The need for flexible material storing and stacking architectures with new safety features and resource efficiency for all industries is a vital driving factor for the global bicycle accessories market. The industrial manufacturing sector has witnessed significant growth in recent years, which is estimated to persist over the coming years. As demand for bicycles surges across regions, especially e-bikes, mountain bikes, and road bikes, the need for bicycle accessories will be greater than before. There will be especially high demand for helmets, saddles, and fenders, and the customization trend will get even stronger over the coming years.
The global bicycle accessories market is estimated to expand at a healthy CAGR of close to 7% over the forecast period of 2021-2031.
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Key Takeaways from Global Bicycle Accessories Market Study
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“Growing traffic and worsening pollution & air quality are throwing special focus on the cycling culture as an environmentally-friendly mobility option. With continuous changing market conditions, companies are focusing on strengthening their distribution channels and also on online sales via own web shops and third-party online stores to synchronize with ongoing market trends,” says a Persistence Market Research analyst.
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Market Landscape Continues to Remain Moderately Fragmented
The global bicycle accessories market has been identified as a significantly fragmented market, with the unorganized sector occupying a major section of the overall market. Tier-1 manufacturers account for a minimal share in the global market. Some leading players included in the report are Giant Bicycles Inc., Accell Group, Shimano Inc., and Merida Industry Co. Ltd. Manufacturers such as Campagnolo S.R.L., Hero Cycles Ltd Specialized Bicycle Accessories, and tier-3 manufacturers such as Hero and many regional manufacturers across the globe are anticipated to create a tough competitive environment on a global level.
Global Bicycle Accessories Market: Conclusion
The global bicycle accessories market will grow substantially attributing to increasing sales of bicycles and larger audience opting for e-bikes that are environmentally-friendly. Also, government regulations on environment welfare are putting pressure on manufacturers to develop their products with technological innovations. Low-cost manufacturing of parts in South-East Asia and Africa and new transport corridors are expected to provide lucrative opportunities for the bicycle accessories market.
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Persistence Market Research has published a market research report on the global bicycle accessories market that contains global industry analysis of 2016–2020 and opportunity assessment for 2021–2031. The report provides in-depth analysis of the market through different segments, namely, product, bicycle, sales channel, and region. The report also provides supply and demand trends, along with an overview of the parent market.