Bicycle Maintenance Products Market Outlook - 2031
The global bicycle maintenance products market was valued at $1.3 billion in 2021, and is projected to reach $2.1 billion by 2031, growing at a CAGR of 4.7% from 2022 to 2031.
Report Key Highlighters
- The bicycle maintenance products market is consolidated in nature with few players such as FINISH LINE USA, MUC-OFF, MOTOREX-BUCHER GROUP AG, and White Lightning Co. that hold significant share of the market.
- The study covers in-depth analysis of 34 countries from different regions including North America, Europe, Asia-Pacific, and LAMEA. In addition, country-wise data of every country has been provided for better understanding of bicycle maintenance products market dynamics in every country.
- The bicycle maintenance products market includes company profiles of 19 key players who are actively engaged in producing various bicycle maintenance products.
Bicycle maintenance products are high-performing chemicals-based items used to enhance the aesthetic appearance and overall performance of bicycles and improve their durability, shine, and other maintenance factors. They are widely utilized for cleaning, refinishing, paint restoration, polishing, lubrication, degreasing, and other applications. Some examples of bicycle maintenance products include, cleaners, grease and lubes, braking oil, degreasers, and others.
The growth of the global bicycle maintenance products market is driven by consequent rise in prices of bicycles and growing awareness for health benefits of cycling has made cycle owners become more conscious towards bicycle cleaning, frequent lubrication, polishing, and other bicycle maintenance activities. The citizens of Europe and North America countries, such as Portugal, Germany, France, Italy, the U.S., and others have put more emphasis of bicycle care activities. These factors altogether are expected to propel the demand for a wide range of bicycle maintenance products; thus, fueling the market growth.
However, there are certain health risks associated with the use of solvents, such as alcohol ethoxylates, iminodisuccinic acid tetrasodium salt, and others that are further used in producing various bicycle maintenance products. For instance, exposure to high concentration of alcohol ethoxylates may cause headache, nausea & vomiting, dizziness, lightheadedness, and other health-related ailments.
Moreover, bicycle maintenance products contain iminodisuccinic acid tetrasodium salt that if exposed beyond maximum concentration limits may produce slight to moderate skin irritation, and prolonged or repeated exposure, cancers, and other allergies and immunotoxicity. These factors may restrain customers from using bicycle maintenance products; thus, hampering the market growth.
On the contrary, disposable income of individuals is increasing considerably across the globe. For instance, according to the Organization for Economic Co-Operation and Development (OECD) statistics, the disposable income in Organization for Economic Co-operation and Development (OECD) countries witnessed a growth of 1.7% in 2021. In addition, according to the China government, China’s per capita disposable income observed increase of 8.1% in 2021.
These factors have led the traditional bicycle customers to rapidly shift towards electric bicycles owing to the fact that electric bicycles provide a faster commute than traditional bicycles, and they also require less human effort to ride, overcoming one of the major disadvantages of traditional cycles. However, electric bicycles require frequent services and repairs as compared to traditional bicycles. This has led the electrical bicycle owners to frequently visit repair shops or either do servicing on their own by using a variety of cleaners, polishes, lubes, degreasers, braking oils, and others.
This factor is anticipated to increase the sales of bicycle maintenance products; thus, creating lucrative opportunities for the market. The bicycle maintenance products market is segmented into product type, and region. On the basis of product type, the market is bifurcated into cleaners, braking oil, grease and lubes, degreaser, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Bicycle Maintenance Products market, by Product Type
In 2021, the grease and lubes segment was the largest revenue generator, and is anticipated to grow at a CAGR of 4.9% during the forecast period. Grease and lubes are important for the bicycle to function properly. They are used in various parts in bicycle, namely chain, pedals, spokes, and others. The use of grease and lubricants helps bicycles run smoothly and easily by reducing friction between moving elements. Saddle posts and bolt threads are the principal static locations that should be greased. These parts can seize up and become exceedingly challenging to remove since they are pressed on metal for extended periods of time. The need for bicycle lubricants and greases is expected to increase owing to increasing sales of bicycle and its spare parts.
By Product Type
Grease and Lubes is the most lucrative segment
Cleaners segment was the second-largest contributor in terms of revenue in the global bicycle maintenance products market in 2021, and is anticipated to grow at a CAGR of 4.2% during the forecast period. Bicycle cleaners differ from general purpose cleaning products, in which they are generally formulated to be safe on all components. People have started realizing the importance of staying fit and having a healthy life. They have also started realizing that regular bicycling can keep disorders, such as obesity, at bay. These factors are expected to drive the demand for bicycle, thus driving the demand for bicycle maintenance products.
People are considering using bicycles to commute for short distances to save time because of the increasing traffic congestion and lack of parking, especially in metropolitan areas. The infrastructure required to facilitate bicycle commuting is aggressively being built by many governments, which encourages people to choose bicycles. These factors are expected to drive the demand for bicycle cleaners during the forecast period.
Bicycle Maintenance Products market, by Region
The Europe bicycle maintenance products market size is projected to grow at the highest CAGR during the forecast period. An increasing application base of bicycles in trekking and recreational activities coupled with rising number of cycling events are expected to boost the demand for both general and sports bicycles. The increasing influence of celebrity endorsement and increasing media coverage for such events are expected to further fuel the demand for bicycle. These factors are expected to drive the demand for bicycle maintenance products in the region.
By Region
Europe would exhibit highest CAGR of 5.1% during 2022-2031.
North America was the second-largest contributor in terms of revenue in the global bicycle maintenance products market in 2021, and is anticipated to grow at a CAGR of 4.3% during the forecast period. Bicycles are a convenient form of exercise, and it is highly demanded among consumers to ensure active and healthy lifestyle, obesity free life, and free from various diseases. The rising awareness among North America people regarding the health benefits of riding bicycle is boosting the demand for bicycles across the region, thus boosting the demand for bicycle maintenance product.
Moreover, the popularity of dockless bicycle sharing programs is growing quickly among people, which is anticipated to accelerate the expansion of the global bicycle market. Trek Bicycle announced a new collaboration with online retailer, Bike Exchange in 2020. Through the BikeExchange.com website, the agreement permitted North American trek dealers to advertise and sell some trek products. These factors are expected to drive the demand for bicycle maintenance products in the North America region.
The leading players operating in the global bicycle maintenance products market include, CeramicSpeed, Dr. O.K. Wack Chemie GmbH, Duck Smart, Dumonde Tech Design Group, Fenwicks Ltd., FINISH LINE USA, JUICE LUBES, MAXIMA RACING OILS, MOTOREX-BUCHER GROUP AG, MUC-OFF, PEATY'S, PMS Products Inc., ProGold, Rock N Roll Lubrication, SILCA, Squirt Cycling Products, Tri-Flow, Weldtite Products Ltd, and White Lightning Co.
The global bicycle maintenance products market report provides in-depth competitive analysis as well as profiles of these major players.
Key benefits for stakeholders
- Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- It outlines the current Bicycle maintenance products market trends and future estimations from 2021 to 2031 to understand the prevailing opportunities and potential investment pockets.
- The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
- The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
- The profiles of key players and their key strategic developments are enlisted in the report.
Impact Of Covid-19 On The Global Bicycle Maintenance Products Market
The COVID-19 crisis created uncertainty in every market, including the bicycle production sector. However, increasing awareness for bicycle cleaning and maintenance-related activities among bicycle owners has surged the popularity of bicycle maintenance products post the COVID-19 scenario. Moreover, the overall service activities of market players have registered a steady and favorable recovery in the subsequent months with increase in the sales of bicycle units.
Bicycle Maintenance Products Market Report Highlights
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Analyst Review
According to various top-level CXOs of leading companies, the global bicycle maintenance products market is expected to exhibit high growth potential during the forecast period. Bicycle maintenance products are used for maintaining bicycle aesthetics, repair & maintenance, and other associated purposes. The growing adoption of various bicycles, such as road bikes, mountain bikes, hybrid/commuter bikes, folding bikes, and others for outdoor recreational activities leads to the need for effective bicycle maintenance products used for cleaning and regular maintenance purposes, which is expected to fuel the demand for the bicycle maintenance products.
In addition, increasing investments made by bicycle owners on repair and maintenance activities has surged the demand for bicycle maintenance products among countries, such as the U.S., Portugal, France, Italy, Germany, and others. Furthermore, the market growth is supplemented by factors such as stringent government regulations, growth of bicycle post sale services, and adoption of e-commerce platforms by leading players. Furthermore, factors such as high onset action and efficiency have surged the popularity of bicycle maintenance products in the personal use applications. CXOs further added that sustained economic growth and rise in number of cycling enthusiasts have increased the popularity of bicycle maintenance products.
The grease and lubes segment was the largest revenue generator in 2021, and is anticipated to grow at a CAGR of 4.9% during the forecast period.
The Europe is the largest regional market in the global bicycle maintenance products market, contributing more than half of the global market in 2021.
The global bicycle maintenance products market is projected to reach $2.1 billion by 2031, growing at a CAGR of 4.7% from 2022 to 2031.
The rising awareness of health benefits of cycling has made cycle owners become more conscious towards bicycle cleaning, frequent lubrication, polishing, and other bicycle maintenance activities.
The leading players operating in the global bicycle maintenance products market include, CeramicSpeed, Dr. O.K. Wack Chemie GmbH, Duck Smart, Dumonde Tech Design Group, Fenwicks Ltd., FINISH LINE USA, JUICE LUBES, MAXIMA RACING OILS, MOTOREX-BUCHER GROUP AG, MUC-OFF, PEATY'S, PMS Products Inc., ProGold, Rock N Roll Lubrication, SILCA, Squirt Cycling Products, Tri-Flow, Weldtite Products Ltd, and White Lightning Co.
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