Bicycle Accessories Market Size, Share & Trends Analysis Report By Product (Apparels, Components), By Bicycle Type (Mountain, Hybrid, Road, Cargo), By Type (OEM, Aftermarket), By Sales Channel, By Region, And Segment Forecasts, 2023 - 2030

Bicycle Accessories Market Size, Share & Trends Analysis Report By Product (Apparels, Components), By Bicycle Type (Mountain, Hybrid, Road, Cargo), By Type (OEM, Aftermarket), By Sales Channel, By Region, And Segment Forecasts, 2023 - 2030

Bicycle Accessories Market Growth & Trends

The global bicycle accessories market size is anticipated to reach USD 20.49 billion by 2030, registering a CAGR of 7.8% over the forecast period, according to a new report by Grand View Research, Inc. The market is predicted to grow due to the rising popularity of cycling for leisure activities and increasing awareness about the health benefits that come with it. As a mode of transportation, bicycles are becoming a preferred option for short-distance commutes, as they are time-efficient and can help avoid traffic congestion and limited parking spaces. As a result, more people are considering bicycles as their primary transportation option. Apart from this, rising traffic on roads has made bicycle users more concerned about safety, which also helped the market grow, as the sales of protective gear, such as helmets, riding jackets, and cycling gloves, are increasing.

In addition, the accessories add up to the riding comfort. With growing concerns about the environment, health, and urban congestion, more people are turning to bicycles as a means of transportation. This increased interest in bicycling has led to a greater demand for high-quality bicycle accessories. In addition, with an increase in the number of bicyclists on the road, there is a growing concern for their safety. As a result, there is a greater demand for accessories that can increase visibility, such as lights and reflectors, as well as protective gear like helmets. Also, consumers are primarily focused on avoiding crowded places and public transportation due to the COVID-19 pandemic. Apparel is expected to emerge as the fastest-growing segment over the forecast period. Cycling apparel is designed to be comfortable and flexible, allowing cyclists to move freely and comfortably while riding.

This includes padded shorts that reduce friction and chafing, moisture-wicking fabrics that keep riders dry, and breathable materials that help regulate body temperature. These factors are expected to contribute to the product demand. Moreover, cycling shoes are predicted to garner interest in the upcoming years because they enhance a cyclist’s performance by providing better power transfer between the feet and pedals, leading to more efficient pedaling and increased speed. The global industry is growing significantly as bicycle accessories manufacturers, particularly in Asia and Europe, are investing in expanding their operations.

For instance, in August 2020, Giant Manufacturing Co. Ltd. opened a new manufacturing plant for bicycle accessories & bicycle manufacturing in Gyongyos, Hungary. The new factory is expected to help the company meet the growing demand for bicycle accessories in Europe and expand its manufacturing capabilities. Asia Pacific held the largest market share in 2022. Governments of Asian countries, including Japan, China, and Singapore, are actively investing in building the necessary infrastructure to promote and facilitate bicycle commuting, which helped the market growth. The global industry is highly competitive with a mix of global and local players. The key players dominate the bike component market through various growth strategies, such as collaborations & partnerships, mergers & acquisitions, and new product launches

Bicycle Accessories Market Report Highlights

• In the product segment, the component sub-segment dominated the market in 2022 owing to the increased significance of safety and comfort offered by bicycle components, such as high-quality brakes, pedals, mudguards, locks, and air pumps
• The OEM segment held the largest revenue share in 2022 and is expected to grow at a steady CAGR over the forecast period as the OEM accessories are designed and manufactured by the same company that produced the bicycle, ensuring they are the same quality as the original components
• This can provide users with peace of mind, knowing that they are purchasing accessories that are compatible with their bicycle and meet the manufacturer’s quality standards
• The online segment is expected to register the fastest CAGR over the forecast period. Online shopping offers access to a broader range of products and brands than traditional brick-and-mortar stores
• Buyers can easily compare prices and products from numerous retailers, making it easier to find the most suitable deals and products that meet their needs
• The road bikes type sub-segment dominated the market in 2022 owing to the increased consumer preference for primary & reasonable bicycles

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