Bicycle Accessories Market Report
Bicycle Accessories Market by Product (Apparels and Components), Bicycle Type (Mountain Bicycle, Hybrid Bicycle, Road Bicycle, Cargo Bicycle, and Others), Type (OEM and Aftermarket), Sales Channel (Offline and Online), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
Bicycle Accessories Overview
Bicycle accessories include a wide variety of products designed to enhance the cycling experience and meet the needs of cyclists. These add-ons include gadgets such as helmets, lights, locks, racks, pumps, bags, apparel, and more. Bicycle accessories not only offer comfort and performance but also improve safety, comfort, and style for cyclists. The market for bicycle accessories is driven through various factors. Firstly, the growing recognition of cycling as a mode of transportation and a leisure undertaking has led to a developing demand for accessories. As many people adopt cycling as a sustainable and healthy lifestyle choice, the need for accessories to enhance their bicycle ride has grown substantially. Additionally, the growing popularity of biking tourism has fueled the demand for specialized accessories.
Global Bicycle Accessories Market Analysis
The global bicycle accessories market size was $11,555.73 million in 2022 and is predicted to grow with a CAGR of 7.9%, generating a revenue of $23,826.63 million by 2032.
COVID-19 Impact on Global Bicycle Accessories Market
The COVID-19 pandemic has had an enormous impact on the global bicycle accessories market. As governments around the world applied strict lockdown measures and social distancing guidelines, people began to choose modes of transportation, along with bicycles, for their commuting and leisure needs. This surge in bicycle usage led to an increased demand for bicycle accessories such as helmets, lights, locks, racks, and different security and comfort products. However, the pandemic also disrupted global supply chains and manufacturing operations, inflicting disruptions in the manufacturing and distribution of bicycle accessories. Many manufacturers faced challenges in sourcing raw materials and components, as well as meeting the increased demand caused by supply chain bottlenecks. This resulted in stock shortages and higher pricing for some accessories.
Increasing Bicycle Adoption to Drive the Market Growth
The growing adoption of bicycles as a mode of transportation and a recreational activity is predicted to drive the growth of the bicycle accessories market. The COVID-19 pandemic has revived interest in cycling as people seek other modes of transportation while maintaining social distance. Bicycles are a low-cost, environmentally friendly, and healthy mode of transportation, which has contributed to an increase in their popularity. As more people take up riding, there is a growing demand for bicycle accessories to improve the safety, comfort, and performance of their bikes. Accessories including helmets, lights, mirrors, bells, and reflective gear are essential for ensuring bicycle safety, particularly in low-light conditions or on busy routes. Additionally, accessories such as bike racks, panniers, and baskets give helpful options for carrying personal belongings or groceries while cycling.
Economic Factors to Restrain Market Growth
Despite the fine growth drivers, there are a number of economic factors that may also restrain the market growth of the bicycle accessories market. Firstly, the world financial slowdown precipitated by the COVID-19 pandemic has had an extensive influence on purchaser spending patterns. Many individuals and families have encountered financial constraints, resulting in reduced discretionary expenditure on non-essential items such as bicycle accessories. The uncertainty surrounding monetary recovery may also result in cautious client behavior, influencing the demand for accessories in the short run. Secondly, the rise in raw material and transportation costs has put a burden on the profitability of bicycle accessory producers.
Advancements in Technology to Drive Excellent Opportunities
Advancements in technological know-how have created excellent opportunities for the bicycle accessories market. Integration of sophisticated technologies into bicycle accessories is one area of opportunity. With the rise of the Internet of Things (IoT), accessories can now be equipped with sensors, connectivity features, and data tracking capabilities. This allows riders to track a variety of aspects of their ride, including distance travelled, speed, heart rate, and even air quality. Smart accessories can also provide navigation aid, route planning, and real-time performance feedback, increasing the overall cycling experience. Furthermore, advancements in materials and manufacturing methods aid in the production of new, high-performance accessories. Lightweight and durable materials like carbon fiber, titanium, and better plastics enable the creation of accessories that provide superior overall performance without sacrificing safety or utility.
Global Bicycle Accessories Market Share, by Product, 2022
The apparel sub-segment accounted for the biggest income share in 2022 and is expected to continue to be dominant over the forecast period. One of the primary reasons for the apparel sub-segment's dominance in the bicycle accessories industry is its vital role in ensuring bikers' safety and comfort. Helmets, gloves, and luminous clothing are essential for bicycles, and their use is frequently regulated by rules in many places. Because of the constant demand for protective gear, clothing has become a cycling community staple. Furthermore, because of the emphasis on overall performance and comfort, specialized riding attire has become increasingly popular. Padded shorts, moisture-wicking jerseys, and aerodynamic fabric have gained popularity among both expert and recreational cyclists, resulting in increased demand for these products.
Global Bicycle Accessories Market Share, by Bicycle Type, 2022
Based on bicycle types, the industry has been segmented into mountain bikes, hybrid bikes, street bikes, cargo bikes, and others. The road bicycle sub-segment accounted for the biggest income share in 2022 and is expected to continue to be dominant over the forecast period. The popularity of basic bicycles can be attributed to the fact that they are easier to modify than other types of bicycles like racing, mountain, or specialized ones. In addition, the rising trend among people of personalizing road bikes for specific uses is envisioned to improve the market boom in the years to come.
Global Bicycle Accessories Market Share, by Type, 2022
The Original Equipment Manufacturer (OEM) type sub-segment accounted for the biggest share in 2022. As a result, OEM accessories are greater probably to grant a better match and function than aftermarket accessories, which may additionally have compatibility issues. OEM accessories are usually blanketed by the bicycle manufacturer’s warranty, which affords extra assurance to the purchaser about the product's quality, compatibility, negligible transport cost, and authenticated manuals to troubleshoot problems.
Global Bicycle Accessories Market Share, by Sales Channel, 2022
The offline channel sub-segment accounted for the biggest market share in 2022. This is primarily due to an extensive range of consumers prefer to buy from offline shops to have the opportunity to test the accessories before purchase. These stores also provide personalized choices for customers to select their preferred styles and colors for bicycle accessories, and the product is available immediately. Furthermore, offline stores allow customers to see and touch the products, giving them a greater sense of the quality and suitability of accessories for their needs.
Global Bicycle Accessories Market Share, by Region, 2022
The Asia Pacific bicycle accessories market accounted for the biggest market share in 2022. The excessive share can be attributed to several factors, such as the region’s large population, which results in a sizable customer base for bicycles and accessories. In addition, rapid urbanization, which is driving the demand for sustainable transportation options, is driving the demand for bicycle accessories in the region. The Asia Pacific region is home to some of the world’s biggest bicycle manufacturers, such as Giant Manufacturing Co. Ltd., and Merida Industry Co. Ltd., which has led to a well-established supply chain for bicycle components and accessories.
Competitive Scenario in the Global Bicycle Accessories Market
The global bicycle accessories market is highly competitive, with numerous players striving to achieve a massive market share. Prominent companies such as Shimano Inc., Giant Manufacturing Co., Ltd., and Trek Bicycle Corporation have hooked themselves up as key players in the industry. These multinational corporations have strong manufacturing focus and large distribution networks, permitting them to reach a broad consumer base globally.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, and LAMEA
Segmentation by Product
Segmentation by Bicycle Type
Segmentation by Type
Segmentation by Sales Channel
Key Companies Profiled
Q1. What is the size of the bicycle accessories market?
A. The size of the bicycle accessories market was over $11,555.73 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 7.9% from 2023 to 2032.
Q2. Which are the major companies in the bicycle accessories market?
A. Avon Cycles Ltd., Campagnolo S.R.L, and Garmin Ltd. are some of the key players in the global Bicycle Accessories market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What will be the growth rate of the Asia-Pacific bicycle accessories market?
A. Asia-Pacific is expected to offer significant investment opportunities in the near future in the Bicycle Accessories market.
Q5. What are the strategies opted by the leading players in this market?
A. Strategic acquisitions & partnerships and geographic expansion and market penetration are the two key strategies opted by the operating companies in this market