Bicycle Accessories Market Projected to Reach $10.3 Billion by 2028, Driven by Growing Urban Cycling Trend
According to a new report published by MarkWide Research, titled, “Bicycle Accessories Market: Riding the Urban Wave, Forecasts and Growth Opportunities 2023-2028,” the global bicycle accessories market is poised to surge with an impressive Compound Annual Growth Rate (CAGR) of 7.5% during the forecast period. The market, estimated at $6.8 billion in 2023, is anticipated to reach a valuation of $10.3 billion by 2028. This growth trajectory can be attributed to the escalating popularity of urban cycling and the increasing focus on health and eco-friendly transportation alternatives.
As cities worldwide tackle issues related to pollution, traffic congestion, and health concerns, urban cycling has emerged as a viable solution, thereby bolstering the demand for bicycle accessories. The report highlights that the rising adoption of bicycles as a sustainable mode of transportation, coupled with government initiatives promoting cycling infrastructure, has propelled the demand for high-quality accessories to enhance riders’ safety and experience.
Key Findings from the Report:
- Safety-Driven Accessories Dominate: Safety-centric accessories such as helmets, reflective gear, and bike lights hold a significant market share due to their paramount importance for cyclists, particularly in urban settings with heavy traffic. The safety segment is projected to witness steady growth throughout the forecast period.
- Growth of E-Bikes Boosts Premium Accessories: The surge in popularity of electric bicycles (e-bikes) has created a demand for premium accessories like advanced battery packs, wireless communication systems, and ergonomic saddles. This trend is expected to continue as e-bikes become more mainstream.
- Urban Lifestyle Influences Design Trends: Urban cycling culture is driving the demand for stylish and customizable accessories. Creative and innovative designs, along with accessories that cater to individual preferences, are gaining traction among urban cyclists.
- Online Retail Channels Emerge as Key Distribution Platforms: The report identifies online retail channels as a significant distribution platform for bicycle accessories. The convenience of online shopping, along with a wide range of options, has contributed to the dominance of e-commerce platforms.
- Sustainable Materials Gain Traction: With growing environmental consciousness, there is a shift towards using sustainable and eco-friendly materials in the manufacturing of bicycle accessories. This trend resonates with the ethos of cycling as an environmentally friendly mode of transportation.
Regional Insights:
- North America: The North American bicycle accessories market is expected to flourish due to increased investments in cycling infrastructure and the adoption of cycling as a fitness activity.
- Europe: Europe’s well-established cycling culture and emphasis on green transportation contribute to the region’s dominance in the global market. Bicycle accessories market growth is further fueled by the popularity of cycling tourism.
- Asia Pacific: Rapid urbanization, particularly in countries like China and India, is driving the demand for bicycle accessories as an eco-friendly transportation alternative. The region is projected to witness the highest CAGR during the forecast period.
In conclusion, the “Bicycle Accessories Market: Riding the Urban Wave, Forecasts and Growth Opportunities 2023-2028” report underscores the thriving bicycle accessories market, driven by the urban cycling trend and a shift towards sustainable transportation solutions. As governments and individuals prioritize environmental well-being and personal health, the demand for high-quality bicycle accessories is set to soar. Industry players are urged to leverage the opportunities presented by the growing bicycle accessories market and align their offerings with the evolving preferences of urban cyclists.