Bicycle Accessories Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Apparel and Components), By Bicycle Type (MTB, ATB, Hybrids, E-Bicycles, and Others), By Sales Platform (Online and Offline), By Sales Channel (OEM and Aftermarket), and by Regional Forecast, 2024-2032

The bicycle accessories industry is growing due to the increasing number of people being health conscious. The diverse market includes a wide range of accessories for all types of bikes. Bicycle accessories are any additional components or attachments that are not essential to the basic functions of a bicycle but are designed to enhance its usability, safety, or aesthetics. Some accessories, such as helmets and lights, are essential to safety and can help prevent accidents and injuries. Others, such as panniers and GPS, can enhance the usability of bicycles by making them more convenient and efficient. In general, bicycle accessories can help make cycling more enjoyable, safe, and suitable for riders of all levels. In Feb 2021, Thule Group, a leader in sports and outdoor products, acquired GMG B.V. to strengthen its position in the market. In recent years, the demand for high-tech accessories like smart helmets, wireless bike lights, and GPS trackers has increased, providing riders with a personalized cycling experience.

Impact of COVID-19 on the Bicycle Accessories Market

COVID-19 had a significant impact on the bicycle accessories segment; the disruption in the supply chain and decreased demand for outdoor activities equipment was the critical point. Many countries worldwide implemented strict sanctions and lockdowns on the movement of components and goods, disrupting the market logistics. People staying at home and less usage led to a decrease in demand for the sales service of these transmission components.

Post-COVID-19 changes in user habits and many people turning to cycling as a means of exercise, transportation, and recreation have led to a surge in demand for bicycle accessories. This trend will continue as consumer behavior changes. The pandemic has also created opportunities for e-commerce platforms as consumers now purchase online accessories, and manufacturers are developing online media and digital marketing strategies to sell their products. The bicycle accessories market will continue to grow as it bounces back and consumers prioritize safety and aesthetics.

Key Insights

The report will cover the following key insights:

• Key Industry Developments – Mergers, Acquisitions, and Partnerships.


• Porter's Five Forces Analysis.


• Technological Developments.


• Impact of COVID-19 on Bicycle Accessories Market.

Analysis by Product and Bicycle Type 

Based on product type, the apparel segment is anticipated to grow at a healthy phase owing to the increasing demand for safety and innovative accessories like smart helmets and GPS. Intelligent helmets, for example, offer advanced features such as built-in cameras, LED lights, and Bluetooth connectivity, which can improve visibility, provide hands-free communication, and monitor various performance metrics. As more people take up cycling and prioritize safety features, these product categories will grow enormously. Seeing the current trend in users, the E-Bike is becoming progressively popular as a sustainable and efficient mode of transportation. It will continue to grow as traffic congestion and pollution are major concerns in urban areas. As more people adopt e-bikes, the demand for specialized accessories and safety features in e-bikes will gain momentum.

Analysis by sales channel

The aftermarket accessories are expected to dominate the market, as more customizable choices are available and increasing demand for exercise and daily commute bicycles have become necessary in urban areas. Requirements for user-centric accessories have gained traction. More suppliers and manufacturers of aftermarket accessories will boost sales of bicycle accessories, and online Platforms will help in that as more and more cyclists prefer to buy from online e-commerce platforms. Sustainability and inclination towards health and safety accessories will boost sales of these aftermarket parts on online Platforms, thus boosting growth.

Analysis by Region

The highest growth rate is expected in the Asia Pacific market, especially India and other south East Asian countries, due to the significant aftermarket bicycle accessories manufacturers. Increased customization capabilities and new technology for bicycles and E-Bike will have a rising impact on sales of these accessories in Asia. The rapid adoption of smart safety and navigation equipment will boost regional sales and help manufacturers' growth.

Key Players Covered

Shimano Inc. (Japan), specialized Bicycle Components, Inc. (U.S), Trek Bicycle Corporation (U.S), Bell Sports, Inc. (U.S), Garmin Ltd. (U.S)., Continental Ag (Germany), Giant Bicycles (Taiwan), MERIDA & CENTURION Germany GmbH (Germany), Accell Group (Netherlands), and HMC Group (India).

Segmentation

Key Industry Developments

• Aug 2022: In response to the increasing demand from Mycle riders, the brand has recently unveiled a lineup of accessories tailored explicitly for Mycle's 'Cargo' model while also being compatible with other Mycle bicycles.


• Dec 2022: Cynisca Cycling, a Women's Continental team registered with UCI (Union Cycliste Internationale), revealed collaborations with various renowned brands. They have partnered with Ventum for frames, Shimano for groupsets and wheels, Vittoria for tires, WTB for saddles, and Arundel Bicycle Company for tape, cages, and bags.


• Feb 2021: Thule Group acquired GMG B.V., known for its child bike seats, to strengthen its position in the growing bike accessories market.