Global Bicycle Accessories Market 2023-2030

Global Bicycle Accessories Market 2023-2030

Global Bicycle Accessories Market Size, Share & Trends Analysis Report by Product (Helmets, Gloves and Warmers, LED Lights, Kickstands, Saddles and Covers, Speedometers, and Others), by Bicycle Type (Mountain Bikes, Road, Electric, and Others), by Type (Original Equipment Manufacturer (OEM) and Aftermarket), and by Distribution Channel (Specialty Bicycle accessories Retailers, Full-Line Sporting Goods Stores, and Online) Forecast Period (2023-2030)

The global bicycle accessories market is anticipated to grow at a CAGR of 7% during the forecast period (2023–2030). The market growth is attributed to the growing demand for technological advancements across the globe. The implementation of load-lugging into bicycle accessories and their accessories has created new opportunities for improving the cycling experience. Hence, the market players are coming up with new products to cater to the rising demand for bicycles. For instance, in August 2022, Mycle launched a sub-£2k eCargo bike, bringing load-lugging practicality and utility to a wider audience. Mycle with a rear load deck was parked next to a classic VW transporter. The company has recently announced the debut of a variety of attachments, created for Mycle's 'Cargo' but additionally compatible with other Mycle bikes, in order to satisfy a growing need and help Mycle users. Riders may configure their motorcycles to be individual carriers, cargo movers, or a combination of both, owing to the range. Bulky things can be transported using the front and rear cargo baskets, that are additionally available with high-quality bags to protect valuable cargo from the elements.

Segmental Outlook

The global bicycle accessories market is segmented by product, bicycle type, type, and distribution channel. Based on the product, the market is sub-segmented into helmets, gloves and warmers, LED lights, kickstands, saddles and covers, speedometers, and others. Based on the bicycle type, the market is sub-segmented into mountain bikes, road bikes, electric bikes, and others. Based on type, the market is segmented into OEM and aftermarket. Furthermore, based on distribution channel, the market is sub-segmented into specialty bicycle accessories retailers, full-line sporting goods stores, and online. Among the bicycle type, the road bikes sub-segment is anticipated to hold a considerable share of the market owing to the simplicity of basic bicycle accessories are more adaptable compared to other forms of bicycle accessories, such as racing, mountain, or specialty ones, has been associated with their rising popularity.

The Electric Bikes Sub-Segment is Anticipated to Hold a Prominent Share of the Global Bicycle Accessories Market

Among the bicycle types, the electric bikes sub-segment is expected to hold a prominent share of the global bicycle accessories market. The segmental growth is attributed to the growing demand for cycling owing to the rising health and fitness across the globe. Individuals are seeking methods to include physical activity throughout their regular routines as the importance of health and fitness increases. Hence, the market players are coming up with new products to cater to the demand for accessories such as lightweight trailers, cargo bins, and trailer pet inserts. For Instance, in March 2023, Rad Power Bikes launched iRadRunner 3 Plus e-bike, a number of additional cargo accessories for riders to transport pets or carry groceries. Rad's latest accessories includes lightweight trailer, cargo bin, and trailer pet insert, that are designed to make delivering materials easier.

Regional Outlook

The global bicycle accessories market is further segmented based on geography, including North America (the US and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and the Rest of Asia), and the Rest of the World (the Middle East and Africa, and Latin America). Among these, the Asia-Pacific region is anticipated to hold a prominent share of the market across the globe. The desire of customers for premium cycling apparel and safety equipment. Additionally, India has rapidly expanding bicycle accessories apparel and accessory industry in the region.

Global Bicycle Accessories Market Growth by Region 2023-2030

Source: OMR Analysis

North America is Expected to Grow at a Significant CAGR in the Global Bicycle accessories Market

Among all regions, North America is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the growing demand and popularity of cycling across the region. As a form of exercise, transportation, and satisfaction, bicycling has grown in popularity. Bicycle accessories are in greater demand as more people choose bicycling as a cost-effective and healthier mode of transportation. Accordingly, market players are coming up with new products to cater to the demand for new accessories, such as commuter waterproof bags to cater to the rising demand. For instance, in December 2021, Gazelle electric bikes launched a new accessory product line for customers in North America. Product line includes single and double panniers, a waterproof commuter bag, and functional rack-top-mounted carrier bag with three expanding sections.

Market Players Outlook

The major companies serving the bicycle accessories market include Atlas Online Markets LLC, Avon Cycles Ltd., Bots Cycling Pvt. Ltd., Campagnolo S.R.L., Continental Reifen Deutschland Gumby, and others. The market players are considerably contributing to market growth through the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in March 2022, SRAM acquired Velocio, the performance cycling apparel company. Velocio launched a Velocio’s UNITY project, which is an annual cause-focused cycling effort to shed light on various social and environmental issues to affect positive change. Apart from this, in September 2022, MiddleGround Capital acquired HLC, Inc. (HLC), a distributor of bicycle accessories parts and accessories.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global bicycle accessories market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.