New York, July 12, 2023 (GLOBE NEWSWIRE) -- According to Persistence Market Research, the Bicycle Accessories Market would generate US$ 16.17 billion in sales by 2022. Demand for Bicycle Accessories will rise, with the top five market players accounting for a sizable proportion of the Bicycle Accessories market in 2022. Between 2023 and 2033, the global Bicycle Accessories Market is estimated to reach US$ 33.52 billion, increasing at a 6.9% CAGR.
Market Overview
The bicycle accessories market encompasses a wide range of products designed to enhance the functionality, safety, comfort, and aesthetics of bicycles. These accessories cater to the needs of cyclists, offering convenience, performance improvement, and customization options. The market for bicycle accessories has witnessed significant growth in recent years, driven by factors such as increasing popularity of cycling as a recreational activity, growing awareness of health and fitness, and advancements in bicycle technology.
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Market Drivers
- Growing Popularity of Cycling: The rising popularity of cycling as a recreational activity, sport, and environmentally friendly mode of transportation has driven the demand for bicycle accessories. More individuals are adopting cycling as a form of exercise, commuting, and leisure, creating a favorable market environment for bicycle accessories.
- Increasing Focus on Health and Fitness: The growing emphasis on health and fitness has led to an increased interest in cycling, which, in turn, has boosted the demand for accessories that enhance the cycling experience. Cyclists are seeking accessories that improve comfort, safety, and performance during their rides.
- Technological Advancements: Advancements in bicycle technology, such as the integration of electronic components, smart features, and lightweight materials, have influenced the demand for advanced accessories. Cyclists are increasingly adopting accessories such as GPS navigation devices, smart helmets, and electronic shifting systems to enhance their riding experience.
Market Challenges
- Price Sensitivity: Price sensitivity among consumers can be a challenge in the bicycle accessories market, particularly for premium or technologically advanced accessories. Consumers may opt for lower-priced alternatives or delay their accessory purchases, impacting the market growth.
- Fragmented Market Landscape: The bicycle accessories market is highly fragmented, with numerous small and medium-sized players competing for market share. This fragmentation can lead to intense competition, price wars, and challenges in brand differentiation.
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Future Outlook
The bicycle accessories market is expected to continue its growth trajectory in the coming years. Factors such as the increasing popularity of cycling, growing focus on health and fitness, and advancements in bicycle technology will drive market growth. However, price sensitivity among consumers and the fragmented market landscape pose challenges to market players. Strategic collaborations, product diversification, and marketing initiatives will be key for companies to capitalize on emerging opportunities.
Competitive Landscape
The bicycle accessories market is highly competitive, with numerous global and regional competitors present. Among the prominent market participants 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, Eastman Industries Ltd.
Recent Developments
- Garmin, a manufacturer of GPS devices, announced in 2022 that it had launched a new line of bicycle accessories called Varia. The accessories include a rearview radar, a headlight, and a taillight.
- Cateye, a manufacturer of bicycle lights, announced in 2023 that it had launched a new line of bicycle lights called Volt 1200. The lights are designed to provide up to 1200 lumens of brightness.
- Topeak, a manufacturer of bicycle tools, announced in 2022 that it had launched a new line of bicycle tools called Hexus DX. The tools are designed to be lightweight and compact.
- BBB, a manufacturer of bicycle accessories, announced in 2023 that it had launched a new line of bicycle accessories called Pumptrack. The accessories are designed for use on pumptracks.
The bicycle accessories market can be segmented based on product type, distribution channel, and region. Product types include protective gear, lights and reflectors, water bottles and cages, bicycle tools and maintenance products, bicycle locks, bags and panniers, cycling apparel, bike racks and carriers, and others. Distribution channels include online retail, offline retail (specialty stores, sporting goods stores, bicycle shops), and direct sales through manufacturer websites and brand-owned stores.
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Regional Analysis
North America holds a significant share in the bicycle accessories market, driven by a well-established cycling culture, a large base of cycling enthusiasts, and increasing adoption of cycling as a mode of transportation. The United States and Canada are the major contributors to the market growth in this region.
Europe is another prominent market for bicycle accessories, with countries like Germany, the United Kingdom, France, and the Netherlands exhibiting high demand for cycling-related products. The presence of well-developed cycling infrastructure, strong cycling traditions, and government initiatives promoting cycling contribute to the market growth in this region.
The Asia Pacific region is witnessing rapid growth in the bicycle accessories market, fueled by increasing urbanization, rising disposable incomes, and government initiatives promoting cycling for health and environmental benefits. Countries like China, Japan, and India are major contributors to the market growth in this region.
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