Increase in Consciousness regarding Health and Fitness to drive the Bicycle Accessories Market
The global bicycle accessories market is likely to grow 3 times its present value by the year 2031 at a double-digit CAGR.
With people increasingly getting inclined towards fitness and physical activities, the bicycle manufacturing sector is all set to witness a turn around. New-age technologies are also being adopted in the bicycles, which is a vital element of market expansion.
The modern day bicycles come with customized accessories. This was something far-fetched a few years back. Cycling is bound to benefit the global economy by US$ 24 Tn in the next 3.5 decades.
Recreational activities and trekking, along with growing number of cycling events, are bound to accelerate the bicycle accessories market.
Mountain bicycles are also expected to pick up pace in the near future due to bicycling being taken in as an adventure and leisure.
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How is the Bicycle Accessories Market categorized?
The global bicycle accessories market, by product, spans helmets, gloves & warmers, jerseys/tees, LED lights, mirrors, bottle cages, pumps (hand and foot), bar ends/grips, kickstands, saddles & covers, mud flaps, speedometers, horns, and fenders. By sales channel, it’s offline (specialty bicycle retailers, full-line sporting goods stores, and department stores & others) and online. By bicycle, it’s mountain bikes, hybrid/cross, road, comfort, youth, cruisers, and electric & others. Out of these, electric bikes are expected to take over in the forecast period.
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The Ongoing Trends
With loads of people going for biking expeditions towards tough mountain ranges since the last 10 years, the demand for bicycle accessories has been on a dramatic rise. Tough roads are being explored to experience the excitement of cycling. Numerous tours get organized in the summers as well as spring to the highest motorable paths in Europe and the Asia-Pacific. Australia and the US are also not behind. Australia is well-known as a sports playing nation. These two countries are bound to go great guns with regards to cycling. Also, biking is being adopted as a profession as the paid bikers do get the opportunity of taking loads of adventure enthusiasts with them all across the mountain ranges. An important activity towards maintenance of good health and fitness. People have, in fact, taken up cycling as one of the regular activities for staying fit.
Additionally, healthcare experts do look upon cycling as a useful means for development of strong joints and calves. This would be beneficial especially for the youngsters having family history of knee disorders and pain. Even those encountering muscular defaults are recommended cycling. The next 10 years are expected to see an influx of tremendous investment in bicycle accessories market.
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What’s with the Competitors?
The key players in bicycle accessories market include Giant Manufacturing Co., Ltd., Avon Cycles Ltd., Garmin Ltd., Campagnolo S.R.L., and Shimano Inc. These players are coming up with more number of user-friendly bicycles, which would in turn, escalate the sales of bicycle accessories in the upcoming period. As such, organic expansion is expected to be witnessed in the bicycle accessories market in the upcoming period.
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