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Global Bicycle Accessories Market by Product Type (Helmets, Gloves & Warmers, Jersey/Tee, LED Lights, Mirror, Bottle Cage, Pump (Hand and Foot), Bar Ends/Grips, Kickstand, Saddles & Covers, Mudflaps, Speedometer, Horn, and Fenders)
According to Persistence Market Research, the Bicycle Accessories Market revenue totalled US$ 16,161.9 million for 2022. The demand for Bicycle Accessories will accelerate with the top 5 market players holding a prominent share of the Bicycle Accessories market in 2022. The overall Bicycle Accessories Market is expected to reach US$ 33,519.7 million by 2033, growing at a CAGR of 6.9% from 2023 to 33.
Heavy traffic and congestion, Rider safety & protection as well as the increasing bicycle sales and demand, are the main factors that lead to higher adoption of bicycle accessories. There are also other market driving factors like the rising popularity of bicycle sports, the rising demand for sports & mountain bikes, and rising sales of electric bicycles in developing economies. Because of this, bicycle accessories such as speedometers, mud flags, bar grips, LED lights, Helmet gloves, mirrors, and others accessories experienced a rise in demand owing to which market is anticipated to rapidly expand.
Global Bicycle Accessories Market Size (2022A)
US$ 16,161.9 Mn
Global Bicycle Accessories Market Size (2023E)
US$ 17,199.8 Mn
Projected Bicycle Accessories Market Value (2033F)
US$ 33,519.7 Mn
Value CAGR (2023-2033)
Collective Value Share: Top 3 Countries (2023)
The global bicycle accessories accounts for ~ 25 to 30% of its parent market of the bicycle market.
From 2017 to 2022, the market for Bicycle Accessories increased at a 5.1% CAGR and is projected to grow at a value of a CAGR of 6.9% in the forecast period 2023 to 2033. This increase in YOY growth in 2023 is higher because of factors including the rising bicycle population, a surge in a green mode of transportation, and the rising global adoption of electric bicycles, which increased the demand for Bicycle Accessories in the global market.
The demand for Bicycle Accessories has significantly increased as a result of the rising bicycle culture, the significant importance of rider safety, and the appeal of riding a bicycle as a sport. Due to the growing emphasis on reducing traffic, more people are preferring to use bicycles. As bicycle sales rise, bicycle accessories are growing in demand. This is anticipated to boost the market to reach US$ 33,519.7 Mn by the end of 2033.
The primary factor for the market growth of bicycle accessories is growing sales of bicycles, robust global demand for e-bikes, and application of bicycles in recreational and trekking activities. One of the reasons for market expansion is the rise in concern issue of obesity. Bicycling has gained widespread acceptance in most of the nation as a healthy way to maintain normal body mass and burn fat. Whether a person is obese or not, doctors all over the world recommend using bicycles as a necessary tool for leading a healthy life; the bicycle accessories market is anticipated to be more pushed by the regions and nations where there is an increase in bicycle sales due to this type of health-related problem.
The severe impact of urbanization results in traffic congestion, which is a serious issue for travelers. People can avoid severe traffic congestion and get to their destination quite quickly by riding a bicycle, which has led to a significant decrease in traffic congestion. To prevent the issues brought on by traffic congestion, several governments are fully supporting the usage of bicycles. They are also advising citizens to choose bicycles over other fuel-powered vehicles for mobility. The market for bicycle accessories is driven by global bicycle utilization, including both electric and conventional bikes. Consumers with middle-class and low incomes directly affect bicycle accessories market revenues.
However, consistent aftermarket demand growth of bicycle accessories like helmets, gloves, LED lights, bottle cages, pumps, etc. has also positively influenced the market and is predicted to benefit similarly in the forecasted period.
Growing Consumer Preference for E-bikes as an environmentally efficient Mode of Transportation, and Rising Consumer Health Consciousness are producing a number of opportunities for bicycle accessories manufacturers to increase their revenue.
Governments and environmentalists have been extremely concerned about global carbon emissions from fuel use in recent decades. As a result, the market for electric motorcycles is increasing worldwide. Additionally, rising gasoline vehicle operating and maintenance expenses cause a shift in daily commute preference toward electric bikes, which drives the global market for bicycle accessories.
Similarly, the increase in the cycling event globally increased the demand for sport and mountain bicycles. Thus, the manufacturer is increasing investment in bicycle infrastructure, which will be suitable for the sports event. This increases the demand and sales of bicycle accessories in the global market. Cycling has grown in popularity as a sport and workout activity in recent years because of changing lifestyles and increased health awareness. Due to this, a wide variety of technically advanced bicycles is currently on the market with features like gear, lights, and reflectors for the benefit of rider safety. The number of buyers who consider bicycles to be an affordable and environmentally friendly mode of transportation has increased opportunities for bicycle accessories manufacturers.
How is the Bicycle Accessories market set to flare in US Market?
U.S. is one of the most lucrative markets for Bicycle Accessories in the North America region, and it is hold around 13.8% value share of the North America market for Bicycle Accessories. The U.S. is projected to create an incremental opportunity of nearly US$ 16,319.93 Mn by 2033.
According to INRIX Inc. On an average driver in the U.S. lost 3.4 Bn Hours Due to Congestion in 2021. Congestion in the traffic is a major concern for travellers. More people are choosing to travel by bicycle as a greener form of transportation. This escalating traffic issue encouraged bicycle sales in the area, which in turn increased the demand for bicycle accessories in the country. People in the region are forced to consume junk food due to their modern lives and busy schedule, which increases the overweight of those people. This concerning issue forces them to adopt cycling as a healthier way to overcome obesity, owing to which cycle demand rises in the country and due to which the bicycle accessories market benefitted.
Where Does China stand in the market for Bicycle Accessories?
In 2023, Bicycle Accessories demand in China is anticipated to grow by 8.5% CAGR. Across East Asia region, China is expected to hold a prominent share of the market during the forecast period of 2023-33.
17% to 20% of the world's population resides in China. China now leads the globe in traffic congestion because of its expanding population. People in China are concentrating heavily on the adoption of bicycles for both day and night due to the increasing traffic. This enhanced the country's bicycle sales, which boosted the bicycle accessories market in the country. Moreover, the growing electric bicycle fleet in the country increasing the bicycle accessories market.
What is the Outlook for Bicycle Chains Market in Germany?
Germany is anticipated to expand at a CAGR of 6.7% from 2023 to 2033. Throughout the forecast period of 2023–2033, Germany is anticipated to hold a significant share of the market in the Europe region.
Increased fitness awareness among consumers, technological advancements in bicycle accessories, growing environmental awareness, rising traffic congestion, and government initiatives to encourage riding are the primary growth drivers of targeted market in the Germany. The use of folding electric bicycles is on the rise, and there is a growing desire for bikes with greater safety features and aesthetics. These emerging trends have a direct impact on the dynamics of the bicycle accessories market.
Which Bicycle Type of Bicycle Accessories remains Significant?
The Road bicycle segment leads the Bicycle Accessories market by Bicycle Type and it is having a value share of 28.5% in the global market.
Road-type bicycle is experiencing more sales in the global market. As e result of the rise in worldwide traffic congestion, peoples are more focused to use bicycles for their regular short-distance traveling. The adoption of a bicycle over fuel vehicles is reducing global road traffic. It is also growing because of more health-conscious people who are concerned about a health-related problem, for which they adopt regular cycling which makes them more fit. This factor increases more demand for bicycle accessories in road type bicycle in the global market.
Which sales channel account for Higher Sales in Bicycle Accessories Market?
The Specialty Bicycle Retailers segment dominates the global Bicycle Accessories market by sales channel and is expected to hold its position until the end of the forecast period, having a value share of 30%.
Recently, according to unit sales, specialty bicycle merchants controlled 13% of the entire bicycle market. According to “National Bicycle Dealers Association” the sale of new bicycles generates approximately 47% of the revenue generated by the typical specialty bicycle merchant, who also sells parts, accessories, service/repair, rentals, and exercise equipment. Specialty bicycle retailers provide high-quality items overall and add value by providing added services like bike fitting, assembly, and community involvement. Its market share for bicycle accessories worldwide grows as a result.
In recent years, there have been more acquisition and growth efforts to strengthen the Bicycle accessories supply chain. The prominent manufacturer offers a wide selection of customized bicycle accessories depending on the need and also offers services that are particularly suited for each customer. They also focused on new product launches to expand their Bicycle Accessories product portfolios.
Some of the key developments are:
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The global Bicycle Accessories market is estimated to be valued at over US$ 17,199.8 Mn as of 2023.
Increasing demand for Bicycle Accessories in growing bicycle sales, Demand for a bicycle from health-conscious people, consumption in developing electric bicycle sales, and others are key growth factors for the market.
Bicycle Accessories are projected to increase at 6.9% CAGR and are expected to be valued at around US$ 33,519.7 Mn by 2033 end.
Accell Group, Avon Cycles Ltd, Campagnolo S.R.L., Garmin Ltd, Shimano Inc., Giant Manufacturing Co., Ltd, Merida Industry Co Ltd, Samchuly Bicycle Co., Ltd., DT SWISS, Endura Ltd, Eastman Industries Ltd, etc.
Germany, China, U.S., India, and Japan are driving most of the demand for Bicycle Accessories.
China, the U.S., and Germany are major producers and exporters of Bicycle Accessories.