Global Bicycle Accessories Market Overview, 2024-29

Global Bicycle Accessories Market Overview, 2024-29

The bicycle accessories market plays a crucial role in enhancing the overall cycling experience, addressing safety concerns, providing customization options, and supporting the diverse needs of cyclists. Bicycle accessories contribute significantly to the safety of cyclists. Helmets, lights, reflectors, and mirrors are essential safety accessories that help increase visibility, reduce the risk of accidents, and protect cyclists in various riding conditions. Accessories such as comfortable saddles, grips, and handlebars are designed to enhance rider comfort. Ergonomic designs and padding in accessories help reduce fatigue during long rides, making cycling a more enjoyable and sustainable activity. Advanced accessories, including high-quality gears, brakes, and components, contribute to the overall performance of a bicycle. Cyclists often invest in accessories to optimize their bikes for specific purposes, such as speed, endurance, or off-road performance. The bicycle accessories market allows cyclists to personalize their bikes according to their preferences and needs. Customization options in terms of colors, designs, and add-ons provide cyclists with a sense of individuality and ownership. Accessories often incorporate technological innovations that enhance the functionality and convenience of cycling. This includes GPS navigation systems, smart helmets, electronic gear shifting, and other tech-driven features that contribute to a modern and connected cycling experience. Accessories such as racks, panniers, and bags offer practical solutions for cyclists to carry their belongings, whether commuting to work or embarking on a long-distance tour. These accessories contribute to the versatility and utility of bicycles. The availability of tools and accessories for bike maintenance and repair is essential for cyclists. Portable repair kits, tire pumps, and multi-tools allow cyclists to address common issues and perform routine maintenance, promoting the longevity of their bikes. With the growing emphasis on fitness and health, accessories like fitness trackers, heart rate monitors, and cycling computers provide cyclists with valuable data to monitor their performance, track progress, and set fitness goals. Accessories such as fenders and weather-resistant clothing provide protection against the elements. This is particularly important for cyclists who ride in diverse weather conditions, helping them stay comfortable and dry during rainy or cold weather. For cyclists engaged in touring or adventure cycling, specialized accessories such as bike-packing bags, camping equipment, and navigation tools are essential. These accessories support cyclists during extended journeys and outdoor adventures.

According to the research report, “Global Bicycle Accessories Market Overview, 2023-28” published by Bonafide Research, the market is anticipated to cross USD 19 Billion by 2029, increasing from USD 13.51 Billion in 2023. The market is expected to grow with 6.81% CAGR by 2024-29. The market growth can be attributed to factors, such as health and fitness trends and increasing environmental concerns. As more people take up cycling for transportation, exercise, or leisure, the demand for bicycle accessories has also increased. From helmets, lights, and locks to bags, mirrors, water bottle cages, and pedals, bike accessories are crucial in enhancing the safety, comfort, and functionality of bicycles and cyclists. With the emergence of e-bikes and the growing popularity of cycling among younger generations, the industry is expected to continue its growth in the coming years. E-bikes or electric bikes, have also contributed to the growth of the market. As more people switch to e-bikes for their daily commutes or leisure rides, there is an increasing demand for accessories, such as mounts, integrated lighting, and horn systems, as they help increase the rider’s safety. For example, bicycle lights help cyclists be seen by other road users, especially in low-light conditions or when riding at night. This can be especially important on roads with heavy traffic, where motorists may have difficulty spotting cyclists. In addition, cyclists can reduce the risk of an accident by making themselves more visible by installing appropriate lighting systems. Growing inclination of the masses towards physical activity and fitness has created ripples across the bicycle manufacturing sector. There has been humongous demand for new-age technologies in bicycles, and this is an important dynamic of market expansion. Riders prefer to equip their bicycles with speedometers and other devices that can help in manoeuvring and handling of the bike. This is an important consideration for the vendors operating in the global bicycle accessories market. These vendors are expected to focus on developing leading-edge technologies for assisting bikers. In view of the factors stated herein, the growth index of the global bicycle accessories market is projected to improve.

Market Drivers
• Increasing Interest in Cycling and Healthy Lifestyles: A major driver for the global bicycle accessories market is the rising interest in cycling as a recreational activity and a means of adopting a healthier lifestyle. With growing awareness of the health benefits associated with regular cycling, there has been a surge in the number of individuals taking up cycling for fitness and leisure. This increased interest fuels the demand for a wide range of bicycle accessories, including safety gear, performance-enhancing components, and comfort-focused accessories. As more people engage in cycling for various purposes, the market experiences a boost driven by the need for accessories that enhance the overall cycling experience and address specific preferences.
• Technological Advancements and Innovation in Accessories: Technological advancements play a pivotal role in driving the global bicycle accessories market. Innovations in materials, manufacturing processes, and design have led to the development of high-performance accessories that cater to the evolving needs of cyclists. Smart accessories, such as GPS-enabled cycling computers, advanced lighting systems, and electronically controlled gear shifting, are gaining popularity. Cyclists are increasingly seeking accessories that not only enhance their riding experience but also integrate seamlessly with modern technology. The pursuit of innovation and cutting-edge features contributes to the growth of the bicycle accessories market, as consumers look for products that align with the latest technological trends.

Market Challenges
• Price Sensitivity and Affordability: One of the significant challenges facing the global bicycle accessories market is the price sensitivity of consumers. While there is a growing demand for high-quality and technologically advanced accessories, affordability remains a key concern. Some consumers may be deterred by the relatively high costs associated with premium and innovative accessories. Striking a balance between offering advanced features and maintaining affordability is crucial for manufacturers and retailers in the bicycle accessories market to ensure that a diverse consumer base can access and adopt these products.
• Environmental Sustainability and Material Choices: A challenge for the bicycle accessories market is the increasing emphasis on environmental sustainability. As awareness of eco-friendly practices grows, consumers are becoming more conscious of the environmental impact of manufacturing and disposing of accessories. Manufacturers are facing challenges in sourcing sustainable materials, designing products with a reduced environmental footprint, and addressing concerns related to the disposal of accessories at the end of their lifecycle. Adapting to sustainable practices while maintaining product quality and performance poses a challenge for the industry.

Market Trends
• Rise of Bikepacking and Adventure Cycling: A notable trend in the global bicycle accessories market is the rise of bikepacking and adventure cycling. As more cyclists embrace long-distance and off-road adventures, there is an increased demand for accessories designed to cater to the specific needs of bikepackers. This trend encompasses a variety of accessories, including bikepacking bags, navigation tools, lightweight camping gear, and durable components that can withstand challenging terrains. The trend reflects a shift in consumer preferences towards more versatile and adventure-ready accessories.
• Customization and Personalization Options: The trend towards customization and personalization is gaining momentum in the bicycle accessories market. Cyclists are seeking accessories that allow them to express their individual style and preferences. This trend is evident in the availability of a wide range of colors, designs, and add-ons for accessories such as handlebar grips, saddles, and frame decals. Manufacturers are responding to the demand for personalized options, providing cyclists with the ability to customize their bikes with accessories that not only enhance performance but also align with their aesthetic preferences.

Covid-19 Impacts

The global bicycle accessories market, like many other industries, experienced significant impacts due to the COVID-19 pandemic. In the initial phases, widespread lockdowns and restrictions disrupted manufacturing processes, leading to supply chain disruptions and delays in the production of bicycle accessories. Retail closures and limitations on outdoor activities also resulted in a temporary decline in consumer demand, particularly for non-essential accessories. However, as lockdown measures eased, there was a notable surge in the popularity of cycling as a safe and socially distant outdoor activity. This shift in consumer behaviour led to a resurgence in demand for bicycle accessories, with a particular focus on safety gear, storage solutions, and recreational accessories. The pandemic accelerated trends such as the adoption of e-commerce, as consumers increasingly turned to online platforms to purchase accessories, contributing to a shift in the retail landscape. The bicycle accessories market demonstrated resilience, adapting to the evolving consumer preferences and emphasizing the importance of cycling in a post-pandemic world focused on health, well-being, and sustainable transportation.

The growth of apparel in the bicycle accessories market is propelled by the increasing recognition of cycling not just as a physical activity but as a lifestyle choice, with a growing emphasis on safety, comfort, and style among cyclists.

Apparel has become a focal point in the expanding bicycle accessories market, and the primary catalyst for this growth is the evolving perception of cycling as more than just a recreational or sporting activity—it is increasingly embraced as a lifestyle choice. Cyclists today view their riding experience holistically, considering not only the performance of their bikes but also the quality and functionality of the apparel they wear. Safety, once the primary concern, has become intertwined with comfort and style. Cyclists are now seeking apparel that not only provides protection in case of accidents but also ensures a comfortable and enjoyable riding experience. The market has responded with innovative designs incorporating breathable fabrics, moisture-wicking technology, and aerodynamic considerations. Additionally, the integration of reflective elements and visibility features addresses safety concerns, making cycling apparel more versatile for different conditions. The emphasis on stylish and functional cycling apparel aligns with the broader trend of active lifestyles, encouraging cyclists to express their individuality through their clothing choices. As cycling transitions from a niche sport to a mainstream lifestyle, the demand for high-quality, performance-oriented, and aesthetically pleasing cycling apparel continues to grow, driving its prominence in the bicycle accessories market.

The aftermarket in the bicycle accessories market is experiencing growth due to a burgeoning community of cycling enthusiasts seeking personalized and specialized accessories, allowing them to customize and upgrade their bikes according to individual preferences and performance requirements.

The growth of the aftermarket segment in the bicycle accessories market is intricately tied to the dynamic and passionate community of cycling enthusiasts. Unlike the pre-assembled accessories that come with a new bicycle purchase, the aftermarket caters to individuals who are keen on personalizing, upgrading, and customizing their bikes to align with specific preferences, performance goals, and aesthetic tastes. Cycling has transcended its utilitarian roots and evolved into a lifestyle choice for many, fostering a community that values uniqueness and individual expression. This community of avid cyclists seeks accessories that go beyond the standard offerings, exploring aftermarket options to enhance their cycling experience. Whether it's upgrading components for improved performance, adding personalized decals for a unique aesthetic, or incorporating cutting-edge technologies not included in factory configurations, the aftermarket provides a diverse array of choices. The demand for aftermarket bicycle accessories reflects the desire for a bespoke cycling experience, where riders can tailor their bikes to match their distinct styles and performance needs. This trend signifies a shift towards a more specialized and enthusiast-driven market, where aftermarket accessories play a pivotal role in meeting the demands of a discerning and engaged cycling community.

The growth of hybrid bikes in the bicycle accessories market is fuelled by the increasing demand for versatile and adaptable cycling solutions that cater to diverse riding environments, combining the features of road bikes and mountain bikes to offer a well-rounded and accessible option for a broad spectrum of cyclists.

Hybrid bikes have emerged as a significant driving force in the bicycle accessories market, responding to the evolving preferences of cyclists seeking a versatile and adaptable riding experience. The main reason behind the surge in popularity lies in the hybrid bike's ability to seamlessly blend features from both road bikes and mountain bikes, creating a well-rounded and accessible option for a diverse range of riders. Cyclists today often navigate through a variety of terrains, from urban streets to gravel paths, and hybrid bikes address this need for versatility. These bikes typically incorporate the comfortable riding position of a mountain bike with the efficiency and speed of a road bike. As a result, cyclists are drawn to hybrid bikes for their ability to handle different surfaces and terrain types, providing a smooth and enjoyable ride regardless of the setting. The growing demand for hybrid bikes has naturally led to an increased interest in accessories tailored specifically for these versatile cycles. From ergonomic saddles and hybrid-specific tires to adjustable handlebars and versatile storage solutions, the accessory market is witnessing a surge in offerings designed to enhance the performance, comfort, and adaptability of hybrid bikes. As cycling enthusiasts continue to embrace the flexibility and convenience offered by hybrid bikes, the bicycle accessories market is evolving to meet the unique needs of this expanding segment, further driving the growth of hybrid bikes in the market.

The growth of the online sales channel in the bicycle accessories market is primarily driven by the increasing consumer preference for convenience, a vast product selection, and the ease of comparison shopping, as online platforms provide cyclists with a seamless and accessible shopping experience.

The proliferation of online sales channels has become a dominant force in the bicycle accessories market, transforming the way consumers browse, purchase, and engage with products. The main driver behind the significant growth of online sales is the inherent convenience and accessibility offered to cyclists. Online platforms provide an extensive array of bicycle accessories, allowing consumers to explore a diverse range of products from the comfort of their homes. Cyclists can easily browse through a multitude of options, compare prices, read reviews, and make informed decisions—all at their fingertips. This level of convenience is especially appealing to a consumer base that values time efficiency and the ability to shop on their terms. Furthermore, the online sales channel facilitates access to a global marketplace, enabling cyclists to discover unique and specialized accessories that may not be readily available in local brick-and-mortar stores. The ease of transaction, secure payment options, and doorstep delivery contribute to the overall appeal of online purchasing. As e-commerce platforms continue to enhance user experiences, employ personalized recommendations, and streamline logistics, the online sales channel is becoming an increasingly integral and preferred avenue for cyclists to acquire the latest and most suitable bicycle accessories. The growth of this channel is a testament to the evolving nature of consumer behaviour, with online platforms seamlessly integrating into the dynamic landscape of the bicycle accessories market.

The growth of the bicycle accessories market in Europe can be attributed to the increasing adoption of cycling as a sustainable and healthy mode of transportation, driven by robust infrastructure, environmental consciousness, and a cultural shift towards active lifestyles.

Europe has witnessed a notable surge in the popularity of cycling, emerging not only as a means of transportation but also as a lifestyle choice embraced by a growing number of individuals. The continent has been actively investing in cycling infrastructure, with cities and urban planners prioritizing the development of dedicated bike lanes, cycling-friendly pathways, and bike-sharing programs. This concerted effort to create a cycling-friendly environment has significantly contributed to the rise in the number of cyclists across European countries. Simultaneously, there is a palpable cultural shift towards sustainable living and healthier choices, with cycling aligning perfectly with these values. As people increasingly opt for bicycles for commuting and recreational activities, there has been a parallel surge in the demand for bicycle accessories. From safety gear to high-tech navigation systems and performance-enhancing components, cyclists in Europe are investing in accessories that cater to their diverse needs and preferences. The convergence of infrastructure support, environmental consciousness, and a cultural inclination towards active lifestyles has fostered an environment conducive to the flourishing growth of the bicycle accessories market in Europe.

The market is highly competitive and is anticipated to witness increased competition due to the presence of several players. Major players are spending heavily on research and development activities to integrate advanced technologies in bicycle parts and components. These players are also pursuing various strategic initiatives, including mergers & acquisitions and new product launches, to strengthen their foothold in the industry, capture a significant share, and improve overall profitability. 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. Furthermore, these players are heavily investing in research to introduce innovative products and garner maximum revenue in the market.
• BBB, a manufacturer of bicycle accessories, announced in 2023 that it had launched a new line of bicycle accessories called Pump-track. The accessories are designed for use on pump-tracks.
• Cateye, a manufacturer of bicycle lights, announced in 2023 that it had launched a new line of bicycle lights called Volt 1200. The lights are designed to provide up to 1200 lumens of brightness.
• In November 2022, Thousand, a company that manufactures vintage & innovative bicycle helmets and safety accessories, launched Ride Shop, a digital shopping experience that provides discounts on the most frequently recommended & purchased safety gears. The online bundle-building platform, a first in the cycling industry, was inspired by the direct feedback received from various customers interested in purchasing multiple safety accessories apart from helmets.
• In August 2022, Mycle introduced a full line of accessories for its Mycle Cargo bike range. These accessories are not only compatible with Mycle’s cargo bikes but also with other Mycle bikes. With the aid of these accessories, riders can configure their bikes to be people carriers, cargo movers, or a combination of the two.
• In May 2022, Sigma Elektro Company launched the AURA 100 / BLAZE LINK set that accompanies cyclists safely and comfortably during training and leisure. The set consists of the front light AURA 100 LINK and the rear brake light BLAZE LINK.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Bicycle Accessories market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Products
• Components
• Apparel

By Components
• Pedals
• Saddles
• Lighting system
• Mirrors
• Water bottle cages
• Locks
• Fenders and mud flaps
• Others (Kickstands, Air Pumps & Tyre Pressure Gaugem)

By Apparel
• Helmet
• Cycling Gloves
• Cycling Shoes
• Cycling Clothes
• Others (Arm warmer, Headband, Reflective Vest)

By Type
• OEM
• After-Market

By Bicycle Type
• Electric
• Road Bikes
• Mountain Bikes
• Hybrid Bike
• Youth
• Comfort
• Others (Tandem, Folding, City Bike, Cargo Bikes)

By Sales Channel
• Specialty Bicycle Retailers
• Full-Line Sporting Goods Stores
• Department Stores & Others
• Online

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Bicycle Accessories industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.

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