The global bicycle accessories market was pegged at approx. 2.4 Bn units at the end of 2018, and is projected to grow at a CAGR of around 7% during the forecast period (2019-2029), and go to 5.0 Bn units by the end of 2029. Bicycle accessories are standard features on bicycles that are meant to enhance their effectiveness, scope safety, comfort and visibility. Some bicycle accessories also provide an attractive look to the bicycle.
Under the scope of our research, we have considered bicycle accessories that are fitted in the aftermarket, and those accessories that are not mandatory while purchasing the bicycle. We have also studied the replacement rate of bicycles under the scope of the study. Low labor cost and manufacturing of affordable and economic range products in developed regions are important factors that are expected to create growth opportunities in the bicycle accessories market during the forecast period.
Rising Awareness of Bicycle Sharing System and Growing Bike Sharing Schemes are Expected to Fuel the Demand for Bicycle Accessories
Rental and sharing services in various urban cities across the globe are turning out to be a key trend in the bicycle market. Several cities are receiving considerable support from government authorities to use bicycles as an effective mode of transportation. These factors are expected to positively impact the sales of bicycle accessories.
For instance, the Mexican government introduced the Ecobici program, which is one of the most prominent electric bicycle sharing programs in the country. Many Central American countries have also initiated bike sharing programs, such as the Pasos y Pedales program in Guatemala City. Also, in India, a self-drive car company, 'Zoomcar', has initiated a plan called PEDL. The technology enables cycle sharing services at negligible costs. The plan was executed in order to minimize carbon emissions and provide a green makeover to some of the major cities in the country. With an increase of these types of initiatives, the demand for bicycle accessories has also increased, and is expected to create significant growth opportunities for the bicycle accessories market.
Elevated Adoption of e-Bikes Due to Increasing Awareness Towards Environmental Safety
Many countries across the globe are adopting e-bikes as a mode of transportation due to increasing concerns regarding environment safety. Some European countries such as Germany, Denmark, and the Netherlands have good 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 the sales to around 276,000 e-bikes, excluding the speed ones. These factors are projected to surge the growth of the bicycle accessories market throughout the forecast period.
Key Developments in the Bicycle Accessories Market
The global bicycle accessories market is a fragmented market, and unorganized players hold a significant share in the market. 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.
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. These key developments are expected to boost the growth of the bicycle accessories market throughout the forecast period.
Bicycle Accessories Market: Competitive Landscape
The bicycle accessories market is highly fragmented market, and unorganized players hold prominent share in the market. Tier-1 bicycle accessories market players have a strong presence only in developed economies, due to high purchasing power and demand for branded products. China is expected to hold a prominent share in the global bicycle accessories market.
Overview of Research Methodology
During the course of research, we have conducted a deep-dive analysis to develop a unique research methodology. Our research methodology revolves around:
Key Questions Answered in the Bicycle Accessories Market Report
Key Players Operating in Bicycle Accessories Market
Some of the key players involved in the manufacturing of bicycle accessories, and included in this study are, 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, DT SWISS, Endura Ltd., Raj Cycles India Private Limited, and Eastman Industries Limited, among others.
This PMR study offers an analysis and forecast of the global bicycle accessories market between 2019 and 2029. The bicycle accessories market study considers 2018 as the base year, with market values estimated for 2019, and a forecast developed for the duration between 2019 and 2029. Compound Average Growth Rate (CAGR) has been represented from 2019 to 2029. The study covers various perspectives of the global bicycle accessories market, including market dynamics, value chain, pricing analysis, competition analysis, regional, and segmental growth comparison, and macro-economic along with segment level projections in a comprehensive manner. As per the findings of the study and perspectives of industry participants, the global bicycle accessories market is projected to grow at a CAGR of approximately 7% between 2019 and 2029 in terms of value. Increasing investments in infrastructural projects and rising demand for electric bicycles are some of the factors positively impacting the uptake of bicycle accessories in the global market.
This Persistence Market Research report carefully analyses the bicycle accessories market at a global and regional level, through market segmentation on the basis of key parameters such as product type, bicycle type, and sales channel. The primary objective of the report is to offer key insights on market updates, competition positioning, current trends, market potential, growth rates, and other relevant information and statistics in a suitable manner to the readers or various stakeholders in the bicycle accessories market.
The report is structured to allow readers to develop a thorough understanding of the bicycle accessories market. It begins with market definitions, which are followed by the market background, market dynamics, and market analysis by key segments, regional analysis, and competition landscape. Each section covers a qualitative and quantitative assessment of the bicycle accessories market on the basis of facts, historical developments, and key opinions collected from industry participants through dedicated interviews and trends in the bicycle accessories market.
Bicycle Accessories Market: Segmentation
The next section of the report presents a summarized view of the global bicycle accessories market based on eight prominent regions considered in the study. The section includes regional market position, growth potential, trends, and attractiveness analysis for each of these regions.
Subsequent sections of the report provide value (US$ Mn) and volume (‘000 Units) projections for the bicycle accessories market on the basis of the aforementioned segments at a global level. The global bicycle accessories market values represented in these section have been agglomerated by collecting data and information at a regional level. The bicycle accessories market information, along with key facts and insights, covers unique analysis frameworks such as absolute $ opportunity analysis, year-on-year growth trend comparison, market share, and attractiveness analysis for each of the sub-types covered in each segment of this bicycle accessories market report.
All the above sections evaluate the present market scenario and growth prospects in the global bicycle accessories market, while the forecast presented in these sections assesses the market size in terms of volume and value.
In order to offer an accurate forecast, we started by sizing the current market, which forms the basis of how the global bicycle accessories market is expected to develop in the future. Given the characteristics of the bicycle accessories market, we triangulated the outcome of three different types of analysis: primary research, secondary research, and our own analysis. However, forecasting the market in terms of various segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalizing them after the completion of the forecast exercise.
All the bicycle accessories market segments and sub-segments have been analysed on Basis Point Share (BPS) to understand each individual segment’s relative contribution to the bicycle accessories market growth. Another key feature of the bicycle accessories market report is the analysis of all the key segments in the bicycle accessories market, sub-segments, and regional adoption and revenue forecast in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market; however, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the bicycle accessories market.
In the final section of the bicycle accessories market report, a competitive landscape of the bicycle accessories market has been included to provide report audiences with a dashboard view categorized on the basis of providers present in the value chain, their presence in the bicycle accessories market, and key differentiating factors and strategies. The primary category of providers covered in this bicycle accessories market report include bicycle accessory manufacturers. This section is primarily designed to provide clients with an objective and detailed comparative assessment of the key providers specific to a market segment in the value chain of the bicycle accessories market. Report audiences can gain segment-specific vendor insights to identify and evaluate key competitors on the basis of the in-depth assessment of their capabilities and success in the bicycle accessories marketplace. Detailed profiles of the providers have also been included under the scope of the report to evaluate their long- and short-term strategies, key offerings, and recent developments in the bicycle accessories market.