Summary

The market for bicycle accessories in India is expanding rapidly as a result of rising bicycle demand and environmental concerns. The demand for bicycle parts is related to bicycle sales. Government initiatives, such as the launch of the 'MAKE IN INDIA' campaign with the goal of growing the manufacturing sector, are boosting market expansion. Traffic congestion and increased urbanization are driving bicycle sales, resulting in market growth. The government's initiative to promote pollution-free and green vehicles is also driving the industry. The high price of gasoline is driving consumers toward more cost-effective options, encouraging the growth of the bicycle accessories market. Cycling is gaining popularity as a sustainable and effective means of urban transportation in major cities such as Delhi, Mumbai, Bengaluru, and Chennai. The demand for environmentally friendly alternatives, along with traffic congestion, has prompted the use of bicycles for short-distance commuting. This trend drives the demand for useful gear for urban riders, including lights, locks, fenders, and racks. The young population of India and rising digital penetration contribute to a tech-savvy consumer base. Younger generations are embracing cycling as a social activity as well as a source of transportation, resulting in a growing interest in stylish, performance-oriented gear that combines style and practicality. Craftsmanship is part of India's rich cultural legacy, which affects specific artisanal bicycle accessory makers. Some regions are known for their handcrafted accessories, which incorporate traditional processes and materials to create unique and culturally rich products that appeal to buyers seeking authenticity and workmanship. Bicycles are encouraged by government efforts promoting sustainability and fitness, such as 'Cycle to Work' campaigns and improvements in bicycle infrastructure. Electric vehicle incentives, including e-bikes, contribute to market growth by stimulating demand for associated accessories.

According to the research report "India Bicycle Accessories Market Overview, 2029," published by Bonafide Research, the India Bicycle Accessories market is projected to grow with more than 7% CAGR from 2024 to 2029. The cycling culture in India ranges from traditional utilitarian cycling that is engrained in daily life, particularly in rural areas, to a growing interest in recreational and fitness-focused cycling in metropolitan areas. Unlike in certain Western countries, where cycling is primarily a recreational or sports activity, bicycles are a primary mode of transportation for millions in India, demanding accessories that appeal to usability, durability, and practicality as well as performance-oriented gear. The Indian market is extremely concerned about affordability and value for money. While premium accessories cater to aficionados and a niche market, the bulk of consumers are looking for economical yet high-quality accessories. This increases the desire for cost-effective choices without sacrificing functionality, durability, or aesthetics, resulting in a distinct market sector. In India, cultural preferences impact accessory selection. Customers frequently want items that complement their cultural aesthetics, tastes, and local craftsmanship. Handcrafted or artisanal accessories, for example, that highlight ancient processes or represent cultural history gain favor with particular sectors, providing a distinct flavor to the market. India's growing urbanization and changing lifestyles are transforming consumer behavior. With greater awareness about health and fitness, city inhabitants are turning to cycling as a form of exercise, recreation, or environmentally friendly commute. This trend increases demand for fitness-oriented and urban commuting equipment, such as lightweight, practical gear and safety items.

Based on product type market is divided into apparel and components. Components product type is significantly dominating the India bicycle accessories market. Components are frequently a low-cost solution to improve a bicycle's performance or handle maintenance difficulties. Purchasing components to replace or upgrade worn-out parts is less expensive than purchasing an altogether new bicycle in a price-sensitive market like India, where buyers want value for money. This feature of affordability drives constant demand for components across diverse customer sectors. Cycling enthusiasts frequently seek modification and performance enhancement for their bicycles. Cycling enthusiasts can tailor their bikes by upgrading components to suit their riding style, tastes, and terrain requirements. The availability of high-quality, performance-oriented components allows bikers to improve the performance of their bikes, contributing to the market dominance of components. Based on type market is divided into OEM and aftermarket. OEM type bicycle accessories are majorly preferred in India. OEM accessories are frequently accompanied by warranties and pledges of dependability, giving consumer’s confidence in the quality and durability of the products. In a market where dependability and longevity are valued, the guarantee of OEM-backed warranties encourages consumers to acquire these accessories, giving them piece of mind. OEM accessories are designed to blend in with the aesthetics of specific bike models, ensuring a unified look while retaining the original design intent. Cyclists frequently prefer accessories that enhance the visual attractiveness of their bicycles, causing them to select OEM parts that complement their bike's appearance.

Based on bicycle type segment market is segmented into electric, road bikes, mountain bikes, hybrid bike, youth, comfort and others. Road bikes bicycle type are expected to play dominant role in India bicycle accessories market. Fitness and health consciousness are becoming more popular in India. Road biking fits well with these trends because it provides a cardiovascular workout as well as a means to maintain an active lifestyle. The popularity of road biking as a form of exercise fuels the need for accessories designed to improve road bike experiences. As India's cities struggle with traffic congestion and pollution, road bikes provide an efficient means of urban transportation. Their lightweight design, speed, and maneuverability on city streets make them appealing for daily commuting, influencing demand for equipment such as lights, fenders, racks, and comfortable riding clothing appropriate for urban conditions. The sales channel of the market includes specialty bicycle retailers, full-line sporting goods stores, department stores & others, and online. Specialty bicycle retailers sales channel is anticipated to play crucial role in development of India bicycle accessories market. Specialty retailers offer a diverse range of bicycle accessories tailored to different riding disciplines, from road biking to mountain biking, commuting, and leisure cycling. They curate a selection of high-quality, specialized accessories that may not be readily available in general retail stores, catering to enthusiasts seeking specific and premium accessories. Specialty retailers often serve as hubs for the cycling community, organizing events, workshops, group rides, and clinics. They create a sense of belonging and engagement within the cycling community, fostering a loyal customer base and becoming go-to destinations for enthusiasts seeking advice, camaraderie, and the latest accessories.

Considered in this report:
• Geography: India
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report:
• India Bicycle Accessories market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Products:
• Apparel
• Components

By Type:
• OEM
• Aftermarket

By Bicycle Type:
• Electric
• Road Bikes
• Mountain Bikes
• Hybrid Bike
• Youth
• Comfort
• Others

By Sales Channel:
• Specialty Bicycle Retailers
• Full-Line Sporting Goods Stores
• Department Stores & Others
• Online

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Bicycle Accessories industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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