Bicycle Wheels Market Size, Share, Growth, and Global Industry Analysis, By Type (Alloy Wheel and Carbon Wheel), By Application (Road Bikes, Mountain Bikes, Gravel/Cyclo-Cross Bikes, Track Bikes, and Others), Regional Insights, and Forecast To 2031

BICYCLE WHEELS MARKET REPORT OVERVIEW

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The global bicycle wheels market size is expected to be USD 1076.7 million in 2021 and is projected to touch USD 1391.1 million by 2031, at a CAGR of 2.6% during the forecast period.

A bicycle wheel is a wheel used in bicycles. A pair of these wheels are called a wheelset. The first bicycle wheels were invented by Sir George Cayley. This wheels are available in steel, axle, and wood materials. The advancements in the wheels made companies launch tubeless wheels and spokes wheels. The recent technological advances launched Global Positioning System (GPS), which resulted in application based cycle systems. The rising adoption of a healthy lifestyle surges the demand for bicycles which is forecasted to increase the demand for the wheels. 

The rising number of bicycle renting applications is expected to boost growth. The bicycle renting applications allow the user to rent out bicycles for a short period of time. These applications encourage the company to buy bicycles, which further accelerates the bicycle wheels market. Many metro cities have launched rental bicycle applications. Many countries are still working on it. The rising health concern among the population is encouraging the adoption of bicycles. These bicycle apps charge some amount for the period and allow the member to sign out a bike from any other station. Generally, tourists and travelers are the major key booster for the market. 

COVID-19 Impact:  Supply Chain Disruption Affected Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the bicycle wheels market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

During the COVID-19 period, traveling or even leaving home was prohibited. The market experienced a downfall due to the low production of bicycle wheels. The manufacturing industries and supply chain witnessed a significant hamper. The post-COVID-19 period is likely to balance the market growth as the population rapidly adopts bicycles. The outbreak of COVID-19 increased the health consciousness among the population, and thus, the post-pandemic period is forecasted to recover the loss caused during the pandemic. 

LATEST TRENDS

"Skyrocketing Fuel Prices to Boost Adoption of Bicycle"

Bicycle wheels market growth is likely to be backed by the constantly rising fuel prices. The fuel prices are fluctuating, which is expected to gain more customers in the market. The population is choosing alternative transportation modes. Moreover, the demand for bicycle wheels is forecasted to grow due to the rising production of bicycles. The population is using bicycles for leisure activities and trekking. Furthermore, the increasing bicycle competition and events are likely to generate lucrative opportunities for bicycle wheels market growth. The increasing popularity of such expeditions is projected to foster maximum growth in the global market.  

BICYCLE WHEELS MARKET SEGMENTATION

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• By Type Analysis

By type, the market is segmented into the alloy wheel and carbon wheel.

Carbon wheels are forecasted to dominate the market as they can soak more vibration than alloy wheels. It also offers an enhanced ride than other types of wheels. It is also helpful in decreasing body fatigue and allows riding on less energy.   

• By Application Analysis

Based on the application, the market is classified into road bikes, mountain bikes, gravel/cyclo-cross bikes, track bikes, and others. 

Road bikes are likely to lead the application segment due to their lightweight bikes with narrow tires and handlebars. It is mostly beneficial for pavement, and flat machines with wide and rugged handlebars with knobby tires are used to ride dirt trails. These factors are anticipated to help the segment in dominating the market. 

DRIVING FACTORS

"Surging Health Consciousness to Aid Product Demand"

The still lifestyle is increasing the prevalence of various chronic diseases, encouraging the population to shift toward bicycles. Regular cycling has various benefits on the health of the user, such as increased cardiovascular fitness, joint mobility, strengthening bones, and decreases stress levels and body fat. Rising bicycle regularly prevents your body from various chronic diseases. Additionally, the adoption of remote work culture is increasing body fat and fatigue. The rising sports activities leading to higher demand for bicycle and bicycle wheels is anticipated to bolster growth in the market. 

"Steady Adoption of Bicycles to Increase the Market Growth"

The steady adoption of bicycles boosts the demand for bicycle wheels. The population in developed and developing countries is rapidly adopting bicycles. Bicycles have various benefits such as more speed, increased compliance, quick acceleration, and easy storage are some factors associated with bicycles. Additionally, the demand for small wheels bicycles is increasing due to easy storage and higher-speed applications. Moreover, the rising demand for bicycles that occupy less space is increasing, which is anticipated to propel growth in the bicycle wheels market.  

RESTRAINING FACTORS

"Rising Per Capita Income and Availability of Alternative Vehicles to Hinder the Market Growth"

The increasing urbanization is leading to increase in per capita income of the population. The rising per capita income is expected to hinder the growth of the market. The population is likely to incline more towards bikes and cars as it has now become a status symbol in society. The presence of bikes, scooters, cars, and other such vehicles is anticipated to hinder growth in the market. 

BICYCLE WHEELS MARKET REGIONAL INSIGHTS

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"Asia Pacific to Lead Owing to Various Cycling Events Taking Place in the Region"

Asia Pacific is projected to hold the largest part of the bicycle wheels market share owing to the hosting of various cycling events in the countries. The hosting of various events increases the demand and popularity of sports bicycles, which is anticipated to lead to a higher demand for bicycle wheels. Additionally, the accelerating number of women’s participation is likely to surge growth in the region. 

North America is forecasted to show prominent growth due to rising health concerns. Advances in bicycle wheels, growing traffic congestion, environmental schemes, and government schemes to support cycling. These factors are projected to drive market growth.

KEY INDUSTRY PLAYERS

"Competitors to Emphasize On Launching Integrated Bicycles"

Key players are aggressively investigating on the launch of new products. The companies are focused on launching new services. Introducing reliable service is the main focus of the key companies. The companies are offering reliable services such as after-sales maintenance, support, and high-end bicycle. Competitors are pricing their products competitively. The major competitors are emphasizing on gaining local markets to further grow in the global market. Prominent players are also focusing on launching integrated bicycles with removable bars of aero. 

LIST OF TOP BICYCLE WHEELS COMPANIES

• Shimano (Japan)
• Campagnolo (Italy)
• Fulcrum Wheels Srl (Italy)
• ENVE (U.S.)
• Zipp (Sram) (U.S.)
• Easton Cycling (U.S.)
• Boyd Cycling (U.S.)
• Black Inc. (U.S.)
• Pro Lite (U.S.)
• FFWD Wheels (Netherlands)
• Prime Components (India)
• Mavic (France)
• DT Swiss (U.S.)
• Hunt Bike Wheels (U.S.)
• Industry Nine (U.S.)
• Knight Composites (U.S.)
• 3T (Germany)
• Forza Cirrus (Mexico)
• Rolf Prima (U.S.)
• Halo Wheels (Cambridgeshire)
• Miche (U.S.)
• Yishun Bike (China)

INDUSTRY DEVELOPMENT

• November 2019 - Bridgestone stated that it is starting its operations in India and will move from the China Asia-Pacific strategic business unit (SBU) to the EMEA SBU. Thus, as one of the four SBUs internationally, Bridgestone Europe, Russia, Middle East, India, and Africa (BSEMIA) will join Bridgestone China Asia-Pacific, Bridgestone America, and Bridgestone Japan. Bridgestone EMEA's continued transformation to launch mobility solutions that satisfy customers' expectations for convenience, efficiency, and sustainability led to Bridgestone India's merger with EMEA.

REPORT COVERAGE

The report is an overview of the market, including the following:

• Key players and their recent development.
• Factors projected to aid market growth.
• The impact of COVID-19 is also represented in the report.
• Regions are anticipated to lead the global market.
• Factors that may limit the growth of the market.
• The latest trends are also included in the report.
• Segmentation of the market on the basis of application and type.

These aspects altogether give a complete overview of the market and help the stakeholders in gaining a better understanding of the market.