Automotive sector

The bicycle accessories market will be the epicenter of the automotive sector between 2021 and 2031

bicycle accessories market

The bicycle accessories market to see through profound changes supported by innovation between 2021 and 2031

NEW YORK, UNITED STATES, USA-CANADA, Jan. 24, 2022 /EINPresswire.com/ — The global bicycle accessories market is estimated to grow at a healthy CAGR of nearly 7% over the next forecast period 2021-2031.

The need for flexible material storage and stacking architectures with new security and resource efficiency features for all industries is a driving factor for the global bicycle accessories market. The industrial manufacturing sector has experienced significant growth in recent years, which is expected to continue over the next few years. As the demand for bicycles increases in all regions, especially e-bikes, mountain bikes and road bikes, the need for bicycle accessories will be greater than before. The demand for helmets, saddles and mudguards will be particularly high, and the trend towards customization will grow even stronger over the next few years.

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Key Insights from the Global Bike Accessories Market Research
• Manufacturers are focusing on introducing lightweight bike accessories with better performance characteristics for all terrains. These new technologies will create market growth.
• Low-cost manufacturing in parts of Southeast Asia and Africa, as well as new transportation corridors, are expected to provide significant opportunities in the logistics sector, which will directly drive demand of bicycle accessories.
• European markets such as Germany, Denmark and the Netherlands have appropriate cycling infrastructure, in addition to government laws and regulations that implement subsidization of e-bike adoption.
• South Asia and the Pacific is recovering in the market due to a strong outlook for bicycle sales. Aggressive marketing by potential distributors in key countries in South Asia and the Pacific and the MEA region could further benefit players in these regions.
• During the COVID-19 pandemic, bikes were flying off shelves in major cities, fearing for distributors that they might run out of supplies due to a lack of labor in factories. Sales even soared after lockdowns eased in several cities around the world, and much of the demand came from fitness enthusiasts locked out of their gyms on empty streets.
• East Asia is expected to account for around half of the global demand for bicycle accessories.
• Accessories for road bikes will be the most in demand, accounting for nearly 30% of overall demand.
• Specialty bicycle retailers and online sales will account for nearly two-thirds of all bicycle accessory sales.

“Growth in traffic and worsening pollution and air quality emphasize the culture of cycling as an environmentally friendly mobility option. With ever-changing market conditions , companies are focusing on strengthening their distribution channels as well as online sales through their own online stores and third-party online stores to synchronize with current market trends,” says an analyst from Persistence Market Research .

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The market landscape remains moderately fragmented
The global bicycle accessories market has been identified as a significantly fragmented market with the unorganized sector occupying a major share of the overall market. Tier 1 manufacturers represent a minimal share of the global market. Some of the major players included in the report are Giant Bicycles Inc., Accell Group, Shimano Inc., and Merida Industry Co. Ltd. Manufacturers such as Campagnolo SRL, Hero Cycles Ltd Specialized Bicycle Accessories and Tier 3 manufacturers such as Hero and many others. regional manufacturers around the world are expected to create a tough competitive environment globally.

Global Bicycle Accessories Market: Conclusion
The global bicycle accessories market will witness substantial growth due to increasing bicycle sales and a wider audience opting for environmentally friendly electric bicycles. In addition, government regulations on the well-being of the environment push manufacturers to develop their products with technological innovations. Low-cost parts manufacturing in Southeast Asia and Africa and new transportation corridors are expected to provide lucrative opportunities for the bicycle accessories market.

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Atoul Singh
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