Persistence Market Research
The growth of the bicycle industry, owing to heavy traffic and congestion, has led to the higher adoption of bicycle accessories, such as helmets, apparels, begs and bicycle electronics, which ensure safety and enhance riding experience. Bicycle accessories are expected to emerge as important components in the growing bicycle industries.
More recently, bicycle accessories have been witnessing a surge in demand owing to growth in the bicycle industry and easy availability of products. Increase in the number of bicycle racing events and bicycle riding organizations has unfolded new opportunities for the growth of the bicycle accessories market. Bicycle manufacturers involved in the supply of accessories are observed to be focusing on promoting their merchandise by sponsoring events and providing custom products for different bicycle models. The prevalence of this trend is expected to remain strong across major bicycle markets.
Product Definition and Segmentation
Bicycle accessories are specially designed to protect body parts and improve riding experience. They include apparels, pedals, bags, bicycle electronics, pedals, rear view mirror, racks, etc. Bicycle electronics include GPS, power meter, etc.
The market for bicycle accessories can be segmented on the basis of the following criteria:
By Bicycle Type:
By Sales Channel:
Rising Health Consciousness
Modern lifestyle and busy schedules force people to work without exercise and intake junk food, which result in obesity or overweight. According to the World Health Organization, in 2014, over half of the adult population in 114 nations including Europe, the Middle East, and the Americas was obese. With rising awareness, a healthy and more nature-friendly lifestyle is gaining attraction.
Moreover, studies reveal that bicycling burns 500 – 700 calories per hour. Individuals in countries have adopted bicycle riding as an effective way to burn fat and maintain their body mass. Thus, rising awareness among consumers is surging the demand for bicycles, which will further give impetus to the growth of the bicycle accessories market over the forecast period.
Light Weight Accessories to emerge as a Major Trend
The demand for bicycle accessories is projected to be grow significantly during the forecast period. The ever-growing bicycle industry, both in developing and developed economies, is the prime reason attributing to market growth. Moreover, the increase in the number of bicycle racing events is also expected to surge the demand for bicycle accessories over the forecast period. The growing trend of lightweight accessories is further expected to supplement market growth. With respect to products, local players in the market are providing competitive innovative products at a low price.
A major trend expected five years down the line, involves market leaders – both OEMs & dedicated manufacturers – focusing on providing accessories that are lightweight with increased efficiency and added comfort. Manufacturers are offering products as per consumer needs, which is escalating the competition.
In Western Australia, a bicycle rider is legally required to wear a helmet at all the times on roads accessible to the public while cycling. Moreover, the helmets must have either the Australian Standard 2063 Part 1 or 2, or the USA Snell Memorial Foundation Standard (SMFS), or the American National Standards Institute (ANSI), or American Society for Testing Materials (SMF) authorization.
Regional Market Outlook
The global bicycle accessories market has been segmented into the following regions – North America, Latin America, Western Europe, Eastern Europe, South East Asia-Pacific, China, Japan, India and the Middle East and Africa. Regional demand dynamics can be directly correlated with the demand for bicycles. China is expected to remain dominant in terms of sales and demand for bicycling accessories owing to increasing sales of bicycles. Europe is also expected to witness a high penetration rate owing to the growing bicycle fleet in the region. North America is expected to grow with a significant CAGR during the forecast period owing to increasing government regulations that mandate safety accessories. The Middle East & Africa region is anticipated to grow at a significant pace during the forecast period owing to high demand for accessories from bicycle users.
Global Bicycle Accessories Market: Key Players
Key players in the global bicycle accessories market are:
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