NEW YORK, May 28, 2019 /PRNewswire/ -- Persistence Market Research has published a report on the bicycle accessories market. The report, titled, 'Bicycle Accessories Market: Global Industry Analysis 2014–2018 and Forecast 2019–2029', covers the latest trends, key success factors, key information, market influencing factors, and macroeconomics factors, along with the historical market scenario. PMR has conducted a deep-dive research on the bicycle accessories market.
The bicycle accessories market report estimates that the helmets & bottle cages segments are expected to create significant growth opportunities in the global bicycle accessories market, in terms of both, volume and value, during the forecast period. The value of the global bicycle accessories market was around US$ 13 Bn in 2018. The bicycle accessories market is projected to grow at a substantial CAGR of around 7.0% during the forecast period.
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Rising Number of e-Bikes and Application of Bicycles in Recreational and Trekking Activities to Push Bicycle Accessories Market Growth
The bicycle accessories market is correlated with bicycle sales. The bicycle market is being driven by the collective use of electric bicycles. Electric bicycles account for a significant share in the developing economies of the world, such as China. Moreover, governments of several countries promote electric bicycles in order to reduce carbon emissions and also traffic congestion.
For instance, in India, the government has taken up many initiatives such as 'Startup India' and 'Make in India', with the objective of boosting the manufacturing sector and also reducing the cost of manufacturing. These factors increase the sales of bicycles, which is estimated to boost the growth of the bicycle accessories market over the forecast period. Furthermore, low labor costs and favorable business conditions in developing countries such as India, China, and Mexico are expected to attract numerous manufacturers to invest in the manufacturing sector. This factor will create opportunities for the augmentation of electric bicycles, and will affirmatively impact on the growth of the bicycle accessories market.
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Additionally, in the last few years, the EU has encouraged vendors (of bicycle components) in Taiwan and China to establish plants in Europe, which could provide local employment opportunities and allow firms to supply products to their customers, which would reduce import costs and exchange loss. This factor is expected to increase the sales of bicycles and fuel the growth of the bicycles accessories market.
South Asia & Pacific to Create Significant Growth Opportunities During the Forecast Period
This global bicycle accessories market report analyzes that, East Asia is anticipated to hold a substantial share in the global bicycle accessories market during the forecast period. The increasing use of bicycles in recreational activities and rising demand for electric vehicles are accelerating the growth of the bicycle accessories market.
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China is projected to hold a prominent share in the East Asia bicycle accessories market, and drive the growth in this region, all the while growing at a CAGR of almost 8% in terms of value between 2019 and 2029. This bicycle accessories market report studies the concerned markets across different regions such as North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa.
PMR has also considered all prominent macroeconomic and forecast factors while calculating the bicycle accessories market size. By product type, the helmets & bottle cages segments are expected to play a vital role in generating market revenue in the bicycle accessories market.
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Global Bicycle Accessories Market: Competitive Landscape
Some of the main players involved in the manufacturing of bicycle accessories, and included in this study are, Accell Group N.V., Avon Cycles Ltd, Campagnolo S.R.L., Garmin Ltd., Shimano Inc., Giant Manufacturing Co., Ltd., Merida Industry Co Ltd, Samchuly Bicycle Co., Ltd, DT SWISS, Endura Ltd., Raj Cycles India Private Limited, and Eastman Industries Limited is a manufacturer, among others.
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