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The bicycle accessories market size is forecast to increase by USD 3.90 billion at a CAGR of 5.94% between 2024 and 2028. The market is witnessing significant growth due to the increasing popularity of cycling as a healthy and eco-friendly mode of transportation. This trend is further boosted by the growing demand for electric bikes, which require specialized accessories such as batteries, motors, and displays. Additionally, rising costs of raw materials, particularly for metals and plastics, are driving up the prices of bicycle accessories, making it essential for manufacturers to adopt cost-effective production methods and alternative materials. These factors, coupled with advancements in technology leading to innovative accessories, are expected to shape the future of the market.
The market is experiencing significant growth due to increasing environmental concerns and the younger generations' preference for eco-friendly modes of transportation. E-bikes are leading the trend, with sales increasing rapidly for their ability to travel long distances and navigate high traffic volumes and congestion in urban areas. Comfort and safety are key considerations for riders, leading to the demand for accessories such as lights, locks, bags, mirrors, water bottle cages, and pedals. Functionality and advances in technology are also driving growth, with appropriate lighting systems becoming essential for rider safety, especially during night-time cycling and in cycling sports and races.
E-commerce platforms have made it easier for consumers to purchase these accessories, leading to order fulfillment delays becoming a challenge for market players. Despite these challenges, the market is expected to continue growing, with cycling becoming an increasingly popular recreational activity and mode of transportation in both urban and rural areas.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The Offline segment is estimated to witness significant growth during the forecast period.The market encompasses a wide range of environmentally-friendly products designed to enhance the functionality, safety, and comfort of bicycles. Key product categories include lights for increased visibility during nighttime rides, locks to secure bicycles, bags for carrying essentials, mirrors for improved awareness of surroundings, water bottle cages, pedals, and various mounts. With the growing popularity of e-bikes among younger generations and various bicycle types such as mountain bikes, hybrid bikes, and road bikes, sales of these accessories have seen significant growth. Integrated lighting systems and horn systems are the latest trends in bicycle lights, addressing both safety and functionality concerns.
Consumer spending on cycling-related products has been on the rise, with historical data indicating steady growth and forecasts predicting continued expansion. However, recent factory closures and product shortages have resulted in delays, potentially impacting market growth. Components, including drivetrain components and wheels and tires, are essential for bicycle performance and are often upgraded for enhanced functionality and comfort. Moisture-wicking, breathable apparel and protective gears, such as bicycle helmets, are also crucial accessories that cater to the needs of cyclists.
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The Offline segment accounted for USD 6.07 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The Asia-Pacific (APAC) region has experienced significant growth in the market due to the rising trend of cycling for transportation, exercise, and recreation purposes in densely populated and congested urban areas. Cargo bikes with racks and baskets are increasingly popular for carrying goods in high traffic volumes and reducing reliance on private vehicles. In the offline sales channel, physical stores in APAC continue to dominate due to consumer preference for touch-and-feel experiences. However, e-commerce platforms are gaining traction, especially for aftermarket accessories such as electric bicycles, speedometers, mudguards, handlebar grips, LED lights, gloves, and other product segments. Advances in technology have led to the development of appropriate lighting systems and safety features, addressing rider safety concerns in cycling sports and races.
Local supermarkets and branded bicycle accessory stores are key players in this market, contributing to the increasing volumes in units. Despite order fulfillment delays, the market continues to thrive, driven by the growing popularity of cycling as a sustainable and cost-effective mode of transportation in APAC.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing popularity of cycling is the key driver of the market. The global the market is experiencing significant growth due to various factors. One of the primary drivers is the increasing environmental consciousness among consumers. With concerns over climate change and pollution on the rise, more people are turning to bicycles as a sustainable mode of transportation. This shift has led to an increased demand for accessories that enhance the riding experience and ensure safety. Another factor fueling market growth is the health and fitness trend. As people prioritize their well-being, cycling has gained popularity as a low-impact, cost-effective exercise option. This has resulted in a surge in demand for accessories that cater to comfort, functionality, and safety.
E-bikes have also emerged as a significant trend in the bicycle market, with younger generations showing a strong preference for this bicycle type. E-bike sales have been on the rise, leading to an increased demand for accessories such as mounts for integrated lighting, horn systems, and water bottle cages. Safety remains a top priority for cyclists, leading to the demand for accessories like lights, locks, mirrors, and pedals. Comfort is another essential factor, with consumers seeking out moisture-wicking, breathable apparel and protective gears such as bicycle helmets. Historical data and forecasts indicate continued growth in the market.
Regional opportunities exist in areas with a strong cycling culture and increasing urbanization. The latest trends include the integration of technology into bicycle accessories, such as online dashboards and apps, and the development of accessories specifically for e-bikes. However, the market faces challenges such as factory closures, product shortages, and delays due to supply chain disruptions. Consumer spending on cycling-related products remains strong, and companies must adapt to meet the evolving needs and preferences of their customers. Mountain bikes, hybrid bikes, and road bikes each present unique opportunities for accessory manufacturers to cater to the diverse needs of the cycling community.
Growing demand for e-bike accessories is the upcoming trend in the market. The global the market is experiencing a surge in demand for e-bike accessories, driven by the rising popularity of electric bicycles (e-bikes). E-bikes, which offer environmental benefits, health advantages, and ease of use, are increasingly preferred by younger generations and various bicycle types, including e-mountain bikes, e-hybrid bikes, and e-road bikes. As e-bike sales continue to soar, there is an escalating need for accessories that enhance the riding experience and address safety and comfort concerns. E-bike conversion kits are a prominent accessory category, enabling consumers to transform their conventional bicycles into electric-powered ones. These kits typically comprise a motor, battery, controller, and other essential components.
Additionally, other popular e-bike accessories include lights for improved visibility during nighttime rides, locks for security, bags for carrying essentials, mirrors for enhanced awareness of surroundings, water bottle cages, pedals, and mounts for integrating various cycling-related products such as horn systems and bicycle lights. Historical data indicates a steady growth trend in the market, with forecasts suggesting continued expansion. Regional opportunities are abundant, particularly in Asia Pacific and Europe, where e-bike sales are booming. The latest trends include the development of moisture-wicking, breathable, and UV protection apparel, as well as the integration of advanced components like integrated lighting and safety features.
However, recent factory closures and product shortages have led to delays and consumer spending fluctuations. Despite these challenges, the market remains robust, with a strong focus on functionality, safety, and comfort.
Rising costs of raw materials for bicycle accessories is key challenge affecting the market growth. The global the market is experiencing significant growth due to increasing environmental concerns and the popularity of cycling as a sustainable mode of transportation. This trend is driving demand for various bicycle accessories such as lights, locks, bags, mirrors, water bottle cages, pedals, and safety equipment. Younger generations are particularly drawn to e-bikes, leading to a surge in e-bike sales and the development of new accessories, including mounts for integrated lighting and horn systems. Raw material costs pose a challenge for manufacturers and suppliers, with aluminum, steel, rubber, plastic, and textiles being essential components. As demand for bicycles and cycling-related products continues to rise, consumer spending on accessories is forecasted to increase, presenting regional opportunities and the latest trends.
Product shortages, delays, and factory closures may impact availability, but the market's long-term outlook remains positive. Cyclists prioritize safety, comfort, functionality, and environmental sustainability, leading to a growing demand for eco-friendly apparel, moisture-wicking and breathable components, and protective gears such as bicycle helmets for mountain bikes, hybrid bikes, and road bikes.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Accell Group NV - Under the XLC brand, our company provides a range of bicycle accessories for enhancing the functionality and safety of rides. Among these offerings are the rear rack, a practical addition for transporting goods; the children's bike trailer, an essential accessory for families with young ones; and the headlight, ensuring visibility during low-light conditions.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is experiencing significant growth due to increasing environmental concerns, leading to a rise in the popularity of cycling as a sustainable mode of transportation. This market encompasses a wide range of products, including lights, locks, bags, mirrors, water bottle cages, pedals, and safety equipment. Comfort and functionality are key considerations for consumers, particularly in the context of e-bikes, which are gaining traction among younger generations and various bicycle types. E-bike sales have surged, leading to increased demand for mounts, integrated lighting, and horn systems. Safety remains a top priority, with bicycle lights becoming increasingly important for traffic safety.
Consumer spending on cycling-related products is expected to grow, with historical data and forecasts indicating continued expansion. Regional opportunities exist for manufacturers in Asia Pacific and Europe, where cycling is a popular mode of transportation. The latest trends include moisture-wicking, breathable apparel and components, as well as UV protection and protective gears such as bicycle helmets. Factories closures and product shortages have led to delays in the supply chain, impacting availability and pricing. Overall, the market for bicycle accessories is poised for continued growth, driven by a focus on safety, comfort, and functionality.
Market Scope |
|
Report Coverage |
Details |
Page number |
154 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.94% |
Market growth 2024-2028 |
USD 3.90 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.78 |
Regional analysis |
Europe, APAC, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 35% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accell Group NV, Adidas AG, Avon Cycles Ltd., Campagnolo Srl, Eastman Industries Ltd., Endura Ltd., Garmin Ltd., Giant Manufacturing Co. Ltd., Hero Cycles Ltd., Lezyne USA Inc., Merida Industry Co. Ltd., OM Electric Cycles, SHIMANO INC., Trek Bicycle Corp., and SRAM LLC |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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