Bicycle Accessories Market Size & Share 2023 to 2032
Market Size by Product (Apparel, Component), by Sales Channel (Online, Offline), by Type (OEM, Aftermarket), by Bicycle (Mountain Bikes, Professional Bikes, Hybrid Bikes.
Report ID: GMI5922
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Published Date: June 2023
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Report Format: PDF
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Authors:
Preeti Wadhwani, Aishvarya Ambekar
Bicycle Accessories Industry Analysis
Bicycle Accessories Market size surpassed USD 12.5 billion in 2022 and is anticipated to grow at a CAGR of 7.5% from 2023 to 2032 owing to the rising health & fitness trends as well as growing environmental concerns. The industry growth can be attributed to the growing interest in cycling for transportation, exercise, or recreation purposes.
Bicycle Accessories Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
With the introduction of e-bikes and the growing popularity of cycling among younger generations, the market is expected to further expand in the coming years. High traffic volumes & the resulting congestion, concerns about rider safety, and the growing popularity of cycling have contributed to the increasing adoption of bicycle accessories. Several two-wheeler accessories are mandatory as per government regulations in many countries. Moreover, these accessories are widely used in the original equipment manufacturers industry.
Bicycle transportation is ideal & suitable for shorter distances due to the inherent limitations of humans to travel longer distances by cycling. In terms of the average daily distance traveled & speed, bicycle transportation can cover limited distances with limited speed compared to gasoline-powered vehicles. These are significant constraints in the bicycle accessories market. Also, rising disposable incomes of lower- & middle-class consumers have led to the purchasing of four-wheelers and mopeds, further hampering the business growth.
COVID-19 Impact
The COVID-19 pandemic had significant impacts on the industry. Bicycles and cycling-related products including accessories are in high demand due to several factors such as the need for safe & socially distant transportation options, the closure of gyms & other fitness facilities, and the rising interest in outdoor activities. Factory closures and disruptions in the supply chain of components & systems led to supply chain challenges in this industry. These challenges were further intensified by the exponential increase in online bike orders during the peak COVID-19 period. The disrupted supply chains and manufacturing processes of numerous bicycle manufacturers resulted in product shortages and order fulfillment delays, in turn, impeding the business development.
Bicycle Accessories Industry Trends
E-bikes have also contributed to market expansion. As more people use electric bike for daily commutes or leisure rides, there is a growing demand for accessories, such as mounts, integrated lighting, and horn systems, which provide rider safety. Furthermore, the installation of appropriate lighting systems in bicycles improves the visibility of the bicycle and reduces the risks of accidents. The growing interest in cycling sports, the rising demand for sports & mountain bikes, and rising sales of electric bicycles in the emerging sector are also driving industry growth. Owing to these factors the demand for accessories, such as speedometers, mudguards, handlebar grips, LED lights, gloves, helmets, mirrors, and other related products, has flourished the bicycle accessories market development.
Bicycle Accessories Product Segmentation
The component segment crossed USD 8 billion valuation of bicycle accessories market in 2022 and is expected to grow significantly during the forecast period owing to the increasing popularity of bicycles in fitness & transportation applications. The pedal component sub-segment dominated the overall market in 2022 and is expected to register a significant by 2032. The highest share can also be attributed to the frequent replacement of bicycle pedals as they are subject to significant wear & tear over time, especially by frequent cyclists. As a result, the demand for replacement pedals is relatively high, thereby allowing bicycle accessory makers & retailers to sell large quantities of the same.
Bicycle Accessories Sales Channel Segmentation
The offline sales channel captured 55% of the industry share in 2022 and is will record substantial growth at a lucrative pace by 2032 credited to the consumer preference for physical stores where they can test the accessories before purchasing. In addition to immediate product availability, these stores also offer customized options such as design & color. Moreover, customers can see & touch the products, thereby offering a better understanding of the quality & suitability of accessories. The sector development will be driven by the availability of branded bicycle accessories in local supermarkets and other stores.
Bicycle Accessories Bicycle Segmentation
The road bikes segment reached USD 4 billion in 2022 and will observe 8.5% growth rate by 2032. The popularity of road bikes can be attributed to the fact that they are easier to modify than other types of bicycles such as racing, mountain, or specialized ones. Hence, the rising trend of people customizing road bikes for specific purposes is said to garner the bicycle accessories market outlook in the coming years.
Bicycle Accessories Regional Analysis
Asia Pacific is the dominant region in the global bicycle accessories industry with a share of 35% in 2022 and is estimated to amass USD 9.5 billion in 2032. The high market portion can be ascribed to several factors including the region's large population, which translates into a sizable customer base for bicycles and bicycle accessories. Moreover, rapid urbanization, which is driving the demand for sustainable transportation options, is also propelling the demand for bicycle components in the region.
Some of the world's largest bicycle manufacturers, such as Giant Manufacturing Co. Ltd. and Merida Industry Co. Ltd., are based in Asia Pacific, thereby leading to the establishment of a well-established bicycle accessories market supply chain. This allows accessory manufacturers to source raw materials and manufacture products in the region, lowering costs & lead times. The region has a strong cycling culture, particularly in China, Japan, and South Korea.
Bicycle Accessories Industry Leaders
Major players operating in the bicycle accessories industry’s competitive landscape are Accell Group, Avon Cycles Ltd, Campagnolo S.R.L, Continental AG, DT Swiss, Eastman Industries, Endura Ltd., Garmin Ltd., and Giant Manufacturing Co., Ltd. These players focus on strategic partnerships and new product launches & commercialization for market expansion. Furthermore, these players are heavily investing in research to introduce innovative products and garner maximum revenue in the market.
Bicycle Accessories Industry News:
This bicycle accessories market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments:
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Market, By Product
Market, By Sales Channel
Market, By Type
Market, By Bicycle
The above information is provided for the following regions and countries:
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