The growth of the bicycle accessories market must be defined by continuous innovation – the current Manomet
The bicycle accessories market is expected to perform well in the coming years. With the rapid pace seen in digital technologies, organizations around the world are doing everything possible to serve their customers at ease. With over 40% of the IT budget spent on digitization, over 70% of workplaces have used it or are in adoption mode here. This trend is likely to change the entire industry scenario, with no room for mediocrity, as every solution would be tailor-made.
The need for flexible material storage and stacking architectures with new safety features and resource efficiency for all industries is a vital factor for the global bicycle accessories market. The industrial manufacturing sector has experienced significant growth in recent years, which is expected to persist over the next several years. As the demand for bicycles increases in all regions, especially e-bikes, mountain bikes and road bikes, the need for bicycle accessories will be greater than ever before. The demand for helmets, saddles and fenders will be particularly high, and the trend for customization will become even stronger in the coming years.
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The Global bicycle accessories market is believed to develop to a healthy level CAGR of almost 7% over the forecast period 2021-2031.
- Continental SA
- Accell Group SA
- Avon Cycles Ltd.
- Campagnolo SRL
- Garmin Ltd. Shimano Inc.
- Giant Manufacturing Co., Ltd.
- Merida Industry Co Ltd
- Samchuly Bicycle Co., Ltd.
- Raj Cycles India Private Limited
- Endura SA
- Eastman Industries Limited
- DT Switzerland AG
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Key Points From Global Bicycle Accessories Market Research
- Manufacturers are focused on introducing lightweight bicycle accessories with better performance characteristics for all terrains. These new technologies will create market growth.
- Low-cost manufacturing in parts of Southeast Asia and Africa, as well as 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 suitable cycling infrastructure, in addition to government laws and regulations that implement the granting of subsidies for the adoption of e-bikes.
- South Asia and the Pacific are recovering in the market due to strong prospects for bicycle sales. Aggressive marketing by potential distributors in key South Asian and Pacific countries and MEA could further benefit players in these regions.
- During the COVID-19 pandemic, bicycles were flying off shelves in major cities, worrying distributors that they could run out of supplies due to a lack of availability of workers in factories. Sales have even increased after the easing of closures in several cities around the world, and much of the demand has come from fitness enthusiasts excluded from their gyms on empty streets.
- East Asia is expected to account for about half of the global demand for bicycle accessories.
- Accessories for road bikes will be the most demanded, accounting for almost 30% of global demand.
- Specialty bicycle retailers and online sales will account for almost two-thirds of all bicycle accessory sales.
âIncreased traffic and worsening pollution and air quality place particular emphasis on cultivating cycling as an environmentally friendly mobility option. With constantly changing market conditions, companies are focusing on strengthening their distribution channels as well as online sales through their own online stores and third party online stores to synchronize with current market trends â , says a Persistence Market Research analyst.
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The market landscape remains moderately fragmented
The global bicycle accessories market has been identified as a considerably fragmented market with the unorganized sector occupying a significant portion of the overall market. Tier 1 manufacturers represent a minimal share of the global market. Some of the major players included in the report are Giant Bicycles Inc., Accell Group, Shimano Inc., and Merida Industry Co. Ltd. Manufacturers such as Campagnolo SRL, Hero Cycles Ltd Specialized Bicycle Accessories and Tier 3 manufacturers such as Hero and many regional manufacturers around the world are expected to create a tough competitive environment globally.
Global Bicycle Accessories Market: Conclusion
The global bicycle accessories market will experience substantial growth due to increased bicycle sales and a wider audience opting for environmentally friendly electric bicycles. In addition, government regulations on environmental welfare push manufacturers to develop their products with technological innovations. Low-cost parts manufacturing in Southeast Asia and Africa and new transport corridors are expected to provide lucrative opportunities for the bicycle accessories market.
Want to know more?
Persistence Market Research has published a market research report on the Global Bicycle Accessories Market that contains an analysis of the global industry for 2016-2020 and an assessment of the opportunities for 2021-2031. The report provides in-depth analysis of the market across different segments, namely product, bicycle, sales channel and region. The report also provides supply and demand trends as well as an overview of the parent market.
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