The global bicycle accessories market is poised for significant growth, with a projected CAGR of 7.30% from 2024 to 2031. According to a report by the publisher, the market is expected to grow from US$ 18.36 billion in 2024 to US$ 30.15 billion by 2031. The increased adoption of bicycles for transportation, recreation, and health purposes, combined with government initiatives to combat urban congestion and promote greener transport alternatives, is driving this growth.
2. Obesity Concerns and Health Trends: Bicycling is increasingly recommended by healthcare professionals for managing body weight and overall fitness, further pushing the demand for bicycle accessories. As more people take up cycling to combat obesity and stay fit, the market for accessories grows in parallel.
3. Traffic Congestion and Urbanization: The impact of urbanization and growing traffic congestion is leading commuters to choose bicycles over cars, especially in highly congested regions. Governments across the globe are promoting bicycle usage to reduce urban traffic congestion and lower carbon emissions.
4. Environmental Concerns and E-bike Adoption: With rising awareness about the environmental impact of fuel-powered vehicles, more consumers are opting for electric bikes. This shift is creating opportunities for the growth of bicycle accessories, particularly those designed for e-bikes.
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Key Market Insights
- Revenue Growth: The global bicycle accessories market is projected to reach US$ 30.15 billion by 2031, growing at a CAGR of 7.30% over the forecast period.
- Market Share: The top five market players are expected to hold a prominent share in 2024, with accessories accounting for 25% to 30% of the overall bicycle market.
- Product Demand: Accessories such as helmets, gloves, LED lights, mudflaps, speedometers, and bar grips are seeing increased demand due to their importance for rider safety and comfort.
Market Drivers
1. Rising Bicycle Sales: Increased sales of bicycles, particularly electric bikes (e-bikes), are one of the main drivers of the accessories market. Consumers worldwide are adopting bicycles for health, commuting, and recreational purposes.2. Obesity Concerns and Health Trends: Bicycling is increasingly recommended by healthcare professionals for managing body weight and overall fitness, further pushing the demand for bicycle accessories. As more people take up cycling to combat obesity and stay fit, the market for accessories grows in parallel.
3. Traffic Congestion and Urbanization: The impact of urbanization and growing traffic congestion is leading commuters to choose bicycles over cars, especially in highly congested regions. Governments across the globe are promoting bicycle usage to reduce urban traffic congestion and lower carbon emissions.
4. Environmental Concerns and E-bike Adoption: With rising awareness about the environmental impact of fuel-powered vehicles, more consumers are opting for electric bikes. This shift is creating opportunities for the growth of bicycle accessories, particularly those designed for e-bikes.
Business Opportunities for Manufacturers
The bicycle accessories market presents substantial growth opportunities for manufacturers in several key areas:
- Rising Health Consciousness: Growing consumer preference for cycling, both for health reasons and as a cost-effective mode of transportation, is creating a surge in demand for accessories. Manufacturers can leverage this by developing innovative products that enhance the cycling experience.
- E-bike Popularity: The adoption of e-bikes is gaining momentum worldwide, driven by the increasing cost of fuel and the need for environmentally efficient transportation options. This trend provides manufacturers with an opportunity to expand their product lines to include accessories specifically designed for electric bikes.
- Increased Cycling Events: The rising number of cycling events, including road races and mountain biking competitions, is driving demand for sport-specific accessories. Manufacturers are investing in advanced technology to create durable, high-performance gear for competitive cyclists.
Regional Outlook
1. United States:- The U.S. is one of the most lucrative markets for bicycle accessories in North America, accounting for 13.8% of the region's market.
- The country is projected to create an incremental opportunity of US$ 16.32 billion by 2031, driven by traffic congestion concerns and rising obesity rates.
- As more Americans turn to bicycles for commuting and fitness, the demand for accessories such as helmets, mirrors, and speedometers is expected to rise.
- China is projected to experience robust growth, with the market expected to expand at a CAGR of 8.5% from 2024 to 2031.
- China's large population and increasing urbanization are driving demand for bicycles, both electric and traditional, which in turn is boosting the bicycle accessories market.
3.Germany:
- Germany is set to grow at a CAGR of 6.7% over the forecast period, benefiting from increased environmental awareness and government initiatives to promote cycling.
- The country is also witnessing a rise in demand for folding electric bicycles, further expanding the market for bicycle accessories.
Product Segmentation
The bicycle accessories market is segmented into various categories based on product type, bicycle type, and sales channels:
- By Product Type:
- Helmets
- Gloves & Warmers
- LED Lights
- Speedometers
- Bar Grips
- Mudflaps, etc.
- By Bicycle Type:
- Road Bicycles (28.5% share)
- Mountain Bikes
- Hybrid/Cross Bicycles
- Electric Bicycles, etc.
- By Sales Channel:
Competitive Analysis
Prominent players in the global bicycle accessories market are focusing on mergers, acquisitions, and new product development to strengthen their market presence and enhance their product portfolios. Key companies include:- Accell Group
- Avon Cycles Ltd
- Shimano Inc.
- Garmin Ltd
- Giant Manufacturing Co., Ltd.
- Merida Industry Co Ltd
- Samchuly Bicycle Co., Ltd.
- DT Swiss
- Endura Ltd
Bicycle Accessories Market Segmentation
By Product Type:
- Helmets
- Gloves & Warmers
- Jersey/Tee
- LED Lights
- Mirror
- Bottle Cage
- Pump (Hand and Foot)
- Bar Ends/Grips
- Kickstand
- Saddles & Covers
- Mudflaps
- Speedometer
- Horn
- Fenders
By Bicycle Type:
- Mountain Bike
- Hybrid/Cross
- Road
- Comfort
- Youth
- Cruiser
- Electric & Others
By Sales-Channel:
- Specialty Bicycle Retailers
- Full-Line Sporting Goods Stores
- Department Stores & Others
- Online
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Table of Contents
1. Executive Summary
2. Market Overview
3. Global Bicycle Accessories Market Outlook, 2019 - 2031
4. North America Bicycle Accessories Market Outlook, 2019 - 2031
5. Europe Bicycle Accessories Market Outlook, 2019 - 2031
6. Asia Pacific Bicycle Accessories Market Outlook, 2019 - 2031
7. Latin America Bicycle Accessories Market Outlook, 2019 - 2031
8. Middle East & Africa Bicycle Accessories Market Outlook, 2019 - 2031
9. Competitive Landscape
10. Appendix
Companies Mentioned
- 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.
