The bicycle gearbox system market is expected to grow by USD 1.57 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Bicycle Gearbox System Market 2020-2024 (Graphic: Business Wire)
Along with exercising in the gym, swimming, and hiking, cycling is becoming popular as a sports activity. Competitions conducted by organizations such as the Wessex Cyclo-Cross League and events like the Eastbourne Cycling Festival encourage more individuals to take up biking. In addition, with the use of superior quality materials and advanced components, bicycles now offer greater speed. The use of gears is further aiding in efficient peddling. For instance, Shimano 11-speed gear or Rohloff 15-speed gear configuration for touring bikes and performance biking help in easing the peddling effort. Thus, the upsurge in bicycle users is expected to drive the growth of the market.
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As per Technavio, the introduction of CVT in bicycles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Bicycle Gearbox System Market: Introduction of CVT in Bicycles
The continuously variable transmission (CVT) changes the way mechanical power is transmitted. This technology provides improved transmission with flexibility in bicycles, automobiles, small wind turbines, and more. The system maintains the fuel and helps in providing smooth and continuous progression from one speed to another without any harsh ratio changes or gear engagement. It is compact, lightweight, and has a high torque density and is less complex. The manufacturing cost of this transmission is also low as standard industrial materials are used. This also makes it scalable for various applications. NuVinci, a brand of Fallbrook Technologies, has initiated the commercialization of the product. NuVinci CVT design provides improved transmission performance and flexibility in bicycles. Thus, the introduction of CVT in bicycles is expected to be one of the key trends that will drive the growth of the market in focus.
"Factors such as the increasing need to reduce air pollution and the availability of multiple gearbox configuration will have a significant impact on the growth of the bicycle gearbox system market value during the forecast period," says a senior analyst at Technavio.
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Bicycle Gearbox System Market: Segmentation Analysis
This market research report segments the bicycle gearbox system market by geography (Europe, North America, APAC, South America, and MEA) and type (multiple gear and fixed gear).
The APAC region led the bicycle gearbox system market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the increased use of bicycles owing to several factors such as increasing awareness of the health benefits, convenience, and affordability of bicycles.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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