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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
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Bicycle Crankset Market
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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. There is an increasing demand for bicycle cranksets and, as in what we do, bicycle aftermarket components – because sales are high – and this is because the bicycle market is booming in how much people are willing to spend on bikes. Additionally, cranksets are becoming more significant as bikes are being utilized more widely in metropolitan areas worldwide.
People in cities purchase bikes for commuting, exercising, leisure activities, and many other purposes. As these people increase, so does the demand for better pullers, as durability and quality are the two key factors that people look for when buying a bike.
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
There has been renewed scientific activity related to cranksets of bicycles in the areas of advanced manufacturing and integration of electronic components. Such advancements as 3D manufacturing, CNC, and carbon molding have improved the quality, stiffness, and structure of cranksets and increased the durability of these components. These improvements benefit professional racers and even amateurs who demand components like these to perform at an enhanced level.
Moreover, the replacement of traditional chainsets by electronic ones, shifting powered cranksets with power meters, assists cycling and enables detailed output of data such as cadence, power, energy efficiency, etc. All of this is necessary for keen cyclists, and already some premium bicycles are standardized with such features, which widens the bicycle crankset market.
For instance, February 2024 saw the release of the Pedaling Energy Recovery System (PERS) by the French company Cixi, a company that has developed a novel chainless pedal by wire system for use in e-bikes. The need for mechanical belts or traditional chains is eliminated due to this unique crankset, as a digital drive system that includes regenerative braking and charging on the go is used instead.
Cargo bikes for instance, where design needs great flexibility, have the possibility of this new technology dramatically changing electric bike technology, especially considering the easy applications it has on multiple forms of electric bikes. More manufacturers will likely start incorporating this incredible technology in their products since they can be mounted on a wide variety of electric bikes, including even cargo models.
In developing markets, price remains the biggest hurdle when it comes to the purchase of premium cranksets, especially because advanced materials such as titanium and carbon fiber put such components beyond the reach of the casual cyclist. Because of that lack of accessibility, cranksets are designed and manufactured purely for the needs of high-performance cyclists.
And giving the prominence of such means excluding a huge segment of customers. And even when the price is not a pressing issue, the public tends to feel reserved towards the purchase of specific components if the performance does not seem commensurate to the cost. Such considerations only compound the issues faced by developing markets, where the barriers of pricing stifle growth across the board.
Bicycle Crankset Market Analysis
Based on the product, the bicycle crankset market is segmented into single chainring cranksets, double chainring crankset, and triple chainring crankset. In 2024, the single chainring crankset segment accounted for over 50% of the market share and is expected to exceed USD 1.5 billion by 2034, With its self-evident ease of use features, a single chainring crankset is very popular among the mainstream and entry level cyclists because without the presence of a front derailleur, the chances of mechanical failure drastically drop, providing for smoother and more reliable transitions.
Such an unobtrusive yet remarkably efficient design is ideal for e-bikes and mountain cycles, where durability and ease of maintenance are crucial. With the wide adoption of single chainring cranksets, their dominance becomes evident across the cycling landscape.
The largest market segment is controlled by cranks which are sold through the offline sales channel. First of all, in specialty bike shops, customers are able to inspect the quality, fit and compatibility of cranksets before purchasing. This is particularly important for professional cyclists who need customized products. Secondly, selling the products in the outlet coupled with professional advice helps to educate customers to make good decisions during their installation as it is done off-site. Many offline stores also provide fitting and maintenance together with other products which adds to customer satisfaction.
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 bicycle crankset industry is primarily dominated by the offline sales channels. To begin with, brick-and-mortar establishments, such as retail cycling outlets allow the end users to use cranksets physically for an in-depth quality and fit assessment. Such physical evaluations are of great importance for competitive and performance cyclists who need tailored components.
Additionally, consulting and guidance in a retail environment assist buyers in forming accurate expectations, particularly for more intricate installations. Furthermore, a number of offline locations sell services alongside products, such as fitting and maintenance, which adds to the consumer’s convenience.
In 2024, the Asia Pacific bicycle crankset market accounted for 40% revenue share and is expected to exceed USD 1.3 billion by 2034. China leads the market in the Asia Pacific region and is expected to exceed USD 600 million by 2034. China is experiencing increasing demand for cranksets across all categories. Their established infrastructure, coupled with innovative technologies and lower labor costs, provides an advantage for crankset manufacturing within the country. Furthermore, China is one of the largest e-Bike markets worldwide, therefore, it strongly impacts the global crankset market alongside with the increased use of bicycles for leisure and commuting.
In both Canada and the U.S., there has been rising popularity of cycling that has positively impacted the growth of the bicycle crankset market with its expanding focus towards outdoor recreation and fitness. With such a demand, the market has been inclined towards lighter, more innovative options such as aluminum and carbon fiber combined with integrated power meters. Furthermore, the emergence of e-Bikes created more opportunities for crankset sales through the addition of electric-assist systems as their primary target. While online shopping continues to expand its audience due to its cost-effectiveness, family owned retail shops still remain as the major channel of sales.
The report covers the detailed analysis of the global bicycle crankset market with emphasis on factors that are driving the market growth. The report states that the European bicycle crankset industry is witnessing a substantial growth owing to the increasing use of bicycles in countries like Germany, France and the Netherlands. This will see growth in the use of bicycles due to this trend. More so, the growing number of high-end cycling enthusiast in the area is further growing the demand for durable, weight-optimized cranksets.
The focus on of built infrastructures is creating the perfect environment for new leading manufacturers to emerge and develop the distribution channels while still being fully stocked with the diverse products that are demanded by the target audience with different needs. MEA region particularly is set for a shift in the bike crankset usage due to the stable policies that are encouraging the suitable usage of bikes and other sustainable means which just add that change it creates to the environment.
Latin America on the other hand already is seeing a boom in the urban regions expanding the use of cycle not only for them but even for fitness activities. The set finish has shifted, The number of cycling events and change in user-oriented bike features have resulted in an uphil demand of strong, durable cranksets.
Bicycle Crankset Company 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 has made substantial investments into material engineering in a bid to boost the ease of use and the overall experience of its products for clients. In place of focusing on a single product, the company offers various cranksets in striving to meet the needs of an array of cycling clients, including road, mountain and electric bikers, while ensuring robust quality control and accountability.
Likewise, SRAM places an allegation on itself to provide high performing motorcycle parts, including cranksets, arguing that state of the art gears and engineering techniques are deployed onto their products and clients. The brand prioritizes partnerships with cycling enthusiasts, teams, and events. Such approaches allow for a reasonable competitive edge to be claimed, while also diversifying the brand’s reach within the market economy.
Campagnolo offers a different focus, investing heavily into meeting the reliance shift demanded by the professional racing industry. Premium quality parts need to be provided, with elements of precise engineering built within, including precision drives made of carbon fiber and titanium. The company places an affirmative seek strategy, investing heavily into innovative designs and shifts, such as excluding the need for levers and wires. Such tactics greatly assist in meeting the core focus of providing not only reliability, but also exclusivity for the high-end competitive racing industry.
Bicycle Crankset Market Companies
Major players operating in the bicycle crankset industry are:
The bicycle cranksets market features two tiers, international and region-based firms. This regional segmentation allows companies to develop and meet different customer needs in road cycling, mountain biking or urban cycling. This market is dominated by foreign companies engaged in mergers or providing a better assortment of high-end cranksets made from advanced materials, lightweight and fitting modern drivetrains. They have maintained their global stronghold, especially in the more cycling-oriented areas of the world, because of their emphasis on innovation for their products, for instance, built in power meters and aerodynamic shapes.
Regional vendors strive to be active by positioning themselves in the local market by charging low cost for specific activities such as targeting recreational cyclists alongside budget-sensitive customers. But the increasing requirement of precision parts that require further sophistication and the ability to integrate with advanced or traditional powered bicycle systems alongside the needs of the international players is making the regional players to step up their performance levels and seek international giants.
This development indicates that in the near term, it is anticipated that the bicycle cranksets market will experience greater consolidation prompted by higher M & A activities as the local companies seek to close in on various technological deficits. The movement will affect the structure of competition in the bicycle crankset market accessory market and encourage new technologies and adoption of existing ones among different cycling activities.
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: