2021-2030 Bicycle Accessories Market Analysis by Allied Market Research. The global market segmented by product, bike type, sales channel and region.
PORTLAND, ORAGON, USA, November 9, 2021 /EINPresswire.com/ – A bicycle is a vehicle that can be manually operated, pedal-operated, powered with two wheels attached to the frame, one behind the other. It is an effective tool for reducing pollution on a global scale and is widely promoted by the authorities as an environmentally friendly means of transport. Additionally, traffic jams have increased dramatically over the years around the world as cyclists could avoid massive traffic jams and reach their destination. These accessories are sometimes not supplied by original equipment manufacturers (OEMs) and must be serviced aftermarket. In addition, adopting cycling as part of a healthy lifestyle will also have a considerable impact on the environment.
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Major players analyzed in the report include Accel Group, Avon Cycles Ltd., Campagnolo SRL, Garmin Ltd., Shimano Inc., Giant Manufacturing Co. Ltd., Merida Industry Co. Ltd., Samchuly Bicycle Co. Ltd., DT SWISS AG, Endura Ltd. and Continental AG
COVID-19 impact assessment
The market has seen a boom in bicycle sales since consumers began to prefer personal mode of transportation for getting around during COVID-19. Even though there has been a sales boom due to government-imposed lockdowns in major countries, the manufacture of bicycles has been halted. These affected the demand for bicycle accessories as there was no production of bicycles. In addition, aftermarket bicycle accessories sales saw a slight increase in sales but again there was an unavailability of accessories. For example, in the United States, bicycle imports increased 35.6% in units to 1.9 million bicycles and 26.6% in dollars, to $ 151 million from 2019. Thus, COVID -19 had a positive effect on the bicycle market which is expected after the pandemic and is expected to drive the growth of the bicycle accessories market.
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Main impact factors
The popularity of bicycle expeditions, the importance of cycling for health and fitness, and the demand for electric bicycles are expected to drive the market growth.
However, high availability for alternative travel choices and adverse weather conditions for cycling may hamper the market growth.
In addition, rising demand for bicycles, customization of bicycles, rising oil prices, and emphasis on conserving natural resources can be a great opportunity for market growth.
The use of various bicycle accessories has increased in recent times since, with the increase in the use of the bicycle for hiking and recreational activities. Several people and groups have started cycling expeditions through difficult mountain ranges. Moreover, the popularity of such expeditions has led people to travel to different countries to experience the thrill of cycling on difficult roads.
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The importance of cycling for health and fitness
Medical experts consider cycling to be one of the most important activities for maintaining health and fitness. Many people cycle regularly to stay in shape, and this is considered important in young people with a family history of pain and knee problems. Thus, the use of a bicycle for exercise is expected to drive the growth of the bicycle accessories market.
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Rising oil prices and focus on conserving natural resources
The bicycle was seen as a more viable transportation alternative than gasoline vehicles with the rise in oil prices. In addition, consumers are considering using the bicycle in particular to cover short distance journeys. In addition, according to the World Health Organization, due to air pollution, there are around 3.7 million deaths each year. Thus, reducing the unnecessary use of gasoline vehicles and the use of bicycles is opportunistic for the growth of the bicycle accessories market.
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Strong demand for bicycles
Asia-Pacific is the fastest growing region in the bicycle market, with China, Japan, Australia, India and South Korea being the main contributing countries. In addition, these countries organize many cycling tournaments which increase the demand for bicycles.
For example, the Asian Cycling Championship has been an annual road and track cycling championship since 1963. In addition, the participation rate of women and government initiatives are expected to stimulate demand for bicycles.
Additionally, in 2019 Trek Bicycle Corporation released their new Madone SLR 6 Disc Speed aero road bike with removable aero bars. This new bike is ideal for part-time triathletes and race training in hilly areas.
All these new developments may constitute an opportunity for the growth of the bicycle accessories market.
Electric bike request
The electric bicycle occupies an important place in the developing economies of the world such as China, Japan, India and others. In addition, government initiatives in several countries to promote electric bicycles to reduce carbon emissions and traffic congestion.
For example, in 2019 the Belgian company Cowboy released an innovative electric bike that included features like road-style geometry, internal wiring, miniature removable power pack, and more. Also, unlike other electric bikes, the cowboy electric bike has no power button, no throttle and no speed.
In addition, in 2018, Accell Group launched a new line of Haibike and Lapierre electric bikes under the Raleigh brand. Thus, increasing demand for electric bicycles is expected to drive the growth of bicycle accessories market.
Main advantages of the report
This study presents the analytical representation of the Bicycle Accessories market along with current trends and future estimates to determine impending pockets of investment.
The report presents information related to key drivers, restraints, and opportunities as well as challenges in the Bicycle Accessories market.
The current market is quantitatively analyzed from 2020 to 2030 to highlight the growth scenario of the Bicycle Accessories market.
The report provides a detailed analysis of the Bicycle Accessories market based on the competitive intensity and how the competition will take shape in the coming years.
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