The bicycle component aftermarket in Korea is poised to expand at a CAGR of 5.0% from 2024 to 2034. The aftermarket in Korea is standing at the threshold of significant prospects, starting with a valuation of USD 431.8 million in 2024.
| Attributes | Details |
|---|---|
| Size in 2024 | USD 431.8 million |
| Expected Size in 2034 | USD 703.3 million |
| Forecasted CAGR from 2024 to 2034 | 5.0% |
Integration of smart technologies into bicycle components, such as GPS tracking, smart lighting, and electronic gear shifting systems, is expected be a growing trend. The scope for the bicycle component aftermarket in Korea is likely to translate into a valuation of USD 703.3 million by 2034.
Road cyclists place a strong emphasis on performance and efficiency. Upgrading to higher quality road groupsets can significantly improve an overall performance of a bike, including smoother gear shifting and enhanced power transfer.
| Bicycle Component Aftermarket in Korea based on Component | Road Groupsets |
|---|---|
| Share in % in 2024 | 57.9% |
In terms of component, the road groupsets segment is expected to account for a share of 57.9% in 2024. The popularity of road cycling as a sport and recreational activity is a major factor driving the demand for road groupsets. Enthusiasts and amateur cyclists often prefer specialized components designed for road biking.
The interest in competitive cycling events and road races contributes to the demand for high performance components, including road groupsets, as participants seek to enhance their bikes for better performance.
Ongoing innovations in road bike technology, including lightweight materials, aerodynamics, and advanced gear systems, drive the demand for upgraded road groupsets among cyclists looking for cutting edge features.
Major departmental stores often carry products from well known and reputable brands. The presence of established brands enhances the visibility of bicycle components and instills confidence in consumers regarding product quality.
| Bicycle Component Aftermarket in Korea based on Sales Channel | Departmental Store |
|---|---|
| Share in % in 2024 | 34.2% |
Based on sales channel, the departmental store segment is expected to account for a share of 34.2% in 2024. Departmental stores often offer a diverse range of products under one roof. The availability of a wide variety of bicycle components in a single location provides consumers with convenience and choice.
Departmental stores typically provide customer service and expert advice. Knowledgeable staff can assist customers in selecting the right bicycle components based on their needs, contributing to a positive shopping experience.
Consumers often prefer a one stop shopping experience where they can find everything they need for their bicycles in a single location. Departmental stores offering a comprehensive options of components meet this demand.
Supportive government policies and investments in cycling infrastructure, such as dedicated bike lanes and parking facilities, can encourage the use of bicycles, thereby boosting the demand for bicycle components.
Efforts to promote cycling as a part of a healthy and active lifestyle can increase the popularity of cycling, leading to higher demand for bicycles and their components. Increasing urbanization and efforts to address traffic congestion can lead to a rise in cycling for daily commuting. The trend can drive the demand for bicycles and associated components.
The increasing emphasis on health and wellness can drive the demand for recreational activities such as cycling. Consumers looking for fitness related activities may invest in bicycles and their components. A growing interest in outdoor recreational activities can boost the aftermarket. The natural landscapes and scenic areas of North Jeolla are expected to attract individuals looking for outdoor adventures, including cycling.
Collaborating with or sponsoring local and regional cycling events, races, or competitions can enhance brand visibility and stimulate interest in cycling, driving the demand for components. The growth of e-commerce platforms can provide consumers in North Jeolla with convenient access to a wide range of bicycle components, expanding the aftermarket reach.
Collaborating with or sponsoring local and regional cycling events, races, or competitions can enhance brand visibility and stimulate interest in cycling, driving the demand for components. Economic growth in the province, coupled with rising disposable income, can increase ability of consumers to invest in recreational activities like cycling, including the purchase of quality bicycle components.
Educational programs that promote the benefits of cycling, proper maintenance, and the importance of quality components can contribute to a more informed and discerning consumer base. Establishing partnerships with local bike shops can enhance distribution channels and provide consumers in Jeju with convenient access to a variety of bicycle components.
The bicycle components aftermarket in Korea is characterized by a dynamic and competitive landscape driven by factors such as a strong cycling culture, increasing interest in recreational and competitive cycling, and government initiatives to promote sustainable transportation. Korea has a growing community of cycling enthusiasts, and this has contributed to the demand for high quality bicycle components.
| Attribute | Details |
|---|---|
| Estimated Aftermarket Size in 2024 | USD 431.8 million |
| Projected Aftermarket Size in 2034 | USD 703.3 million |
| Anticipated CAGR from 2024 to 2034 | 5.0% |
| Historical Analysis of Demand for Bicycle Component Aftermarket in Korea | 2019 to 2023 |
| Demand Forecast for Bicycle Component Aftermarket in Korea | 2024 to 2034 |
| Report Coverage | Aftermarket Size, Aftermarket Trends, Analysis of key factors influencing Bicycle Component Aftermarket adoption in Korea, Insights on Global Players and their Aftermarket Strategy in Korea, Ecosystem Analysis of Providers in Korea |
| Key Provinces Analyzed while Studying Opportunities in Bicycle Component Aftermarket in Korea | South Gyeongsang, North Jeolla, South Jeolla, Jeju |
| Key Companies Profiled | YoungWonCycle; Shimano Inc.; Merida Industry Co. Ltd.; Dorel Industries Inc.; Accell Group N.V.; Shimano Inc.; SRAM LLC; Hero Cycles Limited; Giant Manufacturing Co. Ltd.; Avon Cycles Ltd. |
Table 1: Industry Analysis and Outlook Value (US$ Million) Forecast by Region, 2019 to 2034
Table 2: Industry Analysis and Outlook Volume (Units) Forecast by Region, 2019 to 2034
Table 3: Industry Analysis and Outlook Value (US$ Million) Forecast by Component Type, 2019 to 2034
Table 4: Industry Analysis and Outlook Volume (Units) Forecast by Component Type, 2019 to 2034
Table 5: Industry Analysis and Outlook Value (US$ Million) Forecast by Sales Channel, 2019 to 2034
Table 6: Industry Analysis and Outlook Volume (Units) Forecast by Sales Channel, 2019 to 2034
Table 7: Industry Analysis and Outlook Value (US$ Million) Forecast by Bicycle Type, 2019 to 2034
Table 8: Industry Analysis and Outlook Volume (Units) Forecast by Bicycle Type, 2019 to 2034
Table 9: South Gyeongsang Industry Analysis and Outlook Value (US$ Million) Forecast by Component Type, 2019 to 2034
Table 10: South Gyeongsang Industry Analysis and Outlook Volume (Units) Forecast by Component Type, 2019 to 2034
Table 11: South Gyeongsang Industry Analysis and Outlook Value (US$ Million) Forecast by Sales Channel, 2019 to 2034
Table 12: South Gyeongsang Industry Analysis and Outlook Volume (Units) Forecast by Sales Channel, 2019 to 2034
Table 13: South Gyeongsang Industry Analysis and Outlook Value (US$ Million) Forecast by Bicycle Type, 2019 to 2034
Table 14: South Gyeongsang Industry Analysis and Outlook Volume (Units) Forecast by Bicycle Type, 2019 to 2034
Table 15: North Jeolla Industry Analysis and Outlook Value (US$ Million) Forecast by Component Type, 2019 to 2034
Table 16: North Jeolla Industry Analysis and Outlook Volume (Units) Forecast by Component Type, 2019 to 2034
Table 17: North Jeolla Industry Analysis and Outlook Value (US$ Million) Forecast by Sales Channel, 2019 to 2034
Table 18: North Jeolla Industry Analysis and Outlook Volume (Units) Forecast by Sales Channel, 2019 to 2034
Table 19: North Jeolla Industry Analysis and Outlook Value (US$ Million) Forecast by Bicycle Type, 2019 to 2034
Table 20: North Jeolla Industry Analysis and Outlook Volume (Units) Forecast by Bicycle Type, 2019 to 2034
Table 21: South Jeolla Industry Analysis and Outlook Value (US$ Million) Forecast by Component Type, 2019 to 2034
Table 22: South Jeolla Industry Analysis and Outlook Volume (Units) Forecast by Component Type, 2019 to 2034
Table 23: South Jeolla Industry Analysis and Outlook Value (US$ Million) Forecast by Sales Channel, 2019 to 2034
Table 24: South Jeolla Industry Analysis and Outlook Volume (Units) Forecast by Sales Channel, 2019 to 2034
Table 25: South Jeolla Industry Analysis and Outlook Value (US$ Million) Forecast by Bicycle Type, 2019 to 2034
Table 26: South Jeolla Industry Analysis and Outlook Volume (Units) Forecast by Bicycle Type, 2019 to 2034
Table 27: Jeju Industry Analysis and Outlook Value (US$ Million) Forecast by Component Type, 2019 to 2034
Table 28: Jeju Industry Analysis and Outlook Volume (Units) Forecast by Component Type, 2019 to 2034
Table 29: Jeju Industry Analysis and Outlook Value (US$ Million) Forecast by Sales Channel, 2019 to 2034
Table 30: Jeju Industry Analysis and Outlook Volume (Units) Forecast by Sales Channel, 2019 to 2034
Table 31: Jeju Industry Analysis and Outlook Value (US$ Million) Forecast by Bicycle Type, 2019 to 2034
Table 32: Jeju Industry Analysis and Outlook Volume (Units) Forecast by Bicycle Type, 2019 to 2034
Table 33: Rest of Industry Analysis and Outlook Value (US$ Million) Forecast by Component Type, 2019 to 2034
Table 34: Rest of Industry Analysis and Outlook Volume (Units) Forecast by Component Type, 2019 to 2034
Table 35: Rest of Industry Analysis and Outlook Value (US$ Million) Forecast by Sales Channel, 2019 to 2034
Table 36: Rest of Industry Analysis and Outlook Volume (Units) Forecast by Sales Channel, 2019 to 2034
Table 37: Rest of Industry Analysis and Outlook Value (US$ Million) Forecast by Bicycle Type, 2019 to 2034
Table 38: Rest of Industry Analysis and Outlook Volume (Units) Forecast by Bicycle Type, 2019 to 2034
Figure 1: Industry Analysis and Outlook Value (US$ Million) by Component Type, 2024 to 2034
Figure 2: Industry Analysis and Outlook Value (US$ Million) by Sales Channel, 2024 to 2034
Figure 3: Industry Analysis and Outlook Value (US$ Million) by Bicycle Type, 2024 to 2034
Figure 4: Industry Analysis and Outlook Value (US$ Million) by Region, 2024 to 2034
Figure 5: Industry Analysis and Outlook Value (US$ Million) Analysis by Region, 2019 to 2034
Figure 6: Industry Analysis and Outlook Volume (Units) Analysis by Region, 2019 to 2034
Figure 7: Industry Analysis and Outlook Value Share (%) and BPS Analysis by Region, 2024 to 2034
Figure 8: Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Region, 2024 to 2034
Figure 9: Industry Analysis and Outlook Value (US$ Million) Analysis by Component Type, 2019 to 2034
Figure 10: Industry Analysis and Outlook Volume (Units) Analysis by Component Type, 2019 to 2034
Figure 11: Industry Analysis and Outlook Value Share (%) and BPS Analysis by Component Type, 2024 to 2034
Figure 12: Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Component Type, 2024 to 2034
Figure 13: Industry Analysis and Outlook Value (US$ Million) Analysis by Sales Channel, 2019 to 2034
Figure 14: Industry Analysis and Outlook Volume (Units) Analysis by Sales Channel, 2019 to 2034
Figure 15: Industry Analysis and Outlook Value Share (%) and BPS Analysis by Sales Channel, 2024 to 2034
Figure 16: Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Sales Channel, 2024 to 2034
Figure 17: Industry Analysis and Outlook Value (US$ Million) Analysis by Bicycle Type, 2019 to 2034
Figure 18: Industry Analysis and Outlook Volume (Units) Analysis by Bicycle Type, 2019 to 2034
Figure 19: Industry Analysis and Outlook Value Share (%) and BPS Analysis by Bicycle Type, 2024 to 2034
Figure 20: Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Bicycle Type, 2024 to 2034
Figure 21: Industry Analysis and Outlook Attractiveness by Component Type, 2024 to 2034
Figure 22: Industry Analysis and Outlook Attractiveness by Sales Channel, 2024 to 2034
Figure 23: Industry Analysis and Outlook Attractiveness by Bicycle Type, 2024 to 2034
Figure 24: Industry Analysis and Outlook Attractiveness by Region, 2024 to 2034
Figure 25: South Gyeongsang Industry Analysis and Outlook Value (US$ Million) by Component Type, 2024 to 2034
Figure 26: South Gyeongsang Industry Analysis and Outlook Value (US$ Million) by Sales Channel, 2024 to 2034
Figure 27: South Gyeongsang Industry Analysis and Outlook Value (US$ Million) by Bicycle Type, 2024 to 2034
Figure 28: South Gyeongsang Industry Analysis and Outlook Value (US$ Million) Analysis by Component Type, 2019 to 2034
Figure 29: South Gyeongsang Industry Analysis and Outlook Volume (Units) Analysis by Component Type, 2019 to 2034
Figure 30: South Gyeongsang Industry Analysis and Outlook Value Share (%) and BPS Analysis by Component Type, 2024 to 2034
Figure 31: South Gyeongsang Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Component Type, 2024 to 2034
Figure 32: South Gyeongsang Industry Analysis and Outlook Value (US$ Million) Analysis by Sales Channel, 2019 to 2034
Figure 33: South Gyeongsang Industry Analysis and Outlook Volume (Units) Analysis by Sales Channel, 2019 to 2034
Figure 34: South Gyeongsang Industry Analysis and Outlook Value Share (%) and BPS Analysis by Sales Channel, 2024 to 2034
Figure 35: South Gyeongsang Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Sales Channel, 2024 to 2034
Figure 36: South Gyeongsang Industry Analysis and Outlook Value (US$ Million) Analysis by Bicycle Type, 2019 to 2034
Figure 37: South Gyeongsang Industry Analysis and Outlook Volume (Units) Analysis by Bicycle Type, 2019 to 2034
Figure 38: South Gyeongsang Industry Analysis and Outlook Value Share (%) and BPS Analysis by Bicycle Type, 2024 to 2034
Figure 39: South Gyeongsang Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Bicycle Type, 2024 to 2034
Figure 40: South Gyeongsang Industry Analysis and Outlook Attractiveness by Component Type, 2024 to 2034
Figure 41: South Gyeongsang Industry Analysis and Outlook Attractiveness by Sales Channel, 2024 to 2034
Figure 42: South Gyeongsang Industry Analysis and Outlook Attractiveness by Bicycle Type, 2024 to 2034
Figure 43: North Jeolla Industry Analysis and Outlook Value (US$ Million) by Component Type, 2024 to 2034
Figure 44: North Jeolla Industry Analysis and Outlook Value (US$ Million) by Sales Channel, 2024 to 2034
Figure 45: North Jeolla Industry Analysis and Outlook Value (US$ Million) by Bicycle Type, 2024 to 2034
Figure 46: North Jeolla Industry Analysis and Outlook Value (US$ Million) Analysis by Component Type, 2019 to 2034
Figure 47: North Jeolla Industry Analysis and Outlook Volume (Units) Analysis by Component Type, 2019 to 2034
Figure 48: North Jeolla Industry Analysis and Outlook Value Share (%) and BPS Analysis by Component Type, 2024 to 2034
Figure 49: North Jeolla Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Component Type, 2024 to 2034
Figure 50: North Jeolla Industry Analysis and Outlook Value (US$ Million) Analysis by Sales Channel, 2019 to 2034
Figure 51: North Jeolla Industry Analysis and Outlook Volume (Units) Analysis by Sales Channel, 2019 to 2034
Figure 52: North Jeolla Industry Analysis and Outlook Value Share (%) and BPS Analysis by Sales Channel, 2024 to 2034
Figure 53: North Jeolla Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Sales Channel, 2024 to 2034
Figure 54: North Jeolla Industry Analysis and Outlook Value (US$ Million) Analysis by Bicycle Type, 2019 to 2034
Figure 55: North Jeolla Industry Analysis and Outlook Volume (Units) Analysis by Bicycle Type, 2019 to 2034
Figure 56: North Jeolla Industry Analysis and Outlook Value Share (%) and BPS Analysis by Bicycle Type, 2024 to 2034
Figure 57: North Jeolla Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Bicycle Type, 2024 to 2034
Figure 58: North Jeolla Industry Analysis and Outlook Attractiveness by Component Type, 2024 to 2034
Figure 59: North Jeolla Industry Analysis and Outlook Attractiveness by Sales Channel, 2024 to 2034
Figure 60: North Jeolla Industry Analysis and Outlook Attractiveness by Bicycle Type, 2024 to 2034
Figure 61: South Jeolla Industry Analysis and Outlook Value (US$ Million) by Component Type, 2024 to 2034
Figure 62: South Jeolla Industry Analysis and Outlook Value (US$ Million) by Sales Channel, 2024 to 2034
Figure 63: South Jeolla Industry Analysis and Outlook Value (US$ Million) by Bicycle Type, 2024 to 2034
Figure 64: South Jeolla Industry Analysis and Outlook Value (US$ Million) Analysis by Component Type, 2019 to 2034
Figure 65: South Jeolla Industry Analysis and Outlook Volume (Units) Analysis by Component Type, 2019 to 2034
Figure 66: South Jeolla Industry Analysis and Outlook Value Share (%) and BPS Analysis by Component Type, 2024 to 2034
Figure 67: South Jeolla Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Component Type, 2024 to 2034
Figure 68: South Jeolla Industry Analysis and Outlook Value (US$ Million) Analysis by Sales Channel, 2019 to 2034
Figure 69: South Jeolla Industry Analysis and Outlook Volume (Units) Analysis by Sales Channel, 2019 to 2034
Figure 70: South Jeolla Industry Analysis and Outlook Value Share (%) and BPS Analysis by Sales Channel, 2024 to 2034
Figure 71: South Jeolla Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Sales Channel, 2024 to 2034
Figure 72: South Jeolla Industry Analysis and Outlook Value (US$ Million) Analysis by Bicycle Type, 2019 to 2034
Figure 73: South Jeolla Industry Analysis and Outlook Volume (Units) Analysis by Bicycle Type, 2019 to 2034
Figure 74: South Jeolla Industry Analysis and Outlook Value Share (%) and BPS Analysis by Bicycle Type, 2024 to 2034
Figure 75: South Jeolla Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Bicycle Type, 2024 to 2034
Figure 76: South Jeolla Industry Analysis and Outlook Attractiveness by Component Type, 2024 to 2034
Figure 77: South Jeolla Industry Analysis and Outlook Attractiveness by Sales Channel, 2024 to 2034
Figure 78: South Jeolla Industry Analysis and Outlook Attractiveness by Bicycle Type, 2024 to 2034
Figure 79: Jeju Industry Analysis and Outlook Value (US$ Million) by Component Type, 2024 to 2034
Figure 80: Jeju Industry Analysis and Outlook Value (US$ Million) by Sales Channel, 2024 to 2034
Figure 81: Jeju Industry Analysis and Outlook Value (US$ Million) by Bicycle Type, 2024 to 2034
Figure 82: Jeju Industry Analysis and Outlook Value (US$ Million) Analysis by Component Type, 2019 to 2034
Figure 83: Jeju Industry Analysis and Outlook Volume (Units) Analysis by Component Type, 2019 to 2034
Figure 84: Jeju Industry Analysis and Outlook Value Share (%) and BPS Analysis by Component Type, 2024 to 2034
Figure 85: Jeju Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Component Type, 2024 to 2034
Figure 86: Jeju Industry Analysis and Outlook Value (US$ Million) Analysis by Sales Channel, 2019 to 2034
Figure 87: Jeju Industry Analysis and Outlook Volume (Units) Analysis by Sales Channel, 2019 to 2034
Figure 88: Jeju Industry Analysis and Outlook Value Share (%) and BPS Analysis by Sales Channel, 2024 to 2034
Figure 89: Jeju Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Sales Channel, 2024 to 2034
Figure 90: Jeju Industry Analysis and Outlook Value (US$ Million) Analysis by Bicycle Type, 2019 to 2034
Figure 91: Jeju Industry Analysis and Outlook Volume (Units) Analysis by Bicycle Type, 2019 to 2034
Figure 92: Jeju Industry Analysis and Outlook Value Share (%) and BPS Analysis by Bicycle Type, 2024 to 2034
Figure 93: Jeju Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Bicycle Type, 2024 to 2034
Figure 94: Jeju Industry Analysis and Outlook Attractiveness by Component Type, 2024 to 2034
Figure 95: Jeju Industry Analysis and Outlook Attractiveness by Sales Channel, 2024 to 2034
Figure 96: Jeju Industry Analysis and Outlook Attractiveness by Bicycle Type, 2024 to 2034
Figure 97: Rest of Industry Analysis and Outlook Value (US$ Million) by Component Type, 2024 to 2034
Figure 98: Rest of Industry Analysis and Outlook Value (US$ Million) by Sales Channel, 2024 to 2034
Figure 99: Rest of Industry Analysis and Outlook Value (US$ Million) by Bicycle Type, 2024 to 2034
Figure 100: Rest of Industry Analysis and Outlook Value (US$ Million) Analysis by Component Type, 2019 to 2034
Figure 101: Rest of Industry Analysis and Outlook Volume (Units) Analysis by Component Type, 2019 to 2034
Figure 102: Rest of Industry Analysis and Outlook Value Share (%) and BPS Analysis by Component Type, 2024 to 2034
Figure 103: Rest of Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Component Type, 2024 to 2034
Figure 104: Rest of Industry Analysis and Outlook Value (US$ Million) Analysis by Sales Channel, 2019 to 2034
Figure 105: Rest of Industry Analysis and Outlook Volume (Units) Analysis by Sales Channel, 2019 to 2034
Figure 106: Rest of Industry Analysis and Outlook Value Share (%) and BPS Analysis by Sales Channel, 2024 to 2034
Figure 107: Rest of Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Sales Channel, 2024 to 2034
Figure 108: Rest of Industry Analysis and Outlook Value (US$ Million) Analysis by Bicycle Type, 2019 to 2034
Figure 109: Rest of Industry Analysis and Outlook Volume (Units) Analysis by Bicycle Type, 2019 to 2034
Figure 110: Rest of Industry Analysis and Outlook Value Share (%) and BPS Analysis by Bicycle Type, 2024 to 2034
Figure 111: Rest of Industry Analysis and Outlook Y-o-Y Growth (%) Projections by Bicycle Type, 2024 to 2034
Figure 112: Rest of Industry Analysis and Outlook Attractiveness by Component Type, 2024 to 2034
Figure 113: Rest of Industry Analysis and Outlook Attractiveness by Sales Channel, 2024 to 2034
Figure 114: Rest of Industry Analysis and Outlook Attractiveness by Bicycle Type, 2024 to 2034
The bicycle component aftermarket in Korea is to be valued at USD 431.8 million by 2024.
The bicycle component aftermarket in Korea is anticipated to incline at a CAGR of 5.0% from 2024 to 2034.
The bicycle component aftermarket in Korea is expected to reach USD 703.3 million by 2034.
The bicycle component aftermarket for road groupsets is opportunistic, comprising 57.9% of the total share in 2024.
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