This document is the outcome of recent analysis that I have performed. I seek to enhance and add to it. Corrections, additional data and suggestions are welcome.
An Economic Analysis Of The Bamboo Bicycle Industry By Heath Cox
1. An Economic Analysis
of the Emerging U.S.
Bamboo Bicycle
Industry
SUS6200
Ecological Economics and Macroeconomics
Presidio Graduate School
April 23, 2010
Prepared by Heath Cox
2. An Economic Analysis of the Emerging U.S. Bamboo Bicycle Industry
TABLE OF CONTENTS
Bamboo Bicycle Industry Overview .................................................................................... 4
Market Structure ................................................................................................................ 5
Global Production ........................................................................................................... 5
The U. S. Market ............................................................................................................. 6
Competitive Analysis ....................................................................................................... 7
Industry Analysis ................................................................................................................ 9
Rivalry Among Competitors in the Industry...................................................................... 9
Ease of Market Entry ....................................................................................................... 9
Substitute Products ....................................................................................................... 11
The Power of Suppliers.................................................................................................. 12
The Power of Buyers ..................................................................................................... 12
Demand............................................................................................................................ 13
Conclusion ........................................................................................................................ 14
Glossary of Terms ............................................................................................................. 15
Bibliography ..................................................................................................................... 16
References Cited Above ................................................................................................ 16
Selection of Additional Reference Material that Helped Inform the Research................. 18
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3. An Economic Analysis of the Emerging U.S. Bamboo Bicycle Industry
INTRODUCTION OF THE ANALYSIS
The objective of this research is to evaluate the bamboo bicycle industry in order to
determine the viability of potential future investment. This work is solely an economic
analysis using Porter’s Five Forces as an analytical framework (Porter, 2008). The study
was conducted through desktop research and supported by interviews with key industry
players.
For the purposes of this report, a bamboo bicycle is defined as any bicycle built using
bamboo as the core material of its frame. The scope of this analysis is concentrated on
the sale and distribution of bamboo bicycles in the United States.
BAMBOO BICYCLE INDUSTRY OVERVIEW
Bicycles help address many of the world’s ills. They provides a convenient means for
curbing the growing challenge of traffic congestion in the world’s cities (Lagan, 2003).
Bicycles grant rural communities better access to markets and important services
(Peckham, 2008). Pedaling mitigates the global obesity epidemic and offers an efficient
alternative to carbon emitting transportation (Gotschi, 2008). On balance, bicycles play
an important role in creating a healthier planet.
Even so, the manufacture of bicycles adds to the greenhouse gas problem. Although the
environmental footprint for other forms of transportation is much larger; the practice of
extracting and processing metal into bike parts has a negative impact on the
environment (Fisk, 2008). Additionally, the distribution of bikes through a global supply
chain widens the bicycles’ carbon footprint. Bicycles made with bamboo frames offer a
more earth friendly option.
Bamboo was used in bicycle construction as early as 1895 (Bamboo Bicycles, 1895), but
has never achieved wide acceptance. Craig Calfee sparked a renaissance in bamboo
bikes when he introduced his bamboo design in 1995 (Kho, 2008). New bamboo bike
manufacturers have started appearing around the world, especially in the past two
years. Bamboo has a number of qualities that make it well suited for bicycle frames.
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4. An Economic Analysis of the Emerging U.S. Bamboo Bicycle Industry
All bamboo is not For example, its tensile strength is stronger than steel. Bamboo performs against
alike. Bike builders
carefully select the
compression better than concrete. And, frames made with bamboo have superior
species of bamboo vibration absorption compared to advanced materials such as carbon fiber (Huang,
that meet tested
specifications. 2008). Unlike steel, aluminum and other common bicycle frame materials, bamboo, is
Bamboo is often
renewable. In contrast to other frame material, it requires little energy to source, and
smoked and heat
treated to prevent can be grown locally in most environments (Fascinating Bamboo Facts, 2010).
splitting.
MARKET STRUCTURE
To evaluate the U. S. bamboo bicycle sector, it is advantageous to start with a broader
picture of the entire U.S. market for bicycles.
GLOBAL PRODUCTION
Figure 1: Comparison of Global Bicycle and Car Production
Worldwide, an estimated 109
million bicycles will be
produced in 2010 (Bicycles
Produced in the World, 2010).
This figure represents more
than twice the projected
number of cars that will be
produced this year (Gardner, 2008 and Renner, 2008) as Figure 1 displays. Of those
bikes, nearly 60% are manufactured in China. Other notable producers are Europe,
A map of the major India, and Taiwan (Bicycles Produced in the World, 2010). Less than one percent of
North American bicycles that are produced worldwide are manufactured in the United States (Crenshaw,
based bicycle
manufacturers and 2008), and most of those are produced by small workshops which specialize in high-end
their key suppliers hand-made bikes. Imports account for more than 99% of bikes sold in the U. S. (Bike
can be found at
bicycleretailer.com. Europe, 2009). From January to November of 2009, over 13 million bicycles
manufactured in China dominated the U.S. import market constituting a 95% share
(Bicycle Retailer and Industry Network, 2010).
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5. An Economic Analysis of the Emerging U.S. Bamboo Bicycle Industry
THE U. S. MARKET
Figure 2: Sales of Bicycle in the U.S.
(millions of units)
About 18.5 million bicycles were sold in 2008
in the United States (Gluskin, 2008)
providing over $3 billion in revenue for
retailers (Norman, 2009). Sales trends from
2004 to 2008 are shown in Figure 2.
Distribution in the U. S. can be divided into
four main categories: mass merchants, Figure 3: U.S. Market Share
By Channels of Distribution
specialty bicycle retailers, sporting goods
(by units sold)
stores and other. Bike sales through mass
merchants accounted for 74% of units sold
in 2008 in the U.S. The top four mass
merchant retailers are Wal-Mart, Kmart,
Target and Toys-R-Us. The four-firm
concentration ratio (on a volume basis) for
the mass merchant category was 60%.
During the same year, specialty bike retailers
and sporting goods chains contributed 18%
and 6% of U. S. bike sales respectively in
(and by revenue value)
terms of units sold (Norman, 2009). In terms
of revenue, since mass merchants sell bikes
at the lower end of the price scale, $83 on
average, mass merchant market share is a
less commanding 35% (Norman, 2009).
Figure 3 displays the U.S. market share by
retail category.
Higher priced bicycles are mostly sold through specialty bicycle retailers which
commonly provide additional services such as bike fitting and repair. There are between
4000 and 5000 specialty bicycle retailers in the United States (Norman, 2009). None
have a dominant share of the market. The average retail price for bikes sold through
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6. An Economic Analysis of the Emerging U.S. Bamboo Bicycle Industry
this sales category is $500 (Norman, 2009). In dollar terms their combined sales
contribute more than 50% of market share among all retail categories.
In the emerging bamboo segment, bikes are primarily sold through specialty bicycle
retailers and directly to customers. Industry figures for total annual sales of bamboo
bicycles are not available, but based on discussions with industry participants, annual
sales can be estimated to be between 500 and 1000 units (Calfee, Frey, Meres and Beck,
2010).
COMPETITIVE ANALYSIS
The broader bicycle market is very competitive. Jay Townley, a bicycle industry expert,
argues that the U.S. bicycle industry is a case of perfect competition where everyone in
the bike business is a price taker. He cites examples of a decade long trend of retailers
losing money on each new bike sold and a constant struggle over product offerings
(Townley, 2006). However, the products are not entirely homogeneous, perfect
information is not available, and entry and exit is not free. Monopolistic competition is
a more accurate description. The market is defined by many buyers and sellers, firms
have a measure of control over price changes and advertising budgets for producers are
sizable (Burke, 2007).
Compared to the bicycle industry as a whole, the bamboo segment is extremely small. It
can be separated into three distinct groups. On the high-end are companies like Calfee
Design and Boo Bicycles whose frames that sell for $2,000 or more. These bikes, mostly
built in the U.S. are typified by precision and high quality finishes that require expensive
skilled labor. The next tier of manufacturers consists of more modestly priced bamboo
bikes, with clean finishes. Organic Bikes is a good example of this category where value
pricing is a strategic path. Finally, there are a number of small workshop or garage
builders. Those producers tend to focus on the eco-friendly attributes of the product
and less on craftsmanship (Beck, 2010). Figure 4 (below) lists the most well known
bamboo bike manufacture per category.
Bamboo bicycle producers employ a number of selling strategies. The biggest
commercial advantage is the eco-friendly story (Meres, 2010). Performance is also a
selling feature. Demonstrating the performance qualities, professional cyclist and
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7. An Economic Analysis of the Emerging U.S. Bamboo Bicycle Industry
bamboo bike builder, Nick Frey, has raced on bamboo frames. He has found the ride
qualities to be comparable to carbon fiber race frames. Promoters of bamboo bikes also
give credit to the novelty of the product, which attracts early adapters.
Figure 4: Principle Bamboo Bicycle Manufacturers
Producer (Year Established) Price Range Strategy & Considerations
Top Tier Builders
Calfee Design (1987) Starts at $2700 The company started building bamboo bikes as a publicity stunt in 1995
Le Selva Beach, CA (frame only) and is credited for laying the foundation for emerging bamboo bicycle
www.calfeedesign.com industry. Owner Craig Calfee is a highly respected frame builder who was
also instrumental in the introduction of carbon fiber frames. The company
sells high end frames.
Boo Bicycles $2,800 to $3,300 Launched in 2009 by professional cyclist and engineer, Nick Frey. Each
Fort Collins, CO (frame only); frame is handmade with close attention to detail. Boo Bicycles targets the
www.boobicycles.com $5,100 to $7,500 road racing segment.
Introduced Bamboo in 2009 complete bike
Biomega (1998) $5,000 + for The company specializes in high end “form over function” bikes. While
Copenhagen, Denmark complete bike receiving good performance reviews, these bikes are built with style first in
www.biomega.dk mind.
Introduced Bamboo in 2009
Panda Bicycles (2009) $2,500 to $3,000 Panda advertises their bikes as “durable, comfortable and beautiful.” They
Fort Collins, CO combine high end components with specially chosen bamboo to target the
www.pandabicycles.com higher end of the bike commuter market.
Introduced Bamboo in 2009
Middle Tier
Organic Bikes (1973) $999 for single An off shoot of Wheel and Sprocket bike shop, Organic Bikes started selling
Wisconsin, USA speed, $1099 for bamboo bikes in 2009. The frame tubes are made with bamboo, but the
Introduced Bamboo in 2009 three speed lugs are recycled carbon alloy. The alloy lugs reduce the labor costs for
construction. Touting environmental benefits, Organic Bikes are also
aiming to gain from economies of scope by attracting customers from
beyond the cycling community.
Bamboosero Less than $1000 Launched by Calfee Design to produce bamboo bikes in developing nations.
La Selva Beach, CA per frame The bikes will supply local and export markets. Bamboosero bikes
www.bamboosero.com imported into the U.S. will have a lower price point than the higher quality
bamboo bikes made by Calfee Design in California.
Masuelli Bikes (2009) $1050 for frame Masuelli uses locally grown bamboo and champions the environmental
Stockton, CA only aspects of bamboo bikes.
www.masuelli.com
Introduced Bamboo in 2009
Third Tier
Brano Meres Engineering & No prices Started by mechanical engineer Brano Meres with plans to start selling in
Design available summer of 2010. He has also started testing bamboo composite frames
Bratislava, Slovakia
www.bmeres.com
Introduced Bamboo in 2009
Webb Works No prices Producing bamboo bikes in Thailand to support local communities.
Thailand available
www.bamboobikemaker
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8. An Economic Analysis of the Emerging U.S. Bamboo Bicycle Industry
INDUSTRY ANALYSIS
RIVALRY AMONG COMPETITORS IN THE INDUSTRY
Since the bamboo bicycle segment is in the birth stage of its industry growth cycle, the
commercial success of any builder helps to establish the bamboo bike market.
Therefore, despite trying to carve out individual market positions, there is a sense of
collaboration among bamboo bike manufacturers (Calfee, 2010). James Beck suggests
that the friendly nature of environmentally oriented businesses helps maintain a degree
of collaboration. He also indicates that expectations of competitive pressures from Asia
may nurture the collaboration among U. S. bamboo bike builders (Beck, 2010).
EASE OF MARKET ENTRY
In recent years, bamboo bicycles have attracted a lot of media attention, but only in the
“While it is not very
past two years have firms entered the market in noteworthy numbers. Since 2008 at
difficult to source least six firms have started small scale bamboo bicycle production for sale in the U.S. Of
bamboo, make a jig,
and miter and wrap the new entrants, only Biomega, a high end bicycle design firm from Denmark, has had
some tubes to create a
prior experience in bicycle production.
frame, it is quite difficult
to make a refined
product that is stiff, The growth in the number of bamboo bicycle manufacturers attests to the relative ease
light, responsive, and
beautifully finished.” of entering the market on a small scale. The skill-set and equipment that are required
Nick Frey, Boo Bicycles to produce bicycles from bamboo are the same that are needed to make bikes from the
more customary material. While some advanced skill level is helpful, particularly for
frame building, the basic knowledge needed for building a bicycle is widely
Do-it-Yourself disseminated. For small scale bicycle manufacturing, the equipment and tools needed
Bamboo Bike Centers
present no unique or proprietary challenges. They are readily available and inexpensive.
Bamboo Bike Studio
New York, NY Underscoring the ease of technology transfer is the emergence of institutions where
bamboobikestudio.com
customers are taught to build their own bamboo bike. For less than $1,000 at the
Berlin Bamboo Bikes
Berlin, Germany Bamboo Bike Studio in New York City, for instance, anyone can learn to make their own
Berlin-bamboo-bikes.org bamboo bike in one weekend.
On average, it takes 40 to 50 labor hours for skilled builders to make a top-of-the-line
bamboo bike frame (Masuelli Bikes, 2010). Because of the cost of labor required to
build a bamboo bike, prices for the bikes made in the U.S. or in Europe tend to be high,
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9. An Economic Analysis of the Emerging U.S. Bamboo Bicycle Industry
ranging from $2,500 to $7,000. Since the basic knowledge for building bike frames can
be quickly transferred, cost reduction can be achieved by producing frames in
developing countries where labor is less expensive. Taking advantage of the ease of skill
An Integrated Bottom Line transfer and lower wage rates is one reason that Calfee Design and others are setting up
Although cost advantages production facilities in less developed nations. Calfee’s Bamboosero project for
are critical, they are not the
example, has launched a small bamboo bike workshop in Ghana. The Ghanaian shop
only reason for establishing
bamboo production in will produce bikes for local consumption as well as for export to the U.S. and Europe.
developing markets.
Bamboosero, The Bamboo Recognizably, there is a trade off for producing in developing markets. The bikes
Bike Project and other produced in Ghana are lower in quality compared to the much more highly refined bikes
organizations aim to
increase economic built by skilled technicians in the U. S. The quality difference is reflected in the price.
opportunities for people
The starting price for bamboo bikes made by Calfee’s company in California is $2,700.
living in less developed
markets and to make Bikes produced by Calfee’s Bamboosero workshop in Ghana for sale in the U.S. are
affordable, reliable, earth
friendly transportation priced closer to $1,000.
available where it is needed
most. Still, a bike that is priced at $1,000 is beyond the scope of preference for most buyers.
To reach more significant reductions in price, the advantages associated with scale
production must be achieved. When it comes to frame production, substantial
economies of scale exist (Ulrich, 1997). For more traditional steel or aluminum bikes,
with established production processes and supply chains, scale is critical. Although
production automation is not inconceivable, automated methods for constructing
bamboo bike frames have not been applied. In order for the smaller bamboo bike
makers to achieve efficiencies of scale, more sizeable investment is required. Research
Some of the assumptions of
the Earth Institute Study are conducted by the Earth Institute and KPMG estimates that investment of $1 million
questioned by industry would cover first year operating costs for a bike factory with annual capacity of 20,000
experts. For example, the
revenue stream attributed to bamboo bicycles (Millennium Cities Initiative, 2008). It should be noted that their
the project relies on a $50
research focused on an investment in Africa. While a more comprehensive investment
cost of production. Industry
insiders contend that that analysis would have to be completed, the Earth Institute report provides a useful
figure is far too low.
starting point.
As demand for bamboo bicycles grows, interest in new bamboo production will be met
with greater attention from current bicycle manufacturers. With minimal capital
investment, established bicycle frame manufacturers can enter the U.S. market for
bamboo bicycles by expanding their current production methods to include the use of
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10. An Economic Analysis of the Emerging U.S. Bamboo Bicycle Industry
bamboo. Because current bike builders already have the equipment and knowhow
needed to produce bicycles, the costs of switching to bamboo production does not
require significant investment. This was the method of entry used by Calfee Design, a
highly reputable manufacturer of quality bicycle frames from La Selva Beach, CA.
Biomega, a bicycle design firm from Denmark has also entered the market by adding
bamboo bikes to its product line. To date, none of the large manufacturers such as
Cannondale, Trek, Giant or Specialized have invested in bamboo frame production.
At the current phase in the development of the bamboo bicycle industry, other factors
present higher barriers to entry than production costs or technology. Notably, the cost
of research is being carried by the early movers. James Beck, Product Manager for
Organic Bikes, says production cost has not been a barrier. His company has faced
challenges with successful testing on prototypes (Beck, 2010). That challenge is echoed
by Craig Calfee and the owner of Boo Bikes, Nick Frey. Both of those builders made
many versions of bamboo frames before settling on suitable designs for production
(Calfee and Frey, 2010).
Market entrants with existing distribution channels have an advantage. According to
Craig Calfee, branding and reputation is more important than scale (Calfee, 2010). New
builders without retail channels have the double challenge of championing the
reputation of bamboo bike technology and also promoting their reputations as quality
manufacturers.
SUBSTITUTE PRODUCTS
Several materials are used for the construction of bicycle frames. The most common
materials used are steel and aluminum alloys (Frame Materials, 2010). A small fraction
of bikes are also made out of titanium, magnesium, thermoplastic or other experimental
materials. Each material offers different performance features and price points. The
variety of other suitable frame materials puts price pressure on bamboo frames. The
challenge for bamboo is to break into a market dominated by entrenched materials.
Doing so is not impossible. Only twenty years ago the benefits of carbon fiber were just
being applied to bicycle frames (Hudson, 2010). Now carbon is a preferred material for
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11. An Economic Analysis of the Emerging U.S. Bamboo Bicycle Industry
high end bikes and is even starting to show up in bikes sold by Wal-Mart (Wal-Mart Enters
Hi-End Bike Market, 2007).
The attractive combination of price, performance and environmental benefits should
allow bamboo to follow carbon fiber’s slipstream. Helpfully, the increasing costs of steel
and other metals may relieve some of bamboo’s price pressure.
THE POWER OF SUPPLIERS
Common Bicycle With the exception of the frame, bamboo bikes use the same components as bikes built
Components
with more traditional frame material. Until the 1970s it was common for bikes to be
Seats,
Wheels & Tires constructed with components from many different companies (The Bicycle Component
Handlebars
Pedals Industry, accessed 2010). Then, through consolidation, the supply of bicycle
Chains
Derailers and
components became dominated by two firms; Campagnolo and Shimano. The
Chain Stays
command of the big two suppliers notwithstanding, their position of power is not
Brakes
Gears necessarily secure. SRAM, a component manufacturer which began in Chicago in 1987,
Gear Cables
has quickly grown to be a choice supplier for high end components (SRAM, 2010).
Intense competition between the top component manufacturers and the emergence of
SRAM, together with hundreds of smaller component companies give bike
manufacturers a wide choice of components. Underscoring the availability of options,
exhibitor registration for Interbike 2010, the world’s largest annual bicycle trade fair,
lists 414 bicycle component companies (Interbike Times, 2010). The wide choice of
acceptable alternatives minimizes suppliers’ ability to impact the emerging bamboo
bicycle market.
THE POWER OF BUYERS
A bicycle is a product that is generally geared toward consumers; and like most
consumer markets, buyers are widely dispersed. The low level of buyer concentration
limits consumers’ power. When evaluating bamboo bicycles, there are a number of
aspects that consumers consider. First, according to Craig Calfee, a bamboo bike has to
have a certain level of finish (Calfee, 2010). Brano Meres, owner of BME bikes, adds
that customers for bamboo bikes also consider the environment, vibration absorption
properties and the distinctiveness of a bamboo frame (Meres, 2010).
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12. An Economic Analysis of the Emerging U.S. Bamboo Bicycle Industry
Because the vast majority of bikes are sold through retailers, however, retail channels
have a measure of influence. Retailer power is greater for lower priced bicycles where
retail category is more concentrated. Because bamboo bikes are generally sold through
specialty bicycle retailers, they are confronted with less retail pressure. Although some
contraction has occurred in recent years, the high number of independent retailers in
this category diffuses their power. Craig Calfee adds that retailers are interested in
products that sell. If there is a demand for bamboo bikes, retailers will be happy to sell
them (Calfee, 2010).
DEMAND
Concern for the environment, higher fuel prices and increasing efforts in bicycle
advocacy are cited as significant contributors to the growth of bicycle ridership. In the
past several years, ridership has gone up dramatically in cities across the U.S. (Bikes
Belong, 2010). U.S. ridership in 2008 grew to 44.7 million, an 11% increase from 2007.
As the general bicycle market expands, there will be more opportunities for bamboo.
Few companies have entered the market for bamboo bicycles due, as James Beck puts
it, to the “unknown” factor of bamboo (Beck, 2010). It is not yet clear whether a critical
number of buyers will consider bamboo an acceptable material for bike frames. Until
demand can be better gauged, large manufacturers will likely wait along the roadside
while the early movers in the market invest energy and dollars building demand and
establishing bamboo as a viable frame alternative. Even current participants are
hesitant to call bamboo a “game changer” for the frame industry. However, the
promise of bamboo is not bleak. There is a general sense that people want bamboo to
succeed. Retailers in contact with bamboo bike producers are excited by the
environmental benefits of bamboo (Beck, 2010).
Bamboo bicycles have another advantage; familiarity. A bicycle is a mature product.
When customers see a bicycle, they quickly understand how it works. From a buyer’s
perspective, within a given price range, switching from a steel or aluminum bike to one
made from alternative material is not difficult. Familiarity makes it easier for customers
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13. An Economic Analysis of the Emerging U.S. Bamboo Bicycle Industry
and retailers to try the product (Beck, 2010). The nature of bamboo gives buyers the
ability to relate to the machine. That relationship, insists Calfee and Beck, has cache.
CONCLUSION
Bicycle sales in general gain from the increase in environmental awareness, rising fuel
prices and the advocacy work that has promoted bicycling and resulted in greater
bicycle infrastructure. Because bamboo is a renewable resource it gains additional favor
in the fight against greenhouse gases. Increasing cost of steel and aluminum also lift
bamboo’s appeal.
It is too early to determine whether the bamboo bicycle industrial segment can move
beyond the infancy stage. Industry insiders are not convinced that bamboo will be more
than a niche segment. To become more than novelty, recognition of bamboo’s
performance attributes by a wider audience must be achieved. Using the history of
carbon fiber frames as a benchmark, the performance credibility of bamboo may take
some time. A growing number of bamboo frame builders entering the market,
however, foretell promise for the industry’s outlook.
The relatively low entry barriers are a positive factor in growing the industry. Each new
entrant helps to build awareness and legitimacy. An uptick in competition between
bamboo bike makers should also result in technological advances and reduced costs. At
that point, marketing dollars will shift from promoting the benefits of bamboo to
highlighting differentiation between bamboo manufacturers.
As the market begins to prove itself, low barriers to entry, in particular the low
manufacturing switching costs will encourage larger established bicycle manufacturers
to add bamboo frames to their product mix. In addition to fully legitimizing bamboo as
a frame alternative, the weight of the larger producers will drive down prices making
bamboo bikes more accessible to a broader range of consumers.
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14. An Economic Analysis of the Emerging U.S. Bamboo Bicycle Industry
GLOSSARY
Bamboo Bicycle A bicycle built using bamboo as the core material of its frame
Carbon Fiber Frames Carbon fiber is a common name that refers to plastic reinforced
by a graphite textile. It can be expensive, but has an excellent
weight to strength ratio that makes it well suited for higher
performance bicycle frames.
Finishes Coatings such as paint, enamel, or lacquer that gives bike frames
a smooth attractive appearance. Bamboo manufactures also
use sealants such as satin polyurethane to seal bamboo tubes.
Frame The main component of a bicycle onto which other components
are attached; the bike’s skeleton
Lugs A sleeve that holds two or more tubes together at the joints to
make a frame
Specialty Bicycle Also known as local bike shops or independent bicycle dealers, a
Retailers small business that specializes in the sale and maintenance of
bicycles. Specialty bicycle retailers also sell bicycle parts, bike
accessories, tools, cycling clothing and most provide bicycle
repair and service.
Tensile strength Resistance to being pulled apart
Tubing Tubes or pipes that make up the structural component of a
frame. Tubing is most often steel alloy, but can be aluminum,
titanium, plastic, or glass, graphite, boron fibers, or bamboo.
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15. An Economic Analysis of the Emerging U.S. Bamboo Bicycle Industry
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Research prepared by Heath Cox P a g e | 18
18. An Economic Analysis of the Emerging U.S. Bamboo Bicycle Industry
Acknowledgment:
I would like to thank Craig Calfee, James
Beck, Brano Meres and Nick Frey for the
time and insight that they provided to this
research.
.
Research prepared by Heath Cox P a g e | 19