Press release
Global Bicycle Accessories Market 2024 Future Trends, Scope, Industry Analysis And Forecast To 2033
Bicycle Accessories Market
The Business Research Company offers in-depth market insights through Bicycle Accessories Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The bicycle accessories market size has grown strongly in recent years. It will grow from $13.3 billion in 2023 to $14.46 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to rise in cycling enthusiasts, urbanization and commuting trends, cycling events and competitions, customization and personalization, influence of professional cycling.
The bicycle accessories market size is expected to see strong growth in the next few years. It will grow to $19.36 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to rise in micromobility solutions, health and fitness integration, integration of artificial intelligence, shift towards electric bikes, sustainable and eco-friendly products. Major trends in the forecast period include integration of wireless technology, focus on lightweight and compact designs, fashionable and stylish designs, smart navigation and assistance, adoption of aerodynamic accessories.
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Market Segmentation:
The bicycle accessories market covered in this report is segmented -
1) By Product: Apparels, Components
2) Bicycle Type: Mountain Bikes, Hybrid Bikes, Road Bikes, Cargo Bikes, Other Bicycle Types
3) By Marketplace: Original Equipment Manufacturer (OEM), Aftermarket
4) By Sale Channel: Offline, Online
Major Driver - Surge In E-Bike Sales Ignites Growth In The Bicycle Accessories Market
An increase in e-bike sales is expected to propel the growth of the bicycle accessories market going forward. An electric bicycle refers to a motorized bicycle, with an electric motor used to assist propulsion. Bicycle accessories assist the rider in riding a bicycle by providing various accessories such as a helmet, battery, front lamp, rear lamp, front lamp, and alloy pedals. For instance, according to CONEBI (The European Association of the Bicycle, E-Bike, and Parts & Accessories Industries), a Belgium-based association, sales of e-bikes in the UK and Europe rose by 12% in 2021 compared to 2020. Therefore, an increase in e-bike sales drives the bicycle accessories market.
Competitive Landscape:
Major companies operating in the bicycle accessories market report are Continental AG, Garmin Ltd., Shimano Inc., Giant Manufacturing Co. Ltd., Trek Bicycle Corp., Fox Factory Inc., Accell Group N.V., Merida Industry Co. Ltd., Thule Group AB , ABUS August Bremicker Söhne KG, SRAM LLC, Specialized Bicycle Components Inc., DT Swiss, Campagnolo S.R.L, Samchuly Bicycle Co. Ltd., Scott Sports SA, Endura Ltd., Cannondale Bicycle Corporation, Mavic SAS, Eastman Industries Ltd., Blackburn Design, Sigma Sport, Selle Italia S.p.A., Avon Cycles Ltd., Park Tool Company, Lezyne USA Inc, BBB Cycling, Cateye Co. Ltd., Topeak Inc., Giro.
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Top Trend - Strategic Partnerships Fueling Innovation In The Bicycle Accessories Market
Major companies operating in the bicycle accessories market are adopting strategic partnerships to manufacture eBikes and develop electric-drive two-wheeler systems. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in August 2022, Porsche eBike Performance GmbH, a Germany-based company that manufactures bicycles, announced a partnership with Ponooc Investment B.V., a Netherlands-based independent venture capital company. The Porsche-Ponooc collaboration will be led by a new management team. Porsche sees a lot of promise in the e-bike category. Porsche's actions in this sector are constantly growing. Porsche eBike Performance GmbH will design and manufacture especially powerful eBike drive systems within the Porsche brand name, in addition to smaller drive systems from Fazua. In the future, both product categories will be marketed to e-bike manufacturers globally, with the newly formed joint venture serving as a technological partner. The electric drive systems will be employed in Porsche eBikes and other manufacturers' goods.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Bicycle Accessories Market Characteristics
3. Bicycle Accessories Market Trends And Strategies
4. Bicycle Accessories Market - Macro Economic Scenario
5. Bicycle Accessories Market Size And Growth
…..
27. Bicycle Accessories Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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