Rockville, MD, Sept. 26, 2024 (GLOBE NEWSWIRE) -- The global bicycle accessory market is estimated at US$ 18,322.2 million in 2024, projected to grow steadily with a 7.2% CAGR through 2034. The market is projected at a valuation of US$ 36,721.9 million by 2034.
The market is experiencing robust growth, propelled by diverse factors reflecting the evolving cycling culture dynamics and consumer preferences. One of the key drivers is the increasing emphasis on health and fitness, with more individuals integrating cycling into their lifestyles.
This surge in interest has created a burgeoning demand for accessories that enhance the cycling experience and contribute to overall well-being. The market caters to a broad spectrum of consumer needs, from ergonomic seats and advanced safety gear to technological innovations like smart accessories with navigation and connectivity features.
Urbanization and a shifting focus toward sustainable commuting options further fuel the demand for practical and safety-oriented bicycle accessories. As cities expand and commuting patterns change, there is a growing need for accessories tailored to urban environments, such as storage solutions, visibility-enhancing lights, and compact safety gear. The market responds to these demands, offering a diverse range of products to meet the specific needs of urban cyclists.
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Key Takeaways from the Market Study:
- North America market is expected to expand at a CAGR of 7.7% through 2034.
- The bicycle accessory industry in the United States holds a market share of 68.3% in 2024.
- The market in the United States is valued at US$ 3,141 million in 2024.
- The bicycle accessory industry in China is expected to rise at a CAGR of 7.5% through 2034.
- By bicycle type, the comfort segment to hold a market share of 13.3% in 2024.
- By product type, the mirror segment is accounted to hold a market share of 3.2% in 2024.
“Focus on health and fitness is considered a significant driver of the bicycle accessory market. As more individuals prioritize an active lifestyle, there is a growing demand for accessories that enhance the cycling experience and contribute to overall well-being”, says a Fact MR. analyst.
Leading Players Driving Innovation in the Bicycle Accessory Market:
Accell Group, Avon Cycles Ltd., Campagnolo S.R.L, Garmin Ltd., Giant Manufacturing Co. Ltd., Merida Industry Co. Ltd., Specialized Bicycle Components Inc., Trek Bicycle Corp., DT Swiss, Lezyne, Endura Ltd.
Competitive Landscape:
The competitive landscape of the market is vibrant and diverse, featuring a mix of established brands and innovative start-ups. Manufacturers vie for market share by offering various products, from safety gear and storage solutions to technologically advanced accessories.
Key areas of competition include product quality, affordability, and technological innovation. The growth of e-commerce platforms further intensifies competition, providing consumers with many choices and driving brands to differentiate themselves through unique offerings and strategic partnerships.
Some Recent Developments of the Bicycle Accessory Industry:
- In 2022, Garmin expanded its product portfolio by introducing Varia, a new line of bicycle accessories. This range includes a rearview radar for enhanced safety, along with a headlight and taillight to improve visibility during rides.
- In 2023, Cateye, unveiled Volt 1200, a new line of lights designed to deliver up to 1200 lumens of brightness. This launch emphasizes Cateye's dedication to providing cyclists with powerful and efficient lighting solutions, enhancing visibility and safety during various cycling conditions.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the bicycle accessory market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on By Bicycle Type (Mountain Bike, Hybrid/Cross, Road, Comfort, Youth, Cruiser, Electric & Others), By Product Type [Helmets, Gloves & Warmers, Jersey/Tee, LED Lights, Mirror, Bottle Cage, Pump (Hand and Foot), Bar Ends/Grips, Kickstand, Saddles & Covers, Mudflaps, Others], and By Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East and Africa)
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Smart Bicycle Accessories Market: will reach a value of US$ 1.61 billion in 2024 and is projected to further expand at a CAGR of 9.2% to climb to US$ 3.89 billion by the end of 2034.
Motorcycle Accessory Market: size is poised to reach US$ 8.81 billion in 2024. The market has been projected to expand at a CAGR of 3.6% and reach a valuation of US$ 21.05 billion by the end of 2034.
Kids Bicycle Market: is likely to reach a valuation of US$ 18.7 Billion in 2023 and is expected to register at a CAGR of 4.7% to reach US$ 29.64 Billion by the end of 2033. It is estimated that kids bicycle sales will account for almost 37% of the global bicycle market at the end of 2023.
Women's Bicycle Market: is valued at US$ 7.5 billion in 2023 and is estimated to exhibit expansion at a steady CAGR of 5.4% over the next ten years. As such, worldwide sales of women’s bicycles are forecasted to reach US$ 12.7 billion by the end of 2033.
Men’s Bicycle Market: accounts for a revenue of US$ 28.3 billion in 2023 and is forecasted to reach a valuation of US$ 58.4 billion by the end of 2033. Over the next ten years, this Fact.MR study predicts global demand for men’s bicycles to rise rapidly at 7.5% CAGR.
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