Bicycle Accessories

Bicycle Accessories

The Bicycle Accessories Market is witnessing a steady growth rate of 7.49% 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.

• Based on the product, the bicycle accessories market is segmented into apparel and components. In 2023, the component segment was the largest in the market and would remain the same even in the forthcoming forecast period. As components are widely available and cost-effective, besides having applications of their own in the performance enhancement and durability of bicycles. Components such as saddle, pedal, and handlebar are critical in rider comfort and efficiency. 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. Moreover, because of the increasing number of e-bikes on the road, the demand for higher quality components that are specific for use in electric including electric drivetrains, motors, batteries, and very durable tires-has increased specialized components are important for the upheld functionality and longevity of these e-bikes most preferred for urban commuting and recreational hiking.
• Based on bicycle type, the market is segmented into mountain bikes, professional bikes, hybrid bikes, road bikes, and others. The road bike segment dominated the bicycle accessories market in 2023 and is expected to dominate in the forecast period. As the demands for fitness and sustainable transport grow, more people have embraced road biking as the quickest, most efficient, and versatile way of urban travel. This, in turn, has stimulated the specific demand for accessories associated with road bikes, including lightweight wheels, aerodynamic handlebars, and state-of-the-art drivetrain systems. For instance, 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. It consists of refined ergonomics, improved gear ratios, and integrated power meters that deliver a more efficient and responsive cycling experience for its riders. Roads are becoming more intelligent. GPS-enabled augmented cycling computers, power meters, and even complex lighting systems are just a few examples. For instance, in August 2023, Lezyne, one of the most reliable manufacturers and providers of high-quality cycling accessories revealed its new state-of-the-art LED product line. This newest offering from the house is entirely conceived and engineered in-house for the best experience that could be provided to cyclists in lighting. The latest offering has unprecedented run times, advanced heat dissipation, a novel optical lens design, and a waterproof USB-C charging port, which makes it provisioned with the best performance, durability, and style. These lights are sure to behold even the most demanding riders.
• Based on type, the market is segmented into OEM and Aftermarket. The aftermarket is the major segment in the bicycle accessories market in 2023 and remains the leading segment during the forecast period. Aftermarket accounted for the largest share in the bicycle accessories industry as it meets the requirements of bike enhancement and repair/replacement across bicycle users ranging from recreational to competitive ones. This segment remains the most successful because more cyclists are looking for ways to improve their bicycles using high-quality, long-lasting, and technologically innovative parts. Other influences, including cycling as exercise, the growth of e-bicycle sales and usage, and improved mountain and road bicycle competitions, have also fueled aftermarket parts sales. However, unlike the OEM segment that involves only those components installed at the point of sale, the aftermarket has a wide range of offerings such as smart devices like GPS-enabled computers, power meters, advanced drivetrain systems, specialized tires, and many more that the consumers need to modify the bikes according to the distance they need to travel and the type of terrain they are going to encounter. Also, cycling repair culture has emerged, because charging for sustainability and efficiency, constantly orders replacement number one chains, number two brake pads, and number three saddles.
• Based on sales channel, the bicycle accessories market is segmented into online and offline. In 2023, the online segment shows the fastest growth grade and is expected to behave the same in the forecast period. The major factors contributing to the growth are the increased internet penetration and digitalization, wide product variety & easy comparison, and others. The internet is more readily available, and the behavior of consumers is more and more digitalized; therefore, online shopping has become easier and more convenient. These days, most cyclists-from the serious ones to the relaxed ones-are going to do their shopping via online stores, looking for products in the comfort of their own homes. Online systems run an enormous catalog of bicycle accessories that include components, apparel, and smart devices. This gives consumers the chance to compare brands, features, and prices without hassle. Of course, it will be much preferable to shop in a conventional store. There is buying power anytime with home delivery. There is a time saving for consumers. Features such as accessing it 24 hours a day, product reviews, and very detailed descriptions make online platforms almost more attractive for busy people. They are packed with benefits, customers who visit e-commerce websites find themselves with better prices, seasonal discounts, and bundling. Consumers are influenced into choosing online shopping by loyalty programs and exciting discounts.
• For a better understanding of the market of the bicycle accessories market, the market is analyzed based on its worldwide presence in countries such as North America (The US, Canada, and Rest of North America), Europe (Germany, The UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), Rest of World. 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.
• Some of the major players operating in the market include Accell Group, Avon, SHIMANO INC., Garmin Ltd., Giant Bicycles India, Trek Bicycle Corporation, MERIDA BIKES, Specialized Bicycle Components, Inc., DT Swiss, and Endura Limited.