Bicycle Carbon Wheel Market to grow at a CAGR of 26.63% during 2024-2028
The Bicycle Carbon Wheel Market is expected to grow at a CAGR of 26.63% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1936.19 million. In the context of global mobility trends, the surge in urbanization and rising disposable incomes, particularly in emerging economies, have led to a significant increase in automobile sales. Concurrently, the resulting traffic congestion has spurred a growing preference for bicycles as an eco-friendly, cost-effective, and efficient alternative for commuting. Furthermore, governments, such as Japan's, are promoting bicycle usage through incentives. The advent of bicycle rental services has made this mode of transportation even more accessible, enabling users to rent bicycles on a flexible basis, whether hourly, monthly, or yearly, based on their specific needs and the business model of the rental service provider.
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Technavio analysts predict that the On-road and track performance subsegment will lead the Application segment during 2024 and 2028 In the high-performance bicycle market, carbon wheel technology has gained significant traction among on-road cyclists. These riders prioritize efficiency and speed, making carbon wheels an ideal choice for their lightweight, thin-tired bicycles. Designed for paved roads, these bicycles boast aerodynamic geometries and dropped handlebars, allowing riders to assume an optimal, forward-leaning position. The combination of lightweight frames, gears, and carbon wheels enables experienced cyclists to efficiently cover extensive distances at impressive velocities. Additionally, these bicycles cater to urban touring, offering a comfortable ride while traversing cities. Conversely, track bicycles are engineered specifically for racing on outdoor tracks or velodromes, requiring a different set of performance optimizations.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish increasing number of bicycle sports events
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The Bicycle Carbon Wheel market is witnessing significant growth due to the increasing popularity of high-performance bicycle parts among mountain bikers and road racers. Professionals in these fields are increasingly opting for carbon fiber wheels, which offer superior aerodynamic qualities and lighter weight compared to traditional alloy or wired wheelsets. These modern wheels are made up of a carbon fiber rim, a metal hub, and pneumatic rubber tires. The carbon fiber material provides flexibility, reducing the risk of damage from impacts, while the tubeless wheels ensure better grip and puncture resistance. Carbon wheels are not just limited to professional use but are also gaining popularity among tourists and commuters in metro cities for bicycle renting applications. The use of carbon fiber in bicycle wheels is not new, but recent advancements have led to the production of tubeless, aerodynamic carbon wheelsets. Other materials like wood, steel, and axle are also used in wheel manufacturing, but carbon fiber wheels offer unmatched performance and durability. The Global Positioning System is increasingly being integrated into bicycle wheels, providing real-time data on speed, distance, and other performance metrics. Spokes wheels are still in use but are gradually being replaced by carbon fiber and tubeless wheels for their superior performance and efficiency.
According to Technavio, the global bicycle carbon wheel market is a segment of the broader global tires and rubber market, which encompasses businesses involved in the production of tires for various vehicle types and rubber used in tire manufacturing. The parent market, global tires and rubber, generates revenue from tire manufacturers catering to automobiles, commercial vehicles, off-road vehicles, heavy-duty vehicles, and motorcycles. Notably, the aftermarket segment of tires has historically demonstrated greater growth potential compared to OEM fitments.
The Bicycle Carbon Wheel Market is experiencing significant growth, fueled by the increasing number of bicycle sports events. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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