Bike Pedal Market: Current Analysis and Forecast (2023-2030)

Bike Pedals is the part of a bike that allows movement of the bike, which on pushing them allowing the bike to move forward or propelling of the bike's wheels. It acts as a wide/stable surface to put on both feet while riding a bike and works in a cyclic function. In the recent years, the demand for bikes have increased exponentially mainly because of increased popularity of biqking adventure sports, health and wellness concerns, sustainable solutions, and popularity of high end bikes. There are different types of bike pedals available based on the type of bikes being used and are also customizable based on the needs of the bike riders.

The Bike Pedal Market is expected to grow at a steady rate of around 5% owing to the increasing popularity of bike riding amongst people mainly due to health concerns, environmental concerns and commuting to office. Major companies in the market offer innovative and high-tech bike pedals for better performance and efficiency. For instance, Shimano manufactures high-end and highly advanced bike pedals customized like its shoe-and-pedal combination for road racing and Door's carbon ceramic bike pedals.

Based on type, the market is segmented into clipless and flat bike pedals. The clipless bike pedal category is expected to witness the highest CAGR during the forecast period as it provides better riding experience, comfort and efficiency. However, clipless pedals are mostly used in racing and off-roading bikes. Bikers using racing bikes and off-roading bikes needs precise positioning for effective riding and supports knees and hips as well. Using clipless is a big advantage in such cases, as the pedals allow the rider's feet to be positioned in the same spot every time they put their feet on the pedals. On the other hand, flat pedals are less preferred by racing and off-roading bikers because it reduces the ability for acceleration. However, flat pedals have better advantage of faster decelerating and is therefore, more preferred amongst road bilkers. Furthermore, bike riders demand fluidity of cycling as a result clipless pedals are more in demand over flat pedals.

On the basis of application of the bike pedals, the market is categorized into ordinary bike, mountain bike, road bike, and others. Among them, the road bike segment is expected to grow at a higher CAGR in the market. Road bikes hold at least 40% of the total market share in the cycle/bike market and recently its sales have increased during the COVID-19 period. During COVID-19, more people have started biking either to commute to work (as public transportations were withheld during COVID) and also due to health reasons. Furthermore, off-road or mountain bikes need specific skills and experience to ride the same, hence, road bikes became more popular amongst the customers. Road bikes are much cheaper than other types of bikes like mountain bikes and this is another reason for its popularity. Road biking is for regular use unlike premium bikes and mountain bikes, resulting daily commuters to prefer road bikes over hybrid and mountain bikes. With COVID-19, more people have become health concerned and are focusing on buying road bikes over other types of bikes that are not only high priced but also needs special skills.

For a better understanding of the market adoption of the kitchen cabinet industry, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America holds the largest share of bike pedals manufacturing by volume globally mainly due to presence of leading global bike pedal manufactures like Giant, Genetic Bikes, Crank Brothers, and Time Sport International. However, with respect to market share by revenue, as of 2019 Asia Pacific had the largest share. Countries like China, Japan, India, and Australia in the Asia Pacific region are slowly pacing its growth with respect to demand off ordinary bikes as a result rise in bike pedal manufacturing. However, North America still leads the market mainly due to increased level of research and development in bike pedals and high demand for road and mountain bikes. Unlike China, that mainly produces frames and related components, USA leads in bike pedal production.

Some of the major players operating in the market include: Shimano, Look Cycle, Giant Bicycle, Wahoo Fitness, BBB Cycling, SRAM LLC., Selle Royal Group S.p.A, GeneticBikes., Foresttrek Cycle Centre, Ritchey Design Inc.