Global Bicycle Accessories Market Forecast to 2027 - COVID-19 Impact and Analysis By Product Type (Helmets, Gloves and Warmers, Jerseys/Tees, LED Lights, Mirrors, Bottle Cages, Pumps, Bar Ends/Grips, Kickstands, Saddles & Covers, Mud Flaps, Speedometers, Horns, Fenders, and Others ); Bicycle Type (Mountain Bikes, Hybrid/Cross, Road, Comfort, Youth, Cruisers, Electric and Others); Sales Channel (Specialty Bicycle Retailers, Full-Line Sporting Goods Stores, Departmental Stores, Online Channel); and Geography
Accessories Market Overview
Bicycles have come up the long way with their accessories such as horns, kickstands, saddles, bar grips, etc. Earlier, these pre-installed accessories did not provide any option for customization as compared to todays customized products. Bicycle accessories plays a crucial role in the customization of bicycles as per the customers demand. Cycling can have a significant positive impact on the worlds future, saving approx. US$ 27 trillion dollars over the next thirty-five years, and dramatically improving quality of life for the worlds rapidly urbanizing population.
The bicycle accessories market is connected with bicycle sales. The bicycle accessories market is being driven by the rise in demand of electric bicycles, which account for a significant share in the developing economies of the world, such as China. Moreover, governments of several countries are promoting electric bicycles in order to reduce carbon emissions and traffic congestion which is also likely to boost the demand of bicycle accessories market. Technology, macro-economic environment, and environment-friendly consumer behavior are having a big impact on the sales of bicycles, which is subsequently paving the way for the growth of the global bicycle accessories market during the forecast period from 2021-2030. Heavy traffic congestion and urbanization making more people to opt for bicycles, which is thereby heightening demand for bicycle accessories such as speedometers, mud flags, bar grips, LED lights, etc., to make the riding experience more comfortable.
- Growing use of bicycles in trekking and recreational activities, coupled with an increasing number of cycling events
Rise in usage of bicycles in trekking and recreational activities, integrated with a rising number of cycling events, will boom the demand for sports bicycles over the forecast period and is likely to boost the global bicycle accessories market over the forecast period. There has been a rise in number of biking expeditions to rough and tough terrains such as steep mountain ranges in the last few years. Rising popularity of such expeditions is anticipated to drive demand for bicycles, which, in turn, is expected to propel growth of the global bicycle accessories market over the forecast period from 2021 to 2030.
Indeed, some countries across the globe rewarded the purchase of new bikes or bike maintenance expenditures in a bid to encourage and boost ridership during the pandemic. Italy, for example,allocated Euros 210m toward a cashback programme through which Italian residents who purchased a vehicle without an engine were eligible for a 500 (£450/$590) stipend, while France has established a similar programme .These initiatives will show rise the demand of bicycle and is likely to boost the bicycle accessories market globally during the forecast period from 2021-2030.
- Increase in Demand of Bicycle Sales
Covid-19 brought about a dramatic rise in bicycle sales in response to the pandemic. Growing preference of the masses towards physical activity and fitness has created ripples across the bicycle manufacturing sector. There has been humongous demand for new-age technologies in bicycles, and this is an important dynamic of market expansion and will offer new opportunities for bicycle accessories market during the forecast period from 2021-2030.
With bikes in such high demand globally, the company saw a new opportunity: offering nurses, doctors and physicians with bicycles so that they could commute to hospitals and avoid public transportation. Brompton raised £375,000 ($490,000) for its Wheels for Heroes campaign, which supplied nearly 800 bicycles to more than 3,000 health workers in the UK. Brompton also boosted production by 30% and has plans to recruit nearly 200 workers within the next year.
COVID-19 Impact on Global Bicycle Accessories Market
The COVID-19 pandemic has largely impacted globally since December 2019. According to the latest World Health Organization (WHO) report, the US, India, Russia, Brazil, Italy, France, Argentina, Spain, Colombia, the UK, and Mexico are some of the worst affected countries due to the COVID-19. The pandemic is hampering the growth of economies worldwide, and it is likely to continue in 2021. The outbreak of the covid-19 pandemic has both advantages and disadvantages in all the sectors. The outbreak disrupts various industries, such as manufacturing, construction, automotive, textiles, chemicals, cosmetics, tourism, hospitality, consumer goods, transportation, IT and telecom, pharmaceutical, and among others. This results in several obstacles in the supply chain of raw materials required for packaging, resulting in demand-supply gaps. This scenario is expected to a negative impact on the global Bicycle Accessories market.
With Corona Virus Disease 2019 (COVID-19) pandemic, the world is fighting against Covid-19 pandemic and also economic pandemic, almost impacting trillions of dollars of revenues. Our company brings a high-level insight as well as very deep insights relevant to several promising markets. The study will cover:
· Rapid shifts in top 100 companies across each sector
· Growth and decline in each sector due to COVID-19 pandemic
Global Bicycle Accessories Market Strategy
Players operating in the global Bicycle Accessories market are mainly focusing on the adoption of various strategies to expand their footprint across the world and taking the initiative for the development of efficient and advanced products.
· In 2021, HPS introduced new Domestique 1-21 from the Monaco-based bike brand which is claimed to be the lightest e-bike in the market.
· In 2020, YT introduced Izzo, which is a mountain, and enduro mountain bikes with the latest suspension and drivetrain technology from SRAM RockShox.
The global Bicycle Accessories market report offers a complete overview of the industry including both qualitative and quantitative information. It offers a complete overview and forecast of the global Bicycle Accessories market based on various segments. It also offers market size and forecast estimation from the year 2018 to 2030 with respect to four major regions North America, Europe, Asia-Pacific (APAC), Latin America & Middle East and Africa (LAMEA). The global Bicycle Accessories market by each region is further sub-segmented across respective countries and segments. The global Bicycle Accessories market report covers a complete analysis and forecast across all regions along with the current trend and opportunities happening in the region.
The report analyzes aspects that are mainly affecting the global Bicycle Accessories market from both the demand and supply side and afterward estimates market dynamics affecting the global Bicycle Accessories market globally over the forecast period i.e., drivers, restraints, opportunities, and future trends. The global Bicycle Accessories market report also offers exhaustive PEST analysis for all four regions namely; North America, Europe, APAC, LAMEA after evaluating political, economic, social, and technological factors affecting the global Bicycle Accessories market in these regions. This information can help stakeholders to make appropriate decisions before investing. The global Bicycle Accessories market report also describes Porters five forces analysis which examines the five forces that make a company competitive while helping identify its strength and weakness. The global Bicycle Accessories market analysis will also identify competition, new entrants in the market, supplier power, buyer power, and threat of substitute products and services in the global Bicycle Accessories market.
Global Bicycle Accessories Market Insights
The global Bicycle Accessories market study offers a complete overview of leading companies and their successful marketing strategies and market contribution, such as business overview, key financial information, SWOT analysis, NOISE analysis, improvement Venn diagram and strategies, recent developments such as , market expansion, partnership, merger & acquisitions, product launch, product update, and other contexts. By examining the data collected from primary and secondary methods, the global Bicycle Accessories market report offers actionable insights into future growth based on inputs from industry experts to help readers formulate effective strategies. The global Bicycle Accessories market report also covers the investment pocket analysis for various verticals with respect to the market.
Global Bicycle Accessories Market Segmentation
Global Bicycle Accessories Market by Product Type
· Gloves and Warmers,
· LED Lights
· Mirrors, Bottle Cages
· Pumps, Bar Ends/Grips
· Saddles & Covers
· Mud Flaps
Global Bicycle Accessories Market by Bicycle Type
· Mountain Bikes
· Road, Comfort
· Electric and Others
Global Bicycle Accessories Market by Sales Channel
· Specialty Bicycle Retailers
· Full-Line Sporting Goods Stores
· Departmental Stores
· Online Channel
Global Bicycle Accessories Market by Geography
· North America
o Rest of Europe
· Asia-Pacific (APAC)
o South Korea
o Rest of APAC
o Latin America
o Middle East
· Accell Group N.V
· Avon Cycles Ltd
· Bell Sports Inc.
· Campagnolo S.R.L.
· Cycling Sports Group, Inc
· DT SWISS AG
· Endura Ltd.
· Garmin Ltd. Shimano Inc
· Gates Corporation
· Giant Manufacturing Co., Ltd.
· Hero Cycles
· Merida Industry Co Ltd
· Raj Cycles India Private Limited
· Samchuly Bicycle Co., Ltd.
· Trek Bicycle Corporation
Brand awareness is the methodology by which customers are able to recall or recognize a brand (unaided/aided) under several different conditions with respect to global Bicycle Accessories market. These strategies will help the company to make people more aware of your brand especially by targeting relevant, high-quality audiences for global Bicycle Accessories market.
Key Questions Answered
· Several players are operating in the Bicycle Accessories market globally. Do you know who is leading the overall global Bicycle Accessories market, and what strategies have been adopted by them?
· What are the upcoming trends in the global Bicycle Accessories market? What impact would these trends make in the coming years for the global Bicycle Accessories market?
· Which is the most lucrative market for bicycle accessories?
· Which are the top-selling bicycle accessories?
· Which sales channel is catering most the supply of bicycle accessories?
Key Benefits For Stakeholders
· This study presents the analytical description of the global Bicycle Accessories market analysis along with the current trends and future estimations to describe coming up investment pockets
· The complete global Bicycle Accessories market opportunity is resolute by knowing profitable trends to gain a stronger foothold
· The report describes insights associated with key drivers, restraints, and opportunities of the global Bicycle Accessories market with thorough impact analysis
· The current global Bicycle Accessories market is quantitatively analyzed from 2018 to 2030 to focus on the monetary ability
· PEST analysis defines the potency of the consumers and suppliers in the Bicycle Accessories industry
· The Porters five forces analysis examines the five forces that makes a company competitive while helping identify its strength and weakness. The analysis will also identify competition, new entrants in the market, supplier power, buyer power, and threat of substitute products and services in the global Bicycle Accessories market
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