Bicycle Hubs Market Size, Share, Growth, And Industry Analysis By Type (16 Hole, 24 Hole, 32 Hole, Other) By Application (Mountain Bike, Road Bike-Racing, Other), Regional Insights, and Forecast from 2023 to 2031

Updated On: 20 November 2023

Bicycle Hubs Market Report Overview

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The global Bicycle Hubs market size is expanded rapidly in 2022 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2022 to 2031.

The component of a bicycle wheel that joins the wheel rim to the axle is called a hub. This link makes it possible to spin sets of bearings for free. Bicycle hub demand is being fueled by an increase in people's propensity to utilize bicycles. During the course of the projection, the tendency is anticipated to persist. An electric motor that is mounted inside the wheel hub is referred to as a hub motor. In this, the hub motors are entirely distinct from the bicycle drivetrain and are powered by electricity flowing via copper wires to create electromagnets, which provide a force and rotate the hub backwards and forwards.

The rising demand for bicycles throughout the world is to blame for the market's expansion. Also, factors including increasing disposable income, an increase in the urban population, and better infrastructure are fostering this market's expansion. The market for bicycle hubs has been divided into 16-hole, 24-hole, 32-hole, and other sorts based on type. Due to the strong demand for 24 hole hub types from mountain bike riders throughout the world, these categories are expected to provide the largest share of revenue over the projection period.

COVID-19 Impact: COVID-19 Epidemic Led To A Global Lockdown, Reducing Market Growth

The COVID-19 epidemic has most commuters staying away from public transit. E-bikes are regarded as a reliable, practical, and inexpensive substitute for public transit. E-bikes are becoming more and more popular as a means of mobility in cities across the US and Europe, say industry experts and e-bike manufacturers including Rad Power Bike, VanMoof, and Lectric e-bike. Also, commuters are switching to bikes for daily transit due to government limits on public transportation due to social-distancing standards. For instance, the New York Times reports that in March 2020, bike sales in the United States climbed by 85%. As a result, one of the businesses that is primed for higher growth after COVID-19 is the electric bike sector. Nevertheless, the first quarter of 2020 saw a decline in e-bike sales as a result of lockdowns that forced e-bike retailers to close.

Latest Trends

"E-Bikes With Pedal Assistance Are Anticipated To See Significant Market Growth"

Similar to a typical bicycle, an electric bike's pedal-assisted mode uses pedals that the user must actively press to spin the wheels. Nevertheless, depending on the type of bike, additional power is provided by a battery-operated motor installed on the front or rear wheel. The benefits, which include longer battery life, fewer maintenance requirements, and the ability for users to select among three to five pedal assist modes depending on the model, are expected to draw in new customers and are likely to improve the market's overall growth over the course of the forecast period.

Bicycle Hubs Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into 16 Hole, 24 Hole, 32 Hole, Other. 16 Hole is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Mountain Bike, Road Bike-Racing, Other. Mountain Bike will be the dominating segment.

Driving Factors

"Government Laws Should Be Implemented To Promote The Usage Of Electric Bikes"

Due to growing knowledge of the negative impacts of operating fossil fuel-powered vehicles, governments throughout the world are taking steps to decrease their carbon footprints by promoting the usage of electric bikes, cars, and bicycles. Governments are also building bicycle-friendly roadways, which is encouraging people to use bicycles as their primary form of transportation. Several governments are paying close attention to electric bicycles, scooters, and motorbikes as dependable, effective kinds of light motor vehicles (LMVs) that contribute to lowering carbon emissions. Also, governments all over the world are encouraging the purchase of electric mobility through tax credits and incentives in order to promote the usage of these eco-friendly cars. For instance, the Indian government announced a proposal in June 2019 to reduce the goods and service tax (GST) on electric cars from 12% to 5% in order to promote their adoption more quickly. Additionally, infrastructure projects like the construction of more bicycle (express) routes, the installation of battery charging stations, and the guarded parking of bicycles by governments in many nations all significantly increase consumer adoption of electric bikes, driving the market for them to expand.

"Increasing Number Of Cycling Events Leading Market Expansion"

The demand for both general and sports bicycles is anticipated to increase due to the growing use of bicycles in leisure and trekking activities as well as an increase in cycling competitions. It is anticipated that rising media attention to such events and the increasing power of celebrity endorsement would further propel industry expansion. Also, a number of governing organisations in European nations, including Cycling Ireland, support road racing, leisure and touring cycling, track racing, and off-road racing competitions. For instance, the Irish Sports Council reports that Sport Ireland boosted its funding for Cycling Ireland from EUR 292,500 in 2015 to EUR 440 thousand in 2019, therefore promoting consumer participation in a range of cycling events in Ireland. ​The event's main goal was to enhance cycling acceptance in the city and raise public understanding of the sport. Such awareness initiatives also help the business under study flourish. International sporting events like cycling competitions also inspire consumer participation in cycling, which in turn fuels market expansion.

Restraining Factors

"Lack Of Appropriateness For Longer Distances Is Anticipated To Impede Market Expansion For Bicycles Worldwide In The Coming Years"

the forecasting window Since that humans can only pedal for a certain amount of time, bicycle commuting is desirable and appropriate for shorter distances. Cycling over longer distances requires a disproportionately greater effort, making it a particularly taxing activity. Also, bicycles can only travel at a certain pace, but cars can travel farther and quicker. Thus, it is anticipated that over the projection period, these factors would constrain market expansion.

Bicycle Hubs Market Regional Insights

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"APAC region Is Anticipated To Be The Leading Region Throughout The Projected Period"

Geographically, the APAC region has long been acknowledged as the leader in the world market for E-Bike motors, and it is expected that it will continue to hold this position during the projected period. Due to its strong E-bike sales, China is predicted to have a faster growth rate in the worldwide E-Bike motor market.

India, Singapore, and Malaysia are also expected to increase significantly throughout the projection period. Due mostly to lower petrol costs over the past two years, the North American e-bike motor industry has been struggling.

In addition, as businesses transition to higher-quality products, many inexpensive models are becoming outdated. Sales of E-Bike motors are expected to be dominated by businesses operating in the Asia-Pacific region. Over the projected period, it is also predicted that Europe would use this product extensively.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Campagnolo (Italy)
• Chris King (U.S.)
• DT Swiss (Switzerland)
• Hope (Japan)
• Shimano (Japan)
• American Classic (U.S.)
• Answer (Canada)
• Bontrager (U.S.)
• Brompton (U.K.)
• Dimension (India)
• DMR (India)
• Eddy Merckx (Belgium)
• Extralite (U.S.)
• Flybikes (Spain)
• Formula (India)
• Fulcrum (U.S.)
• Gary Fisher (U.S.)
• Genetic (Australia)
• Giant (U.S.)
• Hutch (U.K.)
• Jagwire (U.S.)
• Kink Bikes (U.S.)
• KORE (U.S.)
• Loaded (U.S.)
• MacNeil (U.S.)
• Nirve (U.S.)
• Origin8 (Philippines)
• Shenzhen Zhaotai  (China)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.