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Bicycle Crankset Market Size - By Product, By Material, By Bicycle, By Sales Channel, By End Use, Analysis, Share, Growth Forecast, 2025 - 2034
Report ID: GMI13035
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Published Date: January 2025
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Report Format: PDF
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Premium Report Details
Base Year: 2024
Companies covered: 20
Tables & Figures: 200
Countries covered: 22
Pages: 180
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Bicycle Crankset Market Size
The global bicycle crankset market size was valued at USD 2.4 billion in 2024 and is projected to grow at a CAGR of 3.2% between 2025 and 2034. The expansion of the bicycle market plays a pivotal role in driving the market growth, as rising bicycle sales directly increase the demand for replacement and aftermarket components such as cranksets.
The growing use of bicycles for commuting, fitness, and recreational purposes has significantly boosted global bicycle sales, particularly in urban regions. This rise in bicycle ownership has created a heightened demand for durable, high-quality cranksets to improve performance and extend bicycle longevity.
Moreover, the rise in urban populations and the increasing demand for cost-effective, sustainable commuting solutions are key factors driving the growth of the bicycle crankset industry. As urban traffic congestion intensifies, bicycles are becoming a practical and environmentally friendly alternative to cars. Urban cyclists require reliable and durable components, such as cranksets, to handle the demands of daily commuting. Additionally, bicycles are being promoted as a sustainable transportation option, aligning with global environmental goals.
Bicycle Crankset Market Trends
Bicycle cranksets are witnessing significant technological advancement in advanced manufacturing processes, and integration with electronic systems. Innovations such as 3D printing, CNC machining, and carbon fiber molding have significantly improved the precision, strength, and weight of cranksets, resulting in lightweight and durable products. These advancements meet the demands of professional cyclists and enthusiasts seeking high-performance components.
Additionally, the integration of cranksets with electronic shifting systems and power meters enhances cycling performance and enables precise monitoring of metrics such as cadence, power output, and efficiency. These features are increasingly preferred by competitive cyclists and are becoming standard in high-end bicycles, further boosting the demand for advanced cranksets.
For instance, in February 2024, a French company, Cixi, developed an innovative chainless pedal-by-wire system for e-bikes, known as the Pedaling Energy Recovery System (PERS). This new crankset design eliminates traditional chains or belts, instead utilizing a digital drive system that allows for regenerative braking and on-the-fly battery recharging. The PERS system could represent a significant shift in e-bike technology, particularly for cargo bikes where design flexibility is crucial. With potential applications across various types of e-bikes, including cargo models, more manufacturers may explore integrating this innovative system into their products
The high cost of premium cranksets remains a significant challenge in the bicycle crankset market, particularly in price-sensitive regions and among casual cyclists. The reliance on advanced materials, such as carbon fiber and titanium, drives up production costs, making these products less accessible to a broader audience. Consequently, the market primarily targets high-performance cyclists, excluding a considerable segment of potential buyers seeking cost-effective alternatives.
Additionally, many consumers are reluctant to invest in expensive components, especially when the perceived performance benefits do not justify the expense. This pricing barrier continues to hinder overall market growth, particularly in developing regions where affordability is a key determinant in purchasing decisions.
Bicycle Crankset Market Analysis
Based on the product, the market is segmented into single chainring cranksets, double chainring crankset, and triple chainring crankset. The single chainring crankset segment accounted for over 50% of the market share in 2024 and is estimated to exceed USD 1.5 billion by 2034. The single chainring crankset segment dominates the bicycle crankset industry due to its lightweight design, straightforward functionality, and user-friendly features.
It is particularly preferred in mountain bikes and e-bikes, where durability and minimal maintenance are crucial. The absence of a front derailleur reduces the risk of mechanical issues, providing a smoother and more reliable riding experience, especially on challenging terrains. Moreover, recreational and novice cyclists favor single chainring setups for their intuitive gear-shifting mechanism and cost efficiency. These factors collectively solidify the dominance of single chainring cranksets across various bicycle categories.
Based on sales channels, the bicycle crankset market is divided into online sales and offline sales. The Offline sales segment held around 66% of the market share in 2024. The offline sales channel leads the bicycle crankset industry, capturing the largest market share. Firstly, offline channels, such as specialty bike stores, provide customers with the opportunity to physically examine cranksets for quality, fit, and compatibility.
This hands-on experience is critical for high-performance and professional cyclists who require customized solutions. Secondly, in-store consultations and expert guidance help consumers make well-informed decisions, particularly for complex installations. Many offline stores also offer bundled services, including fitting and maintenance, enhancing convenience for customers.
Asia Pacific bicycle crankset market hold 40% revenue share in 2024 and is predicted to reach USD 1.3 billion by 2034. China leads the market in the Asia Pacific region and is expected to surpass USD 600 million by 2034. China holds a significant position in the global bicycle crankset industry, driven by its status as a major hub for bicycle manufacturing and exports.
The country’s well-established industrial base, advanced production technologies, and cost-effective labor facilitate large-scale crankset production for both domestic and international markets. The growing adoption of cycling for recreation, fitness, and commuting has fueled demand for cranksets across various segments. Moreover, China’s strong presence in e-bike manufacturing plays a crucial role in driving the crankset market.
The bicycle crankset industry in North America is experiencing growth due to increasing focus on fitness, outdoor recreation, and sustainable transportation. The established cycling culture in the U.S. and Canada continues to drive consistent demand for high-performance cranksets. Consumers are increasingly opting for lightweight and durable materials, such as carbon fiber and aluminum, along with advanced features like integrated power meters. Furthermore, the growing adoption of e-bikes is significantly enhancing the demand for cranksets designed for electric-assist systems. While specialized retail stores remain the leading sales channel, online platforms are steadily gaining popularity among tech-savvy and convenience-driven consumers.
The European bicycle crankset market is experiencing steady growth, driven by the increasing adoption of cycling in countries such as Germany, France, and the Netherlands. The growing use of bicycles for both recreational and commuting purposes is a key factor driving this expansion. Additionally, the presence of a substantial base of high-end cycling enthusiasts in the region is fueling demand for premium, lightweight, and durable cranksets. The market is further supported by the presence of leading manufacturers and a well-established distribution network, offering a wide variety of products from both local and international brands to cater to diverse cycling needs.
The MEA region is observing a notable increase in cycling adoption, particularly in urban areas where bicycles are becoming more popular for commuting and fitness. This growth is bolstered by government initiatives aimed at encouraging sustainable transportation. In Latin America, the market is expanding due to rising urbanization and a growing preference for cycling as an affordable and eco-friendly transportation option. Furthermore, the increasing frequency of cycling events and advancements in cycling infrastructure are fueling the demand for high-quality, durable cranksets among both casual and performance-oriented cyclists.
Bicycle Crankset Market Share
Shimano Inc., SRAM LLC, and Campagnolo collectively held a substantial market share of over 21% in the bicycle crankset industry in 2024. Shimano, a key player in the bicycle crankset industry, emphasizes innovation and product durability. By incorporating lightweight materials such as carbon fiber, the company enhances the performance of its cranksets. Shimano offers a diverse product portfolio catering to various cycling segments, including road, mountain, and electric bikes, while maintaining stringent quality and reliability standards.
SRAM focuses on delivering high-performance cranksets with precision engineering, featuring advanced gearing systems designed for optimized power transfer. The company integrates state-of-the-art technologies, such as wireless shifting systems, into its product offerings. By targeting competitive cyclists and enthusiasts, SRAM strengthens its market presence through partnerships with cycling teams and events.
Campagnolo, known for its legacy in professional racing, prioritizes craftsmanship and premium quality in its cranksets. The company utilizes precision engineering and high-end materials like titanium and carbon fiber to meet the demands of performance-oriented cyclists. Campagnolo drives innovation by incorporating electronic shifting systems and ergonomic designs, ensuring durability and exclusivity in its offerings.
Bicycle Crankset Market Companies
Major players operating in the bicycle crankset industry are:
Bicycle Crankset Industry News
The bicycle crankset market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue ($ Mn/Bn) and shipments (Units) from 2021 to 2034, for the following segments:
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Market, By Product
Market, By Material
Market, By Bicycle
Market, By Sales Channel
Market, By End Use
The above information is provided for the following regions and countries: