The COVID-19 pandemic has caused supply and manufacturing disruptions in the automotive sector creating uncertainties in every aspect. The change in customer behavior in terms of mobility preferences during this crisis is changing the automotive landscape.
This pandemic situation has shut down many production lines owing to the trade restrictions and closed borders, creating a shortage in required parts and limiting the distribution of supplies. Different enforced measures including the closing of workspaces and dismissal of short-time workers have created a depression in the growth rate of the automotive industry.
The growing fear of recession is estimated to decrease overall sales and revenue. A limited supply of parts coupled with a reduced workforce has forced the leading OEMs to shut down their production. A significant drop in demand has restricted the cash inflow which is highly important in payment of salaries to the workforce. With growing uncertainties around the COVID-19 pandemic, the industry leaders are taking measures to adapt to the situation.
Bicycle Spokes Market: Introduction
Bicycle spokes are the supporting rods connected in a tangential manner to the center of wheel, which connect with the hub of the wheel with the round end surface of the rim. The spokes provide a smooth and swift bicycle ride for the driver due to the significant reduction in bicycle weight and also improvement in the aerodynamics of the bicycle.
Bicycle Spokes Market: Dynamics
Over the recent past, the sales of bicycles have witnessed a substantial upsurge due to the inclination of customers towards the usage of bicycles promoting the market growth for bicycles spokes market. Also, due to the adverse global climate change in many countries the use of bicycles is on the rise many non-governmental agencies also adroitly working to promote the usage of bicycles which in turn supporting the enhancement of bicycle spokes market. To maintain the efficacy and output of bicycles many end users are keen towards the timely maintenance and repair works of their bicycles causing a hefty increment in the aftermarket segment of bicycle spokes. In the developing countries like India, a large section of population prefers bicycle as a medium of transport over short distances due to the hike in fuel prices and increasing fuel crises which is expected to propel the bicycle spokes market further in these countries.
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The new type of bicycles with spokes integrated alloy wheels have gain a noteworthy traction in the market which does not require conventional bicycle spokes for the wheels which could restrain the sales of bicycle spokes at a considerable extent.
Bicycle Spokes Market: Segmentation
On the basis of spokes material type, Bicycle Spokes market can be segmented as,
- Aluminum Bicycle Spokes
- Steel Bicycle Spokes
- Carbon composite Bicycle Spokes
On the basis of bicycle type, Bicycle Spokes market can be segmented as,
- Folding Bicycle
- Road Bicycle
- Racing Bicycle
- Track Bicycle
- Lowrider Bicycle
- Utility Bicycle
- Electric Motorized Bicycle
- Hydraulic powered Bicycle
On the basis of Sales Channel, Bicycle Spokes market can be segmented as,
- OEM
- Aftermarket
Bicycle Spokes Market: Regional Overview
The market of South Asia is expected retain its position as a significant market due to the heavy use of bicycles in the countries from Indian Subcontinent. In South Asia across many countries bicycle is preferred medium for transportation amongst the noteworthy section of general population. The continuous fuel crises which are in turn causing the hikes into fuel prices is also providing a surge to the bicycle use leading to the increase in the sales of bicycle spokes market. The bicycle spokes market of Europe will have a sustainable growth in the market with the increasing use of bicycles in many countries as a preferred vehicle over short distances to mitigate the growth in emission which is adversely affecting the environment. The bicycle spokes market in Latin America is anticipated for a bolstering demand in the market spearheaded by Brazil and Mexico.
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The Japan and China are the two countries which promotes the market of bicycle spokes as the countries have a heavy use of bicycles. This can also be seen by the fact that the government of China have restricted the use of automotive vehicles during the 3 months period prior to Olympics that were organized in Beijing which cultivated the habit of bicycle use in the country. The market of North America will also have a steady growth in the market owing to the existing bicycles in the country like US which will provide an above average exposure to the aftermarket segment of bicycle spokes in the country. Also the customers in the country maintain proper repair and timely servicing of the bicycles which is also expected to aid the growth of bicycle spokes market
Bicycle Spokes Market: Market Participants
- SRAM LLC
- DT SWISS
- Sapim
- Canyon Bicycles GmbH
- Trek Bicycle Corporation
- SHIMANO INC.
- Stärkenn Sports Pvt Ltd
- AUTHOR
- Park Tool
- SIDI
- Tacx B.V.
- Giant Bicycles
- Hayes Bicycle Group
- Panaracer Co. Ltd.
The research report presents a comprehensive assessment of the Bicycle spokes Market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Bicycle spokes Market segments such as geographies, material type, bicycle type, and Sales Channel.
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Persistence Market Research’s proactive approach identifies early innovation opportunities for clients in the global automotive sector. Our insights on next-generation automotive technologies such as connected cars, automotive emissions control, vehicle-to-vehicle (V2V), autonomous cars, electric and hybrid vehicles, and augmented reality dashboards ensure clients stay at the forefront of innovation.
Our competencies go beyond regular market research to deliver tailored solutions in an industry marked with increasing environment regulations, evolving consumer preferences, and a shifting landscape of emerging markets.
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