Bicycle Accessories Market Size, Share & Trends Analysis Report By Product (Apparels, Components), By Bicycle Type (Mountain, Hybrid, Road, Cargo), By Type (OEM, Aftermarket), By Sales Channel, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global bicycle accessories market size was valued at USD 11.43 billion in 2022 and will grow at a compound annual growth rate (CAGR) of 7.8% from 2023 to 2030. The market growth can be attributed to factors, such as health and fitness trends and increasing environmental concerns. As more people take up cycling for transportation, exercise, or leisure, the demand for bicycle accessories has also increased. From helmets, lights, and locks to bags, mirrors, water bottle cages, and pedals, bike accessories are crucial in enhancing the safety, comfort, and functionality of bicycles and cyclists. With the emergence of e-bikes and the growing popularity of cycling among younger generations, the industry is expected to continue its growth in the coming years.

Increase in e-bike sales: E-bikes or electric bikes, have also contributed to the growth of the market. As more people switch to e-bikes for their daily commutes or leisure rides, there is an increasing demand for accessories, such as mounts, integrated lighting, and horn systems, as they help increase the rider’s safety. For example, bicycle lights help cyclists be seen by other road users, especially in low-light conditions or when riding at night. This can be especially important on roads with heavy traffic, where motorists may have difficulty spotting cyclists. In addition, cyclists can reduce the risk of an accident by making themselves more visible by installing appropriate lighting systems.

The high volume of traffic and resulting congestion, coupled with concerns for rider safety and the increasing popularity of cycling, have contributed to a surge in the adoption of bicycle accessories. Other factors driving industry growth include rising interest in cycling sports, growing demand for sports and mountain bikes, and increasing sales of electric bicycles (e-bikes) in emerging markets. As a result, accessories, such as speedometers, mudguards, handlebar grips, LED lights, gloves, helmets, mirrors, and other related products have experienced a rise in demand, leading to projections of rapid expansion in the market.

COVID-19 Impact on the Bicycle Accessories Market

The COVID-19 pandemic has had a significant impact on the industry. There has been a surge in demand for bicycles and cycling-related products, including accessories. This has been driven by several factors, such as the need for safe and socially distant transportation options, the closure of gyms and other fitness facilities, and an increased interest in outdoor activities. On the other hand, the factory closures and disruption in the supply chain of components & systems, along with an exponential spike in online bike orders during the peak of the COVID-19 pandemic, have contributed to the supply chain challenges.

The pandemic has disrupted supply chains and manufacturing processes for numerous bicycle manufacturers, leading to product shortages and delays in fulfilling orders. In addition, economic uncertainty and job losses have affected consumer spending, leading some to prioritize essential purchases over discretionary items like bicycle parts and accessories. Thus, overall, the impact of COVID-19 on the bicycle accessories market has been complex and multifaceted. While the demand for cycling-related products has increased, businesses have had to navigate supply chain disruptions and shifts in consumer behavior.

Product Insights

In terms of products, the market is classified into apparel and components. The component segment dominated the overall industry in 2022 and accounted for the largest share of more than 62.65% of the overall revenue and is also anticipated to witness significant growth during the forecast period owing to the growing popularity of bicycles in fitness and transportation. The pedal sub-segment of components dominated the overall market in 2022 and is also to witness considerable growth over the forecast period. The high market share can be attributed to pedals being one of the most frequently replaced parts on a bicycle, as they are subject to significant wear and tear over time, especially for avid cyclists who ride frequently.

Pedals also allow the rider to customize their riding experience by changing the position of the pedal relative to the foot and the angle of the foot on the pedal. As a result, the demand for replacement pedals is relatively high, and they are sold in large numbers by bicycle accessory manufacturers and retailers. The apparel segment is expected to register the fastest growth over the forecast period. The primary factor attributed to this segment's growth is that the advancements in fabric technology and design have led to the creation of high-performance materials that are moisture-wicking, breathable, and provide UV protection, among other features.

This has made it possible for cyclists to wear apparel that is not only comfortable but also functional and stylish. In the apparel segment, the protective gears sub-segment holds the largest share in 2022. The share can be attributed to the fact that while riding a bicycle, there is always a risk of accidents and falls, which can result in serious injuries. Wearing protective gear can help reduce the severity of injuries and even prevent them altogether. In addition, countries like Australia, Canada, Spain, and Israel have made bicycle helmets mandatory in their bicycle regulations.

Bicycle Type Insights

Based on bicycle types, the industry has been segmented into mountain bikes, hybrid bikes, road bikes, cargo bikes, and others. The road bicycle segment accounted for the largest revenue share of 40.10% in 2022 and is expected to remain dominant over the forecast period. The increase in popularity of basic bicycles can be explained by the fact that they are simpler to modify compared to other types of bicycles like racing, mountain, or specialized ones. In addition, the rising trend of individuals personalizing road bikes for particular uses is predicted to boost the market growth in the years to come. The segment of cargo bikes is anticipated to exhibit the highest growth rate during the forecast period.

This can be attributed to the increasing trend of utilizing cargo bikes as a sustainable and eco-friendly substitute for conventional vehicles when transporting goods. As a result, there is a higher demand for accessories that can enhance the functionality and carrying capacity of cargo bikes, such as racks, bags, and baskets. Brands, such as Benno and Larry & Harry, are monetizing the high potential of cargo bikes by investing in ways of increasing the positive perception of cargo bikes and promoting them through various role models. The mountain bicycle accessories market is also expected to grow significantly over the forecast period as consumers opt for mountain bicycling as a form of adventure and leisure. Furthermore, the number of females and kids entering sports is advancing steadily and is likely to influence segment growth.

Type Insights

The Original Equipment Manufacturer (OEM) type segment accounted for the largest share of 52.52% in 2022. The high market share is attributed to the fact that they are explicitly designed to fit the bicycle model and tested for quality and durability. As a result, OEM accessories are more likely to provide a better fit and function than aftermarket accessories, which may have compatibility issues. OEM accessories are usually covered by the bicycle manufacturer’s warranty, which provides additional assurance to the customer about the product's quality, compatibility, negligible shipping cost, and authenticated manuals to troubleshoot problems.

OEM accessories are designed to match the aesthetics of the bicycle and are often available in the same color and finish. This provides a cohesive and integrated look to the bicycle, which many customers prefer. The aftermarket type is expected to emerge as the fastest-growing segment of growth over the forecast period. The aftermarket accessories offer a wider variety of options than OEM accessories, which are limited to the specific bicycle model. Aftermarket accessories provide more choices in color, design, and functionality, allowing customers to customize their bicycles to their preferences. The aftermarket accessories are often priced lower than OEM accessories, making them more affordable for customers.

This is especially true for customers looking to upgrade their bicycles without spending significant money. Aftermarket accessories are often designed and manufactured by specialized companies focusing solely on producing high-quality bicycle accessories. These companies may have better expertise and resources to create innovative, high-performance accessories. In addition, the increasing popularity of e-commerce platforms and online marketplaces has made it easier for customers to access and purchase aftermarket accessories. These platforms offer a more comprehensive selection of products and competitive pricing, making them a preferred option for customers.

Sales Channel Insights

The offline sales channel segment accounted for the highest share of more than 54.10% in 2022. This is primarily due to a significant number of consumers preferring to buy from physical stores to have the opportunity to test the accessories before purchase. These stores also provide customized options for consumers to choose their preferred designs and colors for bicycle accessories, and the product is available instantly. In addition, the physical stores allow customers to see and touch the products, giving them a better understanding of the quality and suitability of the accessories for their needs. In addition, the availability of branded bicycle accessories in local supermarkets and other stores is expected to drive the segment.

Online sales channel is anticipated to be the fastest-growing segment over the forecast period. Consumer engagement in online stores is expected to increase in emerging economies, such as Brazil, China, India, and Mexico, due to the growing penetration of smartphones and the internet. In addition, the growing internet reach prompts vendors to sell their products in previously untapped markets through online platforms like Ali Express, Amazon, and Flipkart. Furthermore, online channels offer attractive discounts on products, attracting consumers to purchase online and bolstering segment growth.

Regional Insights

The Asia Pacific led the overall market in 2022 and accounted for a revenue share of 34.58% of the overall revenue. The high share can be attributed to several factors, such as the region’s large population, which translates into a significant customer base for bicycles and accessories. In addition, rapid urbanization that is leading the demand for sustainable transportation options is, in turn, driving the demand for bicycle components in the region. The Asia Pacific region is home to some of the world’s largest bicycle manufacturers, such as Giant Manufacturing Co. Ltd. and Merida Industry Co. Ltd., which has led to a well-established supply chain for bicycle parts and accessories.

This makes it easier for accessory manufacturers to source raw materials and manufactures products in the region, reducing costs and lead times. The region has a strong cycling culture, especially in countries like China, Japan, and Taiwan. This has led to a higher demand for parts that cater to the needs of cycling enthusiasts, such as high-performance components and accessories. The increasing adoption of e-commerce platforms and online marketplaces has made it easier for customers to access and purchase bicycle components. Europe is expected to witness the highest growth over the forecast period. The growth is supported by various factors, such as well-established cycling culture, which has led to a higher demand for high-performance accessories that cater to the needs of cycling enthusiasts.

This includes accessories like cycling shoes, helmets, and clothing designed for optimal performance and comfort. In addition, the increasing popularity of e-bikes in the region has led to a growing demand for accessories that cater to the needs of e-bike users, such as batteries, chargers, and motor components. Furthermore, Europe is home to cities highly conducive to bicycle commuting. In addition, Europe hosts multiple well-known cycling events, such as the Ronde van Vlaanderen and Tour de France. Moreover, European countries like Belgium, Denmark, France, and Italy invest heavily in infrastructure to support and encourage bicycle commuting. This approach toward promoting cycling as a sustainable mode of transportation has significantly contributed to the market growth in the region.

Key Companies & Market Share Insights

The market is highly competitive and is anticipated to witness increased competition due to the presence of several players. Major players are spending heavily on research and development activities to integrate advanced technologies in bicycle parts and components.  These players are also pursuing various strategic initiatives, including mergers & acquisitions and new product launches, to strengthen their foothold in the industry, capture a significant share, and improve overall profitability. Some of the key players in the global bicycle accessories market are:

• Accell Group

• Avon Cycles Ltd.

• Campagnolo S.R.L

• Garmin Ltd.

• Giant Manufacturing Co. Ltd.

• Merida Industry Co. Ltd.

• Specialized Bicycle Components, Inc.

• Trek Bicycle Corp.

• DT Swiss

• Lezyne

• Endura Ltd.

• Eastman Industries

Bicycle Accessories Market Report Highlights

Global Bicycle Accessories Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global bicycle accessories market report based on product, bicycle type, type, sales channel, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Apparels

    • Cycling Gloves

    • Cycling Clothes

    • Cycling Shoes

    • Protective Gears

    • Others

  • Components

    • Saddles

    • Pedals

    • Lighting System

    • Mirrors

    • Water Bottle Cages

    • Lock

    • Bar Ends/Grips

    • Kickstands

    • Fenders & Mud Flaps

    • Air Pumps & Tyre Pressure Gauge

    • Others

• Bicycle Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Mountain Bikes

  • Hybrid Bikes

  • Road Bikes

  • Cargo Bikes

  • Others

• Type Outlook (Revenue, USD Million, 2017 - 2030)

  • OEM

  • Aftermarket

• Sales Channel Outlook (Revenue, USD Million, 2017 - 2030)

  • Offline

  • Online

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

  • Asia-Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

    • KSA

    • UAE

    • South Africa