological developments in the bicycle wheel sector. In order to keep ahead of the competition, businesses constantly innovate and release new products. Tubeless wheels, which perform better and are more durable than standard wheels, are among the newest innovations in the market for bike wheels.
The need for bike wheels is rising as cycling becomes more and more popular. Due to increased consumer disposable income and technical developments in the bike wheel industry, the market for bicycle wheels is anticipated to expand significantly in the upcoming years. As they give the rider the support and stability they need, bike wheels are a crucial part of bicycles. They assist the bicycle's forward motion as well. The type of bicycle for which they are intended determines the size, type of material, and design of the bicycle wheels. For example, mountain bikes have bigger wheels than road bikes do in order to offer more steadiness and traction on bumpy roads.
A bike's wheels are among its most crucial parts because they give the whole thing the support and structure it needs. An outer tyre, spokes, and inner rim make up the basic bicycle wheel. Depending on the type of bike they are intended for, bicycle wheels come in various sizes and materials. Since they must be able to tackle harder terrain, mountain bikes, for instance, typically have larger wheels than road bikes. In addition to being typically lighter than steel bike wheels, carbon fibre and aluminium wheels are better suited for racing bikes.
The market for bike wheels is anticipated to rise at a CAGR of 6.07% from 2021 to 2031 when it is expected to reach a value of USD 31.4 billion.This market's expansion can be due to expanding consumer disposable income, rising luxury bike demand, and technological developments in the bike wheel sector.
The market for bike wheels has a number of difficulties, including the high price of high-end bikes and the demand for trained personnel for bike maintenance. Other constraints limiting the growth of this industry include the lack of knowledge of cycling and the availability of a small number of cycling trails. But, the market is anticipated to expand quickly over the course of the forthcoming years due to increased consumer purchasing power, rising demand for high-end bikes, and technical developments in the bike wheel sector.
COVID-19 Impact and Market Status
The market for bike wheels has suffered as a result of the COVID-19 pandemic epidemic. The lockdown imposed by many countries across the world has had an impact on both the supply and demand for bike wheels. The closure of companies and problems with raw material transportation have also impacted the supply chain for bicycle wheels. The market is anticipated to rebound throughout the projection period as the lockdown is lifted and manufacturing activity picks back up.
The Alloy Wheels Type emerged as the Most Booming Segment
The market for bike wheels has been divided into alloy and carbon wheels based on type. Alloy wheel sales are anticipated to increase at the highest CAGR during the forecast period. The expanding demand for high-end bikes, rising consumer disposable income, and technological developments in the bike wheel sector are all responsible for this expansion.
The Most Prominent Application Segment is the Road Bike
The market for bike wheels has been divided into four categories based on applications: gravel/cyclo-cross bike, road bike, mountain bike, track bike, and others. Road bikes are expected to experience the fastest CAGR growth during the forecast period. This expansion can be attributed to a rise in the demand for high-end bikes, rising consumer disposable income, and technological developments in the bike wheel sector.
The Most Promising Model Segment is Disc Brake Wheels
The bike wheels market is divided into rim brake wheels, disc brake wheels, and drum brake wheels based on model. As a result of the advantages disc brakes offer over rim brakes, such as greater braking performance in all weather conditions and decreased rim wear and tear, disc brake wheels held the greatest market share among these in 2019 and are anticipated to increase at a significant CAGR throughout the projection timeframe.
The Asia Pacific Region to render Ample Financing Opportunities
According to geography, the market for bike wheels has been divided into North America, South America, Africa, Asia Pacific, Europe, and the Middle East. The APAC region's market is anticipated to expand at the greatest CAGR over the forecast period. The expanding demand for high-end bikes, rising consumer disposable income, and technological innovations in the bike wheel sector are all contributing to this boom.
The following companies are some of the leading suppliers of bicycle wheels: Roval Components (US), Light Bicycle Components (China), Mavic (France), Reynolds Technology Ltd. (UK), Shimano (Japan), Enve Composites (US), Fulcrum Wheels SRL (Italy), Giant Bicycles Inc. (Taiwan), DT Swiss (Switzerland), Zipp Speed Weaponry (US), and Reynolds Technology Ltd. (UK). These businesses have used a variety of tactics to grow their market shares and gain a firm presence in the market for bike wheels on a worldwide scale.
Recent Developments in the Bike Wheels Market
• Tubeless tyre-compatible bike wheels have been introduced by SENSAH (Taiwan). These wheels are intended for light trail riding and cross-country riding.
• A new series of gravel bike wheels from Roval Components (US) offers more stability and traction. The three potential widths for the new wheels are 30mm, 38mm, and 45mm.
• A new line of mountain bike wheels from Mavic (France) has been introduced; these wheels are stronger and lighter than their predecessors. The new wheels come in sizes 27.5" and 29".
Bike Wheels Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 31.4 billion|
|Growth Rate||CAGR of 6.07 % during 2022-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||bicycle wheels: Roval Components (US), Light Bicycle Components (China), Mavic (France), Reynolds Technology Ltd. (UK), Shimano (Japan), Enve Composites (US), Fulcrum Wheels SRL (Italy), Giant Bicycles Inc. (Taiwan), DT Swiss (Switzerland), Zipp Speed Weaponry (US), and Reynolds Technology Ltd. (UK).|
Key Segments of the Global Bike Wheels Market
Type Overview, 2021-2031 (USD Billion)
• Alloy Wheels
• Carbon Wheels
Application Overview, 2021-2031 (USD Billion)
• Road Bike
• Mountain Bike
• Gravel/Cyclo-Cross Bike
• Track Bike
Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa
• South Africa