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What is the Expected Growth Rate of the Bicycle Accessories Market from 2024 to 2033?

The market size of bicycle accessories has seen a considerable expansion in the past few years. The market is projected to increase from a value of $13.3 billion in 2023 to $14.46 billion in 2024, indicating a compound annual growth rate (CAGR) of 8.7%. Factors that contributed to this significant expansion in the historic period include a surge in the number of cycling enthusiasts, urban and commuting trends, cycling events and competitions, customization and personalization of bikes, and the impact of professional cycling.

In the coming years, the bicycle accessories market is projected to witness substantial growth, expanding to $19.36 billion by 2028 with a compound annual growth rate (CAGR) of 7.6%. The growth during the projected period is attributed to factors such as an increase in micromobility solutions, integration of health and fitness, adoption of artificial intelligence, a shift towards electric bikes, and emphasis on sustainable and eco-friendly products. The forecasted period is also set to see the emergence of major trends such as the incorporation of wireless technology, emphasis on lightweight and compact designs, fashion-forward and stylish designs, the rise of smart navigation and assistance systems, as well as the increasing adoption of aerodynamic accessories.

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What Key Factors Are Fueling the Growth of the bicycle accessories Market?

The expansion of the bicycle accessory market is anticipated to be fueled by a rise in e-bike sales. An e-bike, or electrically powered bicycle, uses an electric motor to enhance mobility. Accessories for bicycles, such as helmets, batteries, front and rear lamps and alloy pedals, aid cyclists by offering utilities they need. In a report by CONEBI, a Belgian association engaged in the bicycle, e-bike, and related parts and accessories industries, there was a 12% increase in e-bike sales in the UK and Europe in 2021 as compared to 2020. Thus, the growing sales of e-bikes are stimulating the market for bicycle accessories.

What Are the Major Segments of the Bicycle Accessories Market?

1) By Product: Apparels, Components

2) Bicycle Type: Mountain Bikes, Hybrid Bikes, Road Bikes, Cargo Bikes, Other Bicycle Types

3) By Marketplace: Original Equipment Manufacturer (OEM), Aftermarket

4) By Sale Channel: Offline, Online

What New Trends Are Transforming the Bicycle Accessories Market?

In order to manufacture eBikes and create electrical-drive two-wheeler systems, top-tier firms in the bicycle accessories market are initiating strategic alliances. These alliances involve companies combining their resources and strong suits for mutual benefits and success. For example, Porsche eBike Performance GmbH, a Germany-based bicycle producer, formed a partnership with Ponooc Investment B.V., an independent venture capital firm based in Netherlands, in August 2022. A newly formed management team will supervise the collaboration between Porsche and Ponooc. Porsche considers the e-bike division to hold great potential and continually expands its operations in this sector. Within the Porsche brand, Porsche eBike Performance GmbH will craft especially powerful eBike drive systems along with smaller drive systems from Fazua. These product categories will be promoted globally to e-bike manufacturers, with the new joint venture acting as a technological ally. These electric drive systems will be used in Porsche eBikes and the products of other manufacturers.

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Which Regions Are Driving Growth in the Bicycle Accessories Market?

Asia-Pacific was the largest region in the bicycle accessories market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the bicycle accessories market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Bicycle Accessories Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the bicycle accessories market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Bicycle Accessories Market Include

1. Bicycle Accessories Market Executive Summary

2. Bicycle Accessories Market Segments

3. Bicycle Accessories Market Size And Template Market Growth Rate

4. Key Bicycle Accessories Market Trends

5. Major Bicycle Accessories Market Drivers

……

25. Key Mergers And Acquisitions In The Bicycle Accessories Market

26. Top Bicycle Accessories Companies

27. Bicycle Accessories Market Opportunities And Strategies

28. Bicycle Accessories Market, Conclusions And Recommendations

29. Appendix

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