With the increasing safety concerns among the mounting number of bicyclists, nearly 2.4 billion units of various types of bicycle accessories were sold worldwide in 2018, finds a recent study published by Persistence Market Research (PMR). Attributing to the rise of health & wellness trend and environmental consciousness, the world is making a move away from conventional modes of transportation to cycling, and this will continue to remain the primary driving engine for the bicycle accessories market, opines the study.
The global market for bicycle accessories grew by around 5.5% in 2018 over 2017, and it is set to grow 2x between 2019 and 2029, recording the sales of over 5 billion units of bicycle accessories by 2029, projects the study. With advent of technologically advanced electric bicycles, the demand for bicycle accessories has increased to a new extent, according to the PMR study. It opines that the rise in sales of e-bikes will contribute not only to the sales of bicycle accessories but also to the product innovation trends in the market.
The rise in environmental awareness and pollutant emitted in the air by the transportation sector has been boosting the adoption of e-bikes, especially in European countries. However, increasing incidences of e-bike accidents resulting in the rise in number of serious injuries and fatalities in some cases has bolstered the adoption safety accessories for bicycles such as helmets. The Federal Roads Office, Switzerland, in 2018, around road fatalities caused on bicycles were 27 and those on e-bikes were 12 – five more than in 2017 – and more than 300 e-bike riders were seriously injured, which indicates an increase of ~38% from 2017.
The PMR study opines that riders are becoming highly concerned about their safety while governing bodies are imposing strict rules for e-bikes that encourage the use of high-quality safety accessories, and this will give rise to the sales of bicycle accessories in the coming years.
Launching Customized Bicycle Accessories for Improving Rider Experience: A Winning Imperative
The study finds that the global market for bicycle accessories is becoming a highly competitive landscape, with more than half the revenue share gobbled by market leaders. A mounting number of new entrants, small businesses, and startups are entering the market with innovative growth strategies to establish a stronger position among market leaders. The study projects that market players’ concentration of introducing high-quality bicycle accessories that mainly deal with the safety aspect of bikes, as consumers’ willingness to pay for safety accessories is bolstering the sales of high-quality bicycle accessories that meet the industry standards.
In addition, the sales of customized bicycle accessories is expected to surge rapidly as these accessories enable manufacturers to improve riders’ experience with bicycles, especially e-bikes. New players in the bicycle accessories are expected to collaborate with e-bike manufacturers to introduce customized e-bike accessories that can allow riders to combine and use them in multiple ways.
As many bicycle manufacturers are focusing on introducing innovative designs of cycling accessories with the launch of the new models of their bicycles, this is expected to make a significant impact on the emerging trends and other growth parameter for the bicycle accessories market, projects the PMR study.
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