A bicycle is a human-powered, pedal-driven, two-wheeled steerable machine, widely used for transportation, recreation and sports activities. One of the components of a bicycle is the rim, which is the outer edge of the wheel, holding the tire. Owing to continuous expansion of bicycle fleet, growing bicycle sporting culture and rising demand for sports and mountain bicycles, ensuring rider safety has become extremely important. Different types of bicycle rims are available in the market. Based on material, these rims can be of steel, carbon, aluminum and copper. Among these, the aluminum segment is estimated to gain traction over the forecast period owing to its non-corrosive properties & light weight.
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Bicycle Rim Market: Market Dynamics
Bicycle Rim Market: Drivers
Busy and modern lifestyle force people to exclude exercising from their schedule and survive on junk food. This often leads to a person being overweight or obese. Thus, rising health consciousness among consumers is anticipated to upsurge the demand for bicycles, which will further increase the demand for bicycle rims over the forecast period. Moreover, the expanding tourism industry across the globe will also give traction to the growth of the bicycle rim market in the coming years. That apart, the ever-growing bicycle industry, both in developed and emerging economies, will further drive the growth of the bicycle rim market over the forecast period.
Bicycle Rim Market: Restraints
Commutation by bicycles is suitable and ideal for smaller distances as the human capacity to cycle is limited. This is anticipated to reduce the demand for bicycles and act as a restraining factor for the growth of the concerned market over the forecast period. Moreover, the lack of dedicated cycling tracks in emerging economies will further hamper the growth of the bicycle rim market in the coming years.
Bicycle Rim Market: Trends
Rapid industrialization and the introduction of new materials, which are incredibly light but very strong, have transformed the bicycle industry. This is anticipated to act as a major trend in the global bicycle rim market over the forecast period. Moreover, the manufacturers are focused on expanding their presence to escalate competition in the global bicycle rim market.
Bicycle Rim Market: Segmentation
The global bicycle rim market can be segmented on the basis of material type, size, sales channel and bicycle type.
On the basis of material type, the global can be segmented as:
Steel
Carbon
Aluminum
Copper
On the basis of size, the global market can be segmented as:
Less than 16 inch
16 inch to 20 inch
Above 20 inch
On the basis of sales channel, the global market can be segmented as:
OEM (Original Equipment Manufacturer)
Aftermarket
On the basis of bicycle type, the global market can be segmented as:
Sports
Road
Mountain
Hybrid
Bicycle Rim Market: Regional Outlook
The regional demand dynamics of bicycle rims is directly correlated with the overall production and fleet of the bicycles. China is projected to dominate in terms of sales and is estimated to remain dominant in terms of demand for bicycle rims owing to increasing sales of bicycles. North America is expected to grow at significant CAGR during the forecast period in the bicycle rim market owing to increasing government regulations to support green transportation in the region. The European region is expected to witness high penetration rate due to rising bicycle fleet in the region. The Middle East & Africa (MEA) region is anticipated to grow at a substantial pace in the coming years owing to high demand for bicycle rims from bicycle manufacturers.
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Bicycle Rim Market: Market Participants
Example of some of the key players identified across the value chain of the global bicycle rim market are Araya Industrial Co. Ltd., Ambrosio Srl, Fit Werx, Hed Cycling Products Inc., Ravi Enterprises, Ryde, Ursus S.p.a. Xiamen YISHUN Carbon Composite Technology Co., Ltd., among others.