Bicycle Accessories Market: Current Analysis and Forecast (2024-2032)
Emphasis on Product (Apparels and Components); Bicycle Type (Mountain Bikes, Professional Bikes, Hybrid Bikes, Road Bikes, and Others); Type (OEM and Aftermarket); Sales Channel (Online and Offline); and Region/Country
Bicycle Accessories Market Size & Forecast
The Bicycle Accessories Market was valued at USD 14,037.22 million in 2023 and is expected to grow at a robust CAGR of around 7.49% during the forecast period (2024-2032) driven by the increasing global focus towards fitness, environment, and decongestion of traffic has a pronounced effect on the demand for bicycles and their accessories.
Bicycle Accessories Market Analysis
The Bicycle Accessories Market is witnessing steady growth within the forecast period. Increased cycling for transport and recreation as well as higher e-commerce sales combined with more environmental awareness have all contributed to the growth of the bicycle accessories market. E-sellers of bicycle accessories products recognize the importance of items such as helmets, lights, locks, and bags for safety, convenience, and comfort for cyclists. The growing tendency and focus on safety as regards cyclists is increasing the demand for quality helmets and reflective gear. Manufacturers are leveraging advanced materials to reduce the burden on protection while enhancing comfort. Industry demand leads to capacity expansion from major manufacturers to fulfill the demand. For instance, in April 2024, Giant Group, a leading Taiwanese bicycle manufacturer, will invest an additional USD 120 million in Vietnam's Binh Duong province. Following an initial and successful investment of USD 60 million, Giant now has a factory located in the Vietnam-Singapore Industrial Park (VSIP) II-A, boasting an annual production capacity of one million bicycles. The newer investment will fund the construction of a further production facility in VSIP III to enable Giant to expand its production capacity in the region. The shift towards online shopping has equally made bicycle parts and accessories available to consumers. This will see retailers investing further in improved and user-friendly site designs and logistics to tap the ever-increasing online market.
Bicycle Accessories Market Trends
Integration of Technology and Sustainability
The worldwide transformation into sustainable and tech-enabled products has been seriously affecting the bicycle accessories market.
Consumer Awareness: Cyclists are now more conscious and conscious of products that might even ensure safety, convenience, and environmental sustainability. Like reflective gear and smart lights, these now form part of the essentials for urban cyclists going through crowded city streets.
Regulatory Pressure: Initiatives led by the government towards the promotion of eco-friendly transportation and safety regulations such as the establishment of bike lanes and building of cycling infrastructures draw demands for accessory products such as helmets, mirrors, and lights.
Technology: Developments in advanced materials as well as smart technology have resulted in lightweight accessories that are durable as well as intelligent. For example, Trek Bicycles introduced environmentally friendly accessories made from recycled materials in 2023, showing how sustainability can combine with innovation.
Asia Pacific Dominated the Bicycle Accessories Market
The Asia Pacific bicycle accessories market is expected to dominate in the forecast period. The major factors contributing to the growth of the market are the growing urbanization and rising consciousness towards the sustainable and affordable means of transport among citizens. Such overwhelming concerns about road traffic and air pollution have popularized bicycles as a green alternative, especially in countries like China, India, and Japan. Increased bicycle use would, therefore, directly spur the demand for accessories such as helmets, lights, locks, and repair kits, since consumers always seek safety and convenience. Additionally, the manufacturing base for bicycles and accessories in this part of the continent presents a competitive advantage. Several of the largest bicycle manufacturers in the world have production units in the Asia Pacific; among them are manufacturers in China and Taiwan. Thus, a cheaper manufacturing cost coupled with supply chain efficiency boosts the competitive standing of the above markets. Local and international brands have also invested hugely in innovation into products and e-commerce channels to their consumer base. Further government promotion of cycling infrastructures and safety enhances the market. For example, dedicated bike lanes and sharing systems have been developed in many of the major cities in Asia, which further spur adoption and, by extension, accessory segmentation.
Bicycle Accessories Industry Overview
The bicycle accessories market is competitive and concentrated, with few global and international players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some major players operating in the market are Accell Group, Avon, SHIMANO INC., Garmin Ltd., Giant Bicycles India, Trek Bicycle Corporation, MERIDA BIKES, Specialized Bicycle Components, Inc., DT Swiss, and Endura Limited.
Bicycle Accessories Market News
In 2022, Shimano relaunched the 12-speed 105 R7100 group set with mechanical shifting as an option in addition to the Di2 (electronic) elements that came out the year before. The cost benefits come very clearly as the new Shimano 105 R7100 Mechanical 12-speed groupset is compatible with only hydraulic disc brakes, but it is way below the cost of its electronic alter ego.
In May 2024, Factor Bikes revealed the outfitting of its leading models, including the OSTRO VAM, O2 VAM, O2, LS, and OSTRO Gravel, with the newly upgraded SRAM Red AXS eTap groupset. The collaboration intends to supplement their performance alongside the aerodynamic and ergonomic designs of their bicycles with advanced wireless shifting technology from SRAM.
In March of the year 2024, IIT Kharagpur opened out its public bicycle-sharing system under "Make in India" titled 4th Generation with smart electro-mechanical IOT modules locking bicycles as well as surrounding software. Integrated Hardware, Software, and Firmware development for a fully automatic bicycle lock and their sharing system through a cloud, available free on subscription basis so the systems can be set up by the private individuals without specialized equipment and personnel.
Bicycle Accessories Market Report Coverage
Report Attribute | Details |
Base year | 2023 |
Forecast period | 2024-2032 |
Growth momentum | Accelerate at a CAGR of 7.49% |
Market size 2023 | USD 14,037.22 million |
Regional analysis | North America, Europe, APAC, Rest of the World |
Major contributing region | Asia Pacific dominated the market in 2023 |
Key countries covered | The US, Canada, Germany, The UK, Spain, Italy, France, China, Japan, Australia, and India |
Companies profiled | Accell Group, Avon, SHIMANO INC., Garmin Ltd., Giant Bicycles India, Trek Bicycle Corporation, MERIDA BIKES, Specialized Bicycle Components, Inc., DT Swiss, and Endura Limited. |
Report Scope | Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling |
Segments Covered | By Product, By Bicycle Type, By Type, By Sales Channel, and By Region/Country |
Reasons to buy this report:
The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
The report presents a quick review of overall industry performance at one glance.
The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
The study comprehensively covers the market across different segments.
Deep dive regional level analysis of the industry.
Customization Options:
The global bicycle accessories market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Bicycle Accessories Market Analysis (2024-2032)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global bicycle accessories market were the three major steps undertaken to create and analyze the adoption of bicycle accessories in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global bicycle accessories market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the bicycle accessories through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the bicycle accessories market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are product, bicycle type, type, and sales channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of bicycle accessories. Further, we conducted factor analysis using dependent and independent variables such as product, bicycle type, type, and sales channel of the bicycle accessories market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the bicycle accessories market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global bicycle accessories market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
The industry’s market size, in terms of revenue (USD) and the adoption rate of the bicycle accessories market across the major markets domestically
All percentage shares, splits, and breakdowns of market segments and sub-segments
Key players in the global bicycle accessories market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global bicycle accessories market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, bicycle type, type, and sales channel in the global bicycle accessories market.
The main objective of the Global Bicycle Accessories Market Study
The current & future market trends of the global bicycle accessories market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Analyze the current and forecast market size of the bicycle accessories market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
Segments in the study include areas of the product, bicycle type, type, and sales channel.
Define and analysis of the regulatory framework for the bicycle accessories
Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
Analyze the current and forecast market size of the bicycle accessories market for the major region.
Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
Company profiles of the bicycle accessories market and the growth strategies adopted by the market players to sustain in the fast-growing market.
Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the bicycle accessories market?
The bicycle accessories market was valued at USD 14,037.22 million in 2023 and is expected to grow at a CAGR of 7.49% during the forecast period (2024-2032).
Q2: What are the driving factors for the growth of the bicycle accessories market?
The increasing global focus towards fitness, environment, and decongestion of traffic has primarily drives the bicycle accessories market.
Q3: Which segment has the largest bicycle accessories market share by Product?
The components segment has the largest bicycle accessories market share by Product.
Q4: What are the emerging technologies and trends in the bicycle accessories market?
The integration of technology and sustainability is one of the significant trends in the bicycle accessories market.
Q5: Which region will dominate the bicycle accessories market?
Asia Pacific is expected to dominate the market during the forecast period.
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