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

Report Description

Global Bike Pedals Market is expected to grow at a significant rate of around 5% during the forecast period (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 cycling function. In the recent years, the demand for bikes have increased exponentially mainly because of increased popularity of biking adventure sports, health and wellness concerns, sustainable solutions, and popularity of high end bikes. As a result of these driving factors, there has been a rise in the need for bike parts and accessories like bike pedals. In addition, the use of bike pedals in e-bikes commonly called electric pedal bikes has also risen because of e-bike popularity.

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Bike pedal manufacturers like Shimano is revolutionizing the biking experience with its shoe-and-pedal combination for road racing which are also user-friendly and reliable. Furthermore, new technologies have also been developed by Wahoo’s Speedplay range that features dual-sided entry and is one of its kind in the bike pedal market. This design of bike pedals allow improved airflow featured by low stack height of 11.5mm. On the other hand, Look’s carbon ceramic bike pedals are not only lightweight, but also powerful and is one of the few pedal manufacturers to produce carbon ceramic bike pedals. Evolution of the bike pedals were mainly based on improvement of biking efficiency and performance resulting in intensive competition amongst the major players in the market and this is expected to support market growth.

Shimano, Look Cycle, Giant Bicycle, Wahoo Fitness, BBB Cycling, SRAM LLC., Selle Royal Group S.p.A, GeneticBikes., Foresttrek Cycle Centre, Ritchey Design Inc are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative bike pedals.

Insights Presented in the Report

“Amongst type of bike pedals, clipless bike pedals category to witness higher CAGR during the forecast period”

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.

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“Amongst application of bike pedals, the road bikes hold a significant share in the market as of 2023”

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..

Bike pedal Market Report Coverage

“North America to hold a significant share in the market”

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.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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The global bike pedal market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Bike Pedal Market Analysis (2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global bike pedal market were the three major steps undertaken to create and analyze the adoption of bike pedals in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global all-terrain vehicle market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Bike Pedal market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Bike Pedal market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type of bike pedals, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the all-terrain vehicle market. Further, we conducted factor analysis using dependent and independent variables such as various types of bike pedal and application of bike pedals. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the bike pedal market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global bike pedal market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the bike pedal market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global bike pedal market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global bike pedal market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type of pedals and application in the global bike pedal market.

The main objective of the Global Bike Pedal Market Study

The current & future market trends of the global bike pedal market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the bike pedal market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type of pedals and application.
• Define and analysis of the regulatory framework for the bike pedal
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the bike pedal market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the all-terrain vehicle market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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