Bicycle Accessories Market

Global Market Study on Bicycle Accessories: Surging Bicycle Sales Leading to Heightened Demand for Bicycle Accessories

  • January-2021
  • PMRREP23362
  • 280 Pages
  • Automotive
  • PPT, PDF, WORD, EXCEL

About the Report

The bicycle accessories market is correlated with bicycle sales. The bicycle market is being driven by electric bicycles, which account for a significant share in the developing economies of the world, such as China. Moreover, governments of several countries are promoting electric bicycles in order to reduce carbon emissions and traffic congestion. Technology, macro-economic environment, and environment-friendly consumer behavior are having a huge impact on the sales of bicycles and e-bikes, which is subsequently paving the way for the growth of the global bicycle accessories market. Heavy traffic congestion and urbanization is leading more people to opt for bicycles, which is thereby heightening demand for bicycle accessories such as speedometers, mud flags, bar grips, LED lights, etc., to make the riding experience more comfortable.

In its new study, market research and consulting firm Persistence Market Research offers insights about key factors driving demand for bicycle accessories. The report tracks the global sales of bicycle accessories in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the cycling industry in general, and bicycle accessories in particular.

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Companies

  • Continental AG
  • Accell Group N.V.
  • Avon Cycles Ltd.
  • Campagnolo S.R.L.
  • Garmin Ltd. Shimano Inc.
  • Giant Manufacturing Co., Ltd.
  • Merida Industry Co Ltd
  • Samchuly Bicycle Co., Ltd.
  • Raj Cycles India Private Limited
  • Endura Ltd
  • Eastman Industries Limited
  • DT Swiss AG

Historical Vs Future Market Outlook

Bicycles have largely come along with their accessories such as horns, kickstands, saddles, bar grips, etc. Earlier, these pre-installed products did not provide any option for customization as compared to today’s customized products. Bicycle accessories plays a vital role in the customization of bicycles. Cycling can have a substantial positive impact on the world’s future, saving US$ 24 trillion dollars over the next thirty-five years, and dramatically improving quality of life for the world’s rapidly urbanizing population.

Growing use of bicycles in trekking and recreational activities, coupled with an increasing number of cycling events, will surge demand for sports bicycles over the forecast period. There has been a rise in number of biking expeditions to rough and tough terrains such as steep mountain ranges in the last few years. Growing popularity of such expeditions is anticipated to drive demand for bicycles, which, in turn, is expected to propel growth of the global bicycle accessories market over the period of assessment from 2021 to 2031.

Meanwhile, the mountain bicycles segment is also expected to grow significantly over the forecast period, as consumers, particularly millennials, continue to opt for mountain bicycling as a form of leisure and adventure. Establishment of new mountain bicycling circuits coupled with growing media coverage for such events is expected to further fuel segment growth.

Growth of the electric segment can be attributable to the fact that, electric bicycles are easy to operate. Electric bicycles can also ensure faster journeys as compared to their conventional counterparts. Additionally, latest batteries can offer higher capacities and longer life despite a smaller size. Such maintenance-free batteries add to the ease of use of electric bicycles. According to Persistence Market Research’s analysis, bicycle accessory sales have increased at 4.8% CAGR from 2016 to 2020.

As of 2018, South East Asia and Pacific was one among the prominent markets for bicycles; sales are expected to increase in the region significantly over the forecast period, due to surge in leisure and spare-time activities, and increasing concerns regarding health.

The COVID-19 pandemic has triggered significant demand surge for bicycles and e-Bikes, as people look for personalized and eco-friendly transport options. However, shortage of raw material and components has meant that bicycle makers are struggling to fulfill surging demand. In addition, some bicycle producers are also temporarily halting production around the world as they struggle to get parts from China. These are signs of how the coronavirus outbreak is creating a domino effect in straining the bicycle supply chain.

Shortages of China-made parts have already begun to ripple through the bicycle supply chain. Southeast Asian and Taiwan manufacturers are temporarily idling assembly lines because of problems getting parts from China. According to Persistence Market Research’s analysis, the bicycle accessories market will expand at close to 7% CAGR from 2021 to 2031.

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What is the Commercial Potential of Bicycle Accessories?

Bicycle accessories refer to those standard features on bicycles that add to the visibility, comfort, scope safety, and effectiveness of a bicycle. Some bicycle accessories also give a sleek and smart look to the bicycle. The global bicycle accessories market is estimated to represent significant incremental $ opportunity from 2021 to 2031, owing to favorable demographics, rising disposable incomes, increasing urbanization, expansion by existing players, and the entry of new players in the market. Growing GDP across nations and escalating per capita income support demand for bicycles. Further, China and India will likely witness a surge in the sales of high-end bicycles, thus strengthening global demand for bicycle accessories.

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Why is the Bicycle Accessories Market Far from Consolidation?

The global bicycle accessories market is a fragmented market, and unorganized players hold a significant share in this space. Some of the well-known manufacturers in the bicycle accessories market are Accell Group N.V., Avon Cycles Ltd, and Campagnolo S.R.L., among others.

  • In August 2018, Accell Group N.V. successfully completed the acquisition of VELOSOPHY. By making this acquisition, the company has accelerated its innovation strategy that is focused on the development of urban mobility solutions.
  • In March 2018, the Accell Group N.V. announced it was acquiring a 100% stake in Beeline Bikes, a mobile bike services company in North America, in sync with the company’s strategy to expand its mobile bike services.
  • In 2018, Avon Cycles Ltd collaborated with French company - Cronus Sports Science & Technology Co., Ltd., in order to introduce bicycles of a French pedigree into the Indian market.

Moreover, prominent bicycle accessory manufacturers are introducing new products in the market in order to increase their sales and mark their footprint across the globe. With numerous global, regional, and domestic players, the market remains far from consolidation, and hence, severe competition lies ahead in the years to come.

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What is the Regulatory Impact on Global Sales of Bicycle Accessories?

Many cities are gaining considerable support from various government authorities to make use of bicycles as an environment-friendly and safe mode of transport. These factors are expected to encourage growth of the global bicycle accessories market over the period of assessment from 2021 to 2031. European markets such as Germany, Denmark, and the Netherlands have appropriate cycling infrastructure in addition to government laws and regulations that implement the provision of subsidies for the adoption of e-bikes. According to the Dutch industry-association, an additional 54,000 e-bikes were sold in 2015 as compared to the previous year, with an impressive 24% growth, which took sales to around 276,000 e-bikes excluding the speed ones. Besides, governments of some countries also provide subsidized rates of bicycles so as to encourage the adoption of bicycle as a means of commute.

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Country-wise Insights

Where Does the U.S. Bicycle Accessories Market Stand?

U.S. bike imports have been steadily increasing each month since May, but the industry still has a long way to go to recover from a slow start to the year and the skyrocketing retail demand for bicycles during the U.S. COVID-19 pandemic. Bike imports in July were up 35.6% in units, to 1.9 million bikes, and 26.6% in dollars, to US$ 151 million, as compared to the same month in 2019, new figures from the U.S. Department of Commerce show.

The U.S. imports a vast majority of its bikes, and figures include bikes sold through all retail channels, with most of the units — especially very low priced kids bikes — going to department stores, but higher-priced bikes going to the IBD, consumer direct, and sporting goods retail channels. Hence, positive impact on the U.S. accessories market is anticipated to take place in the years to come.

What Is the Outlook for Bicycle Accessories in China?

China manufacturers are struggling to keep up with surge in global bike demand. China exported 4.6 million bikes in May, up 11.4 percent from a year earlier, reversing a decline of 19 percent in April, 2019. China’s production of bikes in May also increased 44.6 percent from a year earlier to 4.25 million units, as consumers seek alternatives to public transport. China boasts the world’s largest production. It is also the leading bicycle and e-bike manufacturer. The population of China has been entitled ‘the kingdom of bicycle’. 78% of China’s 1.3 billion people have bicycles. China remains the top global producer of bicycles as well as bicycle components and accessories. In the global bicycle accessories market, Asia Pacific is estimated to emerge as one of the rapidly growing regions. Countries such as Singapore, Japan, South Korea, and China encourage travel by bicycle so as to reduce the burden of road traffic and safeguard the environment. Chinese bicycle-sharing companies are aggressively targeting countries such as India and Australia, to expand their operations. As a result, demand for bicycles and their accessories is expected to rise over the forecast period.

What are the Opportunities in Germany’s Bicycle Accessories Market?

The future of the bicycle market in Germany looks promising, with opportunities in road/standard bicycles, MTB/racing bicycles, kids’ bicycles, and e-bikes. Major growth drivers of this market are increasing fitness consciousness among people, development in bicycle accessories, increasing concerns toward the environment, increasing traffic congestion, and government schemes to promote cycling. Emerging trends that have a direct impact on the dynamics of the bicycle industry include increasing use of folding electric bicycles and rising demand for bicycles with better safety features and appearance.

How are Israel & GCC Countries Developing Highest Quality Bicycle Accessories?

Manufacturers from Israel & GCC countries assemble the highest quality of bicycle accessories that are available in the market, to provide high quality product to their customers. All accessories are made by well-known international companies, meticulously selected with emphasis on quality and reliability, and at high technical specifications. Every part and item is manufactured and meticulously inspected by experts, and all bear the European Standard mark and the Israeli Standard mark. Rising demand for customized products is acting as a major driver for market growth in these regions.

Why Will Belgium Outpace Other European Bicycle Accessories Markets?

Demand for bicycles in Belgium has enabled local as well as global manufacturers to launch innovative bicycles with advanced accessories in the country. Particularly, e-bikes rule the market, owing to more innovations in the segment. For instance, in July 2019, Belgian firm Cowboy launched an innovative e-bike comprising features such as road-style geometry, internal cabling, miniature removable power pack, and a SIM built into the frame. Moreover, unlike other e-bikes, cowboy e-bikes have no power button, no throttle, and no gears. E-bikes are becoming more prevalent for commuting in Belgium. Accordingly, the government has taken some initiatives to upsurge the sales of e-bikes, as they make travelling much faster and safer.

What Effect Do Public Events Have on Japan’s Bicycle Accessories Market?

Increasing number of cycling events and favorable government and employer initiatives are expected to drive the bicycle accessories market in Japan. There are various governing bodies in Asia Pacific, such as the Cycling Federation of India and The Chinese Cycling Association, which promote road racing, touring, leisure cycling, track racing, off-road racing events, and mountain cycling events. Countries such as China and Japan are some of the leading countries where e-bikes have grown in prominence. Some of the major reasons considered for adopting and driving e-bikes in Japan are health benefits, avoidance of traffic congestion, environmental benefits, and increase in demand for e-bikes as sports equipment. The Japan bicycle accessories market offers a range of bicycles with advanced featured accessories, which includes road bicycles, hybrid bicycles, all-terrain bicycles, e-bicycles, and others, through offline and online retail stores. The Japan bicycle market is highly fragmented, and comprises many international and regional players. The market is dominated by key players such as Merida Industry Co. Ltd, Hero Cycles Limited, and Giant Manufacturing Co. Ltd. Major companies in this market are venturing into manufacturing and innovating in the bicycles accessories department, thereby increasing their presence in the global arena and also in the Asian countries.

Category-wise Insights

Why is There High Demand for Electric Bicycles?

The bicycle accessories market is correlated with bicycle sales. The bicycle market is being driven by rising demand for electric bicycles. Electric bicycles account for a significant share in the developing economies of the world, such as China. Moreover, governments of several countries promote electric bicycles in order to reduce carbon emissions and traffic congestion. For instance, in India, the government has taken up many initiatives such as 'Startup India' and 'Make in India', with the objective of boosting the manufacturing sector and also reducing the cost of manufacturing. These factors are increasing the sales of bicycles, which is estimated to boost the growth of the bicycle accessories market over the forecast period.

Opportunities in Bicycle Accessories Market

According to Persistence Market Research, demand for bicycle accessories that are pre-assembled, cost-effective, and high performance are mostly preferred for bicycles. Further, customers are likely to sought advanced, durable, and economic products. There will be reduction in prices, wider product portfolio, and long-term supply relations with manufacturing companies and sales channel stakeholders in order to build a competitive-edge in the market. E-bikes such as Pedelecs are set to witness considerable adoption over the coming years, predominantly steered by the development of low-cost e-bikes in the Asia Pacific region.

Competitive Landscape

Advancements in technology and provision of government subsidiaries in some regions are acting as a catalyst to the growth of bicycle market. Development and sales of green modes of transportation at competitive prices can lead to increased sales as well as achieving government support. Entering into long-term contracts with end users can provide stability in revenue generation and opportunities for growth. With increasing focus toward electric mobility, electric bicycles are gaining traction in the current scenario. Prominent manufacturers are focusing on introducing such models in order to attract new customers and give a necessary boost to their revenue stream. The market for bicycle parts and accessories is particularly diverse. However, bicycle component manufacturers know the problem of relatively high investments for a relatively small market. Thus, partnerships or co-creation can be a solution for this.

Some of the leading companies operating in the market are:

  • 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.
  • Raj Cycles India Private Limited

*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report.

Scope of Report

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

USD Million for Value and Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa

Key Countries Covered

  • US
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Oceania
  • GCC Countries
  • Turkey
  • South Africa

Key Segments Covered

  • Product
  • Bicycle
  • Sales Channel
  • Region

Key Companies Profiled

  • 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.
  • Raj Cycles India Private Limited

Report Coverage

  • Market Forecasts
  • Brand Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

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Bicycle Accessories Market by Category

Product

  • Helmets
  • Gloves & Warmers
  • Jerseys/Tees
  • LED Lights
  • Mirrors
  • Bottle Cages
  • Pumps (Hand and Foot)
  •  Bar Ends/Grips
  • Kickstands
  • Saddles & Covers
  • Mud Flaps
  • Speedometers
  • Horns
  • Fenders

Sales Channel

  • Offline
    • Specialty Bicycle Retailers
    • Full-Line Sporting Goods Stores
    • Department Stores & Others
  • Online

Bicycle

  • Mountain Bikes
  • Hybrid/Cross
  • Road
  • Comfort
  • Youth
  • Cruisers
  • Electric & Others

Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

Key Questions Answered in Report

Q1. Which is the most lucrative market for bicycle accessories?

China currently leads the global market for bicycle accessories. Sales in China are anticipated to strongly account for total demand throughout the forecast period.

Q2. Which are the top-selling bicycle accessories?

Helmets and LED lights are highly sought-after by bicycle users. Demand for helmets, fenders, and saddles is expected to remain high in the near future, especially due to their significant usage by almost all users.

Q3. Which sales channel is catering most the supply of bicycle accessories?

It has been estimated that there are more than one billion bicycles on road. Subsequently, modest frequency to replace bicycle accessories will reinforce the demand outlook, mostly via offline sales channels across the globe.

Q4. Which are some of the leading companies providing bicycle accessories?

Some of the leading companies manufacturing bicycle accessories are Avon Cycles Ltd, Campagnolo S.R.L., Garmin Ltd., Shimano Inc., and Accell Group.

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Is this research conducted by Persistence Market Research?

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What are the sources of secondary research?

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