Bicycle Accessories Market Size, Share, Industry Analysis, Trends, Growth, Forecasts, 2030

Bicycle Accessories Industry Prospective:

The global bicycle accessories market size was worth around USD 12.61 billion in 2022 and is predicted to grow to around USD 22.57 billion by 2030 with a compound annual growth rate (CAGR) of roughly 7.55% between 2023 and 2030.

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Bicycle Accessories Market: Overview

Bicycle accessories are additional components attached to a bicycle. The on-road vehicle is mostly human-powered and motor-assisted. Bicycles are also known as pedal cycles and are considered as single-track vehicles. The overall bicycle frame is mounted on two wheels in most cases. A person riding a bicycle is known as a cyclist. Bicycle accessories are additional components that ensure rider comfort, and safety, and are a part of the overall bicycle application. The most common bicycle accessories include child seats, bicycle horns, cycle pump accessories, cycle mirrors, cycle covers, cycle panniers, bags, & backpacks, and other customized solutions depending on the needs or the requirements of the cyclists.

Professional cyclists spend heavily on cycle helmets and elbow or knee pads to prevent any form of injury that may occur on roads. Furthermore, bicycle apparel is also considered a part of bicycle accessories. The increasing sale of bicycles across the globe is projected to push the bicycle accessories industry's growth rate during the projection period.

Key Insights:

• As per the analysis shared by our research analyst, the global bicycle accessories market is estimated to grow annually at a CAGR of around 7.55% over the forecast period (2023-2030)
• In terms of revenue, the global bicycle accessories market size was valued at around USD 12.61 billion in 2022 and is projected to reach USD 22.57 billion, by 2030.
• The bicycle accessories market is projected to grow at a significant rate due to the growing bicycling activities as a means of maintaining health
• Based on bicycle type segmentation, road bikes were predicted to show maximum market share in the year 2022
• Based on sales channel segmentation, offline sales were the leading segment in 2022
• On the basis of region, Asia-Pacific was the leading revenue generator in 2022

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Bicycle Accessories Market: Growth Drivers

Growing bicycling activities as a means of maintaining health may drive a market growth rate

The global bicycle accessories market is projected to grow owing to the increasing number of bicycling activities to maintain or improve health. Since COVID-19 public awareness about health importance has significantly improved. Additionally, the rise in sedentary work culture, especially influenced by the growth in remote work facilities, has resulted in a large number of people living an inactive lifestyle. These factors have coherently resulted in an increased need for adopting some form of physical exercise daily. Cycling is preferred by many individuals since it is recommended by medical and health professionals as well. The increase in the number of cyclists across the globe, especially focusing on achieving or maintaining good health, could lead to higher demand for bicycle accessories.

As per market research, cycling is known to boost physical and mental well-being. It offers several advantages. For instance, it is a low-impact exercise and thus can be undertaken by people of all genders and age groups. On the other hand, regular cycling is known to improve stamina and can be scaled up or down depending on the workout intensity desired by the cyclist. Improved posture, increased cardiovascular fitness, management & prevention of diseases, decreased stress levels, and decreased body fat levels are some of the well-documented advantages of cycling regularly.

Increasing adoption of cycling for transportation to fuel demand for bicycle accessories

An increasing number of the population group is preferring cycling to work or other places. Cycling is slowly becoming a means of transportation among the younger generation. As of December 2023, more than 40% of the Dutch population were known to use bicycles as a preferred or primary means of transportation.

Additionally, the trend-adoption rate is further fueled by the increasing awareness about the environmental impact of fuel-run vehicles such as passenger cars. People are actively seeking more environmentally friendly means of transport and bicycles offer multiple benefits thus delivering high demand in the global bicycle accessories market.

Bicycle Accessories Market: Restraints

High competition within the industry may restrict the market growth rate

The global bicycle accessories industry will be restricted in growth due to the existence of a highly competitive ecosystem within the market. Numerous bicycle accessories providers currently operate in the commercial industry. It includes international and regional or local players.

Since the market is highly competitive, it is difficult to establish a consumer base since product differentiation becomes a point of concern. Additionally, it may take companies multiple years to create brand awareness on a large scale.

Bicycle Accessories Market: Opportunities

Increasing focus of the government on developing cyclists-friendly road infrastructure could provide a sufficient boost

The global bicycle accessories market will come across higher growth opportunities since governments across the globe are increasingly investing in developing road infrastructure that meets the safety and riding needs of cyclists. This is expected to encourage more people to adopt a bicycle regime in their everyday lifestyle.

For instance, in October 2023, Europe witnessed the launch of the European Declaration on Cycling as the region is known for its cycling-friendly road architecture. European leaders are trying to leverage cycling tourism by strategically prioritizing cycling as a means to generate higher revenue. The steps that may be undertaken are to allow cycles on other public transport systems such as metros or buses and provide dedicated lanes for cyclists.

Growing launch of modern bicycles including electronic and foldable versions may aid product innovation

Bicycle manufacturers are introducing advanced bicycles for consumers. The number of electronic bicycle makers has increased along with product adoption. On the other hand, foldable bicycles have become a more common sight since they offer excellent flexibility.

In October 2023, India-based consumer product company Hornback launched a foldable e-bike that can run 45 kilometers on a single charge. It can be bought online through popular e-commerce giant Amazon which also offers financial aid such as no-cost equated monthly installment (EMI). The introduction of novel bicycles will promote research & development in the bicycle accessories segment simultaneously.

Bicycle Accessories Market: Challenges

Seasonal demand for bicycle accessories could challenge market demand

The global bicycle accessories market is projected to be challenged due to the seasonal demand for the products. For instance, bicycles are generally not preferred during rain or winter season since the roads can be dangerous. Furthermore, consumer habits are rapidly evolving as they continue to seek new and improved ways of exercise thus challenging the market growth rate.

Bicycle Accessories Market: Segmentation

The global bicycle accessories market is segmented based on bicycle type, product, sales channel, type, and region.

Based on bicycle type, the global market segments are road bikes, hybrid bikes, cargo bikes, mountain bikes, and others. In 2022, more than 40.25% of the total revenue was generated by the road bikes segment. These bikes are more commonly used for everyday purposes. They can be easily modified and parts are abundantly available in bicycle stores. Furthermore, they are easy to maintain and use. Mountain bikes have become widely popular in recent times due to the growing number of recreational activities conducted using mountain bikes.

Based on product, the global market divisions are components and apparels.

Based on sales channel, the global bicycle accessories industry is divided into online and offline. In 2022, the highest demand was observed in the offline sales channel which held control over 55.12% of the segmental share. Bicycles are typically bought from physical stores since customers can check the product features before buying. Store providers of bicycle accessories are increasingly offering customized solutions thus driving segmental demand. The online segment is growing rapidly as a result of the online presence of almost all premium bicycle accessory sellers.

Based on type, the global market is divided into aftermarket and original equipment manufacturers (OEM).

Bicycle Accessories Market: Report Scope

Bicycle Accessories Market: Regional Analysis

Asia-Pacific to lead the market growth rate during the projection period

The global bicycle accessories market will be led by Asia-Pacific during the forecast period. In 2022, around 35% of the global revenue was registered in Asia-Pacific. The large number of buyers as a result of the higher population rate in India and China is the main reason for the higher regional growth rate. Additionally, several players are currently operational in Asian countries. In the last few years, there has been a sharp rise in the number of customized solutions providers for bicycle accessories as more consumers are demanding personalized solutions.

Furthermore, Japan, China, India, Singapore, and other countries have a high demand for road cycles. These countries are also making significant strides in the manufacturing of advanced bicycles thus demanding the need for corresponding bicycle accessories. Europe is a well-known region of bicycle tourism. Several European nations promote bicycles as an essential means of transportation strengthened by the presence of supporting infrastructure and dedicated lanes for cyclists with intense implementation policies.

North America is projected to register high growth revenue. The increasing prevalence of cycling as a physical workout and growing customized solutions providers will fuel the regional market growth rate.

Bicycle Accessories Market: Competitive Analysis

The global bicycle accessories market is led by players like:

• Trek Bicycle Corporation
• Shimano Inc.
• Specialized Bicycle Components Inc.
• SRAM LLC
• Topeak Inc.
• Giant Manufacturing Co. Ltd.
• Thule Group
• Fox Factory Holding Corp.
• Park Tool Company
• Bell Sports Inc.
• Brooks England Ltd.
• Garmin Ltd.
• Blackburn Design
• CatEye Co. Ltd.
• Lezyne.

The global bicycle accessories market is segmented as follows:

By Bicycle Type

• Road Bikes
• Hybrid Bikes
• Cargo Bikes
• Mountain Bikes
• Others

By Product

• Components
• Apparels

By Sales Channel

• Online
• Offline

By Type

• Aftermarket
• Original Equipment Manufacturers (OEM)

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa