Press release
The Bicycle Accessories Market to get enchanted with innovation between 2021 and 2031
The global bicycle accessories market is estimated to expand at a healthy CAGR of close to 7% over the forecast period of 2021-2031.
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Key Takeaways from Global Bicycle Accessories Market Study
• Manufacturers are focusing on introducing lightweight bicycle accessories with better performance characteristics for all terrains. Such new technologies will set up growth of the market.
• Low-cost manufacturing in parts of South-East Asia and Africa, and new transport corridors, are expected to provide significant opportunities in the logistics sector, which will directly boost demand for bicycle accessories.
• 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.
• South Asia & Pacific is picking up in the market due to robust outlook for bicycle sales. Aggressive marketing by perspective distributors in key countries of South Asia & Pacific and MEA could further benefit players in these regions.
• During the COVID-19 pandemic, bicycles were flying off the shelves in major cities, worrying distributors that they may run out of supplies amid a lack availability of workers in factories. Sales even zoomed after the easing of lockdowns in several cities across the world, and a large chunk of demand came from fitness enthusiasts shut out from their gyms hitting the empty streets.
• East Asia is projected to account for around half of the global demand for bicycle accessories.
• Accessories for road bikes will be required the most, accounting for close to 30% of overall demand.
• Specialty bike retailers and online sales will account for close to two-third of all sales of bicycle accessories.
“Growing traffic and worsening pollution & air quality are throwing special focus on the cycling culture as an environmentally-friendly mobility option. With continuous changing market conditions, companies are focusing on strengthening their distribution channels and also on online sales via own web shops and third-party online stores to synchronize with ongoing market trends,” says a Persistence Market Research analyst.
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Market Landscape Continues to Remain Moderately Fragmented
The global bicycle accessories market has been identified as a significantly fragmented market, with the unorganized sector occupying a major section of the overall market. Tier-1 manufacturers account for a minimal share in the global market. Some leading players included in the report are Giant Bicycles Inc., Accell Group, Shimano Inc., and Merida Industry Co. Ltd. Manufacturers such as Campagnolo S.R.L., Hero Cycles Ltd Specialized Bicycle Accessories, and tier-3 manufacturers such as Hero and many regional manufacturers across the globe are anticipated to create a tough competitive environment on a global level.
Global Bicycle Accessories Market: Conclusion
The global bicycle accessories market will grow substantially attributing to increasing sales of bicycles and larger audience opting for e-bikes that are environmentally-friendly. Also, government regulations on environment welfare are putting pressure on manufacturers to develop their products with technological innovations. Low-cost manufacturing of parts in South-East Asia and Africa and new transport corridors are expected to provide lucrative opportunities for the bicycle accessories market.
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